Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017 | |
Document And Entity Information [Abstract] | |
Document Type | S-1/A |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2017 |
Trading Symbol | BIOC |
Entity Registrant Name | BIOCEPT INC |
Entity Central Index Key | 1,044,378 |
Entity Filer Category | Smaller Reporting Company |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | |||
Cash | $ 5,879,025 | $ 4,609,332 | $ 8,821,329 |
Accounts receivable, net | 1,133,372 | 128,969 | 34,200 |
Inventories, net | 775,106 | 549,045 | 349,271 |
Prepaid expenses and other current assets | 412,916 | 484,649 | 435,938 |
Total current assets | 8,200,419 | 5,771,995 | 9,640,738 |
Fixed assets, net | 2,919,796 | 1,806,331 | 946,180 |
Total assets | 11,120,215 | 7,578,326 | 10,586,918 |
Current liabilities: | |||
Accounts payable | 1,593,048 | 960,486 | 632,538 |
Accrued liabilities | 2,174,385 | 1,160,036 | 966,899 |
Supplier financings | 121,043 | 75,691 | 42,369 |
Current portion of equipment financings | 304,585 | 262,674 | 110,924 |
Current portion of credit facility, net | 1,645,136 | 1,934,665 | 1,588,058 |
Total current liabilities | 5,838,197 | 4,393,552 | 3,340,788 |
Non-current portion of equipment financings | 950,123 | 778,643 | 291,189 |
Non-current portion of credit facility, net | 1,123,001 | 2,638,487 | |
Non-current portion of interest payable | 227,177 | 153,547 | |
Non-current portion of deferred rent | 305,816 | 397,292 | 470,172 |
Total liabilities | 7,094,136 | 6,919,665 | 6,894,183 |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock, value | |||
Common stock, value | 3,026 | 1,750 | 656 |
Additional paid-in capital | 193,606,087 | 174,292,781 | 158,928,627 |
Accumulated deficit | (189,583,034) | (173,635,870) | (155,236,548) |
Total shareholders' equity | 4,026,079 | 658,661 | 3,692,735 |
Total liabilities and shareholders' equity | $ 11,120,215 | $ 7,578,326 | $ 10,586,918 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 | 40,000,000 |
Common stock, shares issued | 30,258,743 | 17,499,397 | 6,556,685 |
Common stock, shares outstanding | 30,258,743 | 17,499,397 | 6,556,685 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Statement [Abstract] | |||||||
Net revenues | $ 1,111,411 | $ 1,047,280 | $ 4,073,437 | $ 1,931,509 | $ 3,223,096 | $ 609,909 | |
Costs and expenses: | |||||||
Cost of revenues | 2,487,054 | 1,876,288 | 6,985,213 | 5,020,649 | 6,920,111 | 4,596,158 | |
Research and development expenses | 856,698 | 600,613 | 2,455,947 | 2,044,968 | 2,713,367 | 2,857,770 | |
General and administrative expenses | 1,834,771 | 1,918,543 | 5,539,432 | 4,923,431 | 6,560,425 | 5,686,398 | |
Sales and marketing expenses | 1,675,852 | 1,278,455 | 4,701,030 | 3,875,063 | 5,054,230 | 3,880,386 | |
Total costs and expenses | 6,854,375 | 5,673,899 | 19,681,622 | 15,864,111 | 21,248,133 | 17,020,712 | |
Loss from operations | (5,742,964) | (4,626,619) | (15,608,185) | (13,932,602) | (18,025,037) | (16,410,803) | |
Other income/ (expense): | |||||||
Interest expense | (88,269) | (154,869) | (385,172) | (393,029) | (525,880) | (639,547) | |
Other income | 12,804 | 38,412 | 51,216 | 115,236 | 153,648 | 102,432 | |
Total other income/ (expense): | (75,465) | (116,457) | (333,956) | (277,793) | (372,232) | (537,115) | |
Loss before income taxes | (5,818,429) | (4,743,076) | (15,942,141) | (14,210,395) | (18,397,269) | (16,947,918) | |
Income tax expense | (2,877) | (5,023) | (2,053) | (2,053) | (1,608) | ||
Net loss and comprehensive loss | $ (5,821,306) | $ (4,743,076) | $ (15,947,164) | $ (14,212,448) | $ (18,399,322) | $ (16,949,526) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | |||||||
Basic | 29,605,953 | 8,370,691 | 25,816,181 | 7,549,663 | 9,578,285 | 5,512,989 | |
Diluted | 29,605,953 | 8,370,691 | 25,816,181 | 7,549,663 | 9,578,285 | 5,512,989 | |
Net loss per common share: | |||||||
Basic | $ (0.20) | $ (0.57) | [1] | $ (0.62) | $ (1.88) | $ (1.92) | $ (3.07) |
Diluted | $ (0.20) | $ (0.57) | [1] | $ (0.62) | $ (1.88) | $ (1.92) | $ (3.07) |
[1] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Statements of Shareholders' Equ
Statements of Shareholders' Equity/ (Deficit) - USD ($) | Total | February 2015 Offering [Member] | May 2016 Offering [Member] | October 2016 Offering [Member] | Common Stock [Member] | Common Stock [Member]February 2015 Offering [Member] | Common Stock [Member]May 2016 Offering [Member] | Common Stock [Member]October 2016 Offering [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]February 2015 Offering [Member] | Additional Paid-in Capital [Member]May 2016 Offering [Member] | Additional Paid-in Capital [Member]October 2016 Offering [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2014 | $ (220,569) | $ 148 | $ 138,066,305 | $ (138,287,022) | |||||||||
Beginning balance, shares at Dec. 31, 2014 | 1,483,199 | ||||||||||||
Net loss | (3,800,728) | ||||||||||||
Ending balance at Mar. 31, 2015 | 13,582,795 | ||||||||||||
Beginning balance at Dec. 31, 2014 | (220,569) | $ 148 | 138,066,305 | (138,287,022) | |||||||||
Beginning balance, shares at Dec. 31, 2014 | 1,483,199 | ||||||||||||
Stock-based compensation expense | 1,377,824 | 1,377,824 | |||||||||||
Shares issued for restricted stock units | $ 6 | (6) | |||||||||||
Shares issued for restricted stock units, shares | 58,003 | ||||||||||||
Shares and warrants issued for public offering, net of issuance costs | $ 8,766,946 | $ 267 | $ 8,766,679 | ||||||||||
Shares and warrants issued for public offering, net of issuance costs, shares | 2,666,666 | ||||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs | 958,000 | $ 26 | 957,974 | ||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs, shares | 263,334 | ||||||||||||
Shares issued upon exercise of common stock warrants | 9,760,060 | $ 209 | 9,759,851 | ||||||||||
Shares issued upon exercise of common stock warrants, shares | 2,085,483 | ||||||||||||
Net loss | (16,949,526) | (16,949,526) | |||||||||||
Ending balance at Dec. 31, 2015 | 3,692,735 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Ending balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
Beginning balance at Mar. 31, 2015 | 13,582,795 | ||||||||||||
Net loss | (4,035,105) | ||||||||||||
Ending balance at Jun. 30, 2015 | 11,049,961 | ||||||||||||
Net loss | (4,496,193) | ||||||||||||
Ending balance at Sep. 30, 2015 | 6,928,277 | ||||||||||||
Net loss | (4,617,500) | ||||||||||||
Ending balance at Dec. 31, 2015 | 3,692,735 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Ending balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
Net loss | (4,875,198) | ||||||||||||
Ending balance at Mar. 31, 2016 | (489,231) | ||||||||||||
Beginning balance at Dec. 31, 2015 | 3,692,735 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Beginning balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
Net loss | (14,212,448) | ||||||||||||
Ending balance at Sep. 30, 2016 | (4,556,158) | ||||||||||||
Beginning balance at Dec. 31, 2015 | 3,692,735 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Beginning balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
Stock-based compensation expense | 1,593,947 | 1,593,947 | |||||||||||
Shares issued for restricted stock units | $ 1 | (1) | |||||||||||
Shares issued for restricted stock units, shares | 4,449 | ||||||||||||
Shares and warrants issued for public offering, net of issuance costs | 1,400,000 | $ 4,333,283 | $ 8,972,725 | $ 166 | $ 910 | $ 4,333,117 | $ 8,971,815 | ||||||
Shares and warrants issued for public offering, net of issuance costs, shares | 1,662,191 | 9,100,000 | |||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs | 465,293 | $ 17 | 465,276 | ||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs, shares | 173,145 | ||||||||||||
Fractional shares issued upon one-for-three reverse stock split, shares | 2,927 | ||||||||||||
Net loss | (18,399,322) | (18,399,322) | |||||||||||
Ending balance at Dec. 31, 2016 | 658,661 | $ 1,750 | 174,292,781 | (173,635,870) | |||||||||
Ending balance, shares at Dec. 31, 2016 | 17,499,397 | ||||||||||||
Beginning balance at Mar. 31, 2016 | (489,231) | ||||||||||||
Net loss | (4,594,174) | ||||||||||||
Ending balance at Jun. 30, 2016 | (419,402) | ||||||||||||
Net loss | (4,743,076) | ||||||||||||
Ending balance at Sep. 30, 2016 | (4,556,158) | ||||||||||||
Net loss | (4,186,874) | ||||||||||||
Ending balance at Dec. 31, 2016 | 658,661 | $ 1,750 | $ 174,292,781 | $ (173,635,870) | |||||||||
Ending balance, shares at Dec. 31, 2016 | 17,499,397 | ||||||||||||
Net loss | (15,947,164) | ||||||||||||
Ending balance at Sep. 30, 2017 | $ 4,026,079 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | ||||
Net loss | $ (15,947,164) | $ (14,212,448) | $ (18,399,322) | $ (16,949,526) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 394,708 | 246,864 | 322,029 | 261,409 |
Inventory reserve | (22,431) | (40,708) | (31,659) | (34,437) |
Stock-based compensation | 1,232,149 | 1,164,979 | 1,593,947 | 1,377,824 |
Non-cash interest expense related to credit facility and other financing activities | 23,983 | 60,951 | 100,005 | 119,732 |
Gain on sale of fixed assets | (30,662) | |||
Increase/ (decrease) in cash resulting from changes in: | ||||
Accounts receivable, net | (1,004,403) | (51,464) | (94,769) | (23,600) |
Inventory | (203,630) | (107,538) | (168,115) | (126,106) |
Prepaid expenses and other current assets | 431,355 | 501,532 | 494,734 | (80,432) |
Accounts payable | 508,176 | 991,846 | 332,732 | (51,790) |
Accrued liabilities | 671,407 | 152,860 | 165,543 | 240,901 |
Accrued interest | 71,417 | 58,684 | 55,444 | 110,021 |
Deferred rent | (52,143) | (22,839) | (36,965) | 1,163 |
Net cash used in operating activities | (13,896,576) | (11,257,281) | (15,697,058) | (15,154,841) |
Cash Flows from Investing Activities: | ||||
Proceeds from sale of fixed assets | 30,662 | |||
Purchases of fixed assets | (1,055,549) | (391,196) | (482,065) | (165,160) |
Net cash used in investing activities | (1,055,549) | (391,196) | (451,403) | (165,160) |
Cash Flows from Financing Activities: | ||||
Net proceeds from issuance of common stock and warrants | 10,583,898 | 4,798,576 | 13,771,301 | 9,788,057 |
Proceeds from exercise of common stock warrants | 7,498,535 | 9,760,060 | ||
Payments on equipment financings | (109,811) | (86,336) | (86,227) | (74,697) |
Payments on supplier and other third-party financings | (314,270) | (427,934) | (510,123) | (71,232) |
Payments on credit facility | (1,436,534) | (778,303) | (1,238,487) | (625,440) |
Net cash provided by financing activities | 16,221,818 | 3,506,003 | 11,936,464 | 18,776,748 |
Net increase/ (decrease) in Cash | 1,269,693 | (8,142,474) | (4,211,997) | 3,456,747 |
Cash at Beginning of Period | 4,609,332 | 8,821,329 | 8,821,329 | 5,364,582 |
Cash at End of Period | 5,879,025 | 678,855 | 4,609,332 | 8,821,329 |
Cash paid during the period for: | ||||
Interest | 285,260 | 282,142 | 358,632 | 405,715 |
Income taxes | $ 5,023 | $ 2,053 | $ 2,053 | $ 2,184 |
Condensed Statements of Cash F7
Condensed Statements of Cash Flows (Parenthetical) - USD ($) | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | May 04, 2016 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Purchases of fixed assets | $ 204,501 | $ 8,637 | $ 58,066 | $ 64,300 | $ 19,546 | |||||
Issuance of unregistered warrants to purchase shares of common stock | 1,434,639 | 2,160,000 | 1,163,526 | |||||||
Exercise price of unregistered warrants | $ 1.50 | $ 2.50 | $ 3.90 | |||||||
Unregistered warrants to purchase common stock, period | 5 years | 5 years | 5 years | 5 years | ||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 1,500,000 | $ 2,800,000 | $ 2,000,000 | $ 7,700,000 | ||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | 45 days | ||||||||
Common shares issuable to underwriters under granted option | 400,000 | |||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | $ 3.7500 | ||||||||
Overallotment option issued to underwriters under warrants granted | 400,000 | |||||||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Grant date fair values of overallotment options | $ 800,000 | $ 1,600,000 | ||||||||
Offering costs recorded in prepaid expenses and other current assets reclassified to common stock issuance costs | $ 63,111 | |||||||||
Offering fees and costs recorded within common stock issuance costs as an offset to additional paid in capital | $ 176,000 | $ 728,000 | $ 1,000,000 | $ 653,000 | ||||||
Estimated grant date fair value of warrants | $ 0.57 | |||||||||
Fixed assets purchased under capital lease obligations | $ 362,729 | 755,458 | 975,406 | $ 337,085 | ||||||
Financed insurance premium through third party financing | 359,622 | 434,475 | 547,378 | $ 79,896 | ||||||
Cancellation of insurance premiums partial amount received | 3,933 | |||||||||
Fixed assets with an aggregate net book value | $ 34,491 | 270,377 | 270,377 | |||||||
Equipment financings with remaining outstanding balances | $ 239,994 | $ 239,994 | ||||||||
Overallotment Options [Member] | ||||||||||
Common stock, par value | $ 0.0003 | |||||||||
Maximum [Member] | ||||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | |||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | |||||||||
Roth Capital Partners, LLC and Feltl [Member] | ||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 9,100,000 | |||||||||
Roth Capital Partners, LLC and Feltl [Member] | Maximum [Member] | ||||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | |||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 |
The Company, Business Activitie
The Company, Business Activities and Basis of Presentation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
The Company, Business Activities and Basis of Presentation | 1. The Company, Business Activities and Basis of Presentation The Company and Business Activities The Company was founded in California in May 1997 and is an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, assays utilizing a standard blood sample, or liquid biopsy. The Company’s current and planned assays are intended to provide information to aid healthcare providers to identify specific oncogenic alterations that may qualify a subset of cancer patients for targeted therapy at diagnosis, progression or for monitoring in order to identify specific resistance mechanisms. Often, traditional methodologies such as tissue biopsies are insufficient or unavailable to provide the molecular subtype information necessary for clinical decisions. The Company’s assays have the potential to provide more contemporaneous information on the characteristics of a patient’s disease compared with traditional methodologies such as tissue biopsy and radiographic imaging. Additionally, commencing in October 2017, the Company’s pathology program initiative provides the unique ability for pathologists to participate in the interpretation of liquid biopsy results, and is available to pathology practices and hospital systems throughout the United States. Further, the Company’s proprietary blood collection tubes, which allow for the intact transport of research use only liquid biopsy samples from regions around the world, are anticipated to be sold to laboratory supply distributor(s) commencing in 2018. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed financial statements included in this Form 10-Q 10-Q. 10-K 10-Q. 10-Q. Certain prior period balances have been reclassified to conform to the current period presentation. Reverse Stock Split On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three one-for-three one-for-three one-for-three Revenue Recognition and Related Reserves The Company’s commercial revenues are generated from diagnostic services provided to physicians and billed to third-party insurance payers such as managed care organizations, Medicare and Medicaid and patients for any deductibles, coinsurance or copayments that may be due. The Company recognizes revenue in accordance with the provision of ASC 954-605, The Company bills third-party payers on a fee-for-service The Company’s gross commercial revenues billed are subject to estimated deductions for such contractual discounts, payer-specific allowances and other reserves to arrive at reported net revenues, which relate to differences between amounts billed and corresponding amounts estimated to be subsequently collected. These third-party payer discounts and sales allowances are estimated based on a number of assumptions and factors, including historical payment trends, seasonality associated with the annual reset of patient deductible limits on January 1 of each year, and current and estimated future payments. Specifically, the Company maintains four such reserves: the reserve for contractual discounts, the reserve for aged non-patient non-contracted non-contracted non-patient non-contracted non-contracted The estimates of amounts that will ultimately be realized from commercial diagnostic services require significant judgment by management. Patients do not enter into direct agreements with the Company that commit them to pay any portion of the cost of the tests in the event that they have not met their annual deductible limit under their insurance policy, if any, or if their insurance otherwise declines to reimburse the Company. Adjustments to the estimated payment amounts are recorded at the time of final collection and settlement of each transaction as an adjustment to commercial revenue. The estimation process used to determine third-party payer discounts and sales allowance has been applied on a consistent basis since March 31, 2017, and no significant subsequent adjustments have been necessary to increase or decrease these discounts and allowances as a result of changes in underlying estimates. The composition of the Company’s gross and net revenues recognized during the three and nine-months ended September 30, 2016 and 2017 is as follows: For the three months For the nine months 2016 2017 2016 2017 Commercial revenues recognized upon delivery $ — $ 3,602,194 $ — $ 12,298,790 Development services revenues recognized upon delivery 71,723 67,394 170,052 211,736 Commercial revenues recognized upon cash collection 975,557 102,234 1,761,457 1,158,277 Total gross revenues 1,047,280 3,771,822 1,931,509 13,668,803 Provisions for contractual discounts — (1,729,805 ) — (4,545,128 ) Provisions for aged non-patient — (152,889 ) — (598,532 ) Provisions for estimated patient receivables — 27,909 — (90,931 ) Provisions for other payer-specific sales allowances — (805,626 ) — (4,360,775 ) Net revenues $ 1,047,280 $ 1,111,411 $ 1,931,509 $ 4,073,437 During the nine months ended September 30, 2017, the Company recorded $839,431 in nonrecurring net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017 associated with cases delivered on or prior to December 31, 2016, representing a corresponding decrease in net loss per common share of $0.03. The incremental net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017, or the total amount of net revenue recorded in excess of the amount of commercial cash collections, was $125,007 and $1,041,890 during the three and nine-months ended September 30, 2017, respectively, representing corresponding decreases in net loss per common share of zero and $0.04, respectively. A summary of activity in the Company’s gross and net accounts receivable balances, as well as corresponding reserves, during the nine months ended September 30, 2017 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon September 30, 2016 Upon Delivery Adjudication 2017 Accounts receivable, gross $ 128,969 $ 12,510,526 $ (5,649,054 ) $ 6,990,441 Reserve for contractual discounts — (4,545,128 ) 2,399,458 (2,145,670 ) Reserve for aged non-patient — (598,532 ) 70,950 (527,582 ) Reserve for estimated patient receivables — (90,931 ) 1,072 (89,859 ) Reserve for other payer-specific sales allowances — (4,360,775 ) 1,266,817 (3,093,958 ) Accounts receivable, net $ 128,969 $ 2,915,160 $ (1,910,757 ) $ 1,133,372 Concentration of Risk Concentrations of credit risk with respect to revenues are primarily limited to geographies to which the Company provides a significant volume of its services, and to specific third-party payers of the Company’s services such as Medicare, insurance companies, and other third-party payers. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. The Company’s third-party payers that represent more than 10% of total net revenues in any period presented, and their related net revenue amount as a percentage of total net revenues, during the three and nine-months ended September 30, 2016 and 2017 were as follows: For the three months For the nine months 2016 2017 2016 2017 Medicare and Medicare Advantage 63 % 45 % 54 % 41 % Blue Cross Blue Shield 15 % 16 % 12 % 17 % United Healthcare 19 % 14 % 19 % 12 % The Company’s third-party payers that represent more than 10% of total net accounts receivable, and their related net accounts receivable balance as a percentage of total net accounts receivable, at September 30, 2017 were as follows: Blue Cross Blue Shield 27 % Medicare and Medicare Advantage 20 % United Healthcare 14 % Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, the Financial Accounting Standards Board, or the FASB, issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. As the Company has not yet completed its final review of the impact of the new guidance but expects to during 2017, the Company has not determined whether the adoption of this guidance will have a material impact on its financial statements or disclosures. The Company is still evaluating disclosure requirements under the new guidance, and will continue to evaluate additional changes, modifications or interpretations to the guidance which may impact the current conclusions. The Company expects to adopt the new standard for the fiscal year beginning January 1, 2018 and anticipates that the modified retrospective application method will be applied. In July 2015, the FASB issued authoritative guidance requiring entities that do not measure inventory using the retail inventory method or on a last-in, first-out In January 2016, the FASB issued authoritative guidance requiring, among other things, that certain equity investments be measured at fair value with changes in fair value recognized in net income, that financial assets and financial liabilities be presented separately by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, that the prior requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet be eliminated, and that a reporting organization is to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the instrument-specific credit risk amendment is permitted. The Company expects to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any equity method investments. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the adoption of this guidance will materially affect its statement of financial position and will require changes to its processes. The Company expects to adopt this guidance for the reporting period beginning on January 1, 2019, and has not yet made any decision on the method of adoption with respect to the optional practical expedients, but expects to during 2018. In March 2016, the FASB issued authoritative guidance clarifying that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not necessarily require de-designation In March 2016, the FASB issued authoritative guidance requiring entities to assess whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts, and clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts. This guidance is effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance simplifying the accounting for stock compensation. This guidance, among other things, amends existing accounting and classification requirements primarily around income taxes, forfeitures, and cash payments associated with share-based payment awards to employees. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2016, the FASB issued authoritative guidance clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, on a retrospective transition method to each period presented. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically engaged in the transactions encompassed by the proposed guidance. In January 2017, the FASB issued authoritative guidance clarifying the definition of a business when evaluating transactions involving acquisitions or disposals of assets or businesses. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain applications of this guidance are permitted for early adoption. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically acquired or disposed of material assets or businesses. In January 2017, the FASB issued authoritative guidance eliminating the “Step 2” requirement for an entity to determine the fair value of its assets and liabilities for goodwill impairment testing in the same manner that would be required for those assumed in a business combination. Instead, the amended guidance allows an entity to perform goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount. This guidance is effective for any goodwill impairment tests in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any recorded goodwill. In February 2017, the FASB issued authoritative guidance clarifying the definition of the term “in substance nonfinancial asset” when accounting for transfers of financial and nonfinancial assets, and other matters concerning the transfer, sale and partial sale of nonfinancial assets to both consolidated entities and non-consolidated In March 2017, the FASB issued authoritative guidance shortening the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently hold any callable debt securities. In May 2017, the FASB issued authoritative guidance clarifying what modifications to a share-based payment award may be considered substantive, and therefore requiring the application of modification accounting. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently expect any significant modifications to outstanding share-based payment awards. In July 2017, the FASB issued authoritative guidance changing the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features, whereby a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock, and also clarifying existing disclosure requirements for equity-classified instruments. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently hold any significant financial instruments with down round features. In August 2017, the FASB issued authoritative guidance that expands and refines hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently hold any financial instruments accounted for as a hedging activity. | 1. The Company and Business Activities Biocept, Inc., or the Company, was founded in California in May 1997 and is an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, assays utilizing a standard blood sample. The Company’s assays provide, and its planned future assays will provide, information to oncologists and other physicians that enable them to select appropriate personalized treatment for their patients who have been diagnosed with cancer based on molecular drivers and markers of their disease and when traditional methodologies such as tissue biopsies are insufficient or unavailable. The Company’s assays have potential to provide more contemporaneous information on the characteristics of a patients’ disease compared with traditional methodologies such as tissue biopsy and imaging. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. |
Liquidity and Going Concern Unc
