Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 02, 2016 | Jun. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | MoSys, Inc. | ||
Entity Central Index Key | 890,394 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 120,238,800 | ||
Entity Common Stock, Shares Outstanding | 65,975,362 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 5,640 | $ 3,110 |
Short-term investments | 14,598 | 20,439 |
Accounts receivable, net | 729 | 177 |
Inventories, net | 1,597 | 881 |
Prepaid expenses and other | 701 | 887 |
Total current assets | 23,265 | 25,494 |
Long-term investments | 2,245 | |
Property and equipment, net | 1,630 | 854 |
Goodwill | 23,134 | 23,134 |
Intangible assets, net | 334 | 655 |
Other | 329 | 244 |
Total assets | 48,692 | 52,626 |
Current liabilities | ||
Accounts payable | 940 | 495 |
Accrued expenses and other | 2,664 | 2,350 |
Total current liabilities | 3,604 | 2,845 |
Long-term liabilities | $ 247 | $ 241 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value; 20,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 120,000 shares authorized; 65,496 shares and 49,793 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 655 | $ 498 |
Additional paid-in capital | 226,174 | 199,541 |
Accumulated other comprehensive loss | (16) | (10) |
Accumulated deficit | (181,972) | (150,489) |
Total stockholders' equity | 44,841 | 49,540 |
Total liabilities and stockholders' equity | $ 48,692 | $ 52,626 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 10, 2010 |
CONSOLIDATED BALANCE SHEETS | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000 | 20,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 120,000 | 120,000 | |
Common stock, shares issued | 65,496 | 49,793 | |
Common stock, shares outstanding | 65,496 | 49,793 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue | |||
Product | $ 2,400 | $ 2,280 | $ 394 |
Royalty and other | 1,990 | 3,100 | 4,004 |
Total net revenue | 4,390 | 5,380 | 4,398 |
Cost of net revenue | 2,474 | 2,318 | 474 |
Gross profit | 1,916 | 3,062 | 3,924 |
Operating expenses | |||
Research and development | 27,108 | 29,261 | 23,325 |
Selling, general and administrative | 6,299 | 6,519 | 6,161 |
Gain on sale of assets | (630) | ||
Total operating expenses | 33,407 | 35,780 | 28,856 |
Loss from operations | (31,491) | (32,718) | (24,932) |
Other income, net | 94 | 143 | 209 |
Loss before income taxes | (31,397) | (32,575) | (24,723) |
Income tax provision | 86 | 107 | 71 |
Net loss | (31,483) | (32,682) | (24,794) |
Other comprehensive loss, net of tax: | |||
Net unrealized gains (losses) on available-for-sale securities | (6) | (23) | 2 |
Comprehensive loss | $ (31,489) | $ (32,705) | $ (24,792) |
Net loss per share | |||
Basic and diluted (in dollars per share) | $ (0.50) | $ (0.66) | $ (0.55) |
Shares used in computing net loss per share | |||
Basic and diluted (in shares) | 62,497 | 49,528 | 45,246 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Balance at Dec. 31, 2012 | $ 401 | $ 157,143 | $ 11 | $ (93,013) | $ 64,542 |
Balance (in shares) at Dec. 31, 2012 | 40,054 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock for exercise of options, employee stock purchase plan and release of awards | $ 13 | 4,211 | 4,224 | ||
Issuance of common stock for exercise of options, employee stock purchase plan and release of awards (in shares) | 1,365 | ||||
Issuance of common stock, net of costs of $2,154 and $1,632 at December 31, 2013 and 2015, respectively. | $ 75 | 27,671 | 27,746 | ||
Issuance of common stock, net of costs (in shares) | 7,475 | ||||
Stock-based compensation | 3,698 | 3,698 | |||
Change in unrealized gain (loss) on available-for-sale investments | 2 | 2 | |||
Net loss | (24,794) | (24,794) | |||
Balance at Dec. 31, 2013 | $ 489 | 192,723 | 13 | (117,807) | 75,418 |
Balance (in shares) at Dec. 31, 2013 | 48,894 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock for exercise of options, employee stock purchase plan and release of awards | $ 9 | 2,227 | 2,236 | ||
Issuance of common stock for exercise of options, employee stock purchase plan and release of awards (in shares) | 899 | ||||
Stock-based compensation | 4,591 | 4,591 | |||
Change in unrealized gain (loss) on available-for-sale investments | (23) | (23) | |||
Net loss | (32,682) | (32,682) | |||
Balance at Dec. 31, 2014 | $ 498 | 199,541 | (10) | (150,489) | $ 49,540 |
Balance (in shares) at Dec. 31, 2014 | 49,793 | 49,793 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock for exercise of options, employee stock purchase plan and release of awards | $ 13 | 1,759 | $ 1,772 | ||
Issuance of common stock for exercise of options, employee stock purchase plan and release of awards (in shares) | 1,328 | ||||
Issuance of common stock, net of costs of $2,154 and $1,632 at December 31, 2013 and 2015, respectively. | $ 144 | 21,224 | 21,368 | ||
Issuance of common stock, net of costs (in shares) | 14,375 | ||||
Stock-based compensation | 3,650 | 3,650 | |||
Change in unrealized gain (loss) on available-for-sale investments | (6) | (6) | |||
Net loss | (31,483) | (31,483) | |||
Balance at Dec. 31, 2015 | $ 655 | $ 226,174 | $ (16) | $ (181,972) | $ 44,841 |
Balance (in shares) at Dec. 31, 2015 | 65,496 | 65,496 |
CONSOLIDATED STATEMENTS OF STO6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||
Issuance of common stock, costs | $ 1,632 | $ 2,154 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (31,483) | $ (32,682) | $ (24,794) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 607 | 449 | 679 |
Amortization of intangible assets | 321 | 1,000 | 999 |
Stock-based compensation | 3,650 | 4,591 | 3,698 |
Gain on sale of assets | (630) | ||
Other non-cash items | 7 | ||
Changes in assets and liabilities: | |||
Accounts receivable | (552) | (29) | 139 |
Inventories | (716) | (314) | (315) |
Prepaid expenses and other assets | 104 | 405 | 1 |
Accounts payable | 261 | (23) | (125) |
Accrued expenses and other liabilities | 334 | 296 | (2,304) |
Net cash used in operating activities | (27,474) | (26,307) | (22,645) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,202) | (596) | (154) |
Net proceeds from sale of assets | 630 | ||
Proceeds from sales and maturities of marketable securities | 44,953 | 39,270 | 49,267 |
Purchases of marketable securities | (36,873) | (15,859) | (57,202) |
Net cash provided by (used in) investing activities | 6,878 | 22,815 | (7,459) |
Cash flows from financing activities: | |||
Proceeds from the sale of common stock, net of issuance costs | 21,368 | 27,746 | |
Net proceeds from issuance of common stock | 1,772 | 2,238 | 4,193 |
Payments on capital lease obligations | (14) | ||
Net cash provided by financing activities | 23,126 | 2,238 | 31,939 |
Net increase (decrease) in cash and cash equivalents | 2,530 | (1,254) | 1,835 |
Cash and cash equivalents at beginning of period | 3,110 | 4,364 | 2,529 |
Cash and cash equivalents at end of period | 5,640 | 3,110 | 4,364 |
Supplemental disclosure: | |||
Cash paid for income taxes | $ 56 | $ 111 | $ 92 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
The Company and Summary of Significant Accounting Policies | |
The Company and Summary of Significant Accounting Policies | Note 1: The Company and Summary of Significant Accounting Policies The Company MoSys, Inc. (the Company) was incorporated in California in September 1991, and reincorporated in September 2000 in Delaware. The Company's strategy and primary business objective is to be an IP-rich fabless semiconductor company focused on the development and sale of integrated circuit (IC) products. Prior to 2011, the Company's primary business activities were designing, developing, marketing and licensing high-performance semiconductor memory and high-speed parallel and serial interface, or SerDes, intellectual property (IP) used by the semiconductor industry and communications, networking and storage equipment manufacturers. Since 2011, the Company has developed two IC product lines under the "Bandwidth Engine" and "LineSpeed" product names. Bandwidth Engine ICs combine the Company's proprietary high-density embedded memory with its high-speed 10 gigabits per second and higher interface technology. The LineSpeed IC product line is comprised of non-memory based, high-speed SerDes devices with gearbox or retimer functionality that convert lanes of data received on line cards or by optical modules into different configurations and/or ensure signal integrity. Both product lines are being marketed to networking and communications systems companies. The Company's future success and ability to achieve and maintain profitability depends on its success in developing a market for its ICs. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The Company's fiscal year ends on December 31 of each calendar year. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reported period. Actual results could differ from those estimates. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. Revenue line items have been reclassified to create a separate line item for product revenue and to include licensing revenue in the royalty and other line item. The amounts for the prior periods have been reclassified to be consistent with the current year presentation and have no impact on previously reported total assets, total stockholders' equity or net loss. Foreign Currency The functional currency of the Company's foreign entities is the U.S. dollar. The financial statements of these entities are translated into U.S. dollars and the resulting gains or losses are included in other income, net in the consolidated statements of operations and comprehensive loss. Such gains and losses were not material for any period presented. Cash Equivalents and Investments The Company has invested its excess cash in money market accounts, certificates of deposit, corporate debt, government-sponsored enterprise bonds and municipal bonds and considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Investments with original maturities greater than three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Management generally determines the appropriate classification of securities at the time of purchase. All securities are classified as available-for-sale. The Company's available-for-sale short-term and long-term investments are carried at fair value, with the unrealized holding gains and losses reported in accumulated other comprehensive income (loss). Realized gains and losses and declines in the value judged to be other-than-temporary are included in the other income, net line item in the consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. Fair Value Measurements The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1—Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2—Pricing is provided by third party sources of market information obtained through the Company's investment advisors, rather than models. The Company does not adjust for, or apply, any additional assumptions or estimates to the pricing information it receives from advisors. The Company's Level 2 securities include cash equivalents and available-for-sale securities, which consisted primarily of certificates of deposit, corporate debt, and government agency and municipal debt securities from issuers with high-quality credit ratings. The Company's investment advisors obtain pricing data from independent sources, such as Standard & Poor's, Bloomberg and Interactive Data Corporation, and rely on comparable pricing of other securities because the Level 2 securities are not actively traded and have fewer observable transactions. The Company considers this the most reliable information available for the valuation of the securities. Level 3—Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment are used to measure fair value. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. The determination of fair value for Level 3 investments and other financial instruments involves the most management judgment and subjectivity. Allowance for Doubtful Accounts The Company establishes an allowance for doubtful accounts to ensure that its trade receivables balances are not overstated due to uncollectibility. The Company performs ongoing customer credit evaluations within the context of the industry in which it operates and generally does not require collateral from its customers. A specific allowance of up to 100% of the invoice value is provided for any problematic customer balances. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The Company grants credit only to customers deemed creditworthy in the judgment of management. There was no allowance for doubtful accounts receivable at December 31, 2015 or December 31, 2014. Inventory The Company values its inventories at the lower of cost, which approximates actual cost on a first-in, first-out basis, or market value. The Company records inventory reserves for estimated obsolescence or unmarketable inventories based upon assumptions about future demand and market conditions. Once a reserve is established, it is maintained until the product to which it relates is sold or otherwise disposed of. If actual market conditions are less favorable than those expected by management, additional adjustment to inventory valuation may be required. Charges for obsolete and slow moving inventories are recorded based upon an analysis of specific identification of obsolete inventory items and quantification of slow moving inventory items. The Company recorded inventory reserves of $0.3 million during the year ended December 31, 2015. Property and Equipment Property and equipment are originally recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations and comprehensive loss. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated useful life or the lease term and are recorded with depreciation expense in the consolidated statements of operations and comprehensive loss. Valuation of Long-lived Assets The Company evaluates the recoverability of long-lived assets with finite lives whenever events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not be recoverable. Finite-lived intangible assets are being amortized on a straight-line basis over their estimated useful lives of three to seven years. An impairment charge is recognized as the difference between the net book value of such assets and the fair value of such assets at the date of measurement. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets. Intangible Assets Intangible assets acquired in business combinations, referred to as purchased intangible assets, are accounted for based on the fair value of assets purchased and are amortized over the period in which economic benefit is estimated to be received. Goodwill The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform the two-step impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired, and the Company is not required to perform further testing. If the carrying value of the reporting unit's goodwill exceeds its implied fair value, then the Company must record an impairment charge equal to the difference. The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. As the Company uses the market approach to assess impairment in the second step of the analysis, the price of its common stock is an important component of the fair value calculation. If the Company's stock price continues to experience significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods. The Company performed step one of the annual impairment test in September 2015, and concluded no factors indicated impairment of goodwill. As of December 31, 2015, the Company had not identified any factors to indicate there was an impairment of its goodwill and determined that no additional impairment analysis was required. Revenue Recognition General The Company generates revenue from the sales of IC products and licensing of its IP. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery or performance has occurred, the sales price is fixed or determinable, and collectibility is reasonably assured. Evidence of an arrangement generally consists of signed agreements or customer purchase orders. IC products The Company sells products both directly to customers, as well as through distributors. Revenue from sales directly to customers is generally recognized at the time of shipment. The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale. IC product revenue and costs relating to sales made through distributors with rights of return or stock rotation are generally deferred until the distributors sell the product to end customers due to the Company's inability to estimate future returns and credits to be issued. Distributors are generally able to return up to 10% of their purchases for slow, non-moving or obsolete inventory for credit every six months. At the time of shipment to distributors, an accounts receivable for the selling price is recorded, as there is a legally enforceable right to receive payment, and inventory is relieved, as legal title to the inventory is transferred upon shipment. Revenues are recognized upon receiving notification from the distributors that products have been sold to end customers. Distributors provide information regarding products and quantity, end customer shipments and remaining inventory on hand. The associated deferred margin is included in the accrued expenses and other line item in the consolidated balance sheets. Royalty The Company's licensing contracts typically also provide for royalties based on the licensee's use of the Company's memory technology in their currently shipping commercial products. The Company recognizes royalties in the quarter in which it receives the licensee's report. Licensing Licensing revenue consists of fees earned from license agreements, development services and support and maintenance. For stand-alone license agreements or license deliverables in multi-deliverable arrangements that do not require significant development, modification or customization, revenues are recognized when all revenue recognition criteria have been met. Delivery of the licensed technology is typically the final revenue recognition criterion met, at which time revenue is recognized. If any of the criteria are not met, revenue recognition is deferred until such time as all criteria have been met. Support and maintenance revenue is recognized ratably over the period during which the obligation exists, typically 12 months. Licensing revenue was zero for the year ended December 31, 2015 and was $155,000 and $387,000 for the years ended December 31, 2014 and 2013, respectively. Cost of Net Revenue Cost of net revenue consists primarily of direct and indirect costs of IC product sales and engineering personnel costs directly related to maintenance and support services specified in licensing agreements. Maintenance and support typically includes engineering support to assist in the commencement of production of a licensee's products. Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not significant in the years ended December 31, 2015, 2014 and 2013. Research and Development Engineering costs are recorded as research and development expense in the period incurred. Stock-Based Compensation The Company recognizes stock-based compensation for awards on a straight-line basis over the requisite service period, usually the vesting period, based on the grant-date fair value. The Company records stock-based compensation expense for stock options granted to non-employees, excluding non-employee directors, based upon the estimated then-current fair value of the equity instrument using the Black-Scholes pricing model. Assumptions used to value the equity instruments are consistent with equity instruments issued to employees. The Company charges the value of the equity instrument to earnings over the term of the service agreement and the unvested shares underlying the option are subject to periodic revaluation over the remaining vesting period. Per Share Amounts Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options, vesting of stock awards and purchases under the employee stock purchase plan. As of December 31, 2015, 2014 and 2013, stock awards to purchase approximately 9,076,000, 8,817,000 and 10,072,000 shares, respectively, were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Net loss $ ) $ ) $ ) Denominator: Shares used in computing net loss per share: Basic and diluted Net loss per share: Basic and diluted $ ) $ ) $ ) Income Taxes The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company's assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company files U.S. federal and state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2005 through 2015 tax years generally remain subject to examination by federal, state and foreign tax authorities. As of December 31, 2015, the Company did not have any unrecognized tax benefits nor expect its unrecognized tax benefits to change significantly over the next 12 months. The Company recognizes interest related to unrecognized tax benefits in its income tax expense and penalties related to unrecognized tax benefits as other income and expenses. During the years ended December 31, 2015, 2014 and 2013, the Company did not recognize any interest or penalties related to unrecognized tax benefits. Comprehensive Loss Comprehensive loss includes unrealized gains and losses on available-for-sale securities. Realized gains and losses on available-for-sale securities are reclassified from accumulated other comprehensive loss and included in other income, net in the consolidated statements of operations and comprehensive loss. All amounts recorded were not significant in the years ended December 31, 2015, 2014 and 2013. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2018. Early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition methods. The Company has not yet selected a transition method nor has it determined the potential effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15 (ASU 2014-15), Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02 (ASU 2016-02), Leases . ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability equal to the present value of the lease payments for virtually all leases not classified as short term. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depend on its classification as a finance or operating lease. The ASU also will require disclosures to provide additional qualitative and quantitative information about the amounts recorded in the financial statements. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The new standard requires a modified retrospective transition for application at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. |
Consolidated Balance Sheets and
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components | |
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components | Note 2: Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components December 31, 2015 2014 (in thousands) Inventories, net: Work-in-process $ $ Finished goods ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other: Interest receivable $ $ Prepaid insurance Prepaid expenses and other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: Equipment, furniture and fixtures and leasehold improvements $ $ Acquired software ​ ​ ​ ​ ​ ​ ​ ​ Less: Accumulated depreciation and amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets, net: Identifiable intangible assets relating to business combinations and a patent license were (dollar amounts in thousands): December 31, 2015 Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3-5 $ $ $ — Patent license ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3-5 $ $ $ Patent license ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense has been included in research and development expense in the consolidated statements of operations and comprehensive loss. The estimated aggregate amortization expense to be recognized in future years is approximately $0.1 million annually for 2016 through 2018. December 31, 2015 2014 (in thousands) Accrued expenses and other: Accrued wages and employee benefits $ $ IC development and wafer costs Employee stock purchase plan withholdings Professional fees Capital lease obligation — Deferred revenue Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015 and 2014, the amounts in long-term liabilities included deferred rent. Other income, net: 2015 2014 2013 (in thousands) Interest income $ $ $ Other income (expense), net ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | Note 3: Fair Value of Financial Instruments The estimated fair values of financial instruments outstanding were (in thousands): December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: U.S. government-sponsored enterprise bonds $ $ — $ — $ Municipal bonds — — Corporate notes — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: U.S. government-sponsored enterprise bonds $ $ — $ — $ Municipal bonds — — Corporate notes ) Certificates of deposit — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term investments: U.S. government-sponsored enterprise bonds $ $ — $ ) $ Corporate notes — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The estimated fair values of available-for-sale securities with unrealized losses were (in thousands): December 31, 2015 Cost Unrealized Losses Fair Value Short-term investments: Corporate notes $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Cost Unrealized Losses Fair Value Short-term investments: Corporate notes $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term investments: U.S. government-sponsored enterprise bonds $ $ ) $ Corporate notes ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015 and 2014, substantially all of the available-for-sale securities with unrealized losses had been in a loss position for less than 12 months. Cost and fair value of investments based on two maturity groups were (in thousands): December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Due within 1 year $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Due within 1 year $ $ $ ) $ Due in 1-2 years — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table represents the Company's fair value hierarchy for its financial assets (cash equivalents and investments) as of December 31, 2015 and 2014 (in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government-sponsored enterprise bonds — — Municipal bonds — — Corporate notes — — Certificates of deposit — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Fair Value Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government-sponsored enterprise bonds — — Municipal bonds — — Corporate notes — — Certificates of deposit — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ There were no transfers in or out of Level 1 and Level 2 securities during the years ended December 31, 2015 and 2014. |
Sale of I_O Technology
Sale of I/O Technology | 12 Months Ended |
Dec. 31, 2015 | |
Sale of I/O Technology | |
Sale of I/O Technology | Note 4: Sale of I/O Technology In March 2012, the Company entered into an asset purchase agreement for an exclusive license of a portion of its intellectual property pertaining to its high-speed serial I/O technology for approximately $4.3 million. As part of the agreement, the Company provided certain technology transfer support services, and 15 employees of the Company's India subsidiary accepted employment with the purchaser. Consistent with the previous payments received, the approximately $2.2 million, net of transaction costs, in cash upon execution of the agreement. The The final payment of $0.6 million which was received in March 2013, was recorded as a gain on sale of assets and reduction of operating expenses in the consolidated statements of operations and comprehensive loss. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes | |
Income Taxes | Note 5: Income Taxes The income tax provision consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current portion: Federal $ — $ — $ — State Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities were (in thousands): December 31, 2015 2014 Deferred tax assets: Federal and state loss carryforwards $ $ Reserves, accruals and other Depreciation and amortization Deferred stock-based compensation Research and development credit carryforwards Foreign tax and other credits ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Deferred tax liabilities: Acquired intangible assets and other Less: Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The valuation allowance increased by $12.9 million and $12.1 million for the years ended December 31, 2015 and December 31, 2014, respectively. As of December 31, 2015, the Company had net operating loss carryforwards of approximately $162.8 million for federal income tax purposes and approximately $106.8 million for state income tax purposes. These losses are available to reduce future taxable income and expire at various times from 2016 through 2035. Approximately $5.7 million of federal net operating loss carryforwards and $4.8 million of state net operating loss carryforwards are related to excess tax benefits from stock-based compensation and would be charged to additional paid-in capital if realized. The Company also had federal research and development tax credit carryforwards of approximately $8.2 million, which will begin expiring in 2018, and California research and development credits of approximately $7.2 million, which do not have an expiration date. The Company had remaining foreign tax credits available for federal income tax purposes of approximately $0.9 million which will began expiring in 2016. The Company considers its undistributed earnings of its foreign subsidiary permanently reinvested in foreign operations and has not provided for U.S. income taxes on such earnings. As of December 31, 2015, the Company's unremitted earnings from its foreign subsidiary were $0.9 million. The determination of the unrecognized deferred U.S. income tax liability, if any, is not practicable. Utilization of the Company's net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such an annual limitation could result in the expiration or elimination of the net operating loss and tax credit carryforwards before utilization. A reconciliation of income taxes provided at the federal statutory rate (35%) to the actual income tax provision follows (in thousands): Year Ended December 31, 2015 2014 2013 Income tax benefit computed at U.S. statutory rate $ ) $ ) $ ) State income tax (net of federal benefit) Foreign income tax at rate different from U.S. statutory rate ) ) ) Research and development credits ) ) ) Stock-based compensation Amortization of intangible assets ) ) ) Valuation allowance changes affecting tax provision Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The domestic and foreign components of (loss) income before income tax provision were (in thousands): Year Ended December 31, 2015 2014 2013 U.S. $ ) $ ) $ ) Non-U.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation | |
Stock-Based Compensation | Note 6: Stock-Based Compensation Equity Compensation Plans Common Stock Option Plans In 2000, the Company adopted the 2000 Stock Plan, which was amended in 2004 (Amended 2000 Plan), and terminated in 2010. As of December 31, 2015, no options were available for future issuance under the Amended 2000 Plan and options to purchase approximately 580,000 shares were outstanding with a weighted-average exercise price of $4.48 per share. The Amended 2000 Plan will remain in effect as to outstanding equity awards granted under the plan prior to the date of expiration. In June 2010, the Company's stockholders approved the 2010 Equity Incentive Plan, which was amended in 2014 (Amended 2010 Plan). The Amended 2010 Plan authorizes the board of directors or the compensation committee of the board of directors to grant a broad range of awards including stock options, stock appreciation rights, restricted stock, performance-based awards, and restricted stock units. Under the Amended 2010 Plan, 4,000,000 shares were initially reserved for issuance. In June 2014, the Company's stockholders approved an amendment increasing the number of shares reserved for issuance by 1,500,000 shares. In addition, the terms of the Amended 2010 Plan provide for an automatic annual increase in the share reserve of 500,000 on January 1 of each year. The Amended 2010 Plan has a 10 year term and provides for annual option grants or other awards to non-employee directors to acquire up to 40,000 shares and for a one-time grant of an option or other award to a non-employee director to acquire up to 120,000 shares upon initial appointment or election to the board of directors. The term of options granted under the Amended 2010 Plan may not exceed ten years. The term of all incentive stock options granted to a person who, at the time of grant, owns stock representing more than 10% of the voting power of all classes of the Company's stock may not exceed five years. The exercise price of stock options granted under the Amended 2010 Plan must be at least equal to the fair market value of the shares on the date of grant. Generally, options granted under the Amended 2010 Plan will vest over a four-year period and will have a six or ten-year term. In addition, the Amended 2010 Plan provides for automatic acceleration of vesting for options granted to non-employee directors upon a change of control of the Company. The Amended 2000 Plan and Amended 2010 Plan are referred to collectively as the "Plans." The Company may also award shares to new employees outside the Plans, as material inducements to the acceptance of employment with the Company, as permitted under the Listing Rules of the Nasdaq Stock Market. These grants must be approved by the compensation committee of the board of directors, a majority of the independent directors or, below a specified share level, by an authorized executive officer. Employee Stock Purchase Plan In June 2010, the Company's stockholders approved the 2010 Employee Stock Purchase Plan (ESPP). A total of 2,000,000 shares of common stock were initially reserved for issuance under the ESPP in 2010. On September 1, 2010, the Company commenced the first offering period under the ESPP. In May 2015, the Company's stockholders approved an amendment increasing the number of shares reserved for issuance by 2,000,000 shares. The ESPP, which is intended to qualify under Section 423 of the Internal Revenue Code, is administered by the board of directors or the compensation committee of the board of directors. The ESPP provides that eligible employees may purchase up to $25,000 worth of the Company's common stock annually over the course of two six-month offering periods. The purchase price to be paid by participants is 85% of the price per share of the Company's common stock either at the beginning or the end of each six-month offering period, whichever is less. On February 28, 2015, approximately 339,000 shares of common stock were issued at an aggregate purchase price of $518,000 under the ESPP. On August 31, 2015, approximately 268,000 shares of common stock were issued at an aggregate purchase price of $339,000 under the ESPP. As of December 31, 2015, there were approximately 2.2 million shares authorized and unissued under the ESPP. Stock-Based Compensation Expense The unamortized compensation cost, net of expected forfeitures, as of December 31, 2015 was $2.4 million related to stock options and is expected to be recognized as expense over a weighted average period of approximately 2.0 years. The unamortized compensation cost, net of expected forfeitures, as of December 31, 2015 was $0.6 million related to restricted stock units and is expected to be recognized as expense over a weighted average period of approximately 1.3 years. For the year ended December 31, 2015 the fair value of options and awards vested was approximately $3.2 million. The Company is required to present the tax benefits resulting from tax deductions in excess of the compensation cost recognized from the exercise of stock options as financing cash flows in the consolidated statements of cash flows. For the years ended December 31, 2015, 2014 and 2013, there were no such tax benefits associated with the exercise of stock options. Valuation Assumptions and Expense Information for Stock-based Compensation The fair value of the Company's share-based payment awards for the years ended December 31, 2015, 2014 and 2013 was estimated on the grant dates using the Black-Scholes valuation option-pricing model with the following assumptions: Year Ended December 31, Employee stock options: 2015 2014 2013 Risk-free interest rate 0.6% - 1.7 % 1.3% - 1.7 % 0.5% - 1.7 % Volatility 55.7% - 59.3 % 53.7% - 57.5 % 57.7% - 62.9 % Expected life (years) 3.0 - 5.0 4.0 - 5.0 4.0 - 5.0 Dividend yield % % % The risk-free interest rate was derived from the Daily Treasury Yield Curve Rates as published by the U.S. Department of the Treasury as of the grant date for terms equal to the expected terms of the options. The expected volatility was based on the historical volatility of the Company's stock price over the expected term of the options. The expected term of options granted was derived from historical data based on employee exercises and post-vesting employment termination behavior. A dividend yield of zero is applied because the Company has never paid dividends and has no intention to pay dividends in the near future. The stock-based compensation expense recorded is adjusted based on estimated forfeiture rates. An annualized forfeiture rate has been used as a best estimate of future forfeitures based on the Company's historical forfeiture experience. The stock-based compensation expense will be adjusted in later periods if the actual forfeiture rate is different from the estimate. Common Stock Options and Restricted Stock A summary of option activity under the Plans is presented below (in thousands, except exercise price): Options outstanding Shares Available for Grant Number of Shares Weighted Average Exercise Prices Balance at December 31, 2012 $ Additional shares authorized under the Amended 2010 Plan — — Restricted stock units granted ) — — Options granted ) $ Options cancelled ) $ Options exercised — ) $ Options expired ) — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2013 $ Additional shares authorized under the Amended 2010 Plan — — Restricted stock units granted ) — — Restricted stock units cancelled — — Options granted ) $ Options cancelled ) $ Options exercised — ) $ Options expired ) — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Additional shares authorized under the Amended 2010 Plan — — Restricted stock units cancelled — — Options granted ) $ Options cancelled ) $ Options exercised — ) $ Options expired ) — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of the inducement grant option activity is presented below (in thousands, except exercise price): Options Outstanding Number of Shares Weighted Average Exercise Prices Balance at December 31, 2012 $ Granted $ Cancelled ) $ Exercised ) $ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2013 $ Granted $ Exercised ) $ Expired ) $ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Cancelled ) $ Exercised ) $ Expired ) $ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of restricted stock unit activity under the Plans is presented below (in thousands, except fair value): Number of Shares Weighted Average Grant-Date Fair Value Non-vested shares at December 31, 2012 — — Granted $ Vested ) $ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested shares at December 31, 2013 $ Granted $ Vested ) $ Cancelled ) $ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested shares at December 31, 2014 $ Vested ) $ Cancelled ) $ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested shares at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total intrinsic value of the restricted stock units outstanding as of December 31, 2015 was $0.3 million. The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2015 (in thousands, except contractual life and exercise price): Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $1.68 - $2.05 $ $ $2.06 - $3.23 $ $ $3.24 - $3.85 $ $ $3.86 - $4.46 $ $ $4.47 - $6.06 $ $ $6.07 - $6.11 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $1.68 - $6.11 $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The aggregate intrinsic value of employee stock options exercised during the years ended December 31, 2015, 2014 and 2013 was $0.3 million, $0.8 million and $1.4 million, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity | |
Stockholders' Equity | Note 7: Stockholders' Equity In the second quarter of 2013, the Company completed a public offering and issued approximately 7.5 million shares of its common stock for approximately $27.7 million in net proceeds. The Company's chief executive officer purchased 250,000 shares at the public offering price. In March 2015, the Company completed a public offering and issued approximately 14,375 ,000 shares of its common stock for approximately $21.4 million in net proceeds. Two of the Company's executive officers between them purchased a total of 406,250 shares at the public offering price. Stockholder Rights Plan On November 10, 2010, the Company executed a rights agreement in connection with the declaration by the Company's board of directors of a dividend of one preferred stock purchase right (a Right) to be paid on November 10, 2010 (the Record Date) for each share of the Company's common stock issued and outstanding at the close of business on the Record Date. Each Right entitles the registered holder to purchase one one-thousandth of a share of Series AA Preferred Stock, $0.01 par value per share (a Preferred Share), of the Company at a price of $48.00 per one one-thousandth of a Preferred Share, subject to adjustment. The rights will not be exercisable until a third party acquires 15.0% of the Company's common stock or commences or announces its intent to commence a tender offer for at least 15.0% of the common stock, other than holders of "grandfathered stock" as defined below. "Grandfathered stock" refers to stock held by Carl E. Berg and his affiliates. The beneficial ownership threshold for a holder of grandfathered stock is 20%, rather than 15%. Under the rights agreement, certain shares beneficially owned by the firm of Ingalls & Snyder, or I&S, and its managed account beneficial owners collectively will not count toward the 15% beneficial ownership threshold that would trigger the rights as long as none of such shares are held for the purpose of acquiring control or effecting change or influence in control of the Company. Further, this exclusion applies only to shares of common stock for which I&S possesses only shared dispositive power and non-discretionary voting power. The rights agreement could delay, deter or prevent an investor from acquiring the Company in a transaction that could otherwise result in its stockholders receiving a premium over the market price for their shares of common stock. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2015 | |
Retirement Savings Plan | |
Retirement Savings Plan | Note 8: Retirement Savings Plan Effective January 1997, the Company adopted the MoSys 401(k) Plan (the Savings Plan) which qualifies as a thrift plan under Section 401(k) of the Internal Revenue Code. Full-time and part-time employees who are at least 21 years of age are eligible to participate in the Savings Plan at the time of hire. Participants may contribute up to 15% of their earnings to the Savings Plan. No matching contributions were made by the Company in the years ended December 31, 2015, 2014 and 2013. |
Business Segments, Concentratio
Business Segments, Concentration of Credit Risk and Significant Customers | 12 Months Ended |
Dec. 31, 2015 | |
Business Segments, Concentration of Credit Risk and Significant Customers | |
Business Segments, Concentration of Credit Risk and Significant Customers | Note 9: Business Segments, Concentration of Credit Risk and Significant Customers The Company operates in one business segment and uses one measurement of profitability for its business. Revenue attributed to the United States and to all foreign countries is based on the geographical location of the customer. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, short-term and long-term investments and accounts receivable. Cash, cash equivalents and short-term and long term investments are deposited with high credit-quality institutions. The Company recognized revenue from licensing of its technologies and shipment of ICs to customers in North America, Asia and Europe as follows (in thousands): Years Ended December 31, 2015 2014 2013 North America $ $ $ Taiwan Japan Rest of world ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenue $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customers who accounted for at least 10% of total net revenues were: Years Ended December 31, 2015 2014 2013 Customer A % * * Customer B % % % Customer C % % * Customer D * % % * Represents percentage less than 10%. Three customers accounted for 94% of net accounts receivable at December 31, 2015. Three customers accounted for 97% of net accounts receivable at December 31, 2014. Net long-lived assets (property and equipment), classified by major geographic areas, was (in thousands): December 31, 2015 2014 (in thousands) U.S. $ $ Non-U.S. ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 10: Commitments and Contingencies Leases and Purchase Commitments The Company leases its facilities under non-cancelable operating leases that expire at various dates through 2020. Rent expense was approximately $798,000, $802,000 and $822,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The leases provide for monthly payments and are being charged to operations ratably over the lease terms. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. Future minimum lease payments under non-cancelable operating leases and purchase commitments are (in thousands): Year ended December 31, Operating leases Purchase commitments Total 2016 $ $ $ 2017 2018 2019 — 2020 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total minimum payments $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase commitments include software licenses related to computer-aided design software payable through 2018, wafer and board components purchase obligations. Indemnification In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has entered into indemnification agreements with its officers and directors. No material amounts were reflected in the Company's consolidated financial statements for the years ended December 31, 2015, 2014 or 2013 related to these indemnifications. The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has not made any payments related to these indemnification agreements. Legal Matters The Company is not a party to any material legal proceeding that the Company believes is likely to have a material adverse effect on its consolidated financial position or results of operations. From time to time the Company may be subject to legal proceedings and claims in the ordinary course of business. These claims, even if not meritorious, could result in the expenditure of significant financial resources and diversion of management efforts. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions | |
Related Party Transactions | Note 11: Related Party Transactions In February 2012, the Company entered into a strategic development and marketing agreement with Credo Semiconductor (Hong Kong) Ltd. (Credo), a privately-funded, fabless semiconductor company, to develop, market and sell integrated circuits. Two of the Company's executive officers between them loaned a total of $250,000 to Credo for a portion of the seed funding needed by Credo to commence its integrated circuit design efforts. These loans were repaid by Credo in August 2015. The strategic development and marketing agreement, as amended, calls for the Company to make payments to Credo upon Credo achieving certain development and verification milestones towards the development of IC products and provides the Company with exclusive sales and marketing rights for such IC products. As of December 31, 2015, the Company has paid Credo $4.8 million for achievement of development milestones, as well as for mask costs and wafer purchases from third-party vendors. All amounts incurred have been recorded as research and development expenses. Currently, under the strategic development and marketing agreement, the Company is entitled to a remaining reimbursement amount of $3.6 million of development costs based on payments made to Credo to date. This amount is subject to increase as additional payments are made to Credo. The reimbursement will be funded by the gross profits earned by the Company from the sale of the products, with the initial gross profits being primarily applied to reimbursing the Company for these development payments and a portion paid to Credo. Once the full amount has been reimbursed, the gross profits will be shared equally by the Company and Credo. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events | |
Subsequent Events | Note 12: Subsequent Event s Reduction in Force On January 28, 2016, the Company committed to effect a reduction in the Company's workforce and associated operating expenses, net loss and cash burn and to realign resources, as the Company has substantially concluded development of new products, including its third generation Bandwidth Engine IC product family, and expects to bring these products to market in 2016. The Company reduced United States headcount by approximately 16% and will cease operations at its subsidiary in Hyderabad, India, which has 18 employees. The Company anticipates that it will fully implement the planned reductions by the end of the second quarter of 2016. As a result of these reductions, the Company expects to incur total termination charges of up to $0.8 million, including $0.6 million of charges for severance benefits and other one-time termination costs. The remaining charges represent lease obligations, asset impairments and other expenses related to the Company's Indian subsidiary. The Company expects that substantially all of these charges will be recognized in the quarter ending March 31, 2016, and will result in cash expenditures of up to $1.0 million, which are expected to be paid during the first and second quarters of 2016. The Company expects to realize approximately $3.2 million of savings on an annual basis from the reductions. Convertible Notes On March 14, 2016, the Company entered into a 10% Senior Secured Convertible Note Purchase Agreement (the "Purchase Agreement") with the purchasers of $8,000,000 principal amount of 10% Senior Secured Convertible Notes due August 15, 2018 (the "Notes"), at par, in a private placement transaction effected pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended. The conversion price of the Notes is $0.90 per share and is subject to adjustment upon certain events as set forth in the Purchase Agreement. Pursuant to a security agreement entered into by the Company, the Notes are secured by a security interest in all of the assets of the Company. The Notes bear interest at the annual rate of 10%. Accrued interest is payable semi-annually in cash or in kind through the issuance of identical new Notes, or with a combination of the two, at the Company's option. The Notes are noncallable and nonredeemable by the Company. The Notes are redeemable at the election of the holders if the Company experiences a fundamental change (as defined in the Notes), which generally would occur in the event (i) any person acquires beneficial ownership of shares of common stock of the Company entitling such person to exercise at least 40% of the total voting power of all of the shares of capital stock of the Company entitled to vote generally in elections of directors, (ii) an acquisition of the Company by another person through a merger or consolidation, or the sale, transfer or lease of all or substantially all of the Company's assets, or (iii) the Company's current directors cease to constitute a majority of the board of directors of the Company within a 12-month period, disregarding for this purpose any director who voluntarily resigns as a director or dies while serving as a director. The redemption price is 120% of the principal amount of the Note to be repurchased plus accrued and unpaid interest as of the redemption date. |
The Company and Summary of Si20
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
The Company and Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The Company's fiscal year ends on December 31 of each calendar year. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reported period. Actual results could differ from those estimates. |
Reclassification | Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. Revenue line items have been reclassified to create a separate line item for product revenue and to include licensing revenue in the royalty and other line item. The amounts for the prior periods have been reclassified to be consistent with the current year presentation and have no impact on previously reported total assets, total stockholders' equity or net loss. |
Foreign Currency | Foreign Currency The functional currency of the Company's foreign entities is the U.S. dollar. The financial statements of these entities are translated into U.S. dollars and the resulting gains or losses are included in other income, net in the consolidated statements of operations and comprehensive loss. Such gains and losses were not material for any period presented. |
Cash Equivalents and Investments | Cash Equivalents and Investments The Company has invested its excess cash in money market accounts, certificates of deposit, corporate debt, government-sponsored enterprise bonds and municipal bonds and considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Investments with original maturities greater than three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Management generally determines the appropriate classification of securities at the time of purchase. All securities are classified as available-for-sale. The Company's available-for-sale short-term and long-term investments are carried at fair value, with the unrealized holding gains and losses reported in accumulated other comprehensive income (loss). Realized gains and losses and declines in the value judged to be other-than-temporary are included in the other income, net line item in the consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. |