Liquidity and Going Concern Uncertainty | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Liquidity and Going Concern Uncertainty | 2. Liquidity and Going Concern Uncertainty As of September 30, 2017, cash totaled $5.9 million and the Company had an accumulated deficit of $189.6 million. For the year ended December 31, 2016 and the nine month period ended September 30, 2017, the Company incurred net losses of $18.4 million and $15.9 million, respectively. At September 30, 2017, the Company had aggregate net interest-bearing indebtedness of $3.3 million, of which $2.4 million was due within one year, in addition to $3.4 million of other non-interest non-cancelable, one-year While the Company is currently in the commercialization stage of operations, the Company has not yet achieved profitability and anticipates that it will continue to incur net losses for the foreseeable future. Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred stock, proceeds from the exercise of warrants to purchase common stock, proceeds from the issuance of debt, and revenues from laboratory services. The Company’s principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. The Company expects that the principal uses of cash in the future will be for continuing operations, hiring of sales and marketing personnel and increased sales and marketing activities, funding of research and development, capital expenditures, and general working capital requirements. The Company expects that, as revenues grow, sales and marketing and research and development expenses will continue to grow, albeit at a slower rate and, as a result, the Company will need to generate significant growth in net revenues to achieve and sustain income from operations. In May 2015, the SEC declared effective a shelf registration statement filed by the Company. The shelf registration statement allows the Company to issue any combination of its common stock, preferred stock, debt securities and warrants from time to time for an aggregate initial offering price of up to $50 million, subject to certain limitations for so long as the Company’s public float is less than $75 million. A public offering of the Company’s common stock and warrants to purchase its common stock closed on May 4, 2016, pursuant to which the Company received net cash proceeds of approximately $4.3 million (see Note 3). Subsequent to the closing of this offering on May 4, 2016, no warrants sold in this offering have been exercised, with approximately $4.5 million in gross warrant proceeds remaining outstanding and available to be exercised at $3.90 per share until their expiration in May 2021. A second offering of the Company’s common stock was effected under this shelf registration statement on March 28, 2017, the closing of which occurred on March 31, 2017, pursuant to which the Company received net cash proceeds of approximately $8.6 million (see Note 3). In a concurrent private placement, the Company sold unregistered warrants to purchase up to 2,160,000 shares of the Company’s common stock that closed concurrently with the March 31, 2017 offering of common stock sold pursuant to this shelf registration statement. Subsequent to the closing of the sales of these unregistered warrants, no warrants sold have been exercised, with $5.4 million in gross warrant proceeds remaining outstanding and available to be exercised at $2.50 per share until their expiration in October 2022. The specific terms of additional future offerings, if any, under this shelf registration statement would be established at the time of such offerings. A public offering of the Company’s common stock and warrants to purchase its common stock was effected under an underwriting agreement dated October 14, 2016 between the Company, Roth Capital Partners, LLC and Feltl and Company, Inc., as underwriters named therein, the closing of which occurred on October 19, 2016, pursuant to which the Company received net cash proceeds of approximately $9.0 million (see Note 3). Subsequent to the closing of this offering, cash proceeds of approximately $7.5 million have been received from the exercise of warrants sold in this offering, while approximately $3.2 million in gross warrant proceeds remain outstanding and available to be exercised at $1.10 per share until their expiration in October 2021. Pursuant to a common stock and warrant purchase agreement dated August 9, 2017 between the Company and Ally Bridge LB Healthcare Master Fund Limited, or Ally Bridge, the Company received net cash proceeds of approximately $2.0 million as a result of the sale of its common stock and warrants. Subsequent to August 9, 2017, no additional cash proceeds had been received from the exercise of warrants sold in this offering, with approximately $2.2 million in gross warrant proceeds remaining outstanding and available to be exercised at $1.50 per share until their expiration in August 2022. Management’s Plan to Continue as a Going Concern In order to continue as a going concern, the Company will need, among other things, additional capital resources. Until the Company can generate significant cash from operations, including assay revenues, management’s plans to obtain such resources for the Company include proceeds from offerings of the Company’s equity securities or debt, or transactions involving product development, technology licensing or collaboration. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. | 2. Liquidity and Going Concern Uncertainty As of December 31, 2016, cash totaled $4.6 million and the Company had an accumulated deficit of $173.6 million. For the years ended December 31, 2015 and 2016, the Company incurred net losses of $16.9 million and $18.4 million, respectively. At December 31, 2016, the Company had aggregate net interest-bearing indebtedness of approximately $4.4 million, of which approximately $2.3 million was due within one year in the absence of subjective acceleration of amounts due under a credit facility entered into in April 2014 with Oxford Finance LLC, or the April 2014 Credit Facility, in addition to approximately $2.1 million of other non-interest While the Company is currently in the commercialization stage of operations, the Company has not yet achieved profitability and anticipates that it will continue to incur net losses for the foreseeable future. Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred stock, proceeds from the exercise of warrants to purchase common stock, proceeds from the issuance of debt, and revenues from laboratory services. The Company’s principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. The Company expects that the principal uses of cash in the future will be for continuing operations, hiring of sales and marketing personnel and increased sales and marketing activities, funding of research and development, capital expenditures, and general working capital requirements. The Company expects that, as revenues grow, sales and marketing and research and development expenses will continue to grow, albeit at a slower rate and, as a result, the Company will need to generate significant growth in net revenues to achieve and sustain income from operations. Subsequent to the closing of the Company’s public offering in February 2015, cash proceeds of approximately $9.8 million have been received by the Company from the exercise of warrants sold in this offering, while approximately $2.7 million in gross warrant proceeds remain outstanding and available to be exercised at $4.68 per share until their expiration in February 2020. In May 2015, the SEC declared effective a shelf registration statement filed by the Company. The shelf registration statement allows the Company to issue any combination of its common stock, preferred stock, debt securities and warrants from time to time for an aggregate initial offering price of up to $50 million, subject to certain limitations for so long as the Company’s public float is less than $75 million. A public offering of the Company’s common stock and warrants to purchase its common stock was effected under this shelf registration statement on April 29, 2016, the closing of which occurred on May 4, 2016, pursuant to which the Company received net cash proceeds of approximately $4.3 million (see Note 4). Subsequent to the closing of this public offering on May 4, 2016, no warrants sold in this offering have been exercised, with approximately $4.5 million in gross warrant proceeds remaining outstanding and available to be exercised at $3.90 per share until their expiration in May 2021. In connection with its public offering in May 2016, the Company has agreed to certain contractual terms that limit its ability to issue variable rate securities for a period of one year. The specific terms of additional future offerings, if any, under this shelf registration statement would be established at the time of such offerings. A public offering of the Company’s common stock and warrants to purchase its common stock was effected under an underwriting agreement dated October 14, 2016 between the Company, Roth Capital Partners, LLC and Feltl and Company, Inc., as underwriters named therein, the closing of which occurred on October 19, 2016, pursuant to which the Company received net cash proceeds of approximately $9.0 million (see Note 4). Subsequent to December 31, 2016, cash proceeds of approximately $5.3 million have been received by the Company from the exercise of warrants sold in this offering, while approximately $5.4 million in gross warrant proceeds remain outstanding and available to be exercised at $1.10 per share until their expiration in October 2021. Management’s Plan to Continue as a Going Concern In order to continue as a going concern, the Company will need, among other things, additional capital resources. Until the Company can generate significant cash from operations, including assay revenues, management’s plans to obtain such resources for the Company include proceeds from offerings of the Company’s equity securities or debt, or transactions involving product development, technology licensing or collaboration. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. Certain prior period amounts have been reclassified to conform to the current period presentation. On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three one-for-three one-for-three one-for-three Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments, including those related to inventories, long-lived assets, income taxes, and stock-based compensation. The Company bases its estimates on various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Revenue Recognition Four basic criteria must be met before the Company recognizes revenue: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and title and the risks and rewards of ownership have been transferred to the client or services have been rendered; (3) the price is fixed or determinable; and (4) collectability is reasonably assured. For contract partners, revenue is recorded based upon the contractually agreed upon fee schedule. When assessing collectability, the Company considers whether there is sufficient payment history to reliably estimate a payor’s individual payment patterns. For new tests where there is limited evidence of payment history at the time the tests are completed, the Company recognizes revenue equal to the amount of cash received until such time as reimbursement experience can be established. Approximately 11% and 7% of the Company’s revenues for the years ended December 31, 2015 and 2016, respectively, resulted from agreements with contracted partners not associated with third party insurance or payor reimbursement. This revenue is derived from clinical laboratory testing performed in the Company’s laboratories under agreements with such partners. As there is a contractually agreed upon price, and collectability from the partners is reasonably assured, revenues for these tests are recognized at the time the test is completed and results are delivered. Cash The Company places its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. At times, deposits held may exceed the amount of insurance provided by the FDIC. The Company has not experienced any losses in its cash and believes they are not exposed to any significant credit risk. Fair Value Measurement The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash, accounts receivable, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of these financial instruments. See Note 5 for further details about the inputs and assumptions used to determine fair value measurements. Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. Concentrations of credit risk with respect to revenues are primarily limited to geographies to which the Company provides a significant volume of its services, and to specific third party payors of the Company’s services such as Medicare and individual insurance companies and other third party payors. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. Approximately 41% and 40% of the Company’s total revenues during the years ended December 31, 2015 and 2016, respectively, were associated with Medicare reimbursement. For the year ended December 31, 2015, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 21%, 7%, and 6%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 19%, 11%, and 9%, respectively, of total revenues. For the year ended December 31, 2015, the first, second, and third most significant individual clients or practices accounted for approximately 12%, 9%, and 5%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant individual clients or practices accounted for approximately 10%, 7%, and 4%, respectively, of total revenues. The Company operates in one reportable business segment and historically has derived most revenues only from the United States. Certain components used in the Company’s current or planned products are currently sourced from one supplier for which alternative suppliers exist, but the Company has not validated the product(s) of such alternative supplier(s), and substitutes for these components may not be obtained easily or may require substantial design or manufacturing modifications. Accounts Receivable Accounts receivable are carried at original invoice amounts, less an estimate for doubtful receivables, based on a review of all outstanding amounts on a periodic basis. The estimate for doubtful receivables is determined from an analysis of the accounts receivable on a quarterly basis, and is recorded as bad debt expense. As the Company only recognizes revenue to the extent collection is expected and reasonably assured, bad debt expense related to receivables from patient service revenue is recorded in general and administrative expense in the statement of operations and comprehensive loss. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. As of December 31, 2015 and 2016, management determined that all of the amounts recorded as accounts receivable were collectible, and no allowance for doubtful accounts was needed. Inventories Inventories are valued at the lower of cost or market value. Cost is determined by the average cost method. The Company records adjustments to its inventory for estimated obsolescence or diminution in market value equal to the difference between the cost of the inventory and the estimated market value. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. In addition, the Company records a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of the Company’s future demand forecasts consistent with its valuation of excess and obsolete inventory. Fixed Assets Fixed assets consist of machinery and equipment, furniture and fixtures, computer equipment and software, leasehold improvements, financed equipment and construction in process. Fixed assets are stated at cost less accumulated depreciation and amortization. Additions, improvements, and major renewals are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are amortized over the life of the lease or the asset, whichever is shorter. Depreciation expense for the years ended December 31, 2015 and 2016 was approximately $261,000 and $322,000, respectively. Upon sale or disposal of fixed assets, the accounts are relieved of the cost and the related accumulated depreciation or amortization with any gain or loss recorded to the statement of operations and comprehensive loss. Fixed assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These computations utilize judgments and assumptions inherent in the estimates of future cash flows to determine recoverability of these assets. If the assumptions about these assets were to change as a result of events or circumstances, the Company may be required to record an impairment loss. Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees and directors based on their grant date fair values. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model, while the fair value of restricted stock unit awards, or RSUs, is determined by the Company’s stock price on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates (see Note 10). The Company determines the fair value of the stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of equity instruments issued to non-employees paid-in Calculating the fair value of stock-based awards requires the input of highly subjective assumptions into the Black-Scholes valuation model. Stock-based compensation expense is calculated using the Company’s best estimates, which involves inherent uncertainties, and the application of management’s judgment. Significant estimates include the expected life of the stock option, stock price volatility, risk-free interest rate and forfeiture rate. Research and Development Research and development costs are expensed as incurred. The amounts expensed in the years ended December 31, 2015 and 2016 were approximately $2,858,000 and $2,713,000, respectively, which includes salaries of research and development personnel. Income Taxes The Company provides for income taxes utilizing the liability method. Under the liability method, current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits. Tax rate changes are reflected in the computation of the income tax provision during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in management’s opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company’s valuation allowance is based on available evidence, including its current year operating loss, evaluation of positive and negative evidence with respect to certain specific deferred tax assets including evaluation sources of future taxable income to support the realization of the deferred tax assets. The Company has established a full valuation allowance on the deferred tax assets as of December 31, 2015 and 2016, and therefore has not recognized any income tax benefit or expense in the periods presented. A tax benefit from uncertain tax positions may be recognized by the Company when it is more-likely-than-not more-likely-than-not The Company recognizes interest and/or penalties related to income tax matters in income tax expense. There is no accrual for interest or penalties for income taxes on the balance sheets at December 31, 2015 and 2016, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2015 and 2016. Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, the FASB issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. As the Company has not yet completed its final review of the impact of the new guidance but expects to during 2017, the Company has not determined whether the adoption of this guidance will have a material impact on its financial statements or disclosures. The Company is still evaluating disclosure requirements under the new guidance, and will continue to evaluate additional changes, modifications or interpretations to the guidance which may impact the current conclusions. The Company expects to adopt the new standard for the fiscal year beginning January 1, 2018 and has not yet determined whether the full or modified retrospective application method will be applied. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted this guidance for the reporting period beginning on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate 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 that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company adopted this guidance during the year ended December 31, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In July 2015, the FASB issued authoritative guidance requiring entities that do not measure inventory using the retail inventory method or on a last-in, first-out In January 2016, the FASB issued authoritative guidance requiring, among other things, that certain equity investments be measured at fair value with changes in fair value recognized in net income, that financial assets and financial liabilities be presented separately by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, that the prior requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet be eliminated, and that a reporting organization is to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the instrument-specific credit risk amendment is permitted. The Company expects to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any equity method investments. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the adoption of this guidance will materially affect its statement of financial position and will require changes to its processes. The Company has not yet made any decision on the timing of adoption or method of adoption with respect to the optional practical expedients, but expects to during 2018. In March 2016, the FASB issued authoritative guidance clarifying that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not necessarily require dedesignation of that hedging relationship, provided that all other applicable hedge accounting criteria continue to be met. This guidance is effective on either a prospective basis or modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance requiring entities to assess whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts, and clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts. This guidance is effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance simplifying the accounting for stock compensation. This guidance, among other things, amends existing accounting and classification requirements primarily around income taxes, forfeitures, and cash payments associated with share-based payment awards to employees. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2016, the FASB issued authoritative guidance clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, on a retrospective transition method to each period presented. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically engaged in the transactions encompassed by the proposed guidance. In January 2017, the FASB issued authoritative guidance clarifying the definition of a business when evaluating transactions involving acquisitions or disposals of assets or businesses. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain applications of this guidance are permitted for early adoption. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically acquired or disposed of material assets or businesses. |
Sales of Equity Securities
Sales of Equity Securities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||
Sales of Equity Securities | 3. Sales of Equity Securities On December 21, 2015, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC, or Aspire Capital, which committed to purchase up to an aggregate of $15.0 million of shares of the Company’s common stock over the 30-month In May 2015, the SEC declared effective a shelf registration statement filed by the Company. The shelf registration statement allows the Company to issue any combination of its common stock, preferred stock, debt securities and warrants from time to time for an aggregate initial offering price of up to $50 million, subject to certain limitations for so long as the Company’s public float is less than $75 million. Pursuant to an exclusive placement agent agreement dated April 25, 2016 between the Company and H.C. Wainwright & Co., LLC, and a securities purchase agreement dated April 29, 2016 between the Company and the purchasers signatory thereto, a public offering of 1,662,191 shares of the Company’s common stock and warrants to purchase up to an aggregate of 1,163,526 shares of common stock was effected under this registration statement at a combined offering price of $3.00. All warrants sold in this offering have a per share exercise price of $3.90, are exercisable immediately and expire five years from the date of issuance. The estimated grant date fair value of these warrants of approximately $2.0 million was recorded as an offset to additional paid-in paid-in co-placement paid-in paid-in Pursuant to an underwriting agreement dated October 14, 2016 between the Company, Roth Capital Partners, LLC and Feltl and Company, Inc., as underwriters named therein, a public offering of 9,100,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 9,100,000 shares of common stock was effected at a combined offering price of $1.10. The estimated grant date fair value of these warrants of approximately $5.2 million was recorded as an offset to additional paid-in 30-day paid-in paid-in Pursuant to a common stock and warrant purchase agreement dated August 9, 2017 between the Company and Ally Bridge, an offering of 1,466,667 shares of the Company’s common stock and warrants to purchase up to an aggregate of 1,434,639 shares of common stock was effected at a combined offering price of $1.50 per unit for total gross proceeds to the Company of $2.2 million. Subsequent to the closing of this offering, no additional cash proceeds had been received from the exercise of warrants sold in this offering. As such, the total increase in capital as a result of the sale of the common stock and warrants has been approximately $2.0 million after deducting $0.2 million of associated costs incurred, which were offset against these proceeds under applicable accounting guidance. | 4. Sales of Equity Securities Pursuant to an underwriting agreement dated February 9, 2015 between the Company, Aegis Capital Corp. and Feltl and Company, Inc., as underwriters named therein, a public offering of 2,666,666 shares of the Company’s common stock and warrants to purchase up to an aggregate of 2,666,666 shares of common stock was effected at a combined offering price of $3.75. The estimated grant date fair value of these warrants of $7.7 million was recorded as an offset to additional paid-in paid-in 45-day paid-in In May 2015, the SEC declared effective a shelf registration statement filed by the Company. The shelf registration statement allows the Company to issue any combination of its common stock, preferred stock, debt securities and warrants from time to time for an aggregate initial offering price of up to $50 million, subject to certain limitations for so long as the Company’s public float is less than $75 million. Pursuant to an exclusive placement agent agreement dated April 25, 2016 between the Company and H.C. Wainwright & Co., LLC, or Wainwright, and a securities purchase agreement dated April 29, 2016 between the Company and the purchasers signatory thereto, a public offering of 1,662,191 shares of the Company’s common stock and warrants to purchase up to an aggregate of 1,163,526 shares of common stock was effected under this registration statement at a combined offering price of $3.00. All warrants sold in this offering have a per share exercise price of $3.90, are exercisable immediately and expire five years from the date of issuance. The closing of the sale of these securities to the purchasers occurred on May 4, 2016, pursuant to which the Company received, after deducting $0.7 million of costs directly associated with the offering that were recorded as an offset to additional paid-in On December 21, 2015, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC, or Aspire Capital, which committed to purchase up to an aggregate of $15.0 million of shares of the Company’s common stock over the 30-month Pursuant to an underwriting agreement dated October 14, 2016 between the Company, Roth Capital Partners, LLC and Feltl and Company, Inc., as underwriters named therein, a public offering of 9,100,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 9,100,000 shares of common stock was effected at a combined offering price of $1.10. The estimated grant date fair value of these warrants of approximately $5.2 million was recorded as an offset to additional paid-in 30-day paid-in paid-in |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurement | 4. Fair Value Measurement The estimated fair value of the credit facility entered into with Oxford Finance LLC in April 2014, or the April 2014 Credit Facility, at September 30, 2017 approximated its carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs. Other Fair Value Measurements As of the closing of the Company’s March 31, 2017 offering, the estimated grant date fair value of $1.31 per share associated with the warrants to purchase up to 2,160,000 shares of common stock issued in this offering, or a total of approximately $2.8 million, was recorded as an offset to additional paid-in Stock price $ 2.13 Exercise price $ 2.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.93 % Expected life (in years) 5.00 Expected volatility 80.0 % As of the closing of the Company’s August 9, 2017 offering, the estimated grant date fair value of $1.03 per share associated with the warrant to purchase up to 1,434,639 shares of common stock issued in this offering, or a total of approximately $1.5 million, was recorded as an offset to additional paid-in Stock price $ 1.39 Exercise price $ 1.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.81 % Expected life (in years) 5.00 Expected volatility 100.0 % | 5. Fair Value Measurement The estimated fair value of the April 2014 Credit Facility at December 31, 2016 approximated carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs. In connection with the closing of the Company’s February 2015 public offering, warrants were issued to buy (in the aggregate) up to 2,666,666 shares of common stock with an estimated grant date fair value of approximately $7.7 million, which was recorded as an offset to additional paid-in follow-on paid-in Over-allotment Warrants Stock price $ 4.23 $ 4.23 Exercise price $ 3.75 $ 4.68 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.02 % 1.53 % Expected life (in years) 0.12 5.00 Expected volatility 168.1 % 90.0 % As of the closing of the Company’s May 2016 public offering, the estimated grant date fair value of $1.72 per share associated with the warrants to purchase 1,163,526 shares of common stock issued in this offering, or a total of approximately $2.0 million, was recorded as an offset to additional paid-in Stock price $ 2.70 Exercise price $ 3.90 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.23 % Expected life (in years) 5.00 Expected volatility 90.0 % As of the closing of the Company’s October 2016 public offering, the estimated grant date fair value of $0.57 per share associated with the warrants to purchase 9,100,000 shares of common stock issued in this offering, or a total of approximately $5.2 million, was recorded as an offset to additional paid-in 30-day paid-in Overallotment Warrants Stock price $ 0.93 $ 0.93 Exercise price $ 1.0331 $ 1.10 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.25 % 1.24 % Expected life (in years) 0.08 5.00 Expected volatility 12.9 % 80.0 % |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Balance Sheet Details | 5. Balance Sheet Details The following provides certain balance sheet details: December 31, September 30, 2016 2017 Fixed Assets Machinery and equipment $ 2,728,468 $ 2,938,281 Furniture and office equipment 143,726 147,976 Computer equipment and software 620,582 1,526,482 Leasehold improvements 517,968 550,246 Financed equipment 1,559,690 1,922,418 Construction in process 169,896 7,481 Total fixed assets, gross 5,740,330 7,092,884 Less accumulated depreciation and amortization (3,933,999 ) (4,173,088 ) Total fixed assets, net $ 1,806,331 $ 2,919,796 Accrued Liabilities Accrued interest $ 20,776 $ 324,406 Accrued payroll 168,727 477,889 Accrued vacation 364,953 503,380 Accrued bonuses 422,868 625,682 Accrued sales commissions 77,844 48,390 Current portion of deferred rent 67,085 106,418 Accrued other 37,783 88,220 Total accrued liabilities $ 1,160,036 $ 2,174,385 | 6. Balance Sheet Details The following provides certain balance sheet details: December 31, December 31, Fixed Assets Machinery and equipment $ 2,518,158 $ 2,728,468 Furniture and office equipment 143,726 143,726 Computer equipment and software 577,898 620,582 Leasehold improvements 514,614 517,968 Financed equipment 914,179 1,559,690 Construction in process 70,815 169,896 4,739,390 5,740,330 Less accumulated depreciation and amortization (3,793,210 ) (3,933,999 ) Total fixed assets, net $ 946,180 $ 1,806,331 Accrued Liabilities Accrued interest $ 28,981 $ 20,776 Accrued payroll 128,753 168,727 Accrued vacation 307,845 364,953 Accrued bonuses 376,100 422,868 Accrued sales commissions 76,574 77,844 Current portion of deferred rent 31,170 67,085 Accrued other 17,476 37,783 Total accrued liabilities $ 966,899 $ 1,160,036 During the years ended December 31, 2015 and 2016, non-financed |
April 2014 Credit Facility
April 2014 Credit Facility | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | ||
April 2014 Credit Facility | 6. April 2014 Credit Facility On April 30, 2014, the Company received net cash proceeds of approximately $4,898,000 pursuant to the execution of the April 2014 Credit Facility with Oxford Finance LLC. Upon the entry into the April 2014 Credit Facility, the Company was required to pay the lender a facility fee of $50,000 in conjunction with the funding of the term loan. The April 2014 Credit Facility is secured by substantially all of the Company’s personal property other than its intellectual property. Amounts due to Oxford Finance LLC under the April 2014 Credit Facility are callable before maturity by the lender under certain subjective acceleration clauses of the underlying agreement, including changes deemed to be materially adverse by the lender. The term loan under the April 2014 Credit Facility bears interest at an annual rate equal to the greater of (i) 7.95% or (ii) the sum of (a) the three-month U.S. LIBOR rate reported in the Wall Street Journal three business days prior to the funding date of the term loan, plus (b) 7.71%. The term loan bears interest at an annual rate of 7.95%. The Company was required to make interest-only payments on the term loan through August 1, 2015. The outstanding term loan under the April 2014 Credit Facility began amortizing at the end of the applicable interest-only period, with monthly payments of principal and interest being made by the Company to the lender in consecutive monthly installments following such interest-only period. The term loan under the April 2014 Credit Facility matures on July 1, 2018. Under the original terms of the underlying agreement, the Company is also required to make a final payment to the lender equal to 5.5% of the original principal amount of the term loan funded. At its option, the Company may prepay the outstanding principal balance of the term loan in whole but not in part, subject to a prepayment fee of 1% of any amount prepaid. On June 30, 2016, the Company entered into an amendment of the April 2014 Credit Facility. This amendment required the Company to make interest-only payments on the term loan from July 1, 2016 through September 30, 2016, and also requires an additional final payment of $50,000 to the lender. The terms of the amendment require the amortization of the outstanding amount due under the term loan to commence at the end of the applicable interest-only period, with monthly payments of principal and interest, in arrears, being made by the Company to the lender in consecutive monthly installments following such interest-only period. Additionally, pursuant to the amendment the aggregate outstanding principal amount of the Company’s permitted indebtedness, consisting of capitalized lease obligations and purchase money indebtedness outstanding at any time, was increased to $1.2 million. The June 30, 2016 amendment of the April 2014 Credit Facility was accounted for as a modification of debt under applicable accounting guidance. On June 28, 2017, the Company entered into an amendment of the April 2014 Credit Facility whereby the aggregate outstanding principal amount of the Company’s permitted indebtedness was increased to $3.0 million. The April 2014 Credit Facility includes affirmative and negative covenants applicable to the Company and any subsidiaries created in the future. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports and maintain insurance coverage. The negative covenants include, among others, restrictions on transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets, and suffering a change in control, in each case subject to certain exceptions. The April 2014 Credit Facility also includes events of default, the occurrence and continuation of which provide Oxford Finance LLC, as collateral agent, with the right to exercise remedies against the Company and the collateral securing the term loan under the April 2014 Credit Facility, including foreclosure against the Company’s properties securing the April 2014 Credit Facility, including its cash. These events of default include, among other things, the Company’s failure to pay any amounts due under the April 2014 Credit Facility, a breach of covenants under the April 2014 Credit Facility, insolvency, a material adverse change, the occurrence of any default under certain other indebtedness in an amount greater than $250,000, and a final judgment against the Company in an amount greater than $250,000. A warrant to purchase up to 17,655 shares of the Company’s common stock at an exercise price of $14.16 per share with a term of 10 years was issued to Oxford Finance LLC on April 30, 2014. Issuance costs of $102,498 associated with the term loan under the April 2014 Credit Facility were recorded as a discount to outstanding debt as of the closing date, resulting in net proceeds of $4,897,502. The estimated fair value of the warrant issued of $233,107 was also recorded as a discount to outstanding debt as of the closing date. The discounts and other issuance costs are amortized to interest expense utilizing the effective interest method over the underlying term of the loan, with total unamortized discounts of $78,408 and $54,405 remaining at December 31, 2016 and September 30, 2017, respectively. The effective annual interest rate associated with the April 2014 Credit Facility was 13.87% at both December 31, 2016 and September 30, 2017. As of September 30, 2017, total remaining principal payments of $498,132 and $1,201,409 were due under the April 2014 Credit Facility during the fiscal years ending December 31, 2017 and 2018, respectively. | 7. April 2014 Credit Facility On April 30, 2014, the Company received net cash proceeds of approximately $4,898,000 pursuant to the execution of the April 2014 Credit Facility with Oxford Finance LLC. Upon the entry into the April 2014 Credit Facility, the Company was required to pay the lender a facility fee of $50,000 in conjunction with the funding of the term loan. The April 2014 Credit Facility is secured by substantially all of the Company’s personal property other than its intellectual property. Amounts due to Oxford Finance LLC under the April 2014 Credit Facility are callable before maturity by the lender under certain subjective acceleration clauses of the underlying agreement, including changes deemed to be materially adverse by the lender. The term loan under the April 2014 Credit Facility bears interest at an annual rate equal to the greater of (i) 7.95% or (ii) the sum of (a) the three-month U.S. LIBOR rate reported in the Wall Street Journal three business days prior to the funding date of the term loan, plus (b) 7.71%. The term loan bears interest at an annual rate of 7.95%. The Company was required to make interest-only payments on the term loan through August 1, 2015. The outstanding term loan under the April 2014 Credit Facility began amortizing at the end of the applicable interest-only period, with monthly payments of principal and interest being made by the Company to the lender in consecutive monthly installments following such interest-only period. The term loan under the April 2014 Credit Facility matures on July 1, 2018. Under the original terms of the underlying agreement, the Company is also required to make a final payment to the lender equal to 5.5% of the original principal amount of the term loan funded. At its option, the Company may prepay the outstanding principal balance of the term loan in whole but not in part, subject to a prepayment fee of 1% of any amount prepaid. On June 30, 2016, the Company entered into an amendment of the April 2014 Credit Facility. This amendment required the Company to make interest-only payments on the term loan from July 1, 2016 through September 30, 2016, and also requires an additional final payment of $50,000 to the lender. The terms of the amendment require the amortization of the outstanding amount due under the term loan to commence at the end of the applicable interest-only period, with monthly payments of principal and interest, in arrears, being made by the Company to the lender in consecutive monthly installments following such interest-only period. Additionally, pursuant to the amendment the aggregate outstanding principal amount of the Company’s permitted indebtedness, consisting of capitalized lease obligations and purchase money indebtedness outstanding at any time, was increased to $1.2 million. The June 30, 2016 amendment of the April 2014 Credit Facility was accounted for as a modification of debt under applicable accounting guidance. On March 27, 2017, the Company received a waiver from the lender regarding exceeding the permitted indebtedness limit during the month ended January 31, 2017. The April 2014 Credit Facility includes affirmative and negative covenants applicable to the Company and any subsidiaries created in the future. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports and maintain insurance coverage. The negative covenants include, among others, restrictions on transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets, and suffering a change in control, in each case subject to certain exceptions. The April 2014 Credit Facility also includes events of default, the occurrence and continuation of which provide Oxford Finance LLC, as collateral agent, with the right to exercise remedies against the Company and the collateral securing the term loan under the April 2014 Credit Facility, including foreclosure against the Company’s properties securing the April 2014 Credit Facility, including its cash. These events of default include, among other things, the Company’s failure to pay any amounts due under the April 2014 Credit Facility, a breach of covenants under the April 2014 Credit Facility, insolvency, a material adverse change, the occurrence of any default under certain other indebtedness in an amount greater than $250,000, and a final judgment against the Company in an amount greater than $250,000. A warrant to purchase up to 17,655 shares of the Company’s common stock at an exercise price of $14.16 per share with a term of 10 years was issued to Oxford Finance LLC on April 30, 2014. Issuance costs of $102,498 associated with the term loan under the April 2014 Credit Facility were recorded as a discount to outstanding debt as of the closing date, resulting in net proceeds of $4,897,502. The estimated fair value of the warrant issued of $233,107 was also recorded as a discount to outstanding debt as of the closing date. The discounts and other issuance costs are amortized to interest expense utilizing the effective interest method over the underlying term of the loan, with a total unamortized discount of $78,408 remaining at December 31, 2016. The effective annual interest rate associated with the April 2014 Credit Facility was 11.50% and 13.87% at December 31, 2015 and 2016, respectively. As of December 31, 2016, total principal payments of $1,934,665 and $1,201,409 were due under the April 2014 Credit Facility during the years ending December 31, 2017 and 2018, respectively. |
Equipment Financings
Equipment Financings | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Capital Lease Obligations [Abstract] | ||
Equipment Financings | 7. Equipment Financings The Company leases certain laboratory equipment under arrangements accounted for as capital leases and classified as equipment financings. The financed equipment is depreciated on a straight-line basis over periods ranging from 5 to 7 years. The total gross value of fixed assets capitalized under such financing arrangements was $1,559,690 and $1,922,418 at December 31, 2016 and September 30, 2017, respectively. Total accumulated depreciation related to financed equipment was approximately $525,000 and $681,000 at December 31, 2016 and September 30, 2017, respectively. Total depreciation expense related to financed equipment was approximately $40,000 and $52,000 for the three months ended September 30, 2016 and 2017, respectively. Total depreciation expense related to financed equipment was approximately $93,000 and $160,000 for the nine months ended September 30, 2016 and 2017, respectively. Fixed assets purchased totaling $362,729 during the nine months ended September 30, 2017 were recorded as equipment financings. The aggregate weighted average effective annual interest rate related to the equipment financings was 13.18% and 13.79% at December 31, 2016 and September 30, 2017, respectively, and the maturity dates on such outstanding arrangements range from June 2018 to September 2024. The following schedule sets forth the remaining future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding remaining sales tax and maintenance obligation payments that are expensed as incurred, due within each respective fiscal year ending December 31, as well as the present value of the total amount of remaining minimum lease payments, as of September 30, 2017: Maintenance Minimum and Sales Tax Lease Obligation Payments Payments 2017 $ 79,763 $ 8,954 2018 338,273 58,355 2019 313,529 68,925 2020 277,291 54,768 2021 267,665 48,802 Thereafter 522,397 88,313 Total payments 1,798,918 328,117 Less amount representing interest (544,210 ) — Present value of payments $ 1,254,708 $ 328,117 At September 30, 2017, the present value of minimum lease payments due within one year was $304,585. On September 15, 2017, and as amended on October 17, 2017, the Company executed an equipment financing commitment with a third-party lender for total proceeds to the Company of $150,848, which was funded by the lender on November 2, 2017. Under the terms of the amended equipment financing agreement, which was accounted for as a sale-leaseback transaction, fixed assets previously purchased by the Company with aggregate gross and net book values of approximately $167,000 and $156,000, respectively, were granted as a security interest to the third-party lender, with the principal balance plus annual interest of 10.24% to be repaid in 36 equal monthly installments through November 2020 for a total of $175,814. | 8. Equipment Financings The Company leases certain laboratory equipment under arrangements accounted for as capital leases and classified as equipment financings. The financed equipment is depreciated on a straight-line basis over periods ranging from 5 to 7 years. The total gross value of fixed assets capitalized under such financing arrangements was $914,179 and $1,559,690 at December 31, 2015 and 2016, respectively. Total accumulated depreciation related to financed equipment was approximately $523,000 and $525,000 at December 31, 2015 and 2016, respectively. Total depreciation expense related to financed equipment was approximately $73,000 and $119,000 for the years ended December 31, 2015 and 2016, respectively. Fixed assets purchased totaling $337,085 and $975,406 during the years ended December 31, 2015 and 2016, respectively, were recorded as equipment financings. During the year ended December 31, 2016, fixed assets with an aggregate net book value of $270,377, which had previously been recorded as equipment financings with remaining outstanding balances owed totaling $239,994, were effectively disposed of and replaced with upgraded equipment recorded as equipment financings. The aggregate weighted average effective annual interest rate related to the equipment financings is 13.18% at December 31, 2016, and the maturity dates on such outstanding arrangements range from July 2017 to May 2023. The following schedule sets forth the future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding laboratory equipment maintenance obligations that are expensed and accrued as incurred, and due within each respective year ending December 31, as well as the present value of the minimum lease payments as of December 31, 2016: Minimum Maintenance Lease Obligation Payments Payments 2017 $ 274,367 $ 27,495 2018 242,040 27,490 2019 205,067 26,733 2020 203,107 26,664 2021 203,107 26,664 Thereafter 381,354 37,774 Total payments 1,509,042 172,820 Less amount representing interest 467,725 — Present value of payments $ 1,041,317 $ 172,820 At December 31, 2016, the present value of minimum lease payments due within one year was $262,674. |
Supplier Financings
Supplier Financings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Supplier Financings | 9. Supplier Financings In 2015 and 2016, the Company obtained third-party financing for certain business insurance premiums. The 2015 and 2016 financings bear interest rates ranging from 3.75% to 5.95% per annum, and all financing is due within one year. The balances due under these annual financing arrangements were approximately $42,000 and $76,000 as of December 31, 2015 and 2016, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-Based Compensation | 8. Stock-Based Compensation Equity Incentive Plans The Company maintains two equity incentive plans: the Amended and Restated 2013 Equity Incentive Plan, or the 2013 Plan, and the 2007 Equity Incentive Plan, or the 2007 Plan. The 2013 Plan includes a provision that shares available for grant under the Company’s 2007 Plan become available for issuance under the 2013 Plan and are no longer available for issuance under the 2007 Plan. On July 25, 2016, the Company’s Board of Directors approved an amendment to the 2013 Plan to reserve 333,333 shares of the Company’s common stock exclusively for the grant of stock awards to employees who have not previously been an employee or director of the Company, except following a bona fide period of non-employment, non-inducement non-inducement non-inducement non-inducement Stock Options A summary of stock option activity for the nine months ended September 30, 2017 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2016 896,662 $ 8.80 8.5 Granted 1,711,196 $ 1.49 Exercised — Cancelled/forfeited/expired (123,572 ) $ 5.13 8.7 Outstanding at September 30, 2017 2,484,286 $ 3.93 8.9 Vested and unvested expected to vest at September 30, 2017 2,267,826 $ 4.16 8.8 The intrinsic values of options outstanding at December 31, 2016 and September 30, 2017 were zero and $5,507, respectively, and the intrinsic value of options vested and unvested expected to vest at September 30, 2017 was $4,951. The total weighted-average grant date fair value of the 229,501 stock options that vested during the nine months ended September 30, 2017 was $5.40. The assumptions used in the Black-Scholes pricing model for stock options granted during the nine months ended September 30, 2017 were as follows: Stock and exercise prices $1.22 – $2.13 Expected dividend yield 0.00% Discount rate-bond equivalent yield 1.79% – 2.08% Expected life (in years) 5.12 – 6.09 Expected volatility 70.0% – 90.0% Using the assumptions described above, with stock and exercise prices being equal on date of grant, the weighted-average estimated fair value of options granted in the nine months ended September 30, 2017 was $1.03 per share. On August 31, 2015, the Company’s Board of Directors approved the issuance of 33,333 performance stock options with an estimated grant date fair value of $4.40 per share and an exercise price of $6.03 per share to its Chief Executive Officer, or CEO, pursuant to the 2013 Plan. On February 29, 2016, the Company’s Board of Directors approved the issuance of 33,333 performance stock options with an estimated grant date fair value of $2.87 per share and an exercise price of $4.02 per share to its CEO pursuant to the 2013 Plan. Vesting of these stock options was based on the Company’s achievement of specified objectives by December 31, 2016 as determined by the Company’s Board of Directors or the Compensation Committee of the Board of Directors. During the nine months ended September 30, 2017, 6,333 of the performance stock options granted on August 31, 2015 and 10,000 of the performance stock options granted on February 29, 2016 were declared vested by the Company’s Board of Directors, and the remaining 50,333 shares underlying these awards were forfeited. On July 25, 2016, the Company entered into an employment agreement with its new Chief Financial Officer, Senior Vice President of Operations and Secretary, or CFO. Pursuant to the terms of this employment agreement, on July 29, 2016 the CFO was granted inducement stock option awards with an exercise price of $1.95 per share to purchase up to (i) 66,666 shares of the Company’s common stock with an estimated grant date fair value of $1.45 per share, 25% of which vested on the one-year On May 2, 2017, the Company’s Board of Directors approved the issuance of an aggregate of 550,000 performance stock options to be granted on May 31, 2017 to certain of the Company’s employees and all of its executive officers pursuant to the 2013 Plan, of which 200,000 performance stock options were granted to the Company’s CEO, 100,000 performance stock options were granted to its CFO, and 75,000 performance stock options were granted to each of its Chief Scientific Officer, Senior Vice President and Senior Medical Director, Senior Vice President. Each performance stock option granted on May 31, 2017 has an exercise price of $1.50 per share, an estimated grant date fair value of $0.99 per share, and is subject to vesting as determined by the Company’s Board of Directors based on the achievement of specified corporate goals for 2017, provided that none shall vest unless a minimum level of 70% of the Company’s corporate goals for 2017 are achieved, as follows: Percentage of Overall Performance Stock Option Grant Subject to Vesting Target Minimum revenue 20 % Cost of revenue reductions and improvements 15 % Increase cash generated from operations 15 % Minimum cash on-hand 15 % Minimum customer agreements, product licensing and product launch 20 % Implementation of new products and utility trials 15 % Total 100 % Restricted Stock A summary of RSU activity for the nine months ended September 30, 2017 is as follows: Number of Weighted Outstanding at December 31, 2016 174,249 $ 2.68 Granted 350,000 $ 1.50 Vested and issued (155,829 ) $ 1.96 Forfeited (7,500 ) $ 2.12 Outstanding at September 30, 2017 360,920 $ 1.87 Vested and unvested expected to vest at September 30, 2017 301,420 $ 1.95 At September 30, 2017, the intrinsic values of RSUs outstanding and RSUs unvested and expected to vest were $443,932 and $370,747, respectively. Of the 360,920 RSUs outstanding at September 30, 2017, 10,920 are fully vested. On July 6, 2016, the Compensation Committee of the Company’s Board of Directors approved retention RSUs for an aggregate of 58,332 shares of common stock to three of the Company’s executive officers pursuant to the 2013 Plan, including retention RSUs for 25,000 shares of common stock to its CEO. Each of these retention RSUs has a grant date fair value of $1.86 per share for a grant date fair value of $108,498 to all three officers, in aggregate. These retention RSUs vested fully on the one-year one-year On May 2, 2017, the Company’s Board of Directors approved the issuance of an aggregate of 175,000 time-based RSUs and 175,000 performance RSUs to be granted on May 31, 2017 to certain of the Company’s employees and all of its executive officers pursuant to the 2013 Plan, of which 50,000 time-based RSUs and 25,000 performance RSUs were granted to its CEO, and 25,000 time-based RSUs and 25,000 performance RSUs were granted to each other executive officer. Each RSU granted on May 31, 2017 has a grant date fair value of $1.50 per share. Vesting of the time-based RSUs granted on May 31, 2017 is subject to continuing service and occurs on the one year anniversary of the vesting commencement date, or May 2, 2018, while the performance RSUs are subject to continuous service and vesting is as determined by the Company’s Board of Directors based on the achievement of specified corporate goals for 2017, provided that none shall vest unless a minimum level of 70% of the Company’s corporate goals for 2017 are achieved, as follows: Percentage of Vesting Target Minimum revenue 20 % Cost of revenue reductions and improvements 15 % Increase cash generated from operations 15 % Minimum cash on-hand 15 % Minimum customer agreements, product licensing and product launch 20 % Implementation of new products and utility trials 15 % Total 100 % Stock-based Compensation Expense The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the unaudited condensed statements of operations and comprehensive loss during the periods presented: For the three months ended For the nine months ended September 30, September 30, 2016 2017 2016 2017 Stock Options Cost of revenues $ 34,119 $ 59,720 $ 89,606 $ 133,105 Research and development expenses 28,189 53,405 87,153 121,834 General and administrative expenses 292,381 178,671 829,516 528,406 Sales and marketing expenses 51,924 40,181 91,164 100,327 Total expenses related to stock options 406,613 331,977 1,097,439 883,672 RSUs Cost of revenues 14,918 20,417 16,834 58,717 Research and development expenses 14,131 20,418 15,583 57,490 General and administrative expenses 6,668 74,521 7,676 160,927 Sales and marketing expenses 22,939 28,355 27,447 71,343 Total stock-based compensation $ 465,269 $ 475,688 $ 1,164,979 $ 1,232,149 Stock-based compensation expense was recorded net of estimated forfeitures of 0% - 8% per annum during the nine months ended September 30, 2016 and 2017. As of September 30, 2017, total unrecognized stock-based compensation expense related to unvested stock options and RSUs, adjusted for estimated forfeitures, was approximately $2,128,000 and is expected to be recognized over a weighted-average period of approximately 2.3 years. | 10. Stock-Based Compensation On September 29, 2016, the Company effected a one-for-three Equity Incentive Plans The Company maintains two equity incentive plans: The Amended and Restated 2013 Equity Incentive Plan, or the 2013 