Fair Value Measurements | Fair Value Measurements The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1—Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2—Pricing is provided by third party sources of market information obtained through the Company's investment advisors, rather than models. The Company does not adjust for, or apply, any additional assumptions or estimates to the pricing information it receives from advisors. The Company's Level 2 securities include cash equivalents and available-for-sale securities, which consisted primarily of certificates of deposit, corporate debt, and government agency and municipal debt securities from issuers with high-quality credit ratings. The Company's investment advisors obtain pricing data from independent sources, such as Standard & Poor's, Bloomberg and Interactive Data Corporation, and rely on comparable pricing of other securities because the Level 2 securities are not actively traded and have fewer observable transactions. The Company considers this the most reliable information available for the valuation of the securities. Level 3—Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment are used to measure fair value. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. The determination of fair value for Level 3 investments and other financial instruments involves the most management judgment and subjectivity. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company establishes an allowance for doubtful accounts to ensure that its trade receivables balances are not overstated due to uncollectibility. The Company performs ongoing customer credit evaluations within the context of the industry in which it operates and generally does not require collateral from its customers. A specific allowance of up to 100% of the invoice value is provided for any problematic customer balances. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The Company grants credit only to customers deemed creditworthy in the judgment of management. There was no allowance for doubtful accounts receivable at December 31, 2015 or December 31, 2014. |
Inventory | Inventory The Company values its inventories at the lower of cost, which approximates actual cost on a first-in, first-out basis, or market value. The Company records inventory reserves for estimated obsolescence or unmarketable inventories based upon assumptions about future demand and market conditions. Once a reserve is established, it is maintained until the product to which it relates is sold or otherwise disposed of. If actual market conditions are less favorable than those expected by management, additional adjustment to inventory valuation may be required. Charges for obsolete and slow moving inventories are recorded based upon an analysis of specific identification of obsolete inventory items and quantification of slow moving inventory items. The Company recorded inventory reserves of $0.3 million during the year ended December 31, 2015. |
Property and Equipment | Property and Equipment Property and equipment are originally recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations and comprehensive loss. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated useful life or the lease term and are recorded with depreciation expense in the consolidated statements of operations and comprehensive loss. |
Valuation of Long-lived Assets | Valuation of Long-lived Assets The Company evaluates the recoverability of long-lived assets with finite lives whenever events or changes in circumstances occur that indicate that the carrying value of the asset or asset group may not be recoverable. Finite-lived intangible assets are being amortized on a straight-line basis over their estimated useful lives of three to seven years. An impairment charge is recognized as the difference between the net book value of such assets and the fair value of such assets at the date of measurement. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets. |
Intangible Assets | Intangible Assets Intangible assets acquired in business combinations, referred to as purchased intangible assets, are accounted for based on the fair value of assets purchased and are amortized over the period in which economic benefit is estimated to be received. |
Goodwill | Goodwill The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform the two-step impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired, and the Company is not required to perform further testing. If the carrying value of the reporting unit's goodwill exceeds its implied fair value, then the Company must record an impairment charge equal to the difference. The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. As the Company uses the market approach to assess impairment in the second step of the analysis, the price of its common stock is an important component of the fair value calculation. If the Company's stock price continues to experience significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods. The Company performed step one of the annual impairment test in September 2015, and concluded no factors indicated impairment of goodwill. As of December 31, 2015, the Company had not identified any factors to indicate there was an impairment of its goodwill and determined that no additional impairment analysis was required. |
Revenue Recognition | Revenue Recognition General The Company generates revenue from the sales of IC products and licensing of its IP. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery or performance has occurred, the sales price is fixed or determinable, and collectibility is reasonably assured. Evidence of an arrangement generally consists of signed agreements or customer purchase orders. IC products The Company sells products both directly to customers, as well as through distributors. Revenue from sales directly to customers is generally recognized at the time of shipment. The Company may record an estimated allowance, at the time of shipment, for future returns and other charges against revenue consistent with the terms of sale. IC product revenue and costs relating to sales made through distributors with rights of return or stock rotation are generally deferred until the distributors sell the product to end customers due to the Company's inability to estimate future returns and credits to be issued. Distributors are generally able to return up to 10% of their purchases for slow, non-moving or obsolete inventory for credit every six months. At the time of shipment to distributors, an accounts receivable for the selling price is recorded, as there is a legally enforceable right to receive payment, and inventory is relieved, as legal title to the inventory is transferred upon shipment. Revenues are recognized upon receiving notification from the distributors that products have been sold to end customers. Distributors provide information regarding products and quantity, end customer shipments and remaining inventory on hand. The associated deferred margin is included in the accrued expenses and other line item in the consolidated balance sheets. Royalty The Company's licensing contracts typically also provide for royalties based on the licensee's use of the Company's memory technology in their currently shipping commercial products. The Company recognizes royalties in the quarter in which it receives the licensee's report. Licensing Licensing revenue consists of fees earned from license agreements, development services and support and maintenance. For stand-alone license agreements or license deliverables in multi-deliverable arrangements that do not require significant development, modification or customization, revenues are recognized when all revenue recognition criteria have been met. Delivery of the licensed technology is typically the final revenue recognition criterion met, at which time revenue is recognized. If any of the criteria are not met, revenue recognition is deferred until such time as all criteria have been met. Support and maintenance revenue is recognized ratably over the period during which the obligation exists, typically 12 months. Licensing revenue was zero for the year ended December 31, 2015 and was $155,000 and $387,000 for the years ended December 31, 2014 and 2013, respectively. |
Cost of Net Revenue | Cost of Net Revenue Cost of net revenue consists primarily of direct and indirect costs of IC product sales and engineering personnel costs directly related to maintenance and support services specified in licensing agreements. Maintenance and support typically includes engineering support to assist in the commencement of production of a licensee's products. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not significant in the years ended December 31, 2015, 2014 and 2013. |
Research and Development | Research and Development Engineering costs are recorded as research and development expense in the period incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation for awards on a straight-line basis over the requisite service period, usually the vesting period, based on the grant-date fair value. The Company records stock-based compensation expense for stock options granted to non-employees, excluding non-employee directors, based upon the estimated then-current fair value of the equity instrument using the Black-Scholes pricing model. Assumptions used to value the equity instruments are consistent with equity instruments issued to employees. The Company charges the value of the equity instrument to earnings over the term of the service agreement and the unvested shares underlying the option are subject to periodic revaluation over the remaining vesting period. |
Per Share Amounts | Per Share Amounts Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options, vesting of stock awards and purchases under the employee stock purchase plan. As of December 31, 2015, 2014 and 2013, stock awards to purchase approximately 9,076,000, 8,817,000 and 10,072,000 shares, respectively, were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Net loss $ ) $ ) $ ) Denominator: Shares used in computing net loss per share: Basic and diluted Net loss per share: Basic and diluted $ ) $ ) $ ) |
Income Taxes | Income Taxes The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company's assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company files U.S. federal and state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2005 through 2015 tax years generally remain subject to examination by federal, state and foreign tax authorities. As of December 31, 2015, the Company did not have any unrecognized tax benefits nor expect its unrecognized tax benefits to change significantly over the next 12 months. The Company recognizes interest related to unrecognized tax benefits in its income tax expense and penalties related to unrecognized tax benefits as other income and expenses. During the years ended December 31, 2015, 2014 and 2013, the Company did not recognize any interest or penalties related to unrecognized tax benefits. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes unrealized gains and losses on available-for-sale securities. Realized gains and losses on available-for-sale securities are reclassified from accumulated other comprehensive loss and included in other income, net in the consolidated statements of operations and comprehensive loss. All amounts recorded were not significant in the years ended December 31, 2015, 2014 and 2013. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2018. Early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition methods. The Company has not yet selected a transition method nor has it determined the potential effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15 (ASU 2014-15), Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of its pending adoption of ASU 2014-15 on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02 (ASU 2016-02), Leases . ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability equal to the present value of the lease payments for virtually all leases not classified as short term. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depend on its classification as a finance or operating lease. The ASU also will require disclosures to provide additional qualitative and quantitative information about the amounts recorded in the financial statements. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The new standard requires a modified retrospective transition for application at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. |
The Company and Summary of Si21
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
The Company and Summary of Significant Accounting Policies | |
Schedule of computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Net loss $ ) $ ) $ ) Denominator: Shares used in computing net loss per share: Basic and diluted Net loss per share: Basic and diluted $ ) $ ) $ ) |
Consolidated Balance Sheets a22
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components | |
Schedule of inventory prepaid expenses and other current assets and property and equipment | December 31, 2015 2014 (in thousands) Inventories, net: Work-in-process $ $ Finished goods ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other: Interest receivable $ $ Prepaid insurance Prepaid expenses and other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: Equipment, furniture and fixtures and leasehold improvements $ $ Acquired software ​ ​ ​ ​ ​ ​ ​ ​ Less: Accumulated depreciation and amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of identifiable intangible assets relating to business combinations and a patent license | Identifiable intangible assets relating to business combinations and a patent license were (dollar amounts in thousands): December 31, 2015 Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3-5 $ $ $ — Patent license ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3-5 $ $ $ Patent license ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of accrued expenses and other liabilities | December 31, 2015 2014 (in thousands) Accrued expenses and other: Accrued wages and employee benefits $ $ IC development and wafer costs Employee stock purchase plan withholdings Professional fees Capital lease obligation — Deferred revenue Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of other income, net | 2015 2014 2013 (in thousands) Interest income $ $ $ Other income (expense), net ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments | |
Schedule of estimated fair values of financial instruments outstanding | The estimated fair values of financial instruments outstanding were (in thousands): December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: U.S. government-sponsored enterprise bonds $ $ — $ — $ Municipal bonds — — Corporate notes — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments: U.S. government-sponsored enterprise bonds $ $ — $ — $ Municipal bonds — — Corporate notes ) Certificates of deposit — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term investments: U.S. government-sponsored enterprise bonds $ $ — $ ) $ Corporate notes — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of estimated fair values of available-for-sale securities with unrealized losses | The estimated fair values of available-for-sale securities with unrealized losses were (in thousands): December 31, 2015 Cost Unrealized Losses Fair Value Short-term investments: Corporate notes $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Cost Unrealized Losses Fair Value Short-term investments: Corporate notes $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term investments: U.S. government-sponsored enterprise bonds $ $ ) $ Corporate notes ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of cost and fair value of investments based on maturity groups | Cost and fair value of investments based on two maturity groups were (in thousands): December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Due within 1 year $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Due within 1 year $ $ $ ) $ Due in 1-2 years — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of fair value hierarchy for financial assets (cash equivalents and investments) | The following table represents the Company's fair value hierarchy for its financial assets (cash equivalents and investments) as of December 31, 2015 and 2014 (in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government-sponsored enterprise bonds — — Municipal bonds — — Corporate notes — — Certificates of deposit — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Fair Value Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government-sponsored enterprise bonds — — Municipal bonds — — Corporate notes — — Certificates of deposit — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes | |
Schedule of income tax provision (benefit) | The income tax provision consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current portion: Federal $ — $ — $ — State Foreign $ $ $ |
Schedule of significant components of the Company's deferred tax assets and liabilities | Significant components of the Company's deferred tax assets and liabilities were (in thousands): December 31, 2015 2014 Deferred tax assets: Federal and state loss carryforwards $ $ Reserves, accruals and other Depreciation and amortization Deferred stock-based compensation Research and development credit carryforwards Foreign tax and other credits ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Deferred tax liabilities: Acquired intangible assets and other Less: Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of reconciliation of income taxes provided at the federal statutory rate (35%) to actual income tax provision (benefit) | A reconciliation of income taxes provided at the federal statutory rate (35%) to the actual income tax provision follows (in thousands): Year Ended December 31, 2015 2014 2013 Income tax benefit computed at U.S. statutory rate $ ) $ ) $ ) State income tax (net of federal benefit) Foreign income tax at rate different from U.S. statutory rate ) ) ) Research and development credits ) ) ) Stock-based compensation Amortization of intangible assets ) ) ) Valuation allowance changes affecting tax provision Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax provision $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of domestic and foreign components of (loss) income before income tax provision | The domestic and foreign components of (loss) income before income tax provision were (in thousands): Year Ended December 31, 2015 2014 2013 U.S. $ ) $ ) $ ) Non-U.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation | |
Schedule of assumptions used in estimation of fair value of the share-based payment awards on the grant date | Year Ended December 31, Employee stock options: 2015 2014 2013 Risk-free interest rate 0.6% - 1.7 % 1.3% - 1.7 % 0.5% - 1.7 % Volatility 55.7% - 59.3 % 53.7% - 57.5 % 57.7% - 62.9 % Expected life (years) 3.0 - 5.0 4.0 - 5.0 4.0 - 5.0 Dividend yield % % % |
Summary of option and RSU activity under Amended and Restated 2000 Stock Option and Equity Incentive Plan and Amended and Restated 2010 Equity Incentive Plan | A summary of option activity under the Plans is presented below (in thousands, except exercise price): Options outstanding Shares Available for Grant Number of Shares Weighted Average Exercise Prices Balance at December 31, 2012 $ Additional shares authorized under the Amended 2010 Plan — — Restricted stock units granted ) — — Options granted ) $ Options cancelled ) $ Options exercised — ) $ Options expired ) — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2013 $ Additional shares authorized under the Amended 2010 Plan — — Restricted stock units granted ) — — Restricted stock units cancelled — — Options granted ) $ Options cancelled ) $ Options exercised — ) $ Options expired ) — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Additional shares authorized under the Amended 2010 Plan — — Restricted stock units cancelled — — Options granted ) $ Options cancelled ) $ Options exercised — ) $ Options expired ) — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Summary of the inducement grant option activity | A summary of the inducement grant option activity is presented below (in thousands, except exercise price): Options Outstanding Number of Shares Weighted Average Exercise Prices Balance at December 31, 2012 $ Granted $ Cancelled ) $ Exercised ) $ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2013 $ Granted $ Exercised ) $ Expired ) $ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Cancelled ) $ Exercised ) $ Expired ) $ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Summary of RSU activity under the Plans | A summary of restricted stock unit activity under the Plans is presented below (in thousands, except fair value): Number of Shares Weighted Average Grant-Date Fair Value Non-vested shares at December 31, 2012 — — Granted $ Vested ) $ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested shares at December 31, 2013 $ Granted $ Vested ) $ Cancelled ) $ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested shares at December 31, 2014 $ Vested ) $ Cancelled ) $ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested shares at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Summary of significant ranges of outstanding and exercisable options | The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2015 (in thousands, except contractual life and exercise price): Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $1.68 - $2.05 $ $ $2.06 - $3.23 $ $ $3.24 - $3.85 $ $ $3.86 - $4.46 $ $ $4.47 - $6.06 $ $ $6.07 - $6.11 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $1.68 - $6.11 $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Business Segments, Concentrat26
Business Segments, Concentration of Credit Risk and Significant Customers (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Segments, Concentration of Credit Risk and Significant Customers | |
Schedule of revenue from licensing technologies and shipment of ICs to customers by geographical location: | The Company recognized revenue from licensing of its technologies and shipment of ICs to customers in North America, Asia and Europe as follows (in thousands): Years Ended December 31, 2015 2014 2013 North America $ $ $ Taiwan Japan Rest of world ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenue $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of customers who accounted for at least 10% of total net revenue | Years Ended December 31, 2015 2014 2013 Customer A % * * Customer B % % % Customer C % % * Customer D * % % * Represents percentage less than 10%. |
Schedule of net long-lived assets (property and equipment), classified by major geographic areas | Net long-lived assets (property and equipment), classified by major geographic areas, was (in thousands): December 31, 2015 2014 (in thousands) U.S. $ $ Non-U.S. ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies | |
Schedule of future minimum lease payments under non-cancelable operating leases and purchase commitments | Future minimum lease payments under non-cancelable operating leases and purchase commitments are (in thousands): Year ended December 31, Operating leases Purchase commitments Total 2016 $ $ $ 2017 2018 2019 — 2020 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total minimum payments $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
The Company and Summary of Si28
The Company and Summary of Significant Accounting Policies - Doubtful Accounts/PP&E (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)GB / sitem | Dec. 31, 2014USD ($) | |
The Company and Summary of Significant Accounting Policies | ||
Number of IC product lines developed | item | 2 | |
Speed per second of high-speed interface technology of Bandwidth Engine ICs (in gigabits) | GB / s | 10 | |
Allowance for Doubtful Accounts | ||
Maximum specific allowance as percentage of invoice value for problematic customer balances | 100.00% | |
Allowance for doubtful accounts receivable | $ 0 | $ 0 |
Inventory | ||
Inventory reserves | $ 300 | |
Minimum | ||
Property and Equipment | ||
Estimated useful lives | 3 years | |
Maximum | ||
Property and Equipment | ||
Estimated useful lives | 5 years |
The Company and Summary of Si29
The Company and Summary of Significant Accounting Policies - Intangible Assets/Revenue/EPS/Tax Provision (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue Recognition | |||
Threshold purchase return percentage by distributors for slow, non-moving or obsolete inventory | 10.00% | ||
Specified period for return of threshold percentage of purchases by distributors for slow, non-moving or obsolete inventory | 6 months | ||
Support and maintenance revenue recognition period | 12 months | ||
Licensing revenue | $ 0 | $ 155,000 | $ 387,000 |
Net loss per share | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,076,000 | 8,817,000 | 10,072,000 |
Basic and diluted (in dollars per share) | $ (0.50) | $ (0.66) | $ (0.55) |
Numerator: | |||
Net loss | $ (31,483,000) | $ (32,682,000) | $ (24,794,000) |
Shares used in computing net loss per share: | |||
Basic and diluted (in shares) | 62,497,000 | 49,528,000 | 45,246,000 |
Income Taxes | |||
Period over which the Company expects its unrecognized tax benefits to not change significantly | 12 months | ||
Minimum | |||
Finite-Lived Intangible Assets | |||
Life | 3 years | ||
Maximum | |||
Finite-Lived Intangible Assets | |||
Life | 7 years |
Consolidated Balance Sheets a30
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components - Inventories/Prepaid/PP&E (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories, net: | ||
Work-in-process | $ 1,478 | $ 651 |
Finished goods | 119 | 230 |
Inventories, net | 1,597 | 881 |
Prepaid expenses and other: | ||
Interest receivable | 48 | 160 |
Prepaid insurance | 134 | 143 |
Prepaid expenses and other | 519 | 584 |
Total | 701 | 887 |
Property and equipment, net: | ||
Property and equipment, gross | 5,980 | 5,005 |
Less: Accumulated depreciation and amortization | (4,350) | (4,151) |
Property and equipment, net | 1,630 | 854 |
Equipment, furniture and fixtures and leasehold improvements | ||
Property and equipment, net: | ||
Property and equipment, gross | 5,646 | 4,255 |
Acquired software | ||
Property and equipment, net: | ||
Property and equipment, gross | $ 334 | $ 750 |
Consolidated Balance Sheets a31
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components - Developed Technology/Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible assets | ||
Gross Carrying Amount | $ 10,020 | $ 10,020 |
Accumulated Amortization | 9,686 | 9,365 |
Net Carrying Value | 334 | 655 |
Estimated aggregate amortization expense to be recognized in future | ||
2,016 | 100 | |
2,017 | 100 | |
2,018 | $ 100 | |
Minimum | ||
Intangible assets | ||
Life | 3 years | |
Maximum | ||
Intangible assets | ||
Life | 7 years | |
Developed technology | ||
Intangible assets | ||
Gross Carrying Amount | $ 9,240 | 9,240 |
Accumulated Amortization | $ 9,240 | 9,031 |
Net Carrying Value | $ 209 | |
Developed technology | Minimum | ||
Intangible assets | ||
Life | 3 years | 3 years |
Developed technology | Maximum | ||
Intangible assets | ||
Life | 5 years | 5 years |
Patent license | ||
Intangible assets | ||
Life | 7 years | 7 years |
Gross Carrying Amount | $ 780 | $ 780 |
Accumulated Amortization | 446 | 334 |
Net Carrying Value | $ 334 | $ 446 |
Consolidated Balance Sheets a32
Consolidated Balance Sheets and Statements of Operations and Comprehensive Loss Components - Accrued Expenses/Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accrued expenses and other: | |||
Accrued wages and employee benefits | $ 1,076 | $ 1,026 | |
IC development and wafer costs | 921 | 203 | |
Employee stock purchase plan withholdings | 323 | 357 | |
Professional fees | 158 | 123 | |
Capital lease obligation | 138 | ||
Deferred revenue | 31 | 4 | |
Other | 17 | 637 | |
Total | 2,664 | 2,350 | |
Other income, net: | |||
Interest income | 114 | 155 | $ 174 |
Other income (expense), net | (20) | (12) | 35 |
Total | $ 94 | $ 143 | $ 209 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments - Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Estimated fair values of financial instruments | ||||