Plan, and the 2007 Equity Incentive Plan, or the 2007 Plan. The 2013 Plan includes a provision that shares available for grant under the Company’s 2007 Plan become available for issuance under the 2013 Plan and are no longer available for issuance under the 2007 Plan. On July 25, 2016, the Company’s Board of Directors approved an amendment to the 2013 Plan to reserve 1,000,000 shares on a pre-reverse non-employment, one-for-three non-inducement non-inducement non-inducement non-inducement Stock Options Non-performance Non-performance month-one The fair value of stock options is determined on the date of grant using the Black-Scholes valuation model. For non-performance The assumptions used in the Black-Scholes pricing model for options granted during the years ended December 31, 2015 and 2016 are as follows: 2015 2016 Stock and exercise prices $ 4.14 – $10.14 $ 0.775 – $4.02 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.52% – 1.94% 0.99% – 2.11% Expected life (in years) 5.23 – 6.08 5.13 – 6.08 Expected volatility 70.0% – 100.0% 80.0% – 90.0% Using the assumptions described above, with stock and exercise prices being equal on date of grant, the weighted-average estimated fair value of options granted in 2015 and 2016 were approximately $3.96 and $1.79 per share, respectively. A summary of stock option activity for the years ended December 31, 2015 and 2016 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 302,015 $ 18.88 9.0 Granted 441,288 $ 6.01 Exercised — — Cancelled/forfeited/expired (29,644 ) $ 13.83 Outstanding at December 31, 2015 713,659 $ 11.03 8.8 Granted 290,399 $ 2.51 Exercised — — Cancelled/forfeited/expired (107,396 ) $ 7.99 Outstanding at December 31, 2016 896,662 $ 8.80 8.5 Vested and unvested expected to vest, December 31, 2016 801,529 $ 9.26 8.0 The intrinsic values of options outstanding at December 31, 2015 and 2016, as well as options vested and unvested expected to vest at December 31, 2016, were zero. The total weighted-average grant date fair values of the 75,455 and 218,688 stock options vested during the years ended December 31, 2015 and 2016, respectively, were $1,185,128 and $1,563,378, respectively. Further information about the options outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 0.78 13,771 10.0 — $ 1.93 184,073 9.6 42,082 $ 4.06 118,342 9.1 67,919 $ 6.37 336,406 8.7 149,981 $ 15.26 139,104 6.8 116,789 $ 26.45 104,966 7.1 78,466 896,662 455,237 The intrinsic value of options exercisable at December 31, 2016 was zero. On August 31, 2015, the Company’s Board of Directors approved the issuance of 33,333 stock options with an estimated grant date fair value of $4.40 per share and an exercise price of $6.03 per share to its Chief Executive Officer pursuant to the 2013 Plan. On February 29, 2016, the Company’s Board of Directors approved the issuance of 33,333 stock options with an estimated grant date fair value of $2.87 per share and an exercise price of $4.02 per share to its Chief Executive Officer pursuant to the 2013 Plan. Vesting of these stock options was based on the Company’s achievement of specified objectives by December 31, 2016 as determined by the Company’s Board of Directors or Compensation Committee. Subsequent to the year ended December 31, 2016, 6,333 of the performance stock options granted on August 31, 2015 and 10,000 of the performance stock options granted on February 29, 2016 were declared vested by our Board of Directors in satisfaction of these awards, and the remaining 50,333 shares underlying these awards were forfeited. On July 25, 2016, the Company entered into an employment agreement with its new Chief Financial Officer, Senior Vice President of Operations and Secretary, or CFO. Pursuant to the terms of this employment agreement, on July 29, 2016 the CFO was granted inducement stock option awards with an exercise price of $1.95 per share to purchase up to (i) 66,666 shares of the Company’s common stock with an estimated grant date fair value of $1.45 per share, 25% of which will vest on the one-year Restricted Stock The fair value of RSUs awarded under either plan is determined by the closing price of the Company’s common stock on the date of grant. For non-performance A summary of RSU activity during 2015 and 2016 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2014 83,755 $ 15.43 Granted — — Issued (58,003 ) $ 15.56 Forfeited — — Outstanding at December 31, 2015 25,752 $ 15.12 Granted 165,829 $ 1.96 Issued (4,449 ) $ 16.05 Forfeited (12,883 ) $ 13.34 Outstanding at December 31, 2016 174,249 $ 2.68 Vested and unvested expected to vest, December 31, 2016 171,667 $ 2.69 On June 12, 2014, the Company’s Board of Directors approved the grant of 14,832 RSUs with a grant date fair value of $16.05 per share to its Chief Executive Officer pursuant to the 2013 Plan. Vesting of these RSUs was based on the Company’s achievement of specified objectives by December 31, 2015 as determined by the Company’s Board of Directors or Compensation Committee. During the year ended December 31, 2016, a total of 4,449 RSUs were declared vested by the Company’s Board of Directors and issued to its Chief Executive Officer in satisfaction of the June 12, 2014 RSU award, and the remaining 10,383 shares underlying this award were forfeited. The RSUs granted during the year ended December 31, 2016 vest fully on the one year anniversary of the date of grant, subject to continuing service by the holders of such RSUs. At December 31, 2016, the intrinsic values of RSUs outstanding and RSUs unvested and expected to vest were $135,043 and $133,042, respectively. On July 6, 2016, the Compensation Committee of the Company’s Board of Directors approved retention RSUs for an aggregate of 58,332 shares of common stock to three of the Company’s executive officers pursuant to the 2013 Plan, including retention RSUs for 25,000 shares of common stock to its Chief Executive Officer. Each of these retention RSUs has a grant date fair value of $1.86 per share for a grant date fair value of $108,498 to all three officers, in aggregate. These retention RSUs vest fully on the one year anniversary of the date of grant, subject to continuing service by the holders of such RSUs. Pursuant to the terms of the Company’s employment agreement with its CFO dated July 25, 2016, the CFO was granted an inducement RSU award on July 29, 2016 covering 25,000 shares of the Company’s common stock with a grant date fair value of $1.95 per share, 100% of which will vest on the one-year Stock-based Compensation Expense The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the statement of operations during the periods presented: Years Ended December 31, 2015 2016 Stock Options Cost of revenues $ 68,660 $ 115,266 Research and development expenses 103,138 123,330 General and administrative expenses 933,018 1,071,490 Sales and marketing expenses 149,917 142,741 Total expenses related to stock options 1,254,733 1,452,827 RSUs Cost of revenues — 32,338 Research and development expenses 10,724 30,261 General and administrative expenses 112,367 38,274 Sales and marketing expenses — 40,247 Total stock-based compensation $ 1,377,824 $ 1,593,947 Stock-based compensation expense was recorded net of estimated forfeitures of 0% – 4% and 0% – 8% per annum during the years ended December 31, 2015 and 2016, respectively. As of December 31, 2016, total unrecognized share-based compensation expense related to unvested stock options and RSUs, adjusted for estimated forfeitures, was approximately $1,611,000, and is expected to be recognized over a weighted-average period of approximately 2.1 years. |
Common Stock Warrants Outstandi
Common Stock Warrants Outstanding | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
Common Stock Warrants Outstanding | 9. Common Stock Warrants Outstanding A summary of equity-classified common stock warrant activity for the nine months ended September 30, 2017 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2016 11,623,957 $ 1.93 4.6 Issued 3,594,639 $ 2.10 Exercised (6,816,850 ) $ 1.10 Expired — — Outstanding at September 30, 2017 8,401,746 $ 2.68 4.2 All warrants outstanding at September 30, 2017 are exercisable, except for the 2,160,000 warrants issued on March 31, 2017, which first became exercisable for a five-year period commencing on October 1, 2017. The intrinsic value of equity-classified common stock warrants outstanding at September 30, 2017 was $378,337. | 11. Common Stock Warrants Outstanding On September 29, 2016, the Company effected a one-for-three A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2015 and 2016 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 203,047 $ 29.79 3.8 Issued 2,666,666 $ 4.68 Exercised (2,085,483 ) $ 4.68 Expired — — Outstanding at December 31, 2015 784,230 $ 11.18 3.8 Issued 10,890,657 $ 1.40 Exercised — — Expired (50,900 ) $ 30.00 Outstanding at December 31, 2016 11,623,987 $ 1.93 4.6 Further information about equity-classified common stock warrants, for warrants other than those underlying unexercised overallotment option warrants, outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 1.10 9,727,131 4.8 $ 3.90 1,163,526 4.3 $ 4.68 581,183 3.1 $ 14.16 17,655 7.3 $ 30.00 102,826 2.1 $ 37.50 31,666 2.1 11,623,987 The intrinsic value of equity-classified common stock warrants outstanding and exercisable at December 31, 2016 was zero. Subsequent to December 31, 2016, the Company received approximately $5.3 million of cash proceeds upon the exercise of 4,780,850 common stock warrants with an exercise price of $1.10 per share issued in connection with the Company’s public offering in October 2016. |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net Loss per Common Share | 10. Net Loss per Common Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted-average common shares outstanding during the period. Because there is a net loss attributable to common shareholders for the three and-nine On September 29, 2016, the Company effected a one-for-three The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the three and nine-months September 30, 2016 2017 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 1,896,826 8,401,746 RSUs outstanding 176,749 360,920 Common options outstanding 926,608 2,484,286 Total anti-dilutive common share equivalents 3,000,712 11,247,481 | 12. Net Loss per Common Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted-average common shares outstanding during the period. Because there is a net loss attributable to common shareholders for the years ended December 31, 2015 and 2016, the outstanding RSUs, warrants, and common stock options have been excluded from the calculation of diluted loss per common share because their effect would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. On September 29, 2016, the Company effected a one-for-three The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the year ended December 31, 2015 2016 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 784,230 11,623,987 RSUs outstanding 25,752 174,249 Common options outstanding 713,659 896,662 Total anti-dilutive common share equivalents 1,524,170 12,695,427 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 13. 401(k) Plan The Company sponsors a 401(k) savings plan for all eligible employees. The Company may make discretionary matching contributions to the plan to be allocated to employee accounts based upon employee deferrals and compensation. To date, the Company has not made any matching contributions into the savings plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes For the years ended December 31, 2015 and 2016, the provision for income taxes was calculated as follows: For the year ended December 31, 2015 2016 Current: Federal $ — $ — State 1,608 2,053 Total 1,608 2,053 Deferred Federal — — State — — Total — — Provision for income tax $ 1,608 $ 2,053 The following table provides a reconciliation between income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the year ended December 31, 2015 2016 Income tax at statutory rate $ (5,762,293 ) $ (6,255,072 ) State liability (334,494 ) (260,835 ) Permanent items 34,852 67,151 Stock compensation 334,609 157,250 Nondeductible interest (316 ) 21,548 Expiration of net operating losses 796,699 — Research and development credit (164,967 ) (170,950 ) State rate change 746,238 44,421 Estimated section 382 limitation 48,484,354 9,256,295 Other (1,041 ) 96,406 Valuation allowance (44,132,033 ) (2,954,161 ) Provision for income tax $ 1,608 $ 2,053 Deferred income taxes are provided for temporary differences in recognizing certain income and expense items for financial and tax reporting purposes. The deferred tax assets consisted primarily of the income tax benefits from estimated net operating loss carryforwards, deferred rent, and estimated research and development credits. Valuation allowances have been recorded to fully offset deferred tax assets at December 31, 2015 and 2016, as it is more likely than not that the assets will not be utilized. At December 31, 2016, the Company had estimated federal net operating loss carryforwards of approximately $5,303,000 expiring beginning in 2034 and total estimated state net operating loss carryforwards of approximately $8,622,000 expiring beginning in 2022. Additionally, at December 31, 2016, the Company had estimated research and development credits of approximately $16,000 and $3,376,000 for federal and California purposes, respectively. The estimated federal research and development tax credits will begin to expire in 2034. The California research and development tax credits do not expire. For the years ended December 31, 2015 and 2016, the Company has evaluated the various tax positions reflected in its income tax returns for both federal and state jurisdictions, to determine if the Company has any uncertain tax positions on the historical tax returns. The Company recognizes the impact of an uncertain tax position on an income tax return at the largest amount that the relevant taxing authority is more-likely-than not to sustain upon audit. The Company does not recognize uncertain income tax positions if they have less than 50 percent likelihood of being sustained. Based on this assessment, the Company believes there are no tax positions for which a liability for unrecognized tax benefits should be recorded as of December 31, 2015 or 2016. The Company is subject to taxation in the United States, California and other states. The Company may earn taxable income in some states in future periods for which there are no net operating loss carryforward credits to offset the resulting taxes owed to these states. The Company’s federal filings prior to 2012 and the Company’s state filings prior to 2011 are no longer subject to examination. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. Due to the existence of the valuation allowance, future changes in unrecognized tax benefits will not impact the Company’s effective tax rate. The Company is currently not under examination by any taxing authorities and does not believe its unrecognized tax benefits will significantly change in the next twelve months. The tax effects of carryforwards and other temporary differences that give rise to deferred tax assets consist of the following: For the year ended December 31, 2015 2016 Estimated net operating loss carryforward $ 6,204,024 $ 2,218,618 Estimated research and development credits 2,235,914 2,244,047 Accruals and other 1,234,413 2,273,838 Deferred rent 181,134 164,821 9,855,485 6,901,324 Less valuation allowance (9,855,485 ) (6,901,324 ) Net deferred tax assets $ — $ — Utilization of the estimated domestic net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 and 383 of the Internal Revenue Code of 1986, as amended, or the Code, as well as similar state provisions. These ownership changes may limit the amount of estimated net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on several occasions which on its own or combined with the purchasing stockholders’ subsequent disposition of those shares, likely resulted in such an ownership change, or could result in an ownership change in the future. Upon the occurrence of an ownership change under Section 382 of the Code as outlined above, utilization of the estimated net operating loss and research and development credit carryforwards are subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term, tax-exempt |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 12. Related Party Transactions A member of the Company’s management is the controlling person of Aegea Biotechnologies, Inc., or Aegea. On September 2, 2012, the Company entered into an Assignment and Exclusive Cross-License Agreement, or the Cross-License Agreement, with Aegea. The Company received payments totaling $19,047 and $15,325 during the year ended December 31, 2016 and the nine months ended September 30, 2017, respectively, from Aegea as reimbursements for shared patent costs under the Cross-License Agreement. Pursuant to a sublease agreement dated March 30, 2015, the Company subleased 9,849 square feet, plus free use of an additional area, of its San Diego facility to an entity affiliated with the Company’s non-executive month-to-month Three members of the Company’s Board of Directors participated in its public offering in May 2016, purchasing an aggregate of 58,335 shares of the Company’s common stock and warrants to purchase up to an aggregate of 40,832 shares of its common stock for total gross proceeds to the Company of $175,000. Additionally, a trust affiliated with Claire K.T. Reiss, who at the time was the beneficial owner of more than 10% of the Company’s outstanding common stock, participated in the Company’s public offering in May 2016, purchasing 204,758 shares of its common stock and warrants to purchase up to 143,330 shares of its common stock for total gross proceeds to the Company of $614,273. Seven members of the Company’s Board of Directors, including its CEO, and all three of the Company’s other executive officers participated in the Company’s public offering in October 2016, purchasing an aggregate of 534,088 shares of common stock and warrants to purchase up to an aggregate of 534,088 shares of common stock for total gross proceeds to the Company of $587,497. Additionally, a trust affiliated with Claire K.T. Reiss, who at the time was the beneficial owner of more than 10% of the Company’s outstanding common stock, participated in the Company’s public offering in October 2016, purchasing 227,272 shares of its common stock and warrants to purchase up 227,272 shares of its common stock for total gross proceeds to the Company of $249,999. Further, several of the Company’s employees and one of its consultants participated in the Company’s public offering in October 2016, purchasing an aggregate of 79,090 shares of its common stock and warrants to purchase up to an aggregate of 79,090 shares of its common stock for total aggregate gross proceeds to the Company of $86,999. | 15. Related Party Transactions All of the members of the Company’s Board of Directors participated in its public offering in February 2015, purchasing an aggregate 47,331 shares of the Company’s common stock and warrants to purchase up to an aggregate of 47,331 shares of its common stock for total proceeds of $177,500 (see Note 4). Three members of the Company’s Board of Directors participated in its public offering in May 2016, purchasing an aggregate of 58,335 shares of the Company’s common stock and warrants to purchase up to an aggregate of 40,832 shares of its common stock for total gross proceeds to the Company of $175,000. Additionally, a trust affiliated with a beneficial owner of more than 10% of the Company’s outstanding common stock at the time, Claire K.T. Reiss, participated in its public offering in May 2016, purchasing 204,758 shares of its common stock and warrants to purchase up to 143,330 shares of its common stock for total gross proceeds to the Company of $614,273 (see Note 4). Seven members of the Company’s Board of Directors, including its Chief Executive Officer, and all three of the Company’s other executive officers participated in the Company’s public offering in October 2016, purchasing an aggregate of 534,088 shares of common stock and warrants to purchase up to an aggregate of 534,088 shares of common stock for total gross proceeds to the Company of $587,497. Additionally, a trust affiliated with a beneficial owner of more than 10% of the Company’s outstanding common stock prior to the Company’s public offering in October 2016, Claire K.T. Reiss, participated in the Company’s public offering in October 2016, purchasing 227,272 shares of its common stock and warrants to purchase up 227,272 shares of its common stock for total gross proceeds to the Company of $249,999. Further, several of the Company’s employees and one of its consultants participated in the Company’s public offering in October 2016, purchasing an aggregate of 79,090 shares of its common stock and warrants to purchase up to an aggregate of 79,090 shares of its common stock for total aggregate gross proceeds to the Company of $86,999. A member of the Company’s management is the controlling person of Aegea Biotechnologies, Inc., or Aegea. On September 2, 2012, the Company entered into an Assignment and Exclusive Cross-License Agreement, or the Cross-License Agreement, with Aegea. The Company received payments totaling $25,763 and $19,047 during the years ended December 31, 2015 and 2016, respectively, from Aegea as reimbursements for shared patent costs under the Cross-License Agreement. Pursuant to a sublease agreement dated March 30, 2015, the Company subleased 9,849 square feet, plus free use of an additional area, of its San Diego facility to an entity affiliated with the Company’s non-executive month-to-month The Company believes that these transactions were on terms at least as favorable to the Company as could have been obtained from unrelated third parties. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 11. Commitments and Contingencies In the normal course of business, the Company may be involved in legal proceedings or threatened legal proceedings. The Company is not party to any legal proceedings or aware of any threatened legal proceedings that are expected to have a material adverse effect on its financial condition, results of operations or liquidity. In February 2016, the Company signed a firm, non-cancelable, Payments totaling $328,117 for future sales tax and maintenance obligations associated with financed equipment were outstanding at September 30, 2017, which are expensed as incurred (see Note 7). On September 15, 2017, and as amended on October 17, 2017, the Company executed an equipment financing commitment with a third-party lender for total proceeds to the Company of $150,848, under which the financing commitment was funded by the lender on November 2, 2017 (see Note 7). | 16. Commitments and Contingencies Operating Leases The Company leases office, laboratory, and warehouse space at its San Diego, California facility under a non-cancelable The future minimum lease payments under the amended lease agreement as December 31, 2016 are as follows: 2017 $ 1,348,257 2018 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 5,022,464 Purchase Commitment In February 2016, the Company signed a firm, noncancelable, and unconditional commitment in an aggregate amount of $1,062,500 with a vendor to purchase certain inventory items, payable in quarterly installments of $62,500 through May 2020. At December 31, 2016, a total of $812,500 remained outstanding under this purchase commitment. Legal Proceedings In the normal course of business, the Company may be involved in legal proceedings or threatened legal proceedings. The Company is not party to any legal proceedings or aware of any threatened legal proceedings which are expected to have a material adverse effect on its financial condition, results of operations or liquidity. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 17. Selected Quarterly Financial Data (Unaudited) The following is selected quarterly financial data as of and for the periods ending: First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2015 Balance sheet data: Cash $ 19,294,706 $ 16,523,975 $ 12,541,919 $ 8,821,329 Total assets 20,899,513 18,317,659 14,196,386 10,586,918 Total non-current 5,083,216 4,234,552 3,877,362 3,553,395 Total shareholders’ equity 13,582,795 11,049,961 6,928,277 3,692,735 Statement of operations and comprehensive loss data: Revenues $ 150,002 $ 76,768 $ 164,856 $ 218,283 Cost of revenues 1 1,147,682 1,013,075 1,159,710 1,275,691 Research and development expenses 1 651,420 744,242 677,729 784,379 General and administrative expenses 1,292,049 1,359,226 1,630,608 1,404,515 Sales and marketing expenses 709,456 851,109 1,055,653 1,264,168 Loss from operations (3,650,605 ) (3,890,884 ) (4,358,844 ) (4,510,470 ) Net loss $ (3,800,728 ) $ (4,035,105 ) $ (4,496,193 ) $ (4,617,500 ) Net loss per common share: 2 Basic $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Diluted $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 3,457,556 6,005,145 6,242,604 6,307,316 Diluted 3,457,556 6,005,145 6,242,604 6,307,316 1 A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in this current period presentation of selected quarterly financial data. 2 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2016 Balance sheet data: Cash $ 4,572,750 $ 3,751,570 $ 678,855 $ 4,609,332 Total assets 6,780,830 6,303,153 3,282,549 7,578,326 Total non-current 3,132,372 3,134,593 2,793,258 2,526,113 Total shareholders’ equity/(deficit) (489,231 ) (419,402 ) (4,556,158 ) 658,661 Statement of operations and comprehensive loss data: Revenues $ 221,369 $ 662,860 $ 1,047,280 $ 1,291,587 Cost of revenues 1,474,790 1,669,571 1,876,288 1,899,462 Research and development expenses 728,076 716,279 600,613 668,399 General and administrative expenses 1,487,224 1,517,664 1,918,543 1,636,994 Sales and marketing expenses 1,304,899 1,291,709 1,278,455 1,179,167 Loss from operations (4,773,620 ) (4,532,363 ) (4,626,619 ) (4,092,435 ) Net loss $ (4,875,198 ) $ (4,594,174 ) $ (4,743,076 ) $ (4,186,874 ) Net loss per common share: 1 Basic $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Diluted $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 6,566,992 7,702,286 8,370,691 15,620,049 Diluted 6,566,992 7,702,286 8,370,691 15,620,049 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 13. Subsequent Events On September 15, 2017, and as amended on October 17, 2017, the Company executed an equipment financing commitment with a third-party lender for total proceeds to the Company of $150,848, which was funded by the lender on November 2, 2017 (see Note 7). | 18. Subsequent Events Subsequent to December 31, 2016, the Company received approximately $5.3 million of cash proceeds upon the exercise of 4,780,850 common stock warrants with an exercise price of $1.10 per share issued in connection with the Company’s public offering in October 2016. On February 1, 2017, the Company received notice from its subtenant terminating the sublease effective March 31, 2017. |
The Company, Business Activit26
The Company, Business Activities and Basis of Presentation (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
The Company and Business Activities | The Company and Business Activities The Company was founded in California in May 1997 and is an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, assays utilizing a standard blood sample, or liquid biopsy. The Company’s current and planned assays are intended to provide information to aid healthcare providers to identify specific oncogenic alterations that may qualify a subset of cancer patients for targeted therapy at diagnosis, progression or for monitoring in order to identify specific resistance mechanisms. Often, traditional methodologies such as tissue biopsies are insufficient or unavailable to provide the molecular subtype information necessary for clinical decisions. The Company’s assays have the potential to provide more contemporaneous information on the characteristics of a patient’s disease compared with traditional methodologies such as tissue biopsy and radiographic imaging. Additionally, commencing in October 2017, the Company’s pathology program initiative provides the unique ability for pathologists to participate in the interpretation of liquid biopsy results, and is available to pathology practices and hospital systems throughout the United States. Further, the Company’s proprietary blood collection tubes, which allow for the intact transport of research use only liquid biopsy samples from regions around the world, are anticipated to be sold to laboratory supply distributor(s) commencing in 2018. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. | 1. The Company and Business Activities Biocept, Inc., or the Company, was founded in California in May 1997 and is an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, assays utilizing a standard blood sample. The Company’s assays provide, and its planned future assays will provide, information to oncologists and other physicians that enable them to select appropriate personalized treatment for their patients who have been diagnosed with cancer based on molecular drivers and markers of their disease and when traditional methodologies such as tissue biopsies are insufficient or unavailable. The Company’s assays have potential to provide more contemporaneous information on the characteristics of a patients’ disease compared with traditional methodologies such as tissue biopsy and imaging. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. |
Basis of Presentation | Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed financial statements included in this Form 10-Q 10-Q. 10-K 10-Q. 10-Q. Certain prior period balances have been reclassified to conform to the current period presentation. | Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. Certain prior period amounts have been reclassified to conform to the current period presentation. On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three one-for-three one-for-three one-for-three |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments, including those related to inventories, long-lived assets, income taxes, and stock-based compensation. The Company bases its estimates on various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. | |
Revenue Recognition | Revenue Recognition Four basic criteria must be met before the Company recognizes revenue: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and title and the risks and rewards of ownership have been transferred to the client or services have been rendered; (3) the price is fixed or determinable; and (4) collectability is reasonably assured. For contract partners, revenue is recorded based upon the contractually agreed upon fee schedule. When assessing collectability, the Company considers whether there is sufficient payment history to reliably estimate a payor’s individual payment patterns. For new tests where there is limited evidence of payment history at the time the tests are completed, the Company recognizes revenue equal to the amount of cash received until such time as reimbursement experience can be established. Approximately 11% and 7% of the Company’s revenues for the years ended December 31, 2015 and 2016, respectively, resulted from agreements with contracted partners not associated with third party insurance or payor reimbursement. This revenue is derived from clinical laboratory testing performed in the Company’s laboratories under agreements with such partners. As there is a contractually agreed upon price, and collectability from the partners is reasonably assured, revenues for these tests are recognized at the time the test is completed and results are delivered. | |
Cash | Cash The Company places its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. At times, deposits held may exceed the amount of insurance provided by the FDIC. The Company has not experienced any losses in its cash and believes they are not exposed to any significant credit risk. | |
Fair Value Measurement | Fair Value Measurement The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash, accounts receivable, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of these financial instruments. See Note 5 for further details about the inputs and assumptions used to determine fair value measurements. | |
Concentration of Risk | Concentration of Risk Concentrations of credit risk with respect to revenues are primarily limited to geographies to which the Company provides a significant volume of its services, and to specific third-party payers of the Company’s services such as Medicare, insurance companies, and other third-party payers. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. The Company’s third-party payers that represent more than 10% of total net revenues in any period presented, and their related net revenue amount as a percentage of total net revenues, during the three and nine-months ended September 30, 2016 and 2017 were as follows: For the three months For the nine months 2016 2017 2016 2017 Medicare and Medicare Advantage 63 % 45 % 54 % 41 % Blue Cross Blue Shield 15 % 16 % 12 % 17 % United Healthcare 19 % 14 % 19 % 12 % The Company’s third-party payers that represent more than 10% of total net accounts receivable, and their related net accounts receivable balance as a percentage of total net accounts receivable, at September 30, 2017 were as follows: Blue Cross Blue Shield 27 % Medicare and Medicare Advantage 20 % United Healthcare 14 % | Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. Concentrations of credit risk with respect to revenues are primarily limited to geographies to which the Company provides a significant volume of its services, and to specific third party payors of the Company’s services such as Medicare and individual insurance companies and other third party payors. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. Approximately 41% and 40% of the Company’s total revenues during the years ended December 31, 2015 and 2016, respectively, were associated with Medicare reimbursement. For the year ended December 31, 2015, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 21%, 7%, and 6%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 19%, 11%, and 9%, respectively, of total revenues. For the year ended December 31, 2015, the first, second, and third most significant individual clients or practices accounted for approximately 12%, 9%, and 5%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant individual clients or practices accounted for approximately 10%, 7%, and 4%, respectively, of total revenues. The Company operates in one reportable business segment and historically has derived most revenues only from the United States. Certain components used in the Company’s current or planned products are currently sourced from one supplier for which alternative suppliers exist, but the Company has not validated the product(s) of such alternative supplier(s), and substitutes for these components may not be obtained easily or may require substantial design or manufacturing modifications. |
Accounts Receivable | Accounts Receivable Accounts receivable are carried at original invoice amounts, less an estimate for doubtful receivables, based on a review of all outstanding amounts on a periodic basis. The estimate for doubtful receivables is determined from an analysis of the accounts receivable on a quarterly basis, and is recorded as bad debt expense. As the Company only recognizes revenue to the extent collection is expected and reasonably assured, bad debt expense related to receivables from patient service revenue is recorded in general and administrative expense in the statement of operations and comprehensive loss. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. As of December 31, 2015 and 2016, management determined that all of the amounts recorded as accounts receivable were collectible, and no allowance for doubtful accounts was needed. | |
Inventories | Inventories Inventories are valued at the lower of cost or market value. Cost is determined by the average cost method. The Company records adjustments to its inventory for estimated obsolescence or diminution in market value equal to the difference between the cost of the inventory and the estimated market value. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. In addition, the Company records a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of the Company’s future demand forecasts consistent with its valuation of excess and obsolete inventory. | |
Fixed Assets | Fixed Assets Fixed assets consist of machinery and equipment, furniture and fixtures, computer equipment and software, leasehold improvements, financed equipment and construction in process. Fixed assets are stated at cost less accumulated depreciation and amortization. Additions, improvements, and major renewals are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are amortized over the life of the lease or the asset, whichever is shorter. Depreciation expense for the years ended December 31, 2015 and 2016 was approximately $261,000 and $322,000, respectively. Upon sale or disposal of fixed assets, the accounts are relieved of the cost and the related accumulated depreciation or amortization with any gain or loss recorded to the statement of operations and comprehensive loss. Fixed assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These computations utilize judgments and assumptions inherent in the estimates of future cash flows to determine recoverability of these assets. If the assumptions about these assets were to change as a result of events or circumstances, the Company may be required to record an impairment loss. | |
Stock-based Compensation | Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees and directors based on their grant date fair values. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model, while the fair value of restricted stock unit awards, or RSUs, is determined by the Company’s stock price on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates (see Note 10). The Company determines the fair value of the stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of equity instruments issued to non-employees paid-in Calculating the fair value of stock-based awards requires the input of highly subjective assumptions into the Black-Scholes valuation model. Stock-based compensation expense is calculated using the Company’s best estimates, which involves inherent uncertainties, and the application of management’s judgment. Significant estimates include the expected life of the stock option, stock price volatility, risk-free interest rate and forfeiture rate. | |
Research and Development | Research and Development Research and development costs are expensed as incurred. The amounts expensed in the years ended December 31, 2015 and 2016 were approximately $2,858,000 and $2,713,000, respectively, which includes salaries of research and development personnel. | |
Income Taxes | Income Taxes The Company provides for income taxes utilizing the liability method. Under the liability method, current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits. Tax rate changes are reflected in the computation of the income tax provision during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in management’s opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company’s valuation allowance is based on available evidence, including its current year operating loss, evaluation of positive and negative evidence with respect to certain specific deferred tax assets including evaluation sources of future taxable income to support the realization of the deferred tax assets. The Company has established a full valuation allowance on the deferred tax assets as of December 31, 2015 and 2016, and therefore has not recognized any income tax benefit or expense in the periods presented. A tax benefit from uncertain tax positions may be recognized by the Company when it is more-likely-than-not more-likely-than-not The Company recognizes interest and/or penalties related to income tax matters in income tax expense. There is no accrual for interest or penalties for income taxes on the balance sheets at December 31, 2015 and 2016, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2015 and 2016. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, the Financial Accounting Standards Board, or the FASB, issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. As the Company has not yet completed its final review of the impact of the new guidance but expects to during 2017, the Company has not determined whether the adoption of this guidance will have a material impact on its financial statements or disclosures. The Company is still evaluating disclosure requirements under the new guidance, and will continue to evaluate additional changes, modifications or interpretations to the guidance which may impact the current conclusions. The Company expects to adopt the new standard for the fiscal year beginning January 1, 2018 and anticipates that the modified retrospective application method will be applied. In July 2015, the FASB issued authoritative guidance requiring entities that do not measure inventory using the retail inventory method or on a last-in, first-out In January 2016, the FASB issued authoritative guidance requiring, among other things, that certain equity investments be measured at fair value with changes in fair value recognized in net income, that financial assets and financial liabilities be presented separately by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, that the prior requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet be eliminated, and that a reporting organization is to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the instrument-specific credit risk amendment is permitted. The Company expects to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any equity method investments. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the adoption of this guidance will materially affect its statement of financial position and will require changes to its processes. The Company expects to adopt this guidance for the reporting period beginning on January 1, 2019, and has not yet made any decision on the method of adoption with respect to the optional practical expedients, but expects to during 2018. In March 2016, the FASB issued authoritative guidance clarifying that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not necessarily require de-designation In March 2016, the FASB issued authoritative guidance requiring entities to assess whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts, and clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts. This guidance is effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance simplifying the accounting for stock compensation. This guidance, among other things, amends existing accounting and classification requirements primarily around income taxes, forfeitures, and cash payments associated with share-based payment awards to employees. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2016, the FASB issued authoritative guidance clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, on a retrospective transition method to each period presented. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically engaged in the transactions encompassed by the proposed guidance. In January 2017, the FASB issued authoritative guidance clarifying the definition of a business when evaluating transactions involving acquisitions or disposals of assets or businesses. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain applications of this guidance are permitted for early adoption. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically acquired or disposed of material assets or businesses. In January 2017, the FASB issued authoritative guidance eliminating the “Step 2” requirement for an entity to determine the fair value of its assets and liabilities for goodwill impairment testing in the same manner that would be required for those assumed in a business combination. Instead, the amended guidance allows an entity to perform goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount. This guidance is effective for any goodwill impairment tests in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any recorded goodwill. In February 2017, the FASB issued authoritative guidance clarifying the definition of the term “in substance nonfinancial asset” when accounting for transfers of financial and nonfinancial assets, and other matters concerning the transfer, sale and partial sale of nonfinancial assets to both consolidated entities and non-consolidated In March 2017, the FASB issued authoritative guidance shortening the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently hold any callable debt securities. In May 2017, the FASB issued authoritative guidance clarifying what modifications to a share-based payment award may be considered substantive, and therefore requiring the application of modification accounting. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently expect any significant modifications to outstanding share-based payment awards. In July 2017, the FASB issued authoritative guidance changing the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features, whereby a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock, and also clarifying existing disclosure requirements for equity-classified instruments. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2020, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently hold any significant financial instruments with down round features. In August 2017, the FASB issued authoritative guidance that expands and refines hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently hold any financial instruments accounted for as a hedging activity. | Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, the FASB issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. As the Company has not yet completed its final review of the impact of the new guidance but expects to during 2017, the Company has not determined whether the adoption of this guidance will have a material impact on its financial statements or disclosures. The Company is still evaluating disclosure requirements under the new guidance, and will continue to evaluate additional changes, modifications or interpretations to the guidance which may impact the current conclusions. The Company expects to adopt the new standard for the fiscal year beginning January 1, 2018 and has not yet determined whether the full or modified retrospective application method will be applied. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted this guidance for the reporting period beginning on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate 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 that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company adopted this guidance during the year ended December 31, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In July 2015, the FASB issued authoritative guidance requiring entities that do not measure inventory using the retail inventory method or on a last-in, first-out In January 2016, the FASB issued authoritative guidance requiring, among other things, that certain equity investments be measured at fair value with changes in fair value recognized in net income, that financial assets and financial liabilities be presented separately by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, that the prior requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet be eliminated, and that a reporting organization is to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the instrument-specific credit risk amendment is permitted. The Company expects to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any equity method investments. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the adoption of this guidance will materially affect its statement of financial position and will require changes to its processes. The Company has not yet made any decision on the timing of adoption or method of adoption with respect to the optional practical expedients, but expects to during 2018. In March 2016, the FASB issued authoritative guidance clarifying that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not necessarily require dedesignation of that hedging relationship, provided that all other applicable hedge accounting criteria continue to be met. This guidance is effective on either a prospective basis or modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance requiring entities to assess whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts, and clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts. This guidance is effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance simplifying the accounting for stock compensation. This guidance, among other things, amends existing accounting and classification requirements primarily around income taxes, forfeitures, and cash payments associated with share-based payment awards to employees. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2016, the FASB issued authoritative guidance clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, on a retrospective transition method to each period presented. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically engaged in the transactions encompassed by the proposed guidance. In January 2017, the FASB issued authoritative guidance clarifying the definition of a business when evaluating transactions involving acquisitions or disposals of assets or businesses. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain applications of this guidance are permitted for early adoption. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically acquired or disposed of material assets or businesses. |
Reverse Stock Split | Reverse Stock Split On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three one-for-three one-for-three one-for-three | |
Revenue Recognition and Related Reserves | Revenue Recognition and Related Reserves The Company’s commercial revenues are generated from diagnostic services provided to physicians and billed to third-party insurance payers such as managed care organizations, Medicare and Medicaid and patients for any deductibles, coinsurance or copayments that may be due. The Company recognizes revenue in accordance with the provision of ASC 954-605, The Company bills third-party payers on a fee-for-service The Company’s gross commercial revenues billed are subject to estimated deductions for such contractual discounts, payer-specific allowances and other reserves to arrive at reported net revenues, which relate to differences between amounts billed and corresponding amounts estimated to be subsequently collected. These third-party payer discounts and sales allowances are estimated based on a number of assumptions and factors, including historical payment trends, seasonality associated with the annual reset of patient deductible limits on January 1 of each year, and current and estimated future payments. Specifically, the Company maintains four such reserves: the reserve for contractual discounts, the reserve for aged non-patient non-contracted non-contracted non-patient non-contracted non-contracted The estimates of amounts that will ultimately be realized from commercial diagnostic services require significant judgment by management. Patients do not enter into direct agreements with the Company that commit them to pay any portion of the cost of the tests in the event that they have not met their annual deductible limit under their insurance policy, if any, or if their insurance otherwise declines to reimburse the Company. Adjustments to the estimated payment amounts are recorded at the time of final collection and settlement of each transaction as an adjustment to commercial revenue. The estimation process used to determine third-party payer discounts and sales allowance has been applied on a consistent basis since March 31, 2017, and no significant subsequent adjustments have been necessary to increase or decrease these discounts and allowances as a result of changes in underlying estimates. The composition of the Company’s gross and net revenues recognized during the three and nine-months ended September 30, 2016 and 2017 is as follows: For the three months For the nine months 2016 2017 2016 2017 Commercial revenues recognized upon delivery $ — $ 3,602,194 $ — $ 12,298,790 Development services revenues recognized upon delivery 71,723 67,394 170,052 211,736 Commercial revenues recognized upon cash collection 975,557 102,234 1,761,457 1,158,277 Total gross revenues 1,047,280 3,771,822 1,931,509 13,668,803 Provisions for contractual discounts — (1,729,805 ) — (4,545,128 ) Provisions for aged non-patient — (152,889 ) — (598,532 ) Provisions for estimated patient receivables — 27,909 — (90,931 ) Provisions for other payer-specific sales allowances — (805,626 ) — (4,360,775 ) Net revenues $ 1,047,280 $ 1,111,411 $ 1,931,509 $ 4,073,437 During the nine months ended September 30, 2017, the Company recorded $839,431 in nonrecurring net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017 associated with cases delivered on or prior to December 31, 2016, representing a corresponding decrease in net loss per common share of $0.03. The incremental net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017, or the total amount of net revenue recorded in excess of the amount of commercial cash collections, was $125,007 and $1,041,890 during the three and nine-months ended September 30, 2017, respectively, representing corresponding decreases in net loss per common share of zero and $0.04, respectively. A summary of activity in the Company’s gross and net accounts receivable balances, as well as corresponding reserves, during the nine months ended September 30, 2017 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon September 30, 2016 Upon Delivery Adjudication 2017 Accounts receivable, gross $ 128,969 $ 12,510,526 $ (5,649,054 ) $ 6,990,441 Reserve for contractual discounts — (4,545,128 ) 2,399,458 (2,145,670 ) Reserve for aged non-patient — (598,532 ) 70,950 (527,582 ) Reserve for estimated patient receivables — (90,931 ) 1,072 (89,859 ) Reserve for other payer-specific sales allowances — (4,360,775 ) 1,266,817 (3,093,958 ) Accounts receivable, net $ 128,969 $ 2,915,160 $ (1,910,757 ) $ 1,133,372 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | |
Assumptions Used for Determining Fair Values | As of the closing of the Company’s March 31, 2017 offering, the estimated grant date fair value of $1.31 per share associated with the warrants to purchase up to 2,160,000 shares of common stock issued in this offering, or a total of approximately $2.8 million, was recorded as an offset to additional paid-in Stock price $ 2.13 Exercise price $ 2.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.93 % Expected life (in years) 5.00 Expected volatility 80.0 % As of the closing of the Company’s August 9, 2017 offering, the estimated grant date fair value of $1.03 per share associated with the warrant to purchase up to 1,434,639 shares of common stock issued in this offering, or a total of approximately $1.5 million, was recorded as an offset to additional paid-in Stock price $ 1.39 Exercise price $ 1.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.81 % Expected life (in years) 5.00 Expected volatility 100.0 % | the estimated grant date fair value of $1.72 per share associated with the warrants to purchase 1,163,526 shares of common stock issued in this offering, or a total of approximately $2.0 million, was recorded as an offset to additional paid-in Stock price $ 2.70 Exercise price $ 3.90 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.23 % Expected life (in years) 5.00 Expected volatility 90.0 % | |
Over Allotment Option And Common Stock Warrants [Member] | |||
Assumptions Used for Determining Fair Values | The fair values of these over-allotment options and all common stock warrants issued in this offering were estimated using Black-Scholes valuation models with the following assumptions: Over-allotment Warrants Stock price $ 4.23 $ 4.23 Exercise price $ 3.75 $ 4.68 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.02 % 1.53 % Expected life (in years) 0.12 5.00 Expected volatility 168.1 % 90.0 % The fair values of these instruments were estimated using a Black-Scholes valuation model with the following assumptions: Overallotment Warrants Stock price $ 0.93 $ 0.93 Exercise price $ 1.0331 $ 1.10 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.25 % 1.24 % Expected life (in years) 0.08 5.00 Expected volatility 12.9 % 80.0 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of Fixed Assets and Accrued Liabilities | The following provides certain balance sheet details: December 31, September 30, 2016 2017 Fixed Assets Machinery and equipment $ 2,728,468 $ 2,938,281 Furniture and office equipment 143,726 147,976 Computer equipment and software 620,582 1,526,482 Leasehold improvements 517,968 550,246 Financed equipment 1,559,690 1,922,418 Construction in process 169,896 7,481 Total fixed assets, gross 5,740,330 7,092,884 Less accumulated depreciation and amortization (3,933,999 ) (4,173,088 ) Total fixed assets, net $ 1,806,331 $ 2,919,796 Accrued Liabilities Accrued interest $ 20,776 $ 324,406 Accrued payroll 168,727 477,889 Accrued vacation 364,953 503,380 Accrued bonuses 422,868 625,682 Accrued sales commissions 77,844 48,390 Current portion of deferred rent 67,085 106,418 Accrued other 37,783 88,220 Total accrued liabilities $ 1,160,036 $ 2,174,385 | The following provides certain balance sheet details: December 31, December 31, Fixed Assets Machinery and equipment $ 2,518,158 $ 2,728,468 Furniture and office equipment 143,726 143,726 Computer equipment and software 577,898 620,582 Leasehold improvements 514,614 517,968 Financed equipment 914,179 1,559,690 Construction in process 70,815 169,896 4,739,390 5,740,330 Less accumulated depreciation and amortization (3,793,210 ) (3,933,999 ) Total fixed assets, net $ 946,180 $ 1,806,331 Accrued Liabilities Accrued interest $ 28,981 $ 20,776 Accrued payroll 128,753 168,727 Accrued vacation 307,845 364,953 Accrued bonuses 376,100 422,868 Accrued sales commissions 76,574 77,844 Current portion of deferred rent 31,170 67,085 Accrued other 17,476 37,783 Total accrued liabilities $ 966,899 $ 1,160,036 |