Cash and cash equivalents, cost | $ 5,640 | $ 3,110 | $ 4,364 | $ 2,529 |
Cash and cash equivalents, fair value | 5,640 | 3,110 | ||
Unrealized Gains | 3 | |||
Unrealized Losses | (16) | (13) | ||
Short-term investments. | ||||
Estimated fair values of financial instruments | ||||
Cost | 14,614 | 20,442 | ||
Unrealized Gains | 3 | |||
Unrealized Losses | (16) | (6) | ||
Fair Value | 14,598 | 20,439 | ||
Short-term investments. | U.S. government-sponsored enterprise bonds | ||||
Estimated fair values of financial instruments | ||||
Cost | 6,243 | 1,250 | ||
Fair Value | 6,243 | 1,250 | ||
Short-term investments. | Municipal Bonds | ||||
Estimated fair values of financial instruments | ||||
Cost | 200 | 841 | ||
Fair Value | 200 | 841 | ||
Short-term investments. | Corporate notes | ||||
Estimated fair values of financial instruments | ||||
Cost | 8,171 | 15,921 | ||
Unrealized Gains | 2 | |||
Unrealized Losses | (16) | (6) | ||
Fair Value | $ 8,155 | 15,917 | ||
Short-term investments. | Certificates of deposit | ||||
Estimated fair values of financial instruments | ||||
Cost | 2,430 | |||
Unrealized Gains | 1 | |||
Fair Value | 2,431 | |||
Long-term investments | ||||
Estimated fair values of financial instruments | ||||
Cost | 2,252 | |||
Unrealized Losses | (7) | |||
Fair Value | 2,245 | |||
Long-term investments | U.S. government-sponsored enterprise bonds | ||||
Estimated fair values of financial instruments | ||||
Cost | 1,000 | |||
Unrealized Losses | (2) | |||
Fair Value | 998 | |||
Long-term investments | Corporate notes | ||||
Estimated fair values of financial instruments | ||||
Cost | 1,252 | |||
Unrealized Losses | (5) | |||
Fair Value | $ 1,247 |
Fair Value of Financial Instr34
Fair Value of Financial Instruments - Maturity (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Estimated fair values of available-for-sale securities with unrealized losses | ||
Number of maturity groups | item | 2 | 2 |
Investments by rolling maturity, Cost | ||
Due within 1 year | $ 14,614 | $ 20,442 |
Due in 1-2 years | 2,252 | |
Total | 14,614 | 22,694 |
Investments by rolling maturity, Unrealized Gains | ||
Due within 1 year | 3 | |
Total | 3 | |
Investments by rolling maturity, Unrealized Losses | ||
Due within 1 year | (16) | (6) |
Due in 1-2 years | (7) | |
Total | (16) | (13) |
Investments by rolling maturity, Fair Value | ||
Due within 1 year | 14,598 | 20,439 |
Due in 1-2 years | 2,245 | |
Total | 14,598 | 22,684 |
Short-term investments. | ||
Estimated fair values of available-for-sale securities with unrealized losses | ||
Cost | 8,171 | 13,006 |
Unrealized Losses | (16) | (6) |
Fair Value | 8,155 | 13,000 |
Investments by rolling maturity, Unrealized Gains | ||
Total | 3 | |
Investments by rolling maturity, Unrealized Losses | ||
Total | (16) | (6) |
Short-term investments. | Corporate notes | ||
Estimated fair values of available-for-sale securities with unrealized losses | ||
Cost | 8,171 | 13,006 |
Unrealized Losses | (16) | (6) |
Fair Value | 8,155 | 13,000 |
Investments by rolling maturity, Unrealized Gains | ||
Total | 2 | |
Investments by rolling maturity, Unrealized Losses | ||
Total | $ (16) | (6) |
Short-term investments. | Certificates of deposit | ||
Investments by rolling maturity, Unrealized Gains | ||
Total | 1 | |
Long-term investments | ||
Estimated fair values of available-for-sale securities with unrealized losses | ||
Cost | 2,252 | |
Unrealized Losses | (7) | |
Fair Value | 2,245 | |
Investments by rolling maturity, Unrealized Losses | ||
Total | (7) | |
Long-term investments | Corporate notes | ||
Estimated fair values of available-for-sale securities with unrealized losses | ||
Cost | 1,252 | |
Unrealized Losses | (5) | |
Fair Value | 1,247 | |
Investments by rolling maturity, Unrealized Losses | ||
Total | (5) | |
Long-term investments | U.S. government-sponsored enterprise bonds | ||
Estimated fair values of available-for-sale securities with unrealized losses | ||
Cost | 1,000 | |
Unrealized Losses | (2) | |
Fair Value | 998 | |
Investments by rolling maturity, Unrealized Losses | ||
Total | $ (2) |
Fair Value of Financial Instr35
Fair Value of Financial Instruments - Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Transfer of assets between Level 1 to Level 2 | $ 0 | $ 0 |
Transfer of assets between Level 2 to Level 1 | 0 | 0 |
Transfer of liabilities between Level 1 to Level 2 | 0 | 0 |
Transfer of liabilities between Level 2 to Level 1 | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total assets | 18,458 | 25,168 |
Fair Value, Measurements, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 2,238 | 1,837 |
Fair Value, Measurements, Recurring | U.S. government-sponsored enterprise bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 7,525 | 2,248 |
Fair Value, Measurements, Recurring | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 200 | 1,243 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 8,255 | 17,164 |
Fair Value, Measurements, Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 240 | 2,676 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total assets | 2,238 | 1,837 |
Fair Value, Measurements, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 2,238 | 1,837 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total assets | 16,220 | 23,331 |
Fair Value, Measurements, Recurring | Level 2 | U.S. government-sponsored enterprise bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 7,525 | 2,248 |
Fair Value, Measurements, Recurring | Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 200 | 1,243 |
Fair Value, Measurements, Recurring | Level 2 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | 8,255 | 17,164 |
Fair Value, Measurements, Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available-for-sale Securities | $ 240 | $ 2,676 |
Sale of I_O Technology (Details
Sale of I/O Technology (Details) - Sale of license of a portion of intellectual property pertaining to high-speed serial I/O technology $ in Millions | 1 Months Ended | |
Mar. 31, 2013USD ($) | Mar. 31, 2012USD ($)employee | |
Patent Sale and License | ||
Purchase agreement amount | $ 4.3 | |
Number of employees of entity's India subsidiary accepted employment in purchaser | employee | 15 | |
Cash received upon execution of the agreement, net of transaction costs | $ 2.2 | |
Gain on sale of assets | ||
Patent Sale and License | ||
Final payment received | $ 0.6 |
Income Taxes - Current_Deferred
Income Taxes - Current/Deferred (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax provision, Current portion: | |||
State | $ 3 | $ 3 | $ 2 |
Foreign | 83 | 104 | 69 |
Income tax provision | 86 | 107 | $ 71 |
Deferred tax assets: | |||
Federal and state loss carryforwards | 60,831 | 50,057 | |
Reserves, accruals and other | 761 | 587 | |
Depreciation and amortization | 1,304 | 1,497 | |
Deferred stock-based compensation | 4,504 | 3,589 | |
Research and development credit carryforwards | 12,886 | 11,351 | |
Foreign tax and other credits | 1,131 | 1,241 | |
Total deferred tax assets | 81,417 | 68,322 | |
Deferred tax liabilities: | |||
Acquired intangible assets and other | 1,781 | 1,537 | |
Less: Valuation allowance | (79,636) | (66,785) | |
Increase in valuation allowance during the year | 12,900 | $ 12,100 | |
Federal | |||
Net operating loss carryforwards | |||
Net operating loss carryforwards, amount | 162,800 | ||
Net operating loss related to excess tax benefits from stock-based compensation that will be charged to additional paid-in capital when realized | 5,700 | ||
State | |||
Net operating loss carryforwards | |||
Net operating loss carryforwards, amount | 106,800 | ||
Net operating loss related to excess tax benefits from stock-based compensation that will be charged to additional paid-in capital when realized | $ 4,800 |
Income Taxes - Reconciliation (
Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax credit carryforwards | |||
Undistributed earnings of foreign subsidiaries | $ 900 | ||
Reconciliation of income taxes provided at the federal statutory rate (35%) to actual income tax provision (benefit) | |||
Federal statutory rate | 35.00% | ||
Income tax benefit computed at U.S. statutory rate | $ (10,989) | $ (11,401) | $ (8,653) |
State income tax (net of federal benefit) | 3 | 3 | 2 |
Foreign income tax at rate different from U.S. statutory rate | (15) | (12) | (11) |
Research and development credits | (1,580) | (1,614) | (1,196) |
Stock-based compensation | 123 | 130 | 91 |
Amortization of intangible assets | (100) | (100) | (100) |
Valuation allowance changes affecting tax provision | 12,588 | 13,027 | 9,915 |
Other | 56 | 74 | 23 |
Income tax provision | 86 | 107 | 71 |
Domestic and foreign components of income (loss) before income tax provision (benefit) | |||
U.S. | (31,580) | (32,735) | (24,906) |
Non-U.S. | 183 | 160 | 183 |
Loss before income taxes | (31,397) | $ (32,575) | $ (24,723) |
Federal | |||
Tax credit carryforwards | |||
Foreign tax credit carryforward that began expiring in 2016 | 900 | ||
Research and development | Federal | |||
Tax credit carryforwards | |||
Tax credit carryforwards with expiration | 8,200 | ||
Research and development | State | |||
Tax credit carryforwards | |||
Tax credit carryforwards without expiration | $ 7,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2016 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Options | |||||
Stock-Based Compensation | |||||
Unamortized compensation cost, net of expected forfeitures | $ 2,400 | ||||
Fair value of vested options and awards | $ 3,200 | ||||
Weighted average expected period over which the expense is to be recognized | 2 years | ||||
Tax benefits associated with exercise of stock options | $ 0 | $ 0 | $ 0 | ||
Inducement grant options | |||||
Shares Available for Grant | |||||
Options expired (in shares) | (16,000) | (1,290,000) | |||
Number of Shares | |||||
Balance at the beginning of the period (in shares) | 1,640,000 | 2,233,000 | 3,178,000 | 3,358,000 | |
Options granted (in shares) | 418,000 | 347,000 | |||
Options cancelled (in shares) | (59,000) | (7,000) | |||
Options exercised (in shares) | (518,000) | (73,000) | (520,000) | ||
Options expired (in shares) | (16,000) | (1,290,000) | |||
Balance at the end of the period (in shares) | 1,640,000 | 2,233,000 | 3,178,000 | ||
Weighted Average Exercise Prices | |||||
Balance at the beginning of the year (in dollars per share) | $ 4.37 | $ 3.68 | $ 4.42 | $ 4.29 | |
Options granted (in dollars per share) | 3.68 | 3.94 | |||
Options cancelled (in dollars per share) | 3.62 | 3.45 | |||
Options exercised (in dollars per share) | 1.55 | 2.59 | 3.28 | ||
Options expired (in dollars per share) | 1.55 | 5.57 | |||
Balance at the end of the year (in dollars per share) | $ 4.37 | $ 3.68 | $ 4.42 | ||
RSU's | |||||
Stock-Based Compensation | |||||
Unamortized compensation cost, net of expected forfeitures | $ 600 | ||||
Weighted average expected period over which the expense is to be recognized | 1 year 3 months 18 days | ||||
The Plans | Options | |||||
Shares Available for Grant | |||||
Balance at the beginning of the year (in shares) | 1,059,000 | 1,760,000 | 422,000 | 1,265,000 | |
Options granted (in shares) | (1,538,000) | (174,000) | (1,543,000) | ||
Options cancelled (in shares) | 701,000 | 496,000 | 1,123,000 | ||
Options expired (in shares) | (386,000) | (481,000) | (888,000) | ||
Balance at the end of the year (in shares) | 1,059,000 | 1,760,000 | 422,000 | ||
Number of Shares | |||||
Balance at the beginning of the period (in shares) | 6,749,000 | 5,994,000 | 6,727,000 | 6,872,000 | |
Options granted (in shares) | 1,538,000 | 174,000 | 1,543,000 | ||
Options cancelled (in shares) | (701,000) | (496,000) | (1,123,000) | ||
Options exercised (in shares) | (82,000) | (411,000) | (565,000) | ||
Options expired (in shares) | (386,000) | (481,000) | (888,000) | ||
Balance at the end of the period (in shares) | 6,749,000 | 5,994,000 | 6,727,000 | ||
Weighted Average Exercise Prices | |||||
Balance at the beginning of the year (in dollars per share) | $ 3.51 | $ 3.87 | $ 3.86 | $ 4.05 | |
Options granted (in dollars per share) | 2.02 | 3.53 | 4.27 | ||
Options cancelled (in dollars per share) | 3.52 | 4.31 | 6 | ||
Options exercised (in dollars per share) | 1.64 | 3.06 | 3.05 | ||
Options expired (in dollars per share) | 3.20 | 4.32 | 6.49 | ||
Balance at the end of the year (in dollars per share) | $ 3.51 | $ 3.87 | $ 3.86 | ||
The Plans | RSU's | |||||
Shares Available for Grant | |||||
Restricted stock units granted (in shares) | (508,000) | (35,000) | |||
Restricted stock units cancelled (in shares) | 22,000 | 5,000 | |||
Amended 2000 Plan | |||||
Shares Available for Grant | |||||
Balance at the beginning of the year (in shares) | 0 | ||||
Balance at the end of the year (in shares) | 0 | ||||
Amended 2000 Plan | Options | |||||
Number of Shares | |||||
Balance at the beginning of the period (in shares) | 580,000 | ||||
Balance at the end of the period (in shares) | 580,000 | ||||
Weighted Average Exercise Prices | |||||
Balance at the beginning of the year (in dollars per share) | $ 4.48 | ||||
Balance at the end of the year (in dollars per share) | $ 4.48 | ||||
Amended 2010 Plan | |||||
Stock-Based Compensation | |||||
Number of shares reserved for issuance | 4,000,000 | ||||
Term of Plan | 10 years | ||||
Shares Available for Grant | |||||
Additional shares authorized | 500,000 | ||||
Amended 2010 Plan | Options | |||||
Stock-Based Compensation | |||||
Maximum annual option grants or other awards to the entity's non-employee directors (in shares) | 40,000 | ||||
Maximum one-time grant of an option or other awards to the entity's non-employee directors (in shares) | 120,000 | ||||
Maximum term of options granted | 10 years | ||||
Minimum percentage of voting rights required for applicability of a specific expiration term | 10.00% | ||||