Equipment Financings (Tables)
Equipment Financings (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Capital Lease Obligations [Abstract] | ||
Schedule of Future Minimum Lease Payments for Financed Equipment Obligations | The following schedule sets forth the remaining future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding remaining sales tax and maintenance obligation payments that are expensed as incurred, due within each respective fiscal year ending December 31, as well as the present value of the total amount of remaining minimum lease payments, as of September 30, 2017: Maintenance Minimum and Sales Tax Lease Obligation Payments Payments 2017 $ 79,763 $ 8,954 2018 338,273 58,355 2019 313,529 68,925 2020 277,291 54,768 2021 267,665 48,802 Thereafter 522,397 88,313 Total payments 1,798,918 328,117 Less amount representing interest (544,210 ) — Present value of payments $ 1,254,708 $ 328,117 | The following schedule sets forth the future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding laboratory equipment maintenance obligations that are expensed and accrued as incurred, and due within each respective year ending December 31, as well as the present value of the minimum lease payments as of December 31, 2016: Minimum Maintenance Lease Obligation Payments Payments 2017 $ 274,367 $ 27,495 2018 242,040 27,490 2019 205,067 26,733 2020 203,107 26,664 2021 203,107 26,664 Thereafter 381,354 37,774 Total payments 1,509,042 172,820 Less amount representing interest 467,725 — Present value of payments $ 1,041,317 $ 172,820 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model | The assumptions used in the Black-Scholes pricing model for stock options granted during the nine months ended September 30, 2017 were as follows: Stock and exercise prices $1.22 – $2.13 Expected dividend yield 0.00% Discount rate-bond equivalent yield 1.79% – 2.08% Expected life (in years) 5.12 – 6.09 Expected volatility 70.0% – 90.0% | The assumptions used in the Black-Scholes pricing model for options granted during the years ended December 31, 2015 and 2016 are as follows: 2015 2016 Stock and exercise prices $ 4.14 – $10.14 $ 0.775 – $4.02 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.52% – 1.94% 0.99% – 2.11% Expected life (in years) 5.23 – 6.08 5.13 – 6.08 Expected volatility 70.0% – 100.0% 80.0% – 90.0% |
Summary of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2017 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2016 896,662 $ 8.80 8.5 Granted 1,711,196 $ 1.49 Exercised — Cancelled/forfeited/expired (123,572 ) $ 5.13 8.7 Outstanding at September 30, 2017 2,484,286 $ 3.93 8.9 Vested and unvested expected to vest at September 30, 2017 2,267,826 $ 4.16 8.8 | A summary of stock option activity for the years ended December 31, 2015 and 2016 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 302,015 $ 18.88 9.0 Granted 441,288 $ 6.01 Exercised — — Cancelled/forfeited/expired (29,644 ) $ 13.83 Outstanding at December 31, 2015 713,659 $ 11.03 8.8 Granted 290,399 $ 2.51 Exercised — — Cancelled/forfeited/expired (107,396 ) $ 7.99 Outstanding at December 31, 2016 896,662 $ 8.80 8.5 Vested and unvested expected to vest, December 31, 2016 801,529 $ 9.26 8.0 |
Schedule of Information about Options Outstanding and Exercisable | Further information about the options outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 0.78 13,771 10.0 — $ 1.93 184,073 9.6 42,082 $ 4.06 118,342 9.1 67,919 $ 6.37 336,406 8.7 149,981 $ 15.26 139,104 6.8 116,789 $ 26.45 104,966 7.1 78,466 896,662 455,237 | |
Summary of RSU Activity | A summary of RSU activity for the nine months ended September 30, 2017 is as follows: Number of Weighted Outstanding at December 31, 2016 174,249 $ 2.68 Granted 350,000 $ 1.50 Vested and issued (155,829 ) $ 1.96 Forfeited (7,500 ) $ 2.12 Outstanding at September 30, 2017 360,920 $ 1.87 Vested and unvested expected to vest at September 30, 2017 301,420 $ 1.95 | A summary of RSU activity during 2015 and 2016 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2014 83,755 $ 15.43 Granted — — Issued (58,003 ) $ 15.56 Forfeited — — Outstanding at December 31, 2015 25,752 $ 15.12 Granted 165,829 $ 1.96 Issued (4,449 ) $ 16.05 Forfeited (12,883 ) $ 13.34 Outstanding at December 31, 2016 174,249 $ 2.68 Vested and unvested expected to vest, December 31, 2016 171,667 $ 2.69 |
Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Condensed Statement of Operations and Comprehensive Loss | The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the unaudited condensed statements of operations and comprehensive loss during the periods presented: For the three months ended For the nine months ended September 30, September 30, 2016 2017 2016 2017 Stock Options Cost of revenues $ 34,119 $ 59,720 $ 89,606 $ 133,105 Research and development expenses 28,189 53,405 87,153 121,834 General and administrative expenses 292,381 178,671 829,516 528,406 Sales and marketing expenses 51,924 40,181 91,164 100,327 Total expenses related to stock options 406,613 331,977 1,097,439 883,672 RSUs Cost of revenues 14,918 20,417 16,834 58,717 Research and development expenses 14,131 20,418 15,583 57,490 General and administrative expenses 6,668 74,521 7,676 160,927 Sales and marketing expenses 22,939 28,355 27,447 71,343 Total stock-based compensation $ 465,269 $ 475,688 $ 1,164,979 $ 1,232,149 | The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the statement of operations during the periods presented: Years Ended December 31, 2015 2016 Stock Options Cost of revenues $ 68,660 $ 115,266 Research and development expenses 103,138 123,330 General and administrative expenses 933,018 1,071,490 Sales and marketing expenses 149,917 142,741 Total expenses related to stock options 1,254,733 1,452,827 RSUs Cost of revenues — 32,338 Research and development expenses 10,724 30,261 General and administrative expenses 112,367 38,274 Sales and marketing expenses — 40,247 Total stock-based compensation $ 1,377,824 $ 1,593,947 |
Stock Options [Member] | ||
Schedule of Percentage Of Overall Performance Grant Subject To Vesting | Each performance stock option granted on May 31, 2017 has an exercise price of $1.50 per share, an estimated grant date fair value of $0.99 per share, and is subject to vesting as determined by the Company’s Board of Directors based on the achievement of specified corporate goals for 2017, provided that none shall vest unless a minimum level of 70% of the Company’s corporate goals for 2017 are achieved, as follows: Percentage of Overall Performance Stock Option Grant Subject to Vesting Target Minimum revenue 20 % Cost of revenue reductions and improvements 15 % Increase cash generated from operations 15 % Minimum cash on-hand 15 % Minimum customer agreements, product licensing and product launch 20 % Implementation of new products and utility trials 15 % Total 100 % | |
RSUs [Member] | ||
Schedule of Percentage Of Overall Performance Grant Subject To Vesting | Vesting of the time-based RSUs granted on May 31, 2017 is subject to continuing service and occurs on the one year anniversary of the vesting commencement date, or May 2, 2018, while the performance RSUs are subject to continuous service and vesting is as determined by the Company’s Board of Directors based on the achievement of specified corporate goals for 2017, provided that none shall vest unless a minimum level of 70% of the Company’s corporate goals for 2017 are achieved, as follows: Percentage of Vesting Target Minimum revenue 20 % Cost of revenue reductions and improvements 15 % Increase cash generated from operations 15 % Minimum cash on-hand 15 % Minimum customer agreements, product licensing and product launch 20 % Implementation of new products and utility trials 15 % Total 100 % |
Common Stock Warrants Outstan31
Common Stock Warrants Outstanding (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
CommonStockWarrantsOutstandingDisclosureTextBlock | A summary of equity-classified common stock warrant activity for the nine months ended September 30, 2017 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2016 11,623,957 $ 1.93 4.6 Issued 3,594,639 $ 2.10 Exercised (6,816,850 ) $ 1.10 Expired — — Outstanding at September 30, 2017 8,401,746 $ 2.68 4.2 | A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2015 and 2016 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 203,047 $ 29.79 3.8 Issued 2,666,666 $ 4.68 Exercised (2,085,483 ) $ 4.68 Expired — — Outstanding at December 31, 2015 784,230 $ 11.18 3.8 Issued 10,890,657 $ 1.40 Exercised — — Expired (50,900 ) $ 30.00 Outstanding at December 31, 2016 11,623,987 $ 1.93 4.6 |
Schedule of Equity-Classified Common Stock Warrants, for Warrants than Underlying Unexercised Overallotment Option Warrants, Outstanding and Exercisable | Further information about equity-classified common stock warrants, for warrants other than those underlying unexercised overallotment option warrants, outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 1.10 9,727,131 4.8 $ 3.90 1,163,526 4.3 $ 4.68 581,183 3.1 $ 14.16 17,655 7.3 $ 30.00 102,826 2.1 $ 37.50 31,666 2.1 11,623,987 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Schedule of Anti-Dilutive Securities Excluded from Computations of Diluted Weighted-Average Shares | The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the three and nine-months September 30, 2016 2017 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 1,896,826 8,401,746 RSUs outstanding 176,749 360,920 Common options outstanding 926,608 2,484,286 Total anti-dilutive common share equivalents 3,000,712 11,247,481 | The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the year ended December 31, 2015 2016 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 784,230 11,623,987 RSUs outstanding 25,752 174,249 Common options outstanding 713,659 896,662 Total anti-dilutive common share equivalents 1,524,170 12,695,427 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the years ended December 31, 2015 and 2016, the provision for income taxes was calculated as follows: For the year ended December 31, 2015 2016 Current: Federal $ — $ — State 1,608 2,053 Total 1,608 2,053 Deferred Federal — — State — — Total — — Provision for income tax $ 1,608 $ 2,053 |
Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes | The following table provides a reconciliation between income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the year ended December 31, 2015 2016 Income tax at statutory rate $ (5,762,293 ) $ (6,255,072 ) State liability (334,494 ) (260,835 ) Permanent items 34,852 67,151 Stock compensation 334,609 157,250 Nondeductible interest (316 ) 21,548 Expiration of net operating losses 796,699 — Research and development credit (164,967 ) (170,950 ) State rate change 746,238 44,421 Estimated section 382 limitation 48,484,354 9,256,295 Other (1,041 ) 96,406 Valuation allowance (44,132,033 ) (2,954,161 ) Provision for income tax $ 1,608 $ 2,053 |
Summary of Deferred Tax Assets | The tax effects of carryforwards and other temporary differences that give rise to deferred tax assets consist of the following: For the year ended December 31, 2015 2016 Estimated net operating loss carryforward $ 6,204,024 $ 2,218,618 Estimated research and development credits 2,235,914 2,244,047 Accruals and other 1,234,413 2,273,838 Deferred rent 181,134 164,821 9,855,485 6,901,324 Less valuation allowance (9,855,485 ) (6,901,324 ) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments under the amended lease agreement as December 31, 2016 are as follows: 2017 $ 1,348,257 2018 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 5,022,464 |
Selected Quarterly Financial 35
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following is selected quarterly financial data as of and for the periods ending: First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2015 Balance sheet data: Cash $ 19,294,706 $ 16,523,975 $ 12,541,919 $ 8,821,329 Total assets 20,899,513 18,317,659 14,196,386 10,586,918 Total non-current 5,083,216 4,234,552 3,877,362 3,553,395 Total shareholders’ equity 13,582,795 11,049,961 6,928,277 3,692,735 Statement of operations and comprehensive loss data: Revenues $ 150,002 $ 76,768 $ 164,856 $ 218,283 Cost of revenues 1 1,147,682 1,013,075 1,159,710 1,275,691 Research and development expenses 1 651,420 744,242 677,729 784,379 General and administrative expenses 1,292,049 1,359,226 1,630,608 1,404,515 Sales and marketing expenses 709,456 851,109 1,055,653 1,264,168 Loss from operations (3,650,605 ) (3,890,884 ) (4,358,844 ) (4,510,470 ) Net loss $ (3,800,728 ) $ (4,035,105 ) $ (4,496,193 ) $ (4,617,500 ) Net loss per common share: 2 Basic $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Diluted $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 3,457,556 6,005,145 6,242,604 6,307,316 Diluted 3,457,556 6,005,145 6,242,604 6,307,316 1 A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in this current period presentation of selected quarterly financial data. 2 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2016 Balance sheet data: Cash $ 4,572,750 $ 3,751,570 $ 678,855 $ 4,609,332 Total assets 6,780,830 6,303,153 3,282,549 7,578,326 Total non-current 3,132,372 3,134,593 2,793,258 2,526,113 Total shareholders’ equity/(deficit) (489,231 ) (419,402 ) (4,556,158 ) 658,661 Statement of operations and comprehensive loss data: Revenues $ 221,369 $ 662,860 $ 1,047,280 $ 1,291,587 Cost of revenues 1,474,790 1,669,571 1,876,288 1,899,462 Research and development expenses 728,076 716,279 600,613 668,399 General and administrative expenses 1,487,224 1,517,664 1,918,543 1,636,994 Sales and marketing expenses 1,304,899 1,291,709 1,278,455 1,179,167 Loss from operations (4,773,620 ) (4,532,363 ) (4,626,619 ) (4,092,435 ) Net loss $ (4,875,198 ) $ (4,594,174 ) $ (4,743,076 ) $ (4,186,874 ) Net loss per common share: 1 Basic $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Diluted $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 6,566,992 7,702,286 8,370,691 15,620,049 Diluted 6,566,992 7,702,286 8,370,691 15,620,049 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
The Company, Business Activit36
The Company, Business Activities and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Composition of Gross and Net Revenues Recognized | The composition of the Company’s gross and net revenues recognized during the three and nine-months ended September 30, 2016 and 2017 is as follows: For the three months For the nine months 2016 2017 2016 2017 Commercial revenues recognized upon delivery $ — $ 3,602,194 $ — $ 12,298,790 Development services revenues recognized upon delivery 71,723 67,394 170,052 211,736 Commercial revenues recognized upon cash collection 975,557 102,234 1,761,457 1,158,277 Total gross revenues 1,047,280 3,771,822 1,931,509 13,668,803 Provisions for contractual discounts — (1,729,805 ) — (4,545,128 ) Provisions for aged non-patient — (152,889 ) — (598,532 ) Provisions for estimated patient receivables — 27,909 — (90,931 ) Provisions for other payer-specific sales allowances — (805,626 ) — (4,360,775 ) Net revenues $ 1,047,280 $ 1,111,411 $ 1,931,509 $ 4,073,437 |
Summary of Activity in Gross and Net Accounts Receivable Balances and Reserves | A summary of activity in the Company’s gross and net accounts receivable balances, as well as corresponding reserves, during the nine months ended September 30, 2017 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon September 30, 2016 Upon Delivery Adjudication 2017 Accounts receivable, gross $ 128,969 $ 12,510,526 $ (5,649,054 ) $ 6,990,441 Reserve for contractual discounts — (4,545,128 ) 2,399,458 (2,145,670 ) Reserve for aged non-patient — (598,532 ) 70,950 (527,582 ) Reserve for estimated patient receivables — (90,931 ) 1,072 (89,859 ) Reserve for other payer-specific sales allowances — (4,360,775 ) 1,266,817 (3,093,958 ) Accounts receivable, net $ 128,969 $ 2,915,160 $ (1,910,757 ) $ 1,133,372 |
Summary of Third-Party Payers That Represent More Than 10% of Total Net Revenues and Total Net Accounts Receivable and Their Related Percentage | The Company’s third-party payers that represent more than 10% of total net revenues in any period presented, and their related net revenue amount as a percentage of total net revenues, during the three and nine-months ended September 30, 2016 and 2017 were as follows: For the three months For the nine months 2016 2017 2016 2017 Medicare and Medicare Advantage 63 % 45 % 54 % 41 % Blue Cross Blue Shield 15 % 16 % 12 % 17 % United Healthcare 19 % 14 % 19 % 12 % The Company’s third-party payers that represent more than 10% of total net accounts receivable, and their related net accounts receivable balance as a percentage of total net accounts receivable, at September 30, 2017 were as follows: Blue Cross Blue Shield 27 % Medicare and Medicare Advantage 20 % United Healthcare 14 % |
Liquidity and Going Concern U37
Liquidity and Going Concern Uncertainty- Additional Information (Detail) - USD ($) | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | Oct. 14, 2016 | May 04, 2016 | Feb. 29, 2016 | Feb. 28, 2015 | Sep. 30, 2017 | Mar. 28, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 | Dec. 31, 2014 |
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||||||
Cash | $ 5,879,025 | $ 4,609,332 | $ 678,855 | $ 3,751,570 | $ 4,572,750 | $ 8,821,329 | $ 12,541,919 | $ 16,523,975 | $ 19,294,706 | $ 5,879,025 | $ 678,855 | $ 5,879,025 | $ 4,609,332 | $ 8,821,329 | $ 5,364,582 | ||||||||||
Accumulated deficit | (189,583,034) | (173,635,870) | (155,236,548) | (189,583,034) | (189,583,034) | (173,635,870) | (155,236,548) | ||||||||||||||||||
Net loss | (5,821,306) | (4,186,874) | $ (4,743,076) | $ (4,594,174) | $ (4,875,198) | $ (4,617,500) | $ (4,496,193) | $ (4,035,105) | $ (3,800,728) | (15,947,164) | $ (14,212,448) | (18,399,322) | (16,949,526) | ||||||||||||
Aggregate net interest-bearing indebtedness | 3,300,000 | 3,300,000 | 3,300,000 | ||||||||||||||||||||||
Due within one year | 2,400,000 | 2,400,000 | 2,400,000 | ||||||||||||||||||||||
Other non-interest bearing current liabilities | 3,400,000 | 2,100,000 | $ 3,400,000 | 3,400,000 | $ 2,100,000 | ||||||||||||||||||||
Unconditional purchase commitment payment terms | Quarterly | Quarterly | |||||||||||||||||||||||
Unconditional purchase commitment period | May 31, 2020 | May 31, 2020 | |||||||||||||||||||||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | $ 625,000 | 812,500 | $ 625,000 | 625,000 | $ 812,500 | |||||||||||||||||||
Unconditional purchase commitment, quarterly payment amount | 62,500 | 812,500 | |||||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 9,800,000 | 7,498,535 | $ 9,760,060 | |||||||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 2,700,000 | ||||||||||||||||||||||||
Exercisable warrant available price per share | $ 4.68 | ||||||||||||||||||||||||
Exercisable warrant available price per share expiration period | 2022-08 | 2020-02 | |||||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 2,000,000 | ||||||||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 1,434,639 | 2,160,000 | 1,163,526 | ||||||||||||||||||||||
Exercise price of warrants | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | |||||||||||||||||||||
Proceeds from issuance of common stock | $ 2,200,000 | ||||||||||||||||||||||||
Roth Capital Partners, LLC and Feltl [Member] | |||||||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 564 | $ 5,300,000 | 7,500,000 | $ 7,500,000 | |||||||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 5,400,000 | $ 3,200,000 | |||||||||||||||||||||||
Exercisable warrant available price per share | $ 1.10 | $ 1.10 | |||||||||||||||||||||||
Exercisable warrant available price per share expiration period | 2021-10 | 2021-10 | |||||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 9,000,000 | ||||||||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 9,100,000 | 9,100,000 | |||||||||||||||||||||||
Exercise price of warrants | $ 1.10 | $ 1.10 | |||||||||||||||||||||||
Shelf Registration Statement [Member] | |||||||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 0 | |||||||||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 5,400,000 | $ 4,500,000 | |||||||||||||||||||||||
Exercisable warrant available price per share | $ 2.50 | $ 3.90 | |||||||||||||||||||||||
Exercisable warrant available price per share expiration period | 2022-10 | 2021-05 | |||||||||||||||||||||||
Minimum public float limit for offering | $ 75,000,000 | ||||||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 8,600,000 | $ 4,300,000 | |||||||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 2,160,000 | 1,163,526 | |||||||||||||||||||||||
Warrants exercise period description | Warrant proceeds remaining outstanding and available to be exercised at $2.50 per share until their expiration in October 2022. | ||||||||||||||||||||||||
Exercise price of warrants | $ 3.90 | ||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | ||||||||||||||||||||||||
Maximum [Member] | Shelf Registration Statement [Member] | |||||||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||||||
Aggregate offering price | $ 50,000,000 | ||||||||||||||||||||||||
April 2014 Credit Facility [Member] | |||||||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||||||
Aggregate net interest-bearing indebtedness | 4,400,000 | 4,400,000 | |||||||||||||||||||||||
Due within one year | $ 2,300,000 | $ 2,300,000 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 29, 2016 | Sep. 30, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | [1] | Jun. 30, 2015USD ($) | [1] | Mar. 31, 2015USD ($) | [1] | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)Segmentshares | Sep. 27, 2016shares | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Stockholders equity reverse stock split ratio | 0.33 | ||||||||||||||||||
Common stock, shares authorized | shares | 150,000,000 | 150,000,000 | 40,000,000 | 150,000,000 | 150,000,000 | 40,000,000 | |||||||||||||
Description of reverse stock split | On September 27, 2016, the Company's stockholders approved, and the Company filed, an amendment to the Company's amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company's outstanding common stock, and to increase the authorized number of shares of the Company's common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected September 29, 2016. | On September 27, 2016, the Company's stockholders approved, and the Company filed, an amendment to the Company's amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company's outstanding common stock, and to increase the authorized number of shares of the Company's common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected on September 29, 2016. | |||||||||||||||||
Number of reportable segments | Segment | 1 | ||||||||||||||||||
Number of suppliers | one supplier | ||||||||||||||||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Depreciation expense | 322,000 | 261,000 | |||||||||||||||||
Research and development expenses | $ 856,698 | 668,399 | $ 600,613 | $ 716,279 | $ 728,076 | 784,379 | [1] | $ 677,729 | $ 744,242 | $ 651,420 | $ 2,455,947 | $ 2,044,968 | 2,713,367 | 2,857,770 | |||||
Accrual for interest or penalties for income taxes | $ 0 | $ 0 | 0 | 0 | |||||||||||||||
Interest or penalties expense on income taxes | $ 0 | $ 0 | |||||||||||||||||
Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 40.00% | 41.00% | |||||||||||||||||
Contracted Partners [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 7.00% | 11.00% | |||||||||||||||||
Client One [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 19.00% | 21.00% | |||||||||||||||||
Client One [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 10.00% | 12.00% | |||||||||||||||||
Client Two [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 11.00% | 7.00% | |||||||||||||||||
Client Two [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 7.00% | 9.00% | |||||||||||||||||
Client Three [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 9.00% | 6.00% | |||||||||||||||||
Client Three [Member] | Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Concentration risk percentage | 4.00% | 5.00% | |||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Common stock, shares authorized | shares | 150,000,000 | ||||||||||||||||||
Estimated useful life of assets | 7 years | ||||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Common stock, shares authorized | shares | 40,000,000 | ||||||||||||||||||
Estimated useful life of assets | 3 years | ||||||||||||||||||
[1] | A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in this current period presentation of selected quarterly financial data. |
Sales of Equity Securities - Ad
Sales of Equity Securities - Additional Information (Detail) - USD ($) | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | Oct. 14, 2016 | May 04, 2016 | Dec. 21, 2015 | Feb. 13, 2015 | Feb. 09, 2015 | Feb. 28, 2015 | Mar. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 |
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 1,163,526 | |||||||||||||||
Stock price | $ 2.70 | |||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5,200,000 | $ 2,000,000 | $ 7,700,000 | |||||||||||||
Exercise price of warrants | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | ||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | 45 days | 45 days | |||||||||||||
Purchase of common stock by underwriters to cover overallotments | $ 1.0331 | $ 3.75 | $ 3.7500 | |||||||||||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Grant date fair values of overallotment options | $ 800,000 | $ 1,600,000 | $ 1,600,000 | |||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 9,800,000 | $ 7,498,535 | $ 9,760,060 | ||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 1,434,639 | 2,160,000 | 1,163,526 | |||||||||||||
Net cash proceeds from sale of securities | $ 2,000,000 | |||||||||||||||
Exercisable warrant available price per share expiration period | 2022-08 | 2020-02 | ||||||||||||||
Common stock, shares issued | 30,258,743 | 30,258,743 | 17,499,397 | 6,556,685 | ||||||||||||
Increase in capital shares value | $ 1,400,000 | |||||||||||||||
Proceeds from issuance of common stock | $ 2,200,000 | |||||||||||||||
Common stock issuance costs | 79,000 | $ 42,000 | ||||||||||||||
Common Stock Purchase Agreement [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Proceeds from issuance of common stock | $ 544,051 | |||||||||||||||
Aggregate common stock shares purchase | 173,145 | |||||||||||||||
Aspire Capital Fund, LLC [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Common stock, shares issued | 55,000 | |||||||||||||||
Ally Bridge [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock price | $ 1.50 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | |||||||||||||||
Net cash proceeds from sale of securities | $ 2,000,000 | |||||||||||||||
Proceeds from issuance of common stock | 2,200,000 | |||||||||||||||
Common stock issuance costs | $ 200,000 | |||||||||||||||
Private offering, number of common stock and warrants issued | 1,466,667 | |||||||||||||||
Issuance of warrants to purchase shares of common stock | 1,434,639 | |||||||||||||||
Common Stock [Member] | Aspire Capital Fund, LLC [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 208,334 | |||||||||||||||
Stock price | $ 4.80 | |||||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 months | |||||||||||||||
Increase in capital shares value | $ 15,000,000 | |||||||||||||||
Proceeds from issuance of common stock | $ 1,000,000 | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | |||||||||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | |||||||||||||||
Shelf Registration Statement [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock price | $ 3 | |||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 2,000,000 | |||||||||||||||
Exercise price of warrants | $ 3.90 | |||||||||||||||
Cost directly associated with offering | $ 700,000 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 0 | ||||||||||||||
Minimum public float limit for offering | $ 75,000,000 | |||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 2,160,000 | 1,163,526 | ||||||||||||||
Placement agent agreement, effective date | Apr. 25, 2016 | |||||||||||||||
Securities purchase agreement, effective date | Apr. 29, 2016 | |||||||||||||||
Public offering, number of common stock and warrants issued | 1,662,191 | |||||||||||||||
Net cash proceeds from sale of securities | $ 8,600,000 | $ 4,300,000 | ||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 4,500,000 | |||||||||||||||
Exercisable warrant available price per share expiration period | 2022-10 | 2021-05 | ||||||||||||||
Period of limitation to issue securities at variable rate | 1 year | |||||||||||||||
Class of warrant or rights, term | 5 years | |||||||||||||||
Shelf Registration Statement [Member] | Maximum [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Aggregate offering price | $ 50,000,000 | |||||||||||||||
Aegis Capital Corp And Feltl [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 2,666,666 | |||||||||||||||
Issuance of warrants to purchase shares of common stock | 2,666,666 | |||||||||||||||
Stock price | $ 3.75 | |||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 7,700,000 | |||||||||||||||
Exercise price of warrants | $ 4.68 | |||||||||||||||
Cost directly associated with offering | $ 1,200,000 | |||||||||||||||
Net cash proceeds from issue of initial public offering after deducting costs directly associated with offering | $ 8,800,000 | |||||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | |||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 400,000 | |||||||||||||||
Purchase of common stock by underwriters to cover overallotments | $ 3.75 | |||||||||||||||
Common stock, par value | $ 0.0003 | |||||||||||||||
Grant date fair values of overallotment options | $ 1,600,000 | |||||||||||||||
Proceeds from exercise of common stock warrants | 9,800,000 | |||||||||||||||
Aggregate net increase in capital from public offerings | $ 18,600,000 | |||||||||||||||
Roth Capital Partners, LLC and Feltl [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 9,100,000 | |||||||||||||||
Stock price | $ 1.10 | |||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5,200,000 | |||||||||||||||
Exercise price of warrants | $ 1.10 | $ 1.10 | ||||||||||||||
Cost directly associated with offering | $ 1,000,000 | |||||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | |||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 627,131 | |||||||||||||||
Purchase of common stock by underwriters to cover overallotments | $ 1.0331 | |||||||||||||||
Common stock, par value | $ 0.0009 | |||||||||||||||
Grant date fair values of overallotment options | $ 800,000 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 564 | $ 5,300,000 | $ 7,500,000 | $ 7,500,000 | ||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 9,100,000 | 9,100,000 | ||||||||||||||
Net cash proceeds from sale of securities | $ 9,000,000 | |||||||||||||||
Exercisable warrant available price per share expiration period | 2021-10 | 2021-10 | ||||||||||||||
Increase in capital shares value | $ 14,300,000 | $ 16,500,000 | ||||||||||||||
Class of warrant or rights, term | 5 years | |||||||||||||||
Roth Capital Partners, LLC and Feltl [Member] | Maximum [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | 1,365,000 | ||||||||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | 1,365,000 | ||||||||||||||
Roth Capital Partners, LLC, WestPark Capital and Chardan Capital [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 4,320,000 | |||||||||||||||
Stock price | $ 2.15 | |||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 2,800,000 | |||||||||||||||
Exercise price of warrants | $ 2.50 | |||||||||||||||
Cost directly associated with offering | $ 700,000 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | |||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 2,160,000 | |||||||||||||||
Placement agent agreement, effective date | Mar. 28, 2017 | |||||||||||||||
Net cash proceeds from sale of securities | $ 8,600,000 | |||||||||||||||
Period of limitation to issue securities at variable rate | 1 year | |||||||||||||||
Class of warrant or rights, expiration date | Oct. 1, 2022 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | Oct. 14, 2016 | May 04, 2016 | Feb. 13, 2015 | Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of warrants to purchase shares of common stock | 1,163,526 | ||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5.2 | $ 2 | $ 7.7 | ||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | 45 days | 45 days | ||||||
Common shares issuable to underwriters under granted option | 400,000 | 400,000 | |||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | $ 3.75 | $ 3.7500 | ||||||
Overallotment option issued to underwriters under warrants granted | 400,000 | 400,000 | |||||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Grant date fair values of overallotment options | $ 0.8 | $ 1.6 | $ 1.6 | ||||||
Warrant exercise price | $ 3.90 | ||||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 1.5 | $ 2.8 | $ 2 | $ 7.7 | |||||
Issuance of unregistered warrants to purchase shares of common stock | 1,434,639 | 2,160,000 | 1,163,526 | ||||||
Maximum [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | ||||||||
Purchase of common stock by underwriters to cover overallotments, numbers of shares | 1,365,000 | ||||||||
Warrants [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Warrant exercise price | $ 1.03 | $ 1.31 | $ 0.57 | $ 1.72 | |||||
Overallotment Options [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Common stock, par value | $ 0.0003 | $ 0.0003 | |||||||
Aegis Capital Corp [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of warrants to purchase shares of common stock | 2,666,666 | ||||||||
Roth Capital Partners, LLC and Feltl and Company, Inc. [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of warrants to purchase shares of common stock | 9,100,000 | ||||||||
Roth Capital Partners, LLC and Feltl [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5.2 | ||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | ||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | ||||||||
Common stock, par value | $ 0.0009 | ||||||||
Grant date fair values of overallotment options | $ 0.8 | ||||||||
Purchase of common stock by underwriters to cover overallotments, numbers of shares | 627,131 | ||||||||
Issuance of unregistered warrants to purchase shares of common stock | 9,100,000 | 9,100,000 | |||||||
Roth Capital Partners, LLC and Feltl [Member] | Maximum [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | 1,365,000 | |||||||
Purchase of common stock by underwriters to cover overallotments, numbers of shares | 1,365,000 | 1,365,000 |
Fair Value Measurement - Assump
Fair Value Measurement - Assumptions Used for Determining Fair Values of Common Stock Warrants (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 2.70 | |
Exercise price | $ 3.90 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 1.23% | |
Expected life (in years) | 5 years | |
Expected volatility | 90.00% | |
March 31, 2017 Offering [Member] | ||
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 2.13 | |
Exercise price | $ 2.50 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 1.93% | |
Expected life (in years) | 5 years | |
Expected volatility | 80.00% | |
August 9, 2017 Offering [Member] | ||
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 1.39 | |
Exercise price | $ 1.50 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 1.81% | |
Expected life (in years) | 5 years | |
Expected volatility | 100.00% | |
Overallotment Options [Member] | Public Offering February 13,2015 [Member] | ||
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 4.23 | |
Exercise price | $ 3.75 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 0.02% | |
Expected life (in years) | 1 month 13 days | |
Expected volatility | 168.10% | |
Overallotment Options [Member] | Public Offering October 19,2016 [Member] | ||
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 0.93 | |
Exercise price | $ 1.0331 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 0.25% | |
Expected life (in years) | 29 days | |
Expected volatility | 12.90% | |
Warrants [Member] | Public Offering February 13,2015 [Member] | ||
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 4.23 | |
Exercise price | $ 4.68 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 1.53% | |
Expected life (in years) | 5 years | |
Expected volatility | 90.00% | |
Warrants [Member] | Public Offering October 19,2016 [Member] | ||
Warrant Fair Value Black Scholes Method [Line Items] | ||
Stock price | $ 0.93 | |
Exercise price | $ 1.10 | |
Expected dividend yield | 0.00% | |
Discount rate-bond equivalent yield | 1.24% | |
Expected life (in years) | 5 years | |
Expected volatility | 80.00% |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed Assets | |||
Machinery and equipment | $ 2,938,281 | $ 2,728,468 | $ 2,518,158 |
Furniture and office equipment | 147,976 | 143,726 | 143,726 |
Computer equipment and software | 1,526,482 | 620,582 | 577,898 |
Leasehold improvements | 550,246 | 517,968 | 514,614 |
Financed equipment | 1,922,418 | 1,559,690 | 914,179 |
Construction in process | 7,481 | 169,896 | 70,815 |
Total fixed assets, gross | 7,092,884 | 5,740,330 | 4,739,390 |
Less accumulated depreciation and amortization | (4,173,088) | (3,933,999) | (3,793,210) |
Total fixed assets, net | 2,919,796 | 1,806,331 | 946,180 |
Accrued Liabilities | |||
Accrued interest | 324,406 | 20,776 | 28,981 |
Accrued payroll | 477,889 | 168,727 | 128,753 |
Accrued vacation | 503,380 | 364,953 | 307,845 |
Accrued bonuses | 625,682 | 422,868 | 376,100 |
Accrued sales commissions | 48,390 | 77,844 | 76,574 |
Current portion of deferred rent | 106,418 | 67,085 | 31,170 |
Accrued other | 88,220 | 37,783 | 17,476 |
Total accrued liabilities | $ 2,174,385 | $ 1,160,036 | $ 966,899 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Disposal of fixed assets | $ 1,076,000 | $ 1,076,000 |
Accumulated depreciation | 77,000 | $ 77,000 |
Total cash proceeds from sale of fixed assets | $ 30,662 |
April 2014 Credit Facility - Ad
April 2014 Credit Facility - Additional Information (Detail) - USD ($) | Aug. 09, 2017 | Mar. 31, 2017 | May 04, 2016 | Apr. 30, 2014 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Aug. 11, 2017 | Jun. 28, 2017 | Jun. 30, 2016 | Dec. 21, 2015 |
Line of Credit Facility [Line Items] | |||||||||||
Exercise price of unregistered warrants | $ 1.50 | $ 2.50 | $ 3.90 | $ 1.50 | |||||||
Warrant term | 5 years | 5 years | 5 years | 5 years | |||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 1,500,000 | $ 2,800,000 | $ 2,000,000 | $ 7,700,000 | |||||||
Oxford Finance LLC [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Additional final payment to lender | $ 50,000 | 50,000 | |||||||||
Total indebtedness and capital lease obligations outstanding | $ 3,000,000 | ||||||||||
Oxford Finance LLC [Member] | Common Stock [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Warrant issued to lender | 17,655 | ||||||||||
Exercise price of unregistered warrants | $ 14.16 | ||||||||||
Warrant term | 10 years | ||||||||||
Oxford Finance LLC [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt default limit amount | $ 250,000 | ||||||||||
Debt default final judgment amount | $ 250,000 | ||||||||||
Oxford Finance LLC [Member] | Two Years [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Term loan prepayment fee percentage | 1.00% | ||||||||||
Oxford Finance LLC [Member] | Scenario Two [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, interest rate during period | 7.71% | ||||||||||
Oxford Finance LLC [Member] | Scenario One [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, interest rate during period | 7.95% | ||||||||||
Oxford Finance LLC [Member] | First Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Net cash proceeds on term loan | $ 4,898,000 | ||||||||||
Line of Credit Facility fees amount payable | $ 50,000 | ||||||||||
Line of Credit Facility, interest rate during period | 7.95% | ||||||||||
Percentage of final interest payment due at maturity | 5.50% | ||||||||||
Total indebtedness and capital lease obligations outstanding | 1,200,000 | $ 1,200,000 | |||||||||
Issuance costs | $ 102,498 | ||||||||||
Net proceeds from credit facility | 4,897,502 | ||||||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 233,107 | ||||||||||
Unamortized discounts | $ 54,405 | $ 78,408 | |||||||||
Effective annual interest rate | 13.87% | 13.87% | 11.50% | ||||||||
Total principal payments due during year ending December 31, 2017 | $ 1,934,665 | ||||||||||
Total remaining principal payments due during fiscal year ending December 31, 2018 | $ 1,201,409 | $ 1,201,409 | |||||||||
Total remaining principal payments due during fiscal year ending December 31, 2017 | $ 498,132 |
Equipment Financings - Addition
Equipment Financings - Additional Information (Detail) | Nov. 02, 2017USD ($) | Oct. 17, 2017USD ($)MonthlyInstallments | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Financed equipment | $ 1,922,418 | $ 1,922,418 | $ 1,559,690 | $ 914,179 | ||||
Accumulated depreciation related to financed equipment | 681,000 | 681,000 | 525,000 | 523,000 | ||||
Depreciation expense related to financed equipment | 322,000 | 261,000 | ||||||
Fixed assets purchased as equipment financings | 362,729 | $ 755,458 | 975,406 | 337,085 | ||||
Fixed assets with an aggregate net book value | $ 34,491 | 270,377 | 270,377 | |||||
Equipment financings with remaining outstanding balances | 239,994 | $ 239,994 | ||||||
Equipment financings aggregate weighted average effective annual interest rate | 13.79% | 13.18% | ||||||
Equipment financings maturity date on outstanding arrangements range, Start | 2018-06 | 2017-07 | ||||||
Equipment financings maturity date on outstanding arrangements range, End | 2024-09 | 2023-05 | ||||||
Present value of minimum lease payment due within one year | 304,585 | $ 304,585 | $ 262,674 | |||||
Financed equipment lease description | The Company leases certain laboratory equipment under arrangements accounted for as capital leases and classified as equipment financings. The financed equipment is depreciated on a straight-line basis over periods ranging from 5 to 7 years. | |||||||
Equipment Financings [Member] | ||||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Depreciation expense related to financed equipment | $ 52,000 | $ 40,000 | $ 160,000 | $ 93,000 | $ 119,000 | $ 73,000 | ||
Equipment Financings [Member] | Subsequent Event [Member] | ||||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Total proceeds from equipment financing commitment | $ 150,848 | |||||||
Sale-leaseback transaction, aggregate gross value of fixed assets | $ 167,000 | |||||||
Sale-leaseback transaction, net book value of fixed assets | $ 156,000 | |||||||
Sale-leaseback transaction, annual interest rate | 10.24% | |||||||
Sale-leaseback transaction, frequency of payments | Monthly | |||||||
Sale-leaseback transaction, number of installments payments | MonthlyInstallments | 36 | |||||||
Sale-leaseback transaction, total amount to be repaid | $ 175,814 | |||||||
Sale-leaseback transaction, commitment period | 2020-11 | |||||||
Minimum [Member] | ||||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Financed equipment useful life | 3 years | |||||||
Minimum [Member] | Equipment Financings [Member] | ||||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Financed equipment useful life | 5 years | 5 years | ||||||
Maximum [Member] | ||||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Financed equipment useful life | 7 years | |||||||
Maximum [Member] | Equipment Financings [Member] | ||||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||||
Financed equipment useful life | 7 years | 7 years |
Equipment Financings - Schedule
Equipment Financings - Schedule of Remaining Future Minimum Lease Payments for Financed Equipment Obligations (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Capital Lease Obligations [Abstract] | ||
2,017 | $ 274,367 | |
2,017 | $ 79,763 | |
2,018 | 338,273 | 242,040 |
2,019 | 313,529 | 205,067 |
2,020 | 277,291 | 203,107 |
2,021 | 267,665 | 203,107 |
Thereafter | 522,397 | 381,354 |
Total payments | 1,798,918 | 1,509,042 |
Less amount representing interest | (544,210) | (467,725) |
Present value of payments | 1,254,708 | 1,041,317 |
2,017 | 27,495 | |
2,017 | 8,954 | |
2,018 | 58,355 | 27,490 |
2,019 | 68,925 | 26,733 |
2,020 | 54,768 | 26,664 |
2,021 | 48,802 | 26,664 |
Thereafter | 88,313 | 37,774 |
Total payments | 328,117 | 172,820 |
Present value of payments | $ 328,117 | $ 172,820 |
Supplier Financings - Additiona
Supplier Financings - Additional Information (Detail) - Financing Agreements With Supplier [Member] - Laboratory Software [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Financing agreement, due period | 1 year | |
Remaining balance under financing agreement | $ 76 | $ 42 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | 3.75% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.95% | 5.95% |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | May 31, 2017$ / sharesshares | May 02, 2017shares | Sep. 29, 2016shares | Jul. 29, 2016$ / sharesshares | Jul. 26, 2016 | Jul. 25, 2016$ / sharesshares | Jul. 06, 2016USD ($)$ / sharesshares | Feb. 29, 2016$ / sharesshares | Aug. 31, 2015$ / sharesshares | Jun. 12, 2014$ / sharesshares | Sep. 30, 2017USD ($)Plan$ / sharesshares | Sep. 30, 2016 | Dec. 31, 2016USD ($)Plan$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stockholders equity reverse stock split ratio | 0.33 | ||||||||||||||
Number of equity incentive plans | Plan | 2 | 2 | |||||||||||||
Total Shares Outstanding | 2,484,286 | 896,662 | 713,659 | 302,015 | |||||||||||
Unrecognized share-based compensation expense, weighted-average recognition period | 2 years 3 months 19 days | 2 years 1 month 6 days | |||||||||||||
Number of Shares, Granted | 1,711,196 | 290,399 | 441,288 | ||||||||||||
Weighted average exercise price per share | $ / shares | $ 1.49 | $ 2.51 | $ 6.01 | ||||||||||||
Number of shares remaining forfeited | 123,572 | 107,396 | 29,644 | ||||||||||||
Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Estimated forfeitures rate | 8.00% | 8.00% | 8.00% | 4.00% | |||||||||||
Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Estimated forfeitures rate | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||
Stock Options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 10 years | ||||||||||||||
Option awards assumptions, method used | Black-Scholes pricing model | Black-Scholes pricing model | |||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.03 | $ 1.79 | $ 3.96 | ||||||||||||
Intrinsic value of options outstanding | $ | $ 5,507 | $ 0 | $ 0 | ||||||||||||
Intrinsic value of options vested and unvested expected to vest | $ | $ 4,951 | $ 0 | |||||||||||||
Stock options vested | 229,501 | 218,688 | 75,455 | ||||||||||||
Total weighted average grant date fair value | $ / shares | $ 5.40 | $ 1,563,378 | $ 1,185,128 | ||||||||||||
Intrinsic value of options exercisable | $ | $ 0 | ||||||||||||||
Stock Options [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 4 years | ||||||||||||||
Employee Stock Option One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Time period for vesting grants in installments on monthly basis | Monthly thereafter for the remaining three years | ||||||||||||||
Employee Stock Option Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options vesting term | Monthly vesting beginning month-one after the grant and monthly thereafter. | ||||||||||||||
RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 16.05 | ||||||||||||||
Issuance of restricted stock units | 14,832 | 350,000 | 165,829 | ||||||||||||
Vested | 10,920 | ||||||||||||||
Total RSUs forfeited | 7,500 | 12,883 | |||||||||||||
Intrinsic value shares, RSUs outstanding | $ | $ 443,932 | $ 135,043 | |||||||||||||
Intrinsic value amount, RSUs unvested and vested expected to vest | $ | $ 370,747 | $ 133,042 | |||||||||||||
RSUs outstanding | 360,920 | 174,249 | 25,752 | 83,755 | |||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.87 | $ 2.68 | $ 15.12 | $ 15.43 | |||||||||||
RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vested | 4,449 | ||||||||||||||
Total RSUs forfeited | 10,383 | ||||||||||||||
Stock Options and RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Unrecognized share-based compensation expense, stock options | $ | $ 2,128,000 | $ 1,611,000 | |||||||||||||
Performance Stock Options [Member} | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 100.00% | ||||||||||||||
Performance RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 100.00% | ||||||||||||||
2013 Equity Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stockholders equity reverse stock split ratio | 0.33 | ||||||||||||||
Total stock options and RSUs authorized | 333,333 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted average exercise price per share | $ / shares | $ 1.95 | ||||||||||||||
Number of shares remaining forfeited | 16,950 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 2.87 | $ 4.40 | |||||||||||||
Number of Shares, Granted | 33,333 | 33,333 | |||||||||||||
Weighted average exercise price per share | $ / shares | $ 4.02 | $ 6.03 | |||||||||||||
Number of shares remaining forfeited | 50,333 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options granted on August 31, 2015 [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options vested | 6,333 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options Granted on February 29, 2016 [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options vested | 10,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | RSUs [Member] | Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 100.00% | ||||||||||||||
Restricted stock units, grant date fair value | $ / shares | $ 1.95 | ||||||||||||||
Restricted stock unit award, shares | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Restricted stock units, grant date fair value | $ / shares | $ 1.86 | ||||||||||||||
Restricted stock units, grant date fair value | $ | $ 108,498 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 58,332 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options Granted on July 29 2016 [Member] | Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options vested | 16,383 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 0.99 | ||||||||||||||
Weighted average exercise price per share | $ / shares | $ 1.50 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 100,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 200,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Employees and Executive Officers [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 550,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Chief Scientific Officer and Senior Vice President [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 75,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Senior Medical Director and Senior Vice President [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 75,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.50 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 50,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 175,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Other Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.50 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 175,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | Other Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Pre-reverse Stock Split [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 1,000,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 3,522,955 | 1,022,955 | |||||||||||||
Stock options and RSUs issued | 2,712,157 | 987,394 | |||||||||||||
Total Shares Outstanding | 2,712,157 | 945,912 | |||||||||||||
Common stock, shares authorized | 638,487 | 35,561 | |||||||||||||
Increase in number of shares of common stock authorized for issuance | 2,500,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 3,068,865 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 1,022,955 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Inducement shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 333,333 | 333,333 | |||||||||||||
Stock options and RSUs issued | 133,049 | 124,999 | |||||||||||||
Total Shares Outstanding | 133,049 | 124,999 | |||||||||||||
Common stock, shares authorized | 175,284 | 208,334 | |||||||||||||
2013 Equity Incentive Plan [Member] | Inducement shares [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 1,000,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Inducement shares [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 333,333 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Options Vesting on One Year Anniversary [Member] | Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 66,666 | ||||||||||||||
Vesting period | 1 year | 1 year | |||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | 25.00% | |||||||||||||
Stock option units remaining vesting period on Equal monthly basis | 3 years | 3 years | |||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.45 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Options Vesting on Performance Achievement [Member] | Chief Financial Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 33,333 | ||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.26 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Achievement of the Company's 2017 Corporate Goals [Member] | Performance Stock Options [Member} | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 70.00% | ||||||||||||||
2013 Equity Incentive Plan [Member] | Achievement of the Company's 2017 Corporate Goals [Member] | Performance RSUs [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 70.00% |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock and exercise prices | $ 1.22 | $ 0.775 | $ 4.140 |
Discount rate-bond equivalent yield | 1.79% | 0.99% | 1.52% |
Expected life (in years) | 5 years 1 month 13 days | 5 years 1 month 17 days | 5 years 2 months 23 days |
Expected volatility | 70.00% | 80.00% | 70.00% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock and exercise prices | $ 2.13 | $ 4.020 | $ 10.140 |
Discount rate-bond equivalent yield | 2.08% | 2.11% | 1.94% |
Expected life (in years) | 6 years 1 month 2 days | 6 years 26 days | 6 years 26 days |
Expected volatility | 90.00% | 90.00% | 100.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Number of Shares Outstanding, Beginning Balance | 896,662 | 713,659 | 302,015 | |
Number of Shares, Granted | 1,711,196 | 290,399 | 441,288 | |
Number of Shares, Exercised | 0 | 0 | 0 | |
Number of Shares, Cancelled/forfeited/expired | (123,572) | (107,396) | (29,644) | |
Number of Shares Outstanding, Ending Balance | 2,484,286 | 896,662 | 713,659 | 302,015 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 2,267,826 | 801,529 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 8.80 | $ 11.03 | $ 18.88 | |
Weighted Average Exercise Price Per Share, Granted | 1.49 | 2.51 | 6.01 | |
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 5.13 | 7.99 | 13.83 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | 3.93 | 8.80 | $ 11.03 | $ 18.88 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 4.16 | $ 9.26 | ||
Weighted Average Remaining Contractual Term in Years, Cancelled/forfeited/expired | 8 years 8 months 12 days | |||
Weighted Average Remaining Contractual Term in Years, Outstanding | 8 years 10 months 25 days | 8 years 6 months | 8 years 9 months 18 days | 9 years |
Weighted Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 8 years 9 months 18 days | 8 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information about Options Outstanding and Exercisable (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Shares Outstanding | 896,662 | 2,484,286 | 713,659 | 302,015 |
Total Shares Exercisable | 455,237 | |||
Weighted Average Exercise Price 0.78 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 0.78 | |||
Total Shares Outstanding | 13,771 | |||
Weighted Average Contractual Life (in years) | 10 years | |||
Weighted Average Exercise Price 1.93 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 1.93 | |||
Total Shares Outstanding | 184,073 | |||
Weighted Average Contractual Life (in years) | 9 years 7 months 6 days | |||
Total Shares Exercisable | 42,082 | |||
Weighted Average Exercise Price 4.06 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.06 | |||
Total Shares Outstanding | 118,342 | |||
Weighted Average Contractual Life (in years) | 9 years 1 month 6 days | |||
Total Shares Exercisable | 67,919 | |||
Weighted Average Exercise Price 6.37 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 6.37 | |||
Total Shares Outstanding | 336,406 | |||
Weighted Average Contractual Life (in years) | 8 years 8 months 12 days | |||
Total Shares Exercisable | 149,981 | |||
Weighted Average Exercise Price 15.26 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 15.26 | |||
Total Shares Outstanding | 139,104 | |||
Weighted Average Contractual Life (in years) | 6 years 9 months 18 days | |||