Maximum expiration term of options granted | 5 years | ||||
Vesting period | 4 years | ||||
Shares Available for Grant | |||||
Additional shares authorized | 1,500,000 | 500,000 | 2,000,000 | 500,000 | |
Amended 2010 Plan | Options | Minimum | |||||
Stock-Based Compensation | |||||
Term of Plan | 6 years | ||||
Amended 2010 Plan | Options | Maximum | |||||
Stock-Based Compensation | |||||
Term of Plan | 10 years |
Stock-Based Compensation - ESPP
Stock-Based Compensation - ESPP & Valuation (Details) | Aug. 31, 2015USD ($)shares | Feb. 28, 2015USD ($)shares | May. 31, 2015shares | Jun. 30, 2010USD ($)itemshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014 | Dec. 31, 2013 |
Options | |||||||
Stock-Based Compensation | |||||||
Outstanding options fully vested and expected to vest (in shares) | 8,214,000 | ||||||
Remaining contractual life of options fully vested and expected to vest | 3 years 9 months 22 days | ||||||
Weighted average exercise price of options fully vested and expected to vest (in dollars per share) | $ / shares | $ 3.71 | ||||||
Awards exercisable (in shares) | 6,232,000 | ||||||
Weighted average exercise price of awards exercisable (in dollars per share) | $ / shares | $ 3.97 | ||||||
Assumptions used in estimation of fair value of the share-based payment awards on the grant date | |||||||
Risk-free interest rate, minimum (as a percent) | 0.60% | 1.30% | 0.50% | ||||
Risk-free interest rate, maximum (as a percent) | 1.70% | 1.70% | 1.70% | ||||
Volatility, minimum (as a percent) | 55.70% | 53.70% | 57.70% | ||||
Volatility, maximum (as a percent) | 59.30% | 57.50% | 62.90% | ||||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | ||||
Options | Minimum | |||||||
Assumptions used in estimation of fair value of the share-based payment awards on the grant date | |||||||
Expected life | 3 years | 4 years | 4 years | ||||
Options | Maximum | |||||||
Assumptions used in estimation of fair value of the share-based payment awards on the grant date | |||||||
Expected life | 5 years | 5 years | 5 years | ||||
ESPP | |||||||
Employee Stock Purchase Plan | |||||||
Number of shares reserved for issuance | 2,000,000 | ||||||
Additional shares authorized | 2,000,000 | ||||||
Number of offering periods | item | 2 | ||||||
Offering period | 6 months | ||||||
Purchase price to be paid by participants as a percentage of price per share either at the beginning or the end of each six-month offering period, whichever is less | 85.00% | ||||||
Shares of common stock issued under the plan | 268,000 | 339,000 | |||||
Aggregate purchase price (in dollars) | $ | $ 339,000 | $ 518,000 | |||||
Shares authorized and unissued | 2,200,000 | ||||||
ESPP | Maximum | |||||||
Employee Stock Purchase Plan | |||||||
Maximum amount of shares that eligible employee may purchase annually (in dollars) | $ | $ 25,000 |
Stock-Based Compensation - RSU'
Stock-Based Compensation - RSU's (Details) - The Plans - RSU's - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Non-vested shares at the beginning of the year | 394 | 27 | |
Granted (in shares) | 508 | 35 | |
Vested (in shares) | (131) | (136) | (8) |
Cancelled (in shares) | (22) | (5) | |
Non-vested shares at the end of the year | 241 | 394 | 27 |
Weighted Average Grant-Date Fair Value | |||
Non-vested shares at the beginning of the year (in dollars per share) | $ 4.61 | $ 4.46 | |
Granted (in dollars per share) | 4.61 | $ 4.46 | |
Vested (in dollars per share) | 4.60 | 4.60 | 4.46 |
Cancelled (in dollars per share) | 4.62 | 4.62 | |
Non-vested shares at the end of the year (in dollars per share) | $ 4.61 | $ 4.61 | $ 4.46 |
Total intrinsic value of the restricted stock units outstanding | $ 0.3 |
Stock-Based Compensation - Exer
Stock-Based Compensation - Exercise Price Range (Details) - Options - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options Outstanding | |||
Vested and expected to vest, Number Outstanding | 8,214 | ||
Vested and expected to vest, Weighted Average Remaining Contractual Life (in Years) | 3 years 9 months 22 days | ||
Vested and expected to vest, Weighted Average Exercise Price | $ 3.71 | ||
Exercisable, Number Outstanding | 6,232 | ||
Exercisable, Weighted Average Remaining Contractual Life | 2 years 10 months 13 days | ||
Exercisable, Weighted Average Exercise Price | $ 3.97 | ||
Options Exercisable | |||
Awards exercisable (in shares) | 6,232 | ||
Total intrinsic value of awards exercised (in dollars) | $ 0.3 | $ 0.8 | $ 1.4 |
$1.68 - $2.05 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | $ 1.68 | ||
High end of the range (in dollars per share) | $ 2.05 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 1,607 | ||
Weighted Average Remaining Contractual Life | 8 years 5 months 19 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 2.01 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 381 | ||
Weighted Average Exercise Price (in dollars per share) | $ 2.04 | ||
$2.06 - $3.23 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | 2.06 | ||
High end of the range (in dollars per share) | $ 3.23 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 1,841 | ||
Weighted Average Remaining Contractual Life | 2 years 9 months 18 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 3.09 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 1,578 | ||
Weighted Average Exercise Price (in dollars per share) | $ 3.08 | ||
$3.24 - $3.85 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | 3.24 | ||
High end of the range (in dollars per share) | $ 3.85 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 1,411 | ||
Weighted Average Remaining Contractual Life | 2 years 4 months 24 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 3.67 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 1,276 | ||
Weighted Average Exercise Price (in dollars per share) | $ 3.68 | ||
$3.86 - $4.46 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | 3.86 | ||
High end of the range (in dollars per share) | $ 4.46 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 2,063 | ||
Weighted Average Remaining Contractual Life | 3 years 8 months 16 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 4.27 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 1,640 | ||
Weighted Average Exercise Price (in dollars per share) | $ 4.26 | ||
$4.47 - $6.06 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | 4.47 | ||
High end of the range (in dollars per share) | $ 6.06 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 1,427 | ||
Weighted Average Remaining Contractual Life | 1 year 11 months 9 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 5.42 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 1,317 | ||
Weighted Average Exercise Price (in dollars per share) | $ 5.46 | ||
$6.07 - $6.11 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | 6.07 | ||
High end of the range (in dollars per share) | $ 6.11 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 40 | ||
Weighted Average Remaining Contractual Life | 1 year 3 months 26 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 6.11 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 40 | ||
Weighted Average Exercise Price (in dollars per share) | $ 6.11 | ||
$1.68 - $6.11 | |||
Exercise price range | |||
Low end of the range (in dollars per share) | 1.68 | ||
High end of the range (in dollars per share) | $ 6.11 | ||
Options Outstanding | |||
Number Outstanding (in shares) | 8,389 | ||
Weighted Average Remaining Contractual Life | 3 years 10 months 28 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 3.68 | ||
Options Exercisable | |||
Number Exercisable (in shares) | 6,232 | ||
Weighted Average Exercise Price (in dollars per share) | $ 3.97 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | Nov. 10, 2010item$ / sharesshares | Mar. 31, 2015USD ($)itemshares | Jun. 30, 2013USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) |
Stockholders' Equity | |||||
Number of shares of common stock issued in equity and public offering | 14,375,000 | 7,500,000 | |||
Net proceeds from issue of shares of common stock in equity and public offering | $ | $ 21,400 | $ 27,700 | $ 21,368 | $ 27,746 | |
Number of executive officers | item | 2 | ||||
Shares purchased by executive officers | 406,250 | ||||
Number of shares issued to MoSys' chief executive officer | 250,000 | ||||
Stockholder Rights Plan | |||||
Number of preferred share purchase rights declared as dividend for each outstanding share of common stock | item | 1 | ||||
Number of shares of Series AA Preferred Stock that a registered holder of right is entitled to purchase | 0.001 | ||||
Exercise price (in dollars per one-thousandth of a share) | $ / shares | $ 48 | ||||
Percentage of the company's common stock acquired by a third party upon which the rights become exercisable | 15.00% | ||||
Minimum percentage of the company's common stock that must receive a tender offer from a third party upon which the rights become exercisable | 15.00% | ||||
Beneficial ownership threshold for a holder of grandfathered stock (as a percent) | 20.00% | ||||
Beneficial ownership threshold for a holder of grandfathered stock after amendment (as a percent) | 15.00% |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Retirement Savings Plan | |||
Minimum age for eligibility to participate in the Savings Plan | item | 21 | ||
Maximum contribution by the participants (as a percent) | 15.00% | ||
Matching contribution by the Company | $ | $ 0 | $ 0 | $ 0 |
Business Segments Concentration
Business Segments Concentration of Credit Risk and Significant Customers - Segments/Concentration (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segmentitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Segments, Concentration of Credit Risk and Significant Customers | |||
Number of business segments | segment | 1 | ||
Number of measurements of profitability | item | 1 | ||
Business Segments | |||
Total net revenue | $ 4,390 | $ 5,380 | $ 4,398 |
Property, Plant and Equipment, Net | 1,630 | 854 | |
United States | |||
Business Segments | |||
Property, Plant and Equipment, Net | 1,578 | 766 | |
Non-U.S. | |||
Business Segments | |||
Property, Plant and Equipment, Net | 52 | 88 | |
North America | |||
Business Segments | |||
Total net revenue | 2,222 | 1,485 | 1,318 |
Taiwan | |||
Business Segments | |||
Total net revenue | 1,396 | 1,894 | 1,831 |
Japan | |||
Business Segments | |||
Total net revenue | 667 | 1,961 | 1,207 |
Rest of world | |||
Business Segments | |||
Total net revenue | $ 105 | $ 40 | $ 42 |
Business Segments, Concentrat46
Business Segments, Concentration of Credit Risk and Significant Customers - Significant Customers (Details) - customer | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total revenues | Customer concentration risk | Customer A | |||
Significant Customers | |||
Percentage of concentration risk | 34.00% | ||
Total revenues | Customer concentration risk | Customer B | |||
Significant Customers | |||
Percentage of concentration risk | 31.00% | 34.00% | 41.00% |
Total revenues | Customer concentration risk | Customer C | |||
Significant Customers | |||
Percentage of concentration risk | 12.00% | 31.00% | |
Total revenues | Customer concentration risk | Customer D | |||
Significant Customers | |||
Percentage of concentration risk | 11.00% | 13.00% | |
Net accounts receivable | Credit concentration | Three customers | |||
Significant Customers | |||
Percentage of concentration risk | 94.00% | ||
Number of customers | 3 | ||
Net accounts receivable | Credit concentration | Two customers | |||
Significant Customers | |||
Percentage of concentration risk | 97.00% | ||
Number of customers | 3 |
Commitments and Contingencies47
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies | |||
Rent expense | $ 798,000 | $ 802,000 | $ 822,000 |
Future minimum lease payments, Operating leases | |||
2,016 | 796,000 | ||
2,017 | 754,000 | ||
2,018 | 734,000 | ||
2,019 | 756,000 | ||
2,020 | 513,000 | ||
Total minimum payments | 3,553,000 | ||
Future minimum lease payments, Purchase commitments | |||
2,016 | 1,305,000 | ||
2,017 | 408,000 | ||
2,018 | 378,000 | ||
Total minimum payments | 2,091,000 | ||
Future minimum lease payments, Total | |||
2,016 | 2,101,000 | ||
2,017 | 1,162,000 | ||
2,018 | 1,112,000 | ||
2,019 | 756,000 | ||
2,020 | 513,000 | ||
Total minimum payments | $ 5,644,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2012USD ($)item | Dec. 31, 2015USD ($) | Mar. 31, 2015item | |
Related party transactions | |||
Number of executive officers | item | 2 | ||
Credo | |||
Related party transactions | |||
Number of executive officers | item | 2 | ||
Amount of loan provided by executive officers to related party | $ 250,000 | ||
Payment made to related party | $ 4,800,000 | ||
Initial amount of gross profits which will be retained by the entity | $ 3,600,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Mar. 14, 2016USD ($)$ / shares | Jan. 28, 2016USD ($)employee | Mar. 31, 2016USD ($) |
Reduction in Force | |||
Total termination charges | $ 800,000 | ||
Severance benefits and other one-time termination costs | 600,000 | ||
Cash expenditures | $ 1,000,000 | ||
Savings on annual basis from reductions | $ 3,200,000 | ||
United States | |||
Reduction in Force | |||
Reduction in headcount (as a percent) | 16.00% | ||
Hyderabad, India | |||
Reduction in Force | |||
Reduction in employees | employee | 18 | ||
Senior Secured Convertible Notes Due August 2018 | |||
Convertible Notes | |||
Stated interest rate (as a percent) | 10.00% | ||
Aggregate principal amount | $ 8,000,000 | ||
Conversion price (in dollars per share) | $ / shares | $ 0.90 | ||
Accrued interest rate (as a percent) | 10.00% | ||
Minimum percentage of total voting power exercisable | 40.00% | ||
Period within which current directors cease to consititute majority of the board of directors | 12 months | ||
Redemption price | 120.00% |