Total Shares Exercisable | 116,789 | |||
Weighted Average Exercise Price 26.45 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 26.45 | |||
Total Shares Outstanding | 104,966 | |||
Weighted Average Contractual Life (in years) | 7 years 1 month 6 days | |||
Total Shares Exercisable | 78,466 |
Stock-Based Compensation - Su52
Stock-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] - $ / shares | Jun. 12, 2014 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares Outstanding, Beginning Balance | 174,249 | 25,752 | 83,755 | |
Number of Shares, Granted | 14,832 | 350,000 | 165,829 | |
Number of share, Vested and issued | (155,829) | (4,449) | (58,003) | |
Number of share, Forfeited | (7,500) | (12,883) | ||
Number of Shares Outstanding, Ending Balance | 360,920 | 174,249 | 25,752 | |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 301,420 | 171,667 | ||
Weighted Average Grand Date Fair Value, Outstanding, Beginning Balance | $ 2.68 | $ 15.12 | $ 15.43 | |
Weighted Average Grand Date Fair Value, Granted | 1.50 | 1.96 | ||
Weighted Average Grant Date Fair Value, Vested and issued | 1.96 | 15.56 | ||
Weighted Average Grand Date Fair Value, Issued | 16.05 | |||
Weighted Average Grand Date Fair Value, Forfeited | 2.12 | 13.34 | ||
Weighted Average Grand Date Fair Value, Outstanding, Ending Balance | 1.87 | 2.68 | $ 15.12 | |
Weighted Average Grand Date Fair Value, Vested unvested expected to vest, Ending Balance | $ 1.95 | $ 2.69 |
Stock-Based Compensation - Effe
Stock-Based Compensation - Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Condensed Statement of Operations and Comprehensive Loss (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | $ 331,977 | $ 406,613 | $ 883,672 | $ 1,097,439 | $ 1,452,827 | $ 1,254,733 |
Stock Options [Member] | Cost of revenues [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 59,720 | 34,119 | 133,105 | 89,606 | 115,266 | 68,660 |
Stock Options [Member] | Research and Development Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 53,405 | 28,189 | 121,834 | 87,153 | 123,330 | 103,138 |
Stock Options [Member] | General and Administrative Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 178,671 | 292,381 | 528,406 | 829,516 | 1,071,490 | 933,018 |
Stock Options [Member] | Sales and Marketing Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 40,181 | 51,924 | 100,327 | 91,164 | 142,741 | 149,917 |
RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 475,688 | 465,269 | 1,232,149 | 1,164,979 | 1,593,947 | 1,377,824 |
RSUs [Member] | Cost of revenues [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 20,417 | 14,918 | 58,717 | 16,834 | 32,338 | |
RSUs [Member] | Research and Development Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 20,418 | 14,131 | 57,490 | 15,583 | 30,261 | 10,724 |
RSUs [Member] | General and Administrative Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | 74,521 | 6,668 | 160,927 | 7,676 | 38,274 | $ 112,367 |
RSUs [Member] | Sales and Marketing Expenses [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total stock-based compensation | $ 28,355 | $ 22,939 | $ 71,343 | $ 27,447 | $ 40,247 |
Common Stock Warrants Outstan54
Common Stock Warrants Outstanding - Additional Information (Detail) | Aug. 11, 2017USD ($)$ / shares | Mar. 31, 2017$ / sharesshares | Sep. 29, 2016 | Feb. 28, 2015USD ($) | Mar. 28, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Aug. 09, 2017$ / shares | May 04, 2016$ / shares |
Class Of Warrant Or Right [Line Items] | ||||||||||
Reverse stock split of common shares outstanding | 0.33 | |||||||||
Common stock warrants exercisable, intrinsic value | $ 0 | |||||||||
Common stock warrants outstanding, intrinsic value | $ 378,337 | $ 0 | ||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 9,800,000 | $ 7,498,535 | $ 9,760,060 | ||||||
Exercise of common stock warrant | shares | 0 | 0 | 0 | |||||||
Exercise price of warrants | $ / shares | $ 1.50 | $ 2.50 | $ 1.50 | $ 3.90 | ||||||
Public Offering [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Proceeds from exercise of common stock warrants | $ 5,300,000 | |||||||||
Exercise of common stock warrant | shares | 4,780,850 | |||||||||
Exercise price of warrants | $ / shares | $ 1.10 | |||||||||
Warrants [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Warrants issued | shares | 2,160,000 | 3,594,639 | 10,890,657 | 2,666,666 | ||||||
Warrants exercisable period | 5 years | |||||||||
Warrants exercisable commencing date | Oct. 1, 2017 |
Common Stock Warrants Outstan55
Common Stock Warrants Outstanding - Summary of Equity-Classified Common Stock Warrant Activity (Detail) - Warrants [Member] - $ / shares | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class Of Warrant Or Right [Line Items] | |||||
Number of Shares, Outstanding, Beginning Balance | 11,623,987 | 784,230 | 203,047 | ||
Number of Shares, Issued | 2,160,000 | 3,594,639 | 10,890,657 | 2,666,666 | |
Number of Shares, Exercised | (6,816,850) | (2,085,483) | |||
Number of Shares, Expired | (50,900) | ||||
Number of Shares, Outstanding, Ending Balance | 8,401,746 | 11,623,987 | 784,230 | 203,047 | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 1.93 | $ 11.18 | $ 29.79 | ||
Weighted Average Exercise Price Per Share, Issued | 2.10 | 1.40 | 4.68 | ||
Weighted Average Exercise Price Per Share, Exercised | 1.10 | 4.68 | |||
Weighted Average Exercise Price Per Share, Expired | 30 | ||||
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 2.68 | $ 1.93 | $ 11.18 | $ 29.79 | |
Average Remaining Contractual Term (in years) | 4 years 2 months 12 days | 4 years 7 months 6 days | 3 years 9 months 18 days | 3 years 9 months 18 days | |
Scenario, Previously Reported [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Number of Shares, Outstanding, Beginning Balance | 11,623,957 | ||||
Number of Shares, Outstanding, Ending Balance | 11,623,957 |
Common Stock Warrants Outstan56
Common Stock Warrants Outstanding - Equity-Classified Common Stock Warrants, for Warrants than Underlying Unexercised Overallotment Option Warrants, Outstanding and Exercisable (Detail) - $ / shares | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2017 | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | May 04, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | ||||
Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Total Shares Outstanding | 11,623,987 | 8,401,746 | 784,230 | 203,047 | ||||
Weighted Average Exercise Price 1.10 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 1.10 | |||||||
Total Shares Outstanding | 9,727,131 | |||||||
Weighted Average Contractual Life (in years) | 4 years 9 months 18 days | |||||||
Weighted Average Exercise Price 3.90 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 3.90 | |||||||
Total Shares Outstanding | 1,163,526 | |||||||
Weighted Average Contractual Life (in years) | 4 years 3 months 18 days | |||||||
Weighted Average Exercise Price 4.68 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 4.68 | |||||||
Total Shares Outstanding | 581,183 | |||||||
Weighted Average Contractual Life (in years) | 3 years 1 month 6 days | |||||||
Weighted Average Exercise Price 14.16 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 14.16 | |||||||
Total Shares Outstanding | 17,655 | |||||||
Weighted Average Contractual Life (in years) | 7 years 3 months 18 days | |||||||
Weighted Average Exercise Price 30.00 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 30 | |||||||
Total Shares Outstanding | 102,826 | |||||||
Weighted Average Contractual Life (in years) | 2 years 1 month 6 days | |||||||
Weighted Average Exercise Price 37.50 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 37.50 | |||||||
Total Shares Outstanding | 31,666 | |||||||
Weighted Average Contractual Life (in years) | 2 years 1 month 6 days |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Detail) | Sep. 29, 2016 |
Earnings Per Share [Abstract] | |
Reverse stock split of common shares outstanding | 0.33 |
Net Loss per Common Share - Sch
Net Loss per Common Share - Schedule of Anti-Dilutive Securities Excluded from Computations of Diluted Weighted-Average Shares (Detail) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive common share equivalents | 11,247,481 | 3,000,712 | 11,247,481 | 3,000,712 | 12,695,427 | 1,524,170 |
Warrants Outstanding [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive common share equivalents | 8,401,746 | 1,896,826 | 8,401,746 | 1,896,826 | 11,623,987 | 784,230 |
RSUs [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive common share equivalents | 360,920 | 176,749 | 360,920 | 176,749 | 174,249 | 25,752 |
Preferred Warrants Outstanding [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive common share equivalents | 529 | 529 | 529 | 529 | 529 | 529 |
Common Options Outstanding [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive common share equivalents | 2,484,286 | 926,608 | 2,484,286 | 926,608 | 896,662 | 713,659 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||
State | $ 2,053 | $ 1,608 | |||
Total | 2,053 | 1,608 | |||
Deferred | |||||
Provision for income tax | $ 2,877 | $ 5,023 | $ 2,053 | $ 2,053 | $ 1,608 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax at statutory rate | $ (6,255,072) | $ (5,762,293) | |||
State liability | (260,835) | (334,494) | |||
Permanent items | 67,151 | 34,852 | |||
Stock compensation | 157,250 | 334,609 | |||
Nondeductible interest | 21,548 | (316) | |||
Expiration of net operating losses | 796,699 | ||||
Research and development credit | (170,950) | (164,967) | |||
State rate change | 44,421 | 746,238 | |||
Estimated section 382 limitation | 9,256,295 | 48,484,354 | |||
Other | 96,406 | (1,041) | |||
Valuation allowance | (2,954,161) | (44,132,033) | |||
Provision for income tax | $ 2,877 | $ 5,023 | $ 2,053 | $ 2,053 | $ 1,608 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||
Percent of uncertain income tax positions recognized | 50.00% | 50.00% |
Liability for unrecognized tax benefits | $ 0 | $ 0 |
Percentage of change in ownership | 50.00% | |
Period of change in ownership | 3 years | |
Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 5,303,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2034 | |
Federal [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 16,000 | |
Income tax research and development expiration year | begin to expire in 2034 | |
California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 8,622,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2022 | |
California [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 3,376,000 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Estimated net operating loss carryforward | $ 2,218,618 | $ 6,204,024 |
Estimated research and development credits | 2,244,047 | 2,235,914 |
Accruals and other | 2,273,838 | 1,234,413 |
Deferred rent | 164,821 | 181,134 |
Gross deferred tax assets | 6,901,324 | 9,855,485 |
Less valuation allowance | (6,901,324) | (9,855,485) |
Net deferred tax assets | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Aug. 11, 2017USD ($) | Feb. 01, 2017 | Oct. 31, 2016USD ($)DirectorConsultantshares | May 04, 2016USD ($)Directorshares | Feb. 09, 2015USD ($)shares | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Mar. 31, 2015 | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Nov. 30, 2011ft² |
Related Party Transaction [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 1,163,526 | ||||||||||||
Proceeds from issuance of common stock | $ 2,200,000 | ||||||||||||
Number of consultants | Consultant | 1 | ||||||||||||
Lease expiration date | Mar. 31, 2017 | Jul. 31, 2020 | |||||||||||
Rental income | $ 12,804 | $ 38,412 | $ 51,216 | $ 115,236 | $ 153,648 | $ 102,432 | |||||||
San Diego California Facility [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Leased facility, expansion of original premises | ft² | 9,849 | ||||||||||||
Lease expiration date | Mar. 31, 2017 | Oct. 31, 2018 | |||||||||||
Rental income | 51,216 | $ 115,236 | $ 153,648 | 102,432 | |||||||||
Director [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Initial public offering, number of shares issued | shares | 534,088 | 58,335 | 47,331 | ||||||||||
Issuance of warrants to purchase shares of common stock | shares | 534,088 | 40,832 | 47,331 | ||||||||||
Proceeds from issuance of common stock | $ 587,497 | $ 175,000 | $ 177,500 | ||||||||||
Number of members of board of directors | Director | 3 | 3 | |||||||||||
Director [Member] | Chief Executive Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of members of board of directors | Director | 7 | ||||||||||||
Claire K.T. Reiss [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Initial public offering, number of shares issued | shares | 227,272 | 204,758 | |||||||||||
Issuance of warrants to purchase shares of common stock | shares | 227,272 | 143,330 | |||||||||||
Proceeds from issuance of common stock | $ 249,999 | $ 614,273 | |||||||||||
Beneficial owner percentage of company's common stock | 10.00% | 10.00% | |||||||||||
Consultants [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Initial public offering, number of shares issued | shares | 79,090 | ||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 79,090 | ||||||||||||
Proceeds from issuance of common stock | $ 86,999 | ||||||||||||
Aegea Biotechnologies, Inc [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Reimbursement for shared patent costs | $ 15,325 | $ 19,047 | $ 25,763 | ||||||||||
Nonexecutive [Member] | San Diego California Facility [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Leased facility, expansion of original premises | ft² | 9,849 | 9,849 | 9,849 | ||||||||||
Lease agreement date of commencement | Mar. 30, 2015 | Mar. 30, 2015 | |||||||||||
Leased facility, rent expense per month | $ 12,804 | $ 12,804 | |||||||||||
Lease facility, refundable security deposit amount | $ 12,804 | $ 12,804 | $ 12,804 | ||||||||||
Lease expiration date | Jul. 31, 2015 | ||||||||||||
Lease agreement, amount of security deposit applied against additional rents owed | 16,000 | ||||||||||||
Lease agreement, amount of additional rents waived | $ 3,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Nov. 02, 2017USD ($) | Feb. 01, 2017 | Feb. 29, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2012 | Nov. 30, 2011ft² |
Loss Contingencies [Line Items] | ||||||||
Lease expiration date | Mar. 31, 2017 | Jul. 31, 2020 | ||||||
Total rent expense | $ 1,272,000 | $ 1,272,000 | ||||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | $ 625,000 | 812,500 | |||||
Unconditional purchase commitment, quarterly payment amount | 62,500 | $ 812,500 | ||||||
Unconditional purchase commitment payment terms | Quarterly | Quarterly | ||||||
Unconditional purchase commitment period | May 31, 2020 | May 31, 2020 | ||||||
Total payments for future sales tax and maintenance obligations | $ 328,117 | $ 172,820 | ||||||
Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | |||||||
San Diego California Facility [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lease expiration date | Mar. 31, 2017 | Oct. 31, 2018 | ||||||
Initial lease term | 8 years | |||||||
Leased facility, expansion of original premises | ft² | 9,849 | |||||||
Equipment Financings [Member] | Subsequent Event [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total proceeds from equipment financing commitment | $ 150,848 |
Commitments and Contingencies65
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 1,348,257 |
2,018 | 1,388,705 |
2,019 | 1,430,366 |
2,020 | 855,136 |
Thereafter | 0 |
Total | $ 5,022,464 |
Selected Quarterly Financial 66
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Balance sheet data: | ||||||||||||||||||||||
Cash | $ 5,879,025 | $ 4,609,332 | $ 678,855 | $ 3,751,570 | $ 4,572,750 | $ 8,821,329 | $ 12,541,919 | $ 16,523,975 | $ 19,294,706 | $ 5,879,025 | $ 678,855 | $ 4,609,332 | $ 8,821,329 | $ 5,364,582 | ||||||||
Total assets | 11,120,215 | 7,578,326 | 3,282,549 | 6,303,153 | 6,780,830 | 10,586,918 | 14,196,386 | 18,317,659 | 20,899,513 | 11,120,215 | 3,282,549 | 7,578,326 | 10,586,918 | |||||||||
Total non-current liabilities | 2,526,113 | 2,793,258 | 3,134,593 | 3,132,372 | 3,553,395 | 3,877,362 | 4,234,552 | 5,083,216 | 2,793,258 | 2,526,113 | 3,553,395 | |||||||||||
Total shareholders' equity/(deficit) | 4,026,079 | 658,661 | (4,556,158) | (419,402) | (489,231) | 3,692,735 | 6,928,277 | 11,049,961 | 13,582,795 | 4,026,079 | (4,556,158) | 658,661 | 3,692,735 | $ (220,569) | ||||||||
Statement of operations and comprehensive loss data: | ||||||||||||||||||||||
Revenues | 1,111,411 | 1,291,587 | 1,047,280 | 662,860 | 221,369 | 218,283 | 164,856 | 76,768 | 150,002 | 4,073,437 | 1,931,509 | 3,223,096 | 609,909 | |||||||||
Cost of revenues | 2,487,054 | 1,899,462 | 1,876,288 | 1,669,571 | 1,474,790 | 1,275,691 | [1] | 1,159,710 | [1] | 1,013,075 | [1] | 1,147,682 | [1] | 6,985,213 | 5,020,649 | 6,920,111 | 4,596,158 | |||||
Research and development expenses | 856,698 | 668,399 | 600,613 | 716,279 | 728,076 | 784,379 | [1] | 677,729 | [1] | 744,242 | [1] | 651,420 | [1] | 2,455,947 | 2,044,968 | 2,713,367 | 2,857,770 | |||||
General and administrative expenses | 1,834,771 | 1,636,994 | 1,918,543 | 1,517,664 | 1,487,224 | 1,404,515 | 1,630,608 | 1,359,226 | 1,292,049 | 5,539,432 | 4,923,431 | 6,560,425 | 5,686,398 | |||||||||
Sales and marketing expenses | 1,675,852 | 1,179,167 | 1,278,455 | 1,291,709 | 1,304,899 | 1,264,168 | 1,055,653 | 851,109 | 709,456 | 4,701,030 | 3,875,063 | 5,054,230 | 3,880,386 | |||||||||
Loss from operations | (5,742,964) | (4,092,435) | (4,626,619) | (4,532,363) | (4,773,620) | (4,510,470) | (4,358,844) | (3,890,884) | (3,650,605) | (15,608,185) | (13,932,602) | (18,025,037) | (16,410,803) | |||||||||
Net loss | $ (5,821,306) | $ (4,186,874) | $ (4,743,076) | $ (4,594,174) | $ (4,875,198) | $ (4,617,500) | $ (4,496,193) | $ (4,035,105) | $ (3,800,728) | $ (15,947,164) | $ (14,212,448) | $ (18,399,322) | $ (16,949,526) | |||||||||
Net loss per common share: | ||||||||||||||||||||||
Basic | $ (0.20) | $ (0.27) | [2] | $ (0.57) | [2] | $ (0.60) | [2] | $ (0.74) | [2] | $ (0.73) | [2] | $ (0.72) | [2] | $ (0.67) | [2] | $ (1.10) | [2] | $ (0.62) | $ (1.88) | $ (1.92) | $ (3.07) | |
Diluted | $ (0.20) | $ (0.27) | [2] | $ (0.57) | [2] | $ (0.60) | [2] | $ (0.74) | [2] | $ (0.73) | [2] | $ (0.72) | [2] | $ (0.67) | [2] | $ (1.10) | [2] | $ (0.62) | $ (1.88) | $ (1.92) | $ (3.07) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||||||||||||||||||||||
Basic | 29,605,953 | 15,620,049 | 8,370,691 | 7,702,286 | 6,566,992 | 6,307,316 | 6,242,604 | 6,005,145 | 3,457,556 | 25,816,181 | 7,549,663 | 9,578,285 | 5,512,989 | |||||||||
Diluted | 29,605,953 | 15,620,049 | 8,370,691 | 7,702,286 | 6,566,992 | 6,307,316 | 6,242,604 | 6,005,145 | 3,457,556 | 25,816,181 | 7,549,663 | 9,578,285 | 5,512,989 | |||||||||
[1] | A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in this current period presentation of selected quarterly financial data. | |||||||||||||||||||||
[2] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Selected Quarterly Financial 67
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Reclassification of revenue generation cost from research and development to cost of revenue | $ 27,856 | $ 290,709 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Nov. 02, 2017 | Aug. 11, 2017 | Feb. 01, 2017 | Oct. 14, 2016 | Feb. 28, 2015 | Mar. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 09, 2017 | Mar. 31, 2017 | May 04, 2016 |
Subsequent Event [Line Items] | |||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 9,800,000 | $ 7,498,535 | $ 9,760,060 | |||||||||
Exercise of common stock warrant | 0 | 0 | 0 | ||||||||||
Exercise price of warrants | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | |||||||||
Lease expiration date | Mar. 31, 2017 | Jul. 31, 2020 | |||||||||||
Roth Capital Partners, LLC and Feltl [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Proceeds from exercise of common stock warrants | $ 564 | $ 5,300,000 | $ 7,500,000 | $ 7,500,000 | |||||||||
Exercise of common stock warrant | 4,780,850 | ||||||||||||
Exercise price of warrants | $ 1.10 | $ 1.10 | |||||||||||
Subsequent Event [Member] | Equipment Financings [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Total proceeds from equipment financing commitment | $ 150,848 |
The Company, Business Activit69
The Company, Business Activities and Basis of Presentation - Additional Information (Detail) | Sep. 29, 2016 | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016shares | Sep. 27, 2016shares | Dec. 31, 2015shares |
The Company, Business Activities and Basis of Presentation [Line Items] | ||||||
Stockholders equity reverse stock split ratio | 0.33 | |||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | 40,000,000 | ||
Description of reverse stock split | On September 27, 2016, the Company's stockholders approved, and the Company filed, an amendment to the Company's amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company's outstanding common stock, and to increase the authorized number of shares of the Company's common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected September 29, 2016. | On September 27, 2016, the Company's stockholders approved, and the Company filed, an amendment to the Company's amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company's outstanding common stock, and to increase the authorized number of shares of the Company's common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected on September 29, 2016. | ||||
Nonrecurring net revenue recognized on accrual basis associated with cases delivered | $ | $ 839,431 | |||||
Increase (decrease) in net income (loss) per common share on nonrecurring net revenue | $ / shares | $ (0.03) | |||||
Net revenue recorded in excess of commercial cash collections | $ | $ 125,007 | $ 1,041,890 | ||||
Increase decrease in net income (loss) per common share | $ / shares | $ 0 | $ (0.04) | ||||
Minimum [Member] | ||||||
The Company, Business Activities and Basis of Presentation [Line Items] | ||||||
Common stock, shares authorized | 40,000,000 | |||||
Maximum [Member] | ||||||
The Company, Business Activities and Basis of Presentation [Line Items] | ||||||
Common stock, shares authorized | 150,000,000 |
The Company, Business Activit70
The Company, Business Activities and Basis of Presentation - Composition of Gross and Net Revenues Recognized (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue Recognition [Abstract] | |||||||||||||
Commercial revenues recognized upon delivery | $ 3,602,194 | $ 12,298,790 | |||||||||||
Development services revenues recognized upon delivery | 67,394 | $ 71,723 | 211,736 | $ 170,052 | |||||||||
Commercial revenues recognized upon cash collection | 102,234 | 975,557 | 1,158,277 | 1,761,457 | |||||||||
Total gross revenues | 3,771,822 | 1,047,280 | 13,668,803 | 1,931,509 | |||||||||
Provisions for contractual discounts | (1,729,805) | (4,545,128) | |||||||||||
Provisions for aged non-patient receivables | (152,889) | (598,532) | |||||||||||
Provisions for estimated patient receivables | 27,909 | (90,931) | |||||||||||
Provisions for other payer-specific sales allowances | (805,626) | (4,360,775) | |||||||||||
Net revenues | $ 1,111,411 | $ 1,291,587 | $ 1,047,280 | $ 662,860 | $ 221,369 | $ 218,283 | $ 164,856 | $ 76,768 | $ 150,002 | $ 4,073,437 | $ 1,931,509 | $ 3,223,096 | $ 609,909 |
The Company, Business Activit71
The Company, Business Activities and Basis of Presentation - Summary of Activity in Gross and Net Accounts Receivable Balances and Reserves (Detail) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
The Company, Business Activities and Basis of Presentation [Line Items] | |
Gross and net accounts receivable, Beginning Balance | $ 128,969 |
Amounts Recognized Upon Delivery | 2,915,160 |
Settlements Upon Adjudication | (1,910,757) |
Gross and net accounts receivable, Ending Balance | 1,133,372 |
Accounts Receivable Gross [Member] | |
The Company, Business Activities and Basis of Presentation [Line Items] | |
Gross and net accounts receivable, Beginning Balance | 128,969 |
Amounts Recognized Upon Delivery | 12,510,526 |
Settlements Upon Adjudication | (5,649,054) |
Gross and net accounts receivable, Ending Balance | 6,990,441 |
Reserve for Contractual Discounts [Member] | |
The Company, Business Activities and Basis of Presentation [Line Items] | |
Amounts Recognized Upon Delivery | (4,545,128) |
Settlements Upon Adjudication | 2,399,458 |
Gross and net accounts receivable, Ending Balance | (2,145,670) |
Reserve for Aged Non-patient Receivables [Member] | |
The Company, Business Activities and Basis of Presentation [Line Items] | |
Amounts Recognized Upon Delivery | (598,532) |
Settlements Upon Adjudication | 70,950 |
Gross and net accounts receivable, Ending Balance | (527,582) |
Reserve for Estimated Patient Receivables [Member] | |
The Company, Business Activities and Basis of Presentation [Line Items] | |
Amounts Recognized Upon Delivery | (90,931) |
Settlements Upon Adjudication | 1,072 |
Gross and net accounts receivable, Ending Balance | (89,859) |
Reserve for Other Payer-specific Sales Allowances [Member] | |
The Company, Business Activities and Basis of Presentation [Line Items] | |
Amounts Recognized Upon Delivery | (4,360,775) |
Settlements Upon Adjudication | 1,266,817 |
Gross and net accounts receivable, Ending Balance | $ (3,093,958) |
The Company, Business Activit72
The Company, Business Activities and Basis of Presentation - Summary of Third-Party Payers That Represent More Than 10% of Total Net Revenues and Total Net Accounts Receivable and Their Related Percentage (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Customer Concentration Risk [Member] | Net Revenues [Member] | Blue Cross Blue Shield [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 16.00% | 15.00% | 17.00% | 12.00% |
Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare and Medicare Advantage [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 45.00% | 63.00% | 41.00% | 54.00% |
Customer Concentration Risk [Member] | Net Revenues [Member] | United Healthcare [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 14.00% | 19.00% | 12.00% | 19.00% |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Blue Cross Blue Shield [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 27.00% | |||
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Medicare and Medicare Advantage [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 20.00% | |||
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | United Healthcare [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 14.00% |
Stock-Based Compensation - Sc73
Stock-Based Compensation - Schedule of Percentage Of Overall Performance Grant Subject To Vesting (Detail) | 9 Months Ended |
Sep. 30, 2017 | |
Performance Stock Options [Member} | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 100.00% |
Performance Stock Options [Member} | 2013 Equity Incentive Plan [Member] | Minimum Revenue In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 20.00% |
Performance Stock Options [Member} | 2013 Equity Incentive Plan [Member] | Cost Of Revenue Reductions And Improvements In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance Stock Options [Member} | 2013 Equity Incentive Plan [Member] | Increase Cash Generated From Operations In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance Stock Options [Member} | 2013 Equity Incentive Plan [Member] | Minimum Cash On Hand In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance Stock Options [Member} | 2013 Equity Incentive Plan [Member] | Minimum Customer Agreements Product Licensing And Product Launch In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 20.00% |
Performance Stock Options [Member} | 2013 Equity Incentive Plan [Member] | Implementation Of New Products And Utility Trials In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 100.00% |
Performance RSUs [Member] | 2013 Equity Incentive Plan [Member] | Minimum Revenue In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 20.00% |
Performance RSUs [Member] | 2013 Equity Incentive Plan [Member] | Cost Of Revenue Reductions And Improvements In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance RSUs [Member] | 2013 Equity Incentive Plan [Member] | Increase Cash Generated From Operations In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance RSUs [Member] | 2013 Equity Incentive Plan [Member] | Minimum Cash On Hand In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |
Performance RSUs [Member] | 2013 Equity Incentive Plan [Member] | Minimum Customer Agreements Product Licensing And Product Launch In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 20.00% |
Performance RSUs [Member] | 2013 Equity Incentive Plan [Member] | Implementation Of New Products And Utility Trials In Fiscal Two Thousand Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of Overall Stock Grant Subject to Vesting | 15.00% |