Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 05, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ASPN | ||
Entity Registrant Name | ASPEN AEROGELS INC | ||
Entity Central Index Key | 0001145986 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity File Number | 001-36481 | ||
Entity Tax Identification Number | 04-3559972 | ||
Entity Address, Address Line One | 30 Forbes Road | ||
Entity Address, Address Line Two | Building B | ||
Entity Address, City or Town | Northborough | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01532 | ||
City Area Code | 508 | ||
Local Phone Number | 691-1111 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.00001 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 26,594,455 | ||
Entity Public Float | $ 166.3 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on June 18, 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,633 | $ 3,327 |
Accounts receivable, net of allowances of $144 and $2,877 | 32,254 | 25,565 |
Inventories | 8,768 | 7,318 |
Prepaid expenses and other current assets | 1,114 | 1,041 |
Total current assets | 45,769 | 37,251 |
Property, plant and equipment, net | 53,617 | 61,699 |
Operating lease right-of-use assets | 4,032 | |
Other long-term assets | 84 | 73 |
Total assets | 103,502 | 99,023 |
Current liabilities: | ||
Accounts payable | 12,596 | 12,392 |
Accrued expenses | 8,057 | 3,864 |
Revolving line of credit | 3,123 | 4,181 |
Deferred revenue | 5,620 | 2,629 |
Operating lease liabilities | 1,038 | |
Total current liabilities | 30,434 | 23,066 |
Deferred rent | 1,218 | |
Prepayment liability | 9,786 | 4,485 |
Operating lease liabilities long-term | 4,292 | |
Total liabilities | 44,512 | 28,769 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and 2018 | ||
Common stock, $0.00001 par value; 125,000,000 shares authorized, 24,302,504 and 23,973,517 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 0 | |
Additional paid-in capital | 545,140 | 541,839 |
Accumulated deficit | (486,150) | (471,585) |
Total stockholders' equity | 58,990 | 70,254 |
Total liabilities and stockholders' equity | $ 103,502 | $ 99,023 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivables | $ 144 | $ 2,877 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 24,302,504 | 23,973,517 |
Common stock, shares outstanding | 24,302,504 | 23,973,517 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Total revenue | $ 139,375 | $ 104,361 | $ 111,631 |
Cost of revenue: | |||
Gross profit | 26,284 | 12,669 | 18,671 |
Operating expenses: | |||
Research and development | 8,407 | 6,319 | 6,180 |
Sales and marketing | 15,557 | 13,794 | 12,604 |
General and administrative | 16,479 | 19,116 | 19,023 |
Impairment of construction in progress | 7,356 | ||
Total operating expenses | 40,443 | 46,585 | 37,807 |
Loss from operations | (14,159) | (33,916) | (19,136) |
Interest expense, net | (406) | (524) | (185) |
Total interest expense, net | (406) | (524) | (185) |
Net loss | $ (14,565) | $ (34,440) | $ (19,321) |
Net loss per share: | |||
Basic and diluted | $ (0.60) | $ (1.45) | $ (0.83) |
Weighted-average common shares outstanding: | |||
Basic and diluted | 24,099,438 | 23,738,852 | 23,390,235 |
Product [Member] | |||
Revenue: | |||
Total revenue | $ 136,934 | $ 102,123 | $ 109,590 |
Cost of revenue: | |||
Cost of revenue | 111,759 | 90,660 | 92,052 |
Research Services [Member] | |||
Revenue: | |||
Total revenue | 2,441 | 2,238 | 2,041 |
Cost of revenue: | |||
Cost of revenue | $ 1,332 | $ 1,032 | $ 908 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock 0.00001 Par Value [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2016 | $ 115,564 | $ 533,088 | $ (417,524) | |
Beginning balance, shares at Dec. 31, 2016 | 23,369,838 | |||
Net loss | (19,321) | (19,321) | ||
Adoption of new accounting standard | 300 | (300) | ||
Stock compensation expense | 5,091 | 5,091 | ||
Issuance of restricted stock, shares | 86,023 | |||
Retirement of restricted stock, shares | (12,289) | |||
Vesting of restricted stock units | (391) | (391) | ||
Vesting of restricted stock units, shares | 199,617 | |||
Ending balance at Dec. 31, 2017 | 100,943 | 538,088 | (437,145) | |
Ending balance, shares at Dec. 31, 2017 | 23,643,189 | |||
Net loss | (34,440) | (34,440) | ||
Stock compensation expense | 4,302 | 4,302 | ||
Issuance of restricted stock, shares | 58,062 | |||
Vesting of restricted stock units | (551) | (551) | ||
Vesting of restricted stock units, shares | 272,266 | |||
Ending balance at Dec. 31, 2018 | 70,254 | 541,839 | (471,585) | |
Ending balance, shares at Dec. 31, 2018 | 23,973,517 | |||
Net loss | (14,565) | (14,565) | ||
Stock compensation expense | 3,771 | 3,771 | ||
Issuance of restricted stock, shares | 50,328 | |||
Vesting of restricted stock units | (470) | (470) | ||
Vesting of restricted stock units, shares | 278,659 | |||
Ending balance at Dec. 31, 2019 | $ 58,990 | $ 545,140 | $ (486,150) | |
Ending balance, shares at Dec. 31, 2019 | 24,302,504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (14,565,000) | $ (34,440,000) | $ (19,321,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 10,213,000 | 10,787,000 | 10,753,000 |
Impairment of construction in progress | 7,356,000 | ||
Provision for bad debt | 0 | 2,922,000 | 455,000 |
Stock compensation expense | 3,771,000 | 4,302,000 | 5,091,000 |
Reduction in the carrying amount of operating lease right-of-use assets | 947,000 | ||
Lease incentives | (121,000) | (111,000) | |
Other | (1,000) | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,689,000) | (1,723,000) | (9,159,000) |
Inventories | (1,450,000) | 1,597,000 | 3,953,000 |
Prepaid expenses and other assets | (84,000) | 261,000 | 411,000 |
Accounts payable | 141,000 | 1,557,000 | 1,269,000 |
Accrued expenses | 4,344,000 | (2,056,000) | 1,821,000 |
Deferred revenue | 3,392,000 | 810,000 | 261,000 |
Operating lease liabilities | (1,018,000) | ||
Other liabilities | (56,000) | 94,000 | (28,000) |
Net cash used in operating activities | (1,054,000) | (8,654,000) | (4,606,000) |
Cash flows from investing activities: | |||
Capital expenditures | (2,112,000) | (3,593,000) | (6,118,000) |
Net cash used in investing activities | (2,112,000) | (3,593,000) | (6,118,000) |
Cash flows from financing activities: | |||
Proceeds from (repayments of) borrowings under line of credit, net | (1,058,000) | 431,000 | 3,750,000 |
Prepayment proceeds under customer supply agreement | 5,000,000 | 5,000,000 | |
Repayment of obligations under capital lease | (27,000) | ||
Payments made for employee restricted stock tax withholdings | (470,000) | (551,000) | (391,000) |
Net cash provided by financing activities | 3,472,000 | 4,880,000 | 3,332,000 |
Net increase (decrease) in cash | 306,000 | (7,367,000) | (7,392,000) |
Cash and cash equivalents at beginning of period | 3,327,000 | 10,694,000 | 18,086,000 |
Cash and cash equivalents at end of period | 3,633,000 | 3,327,000 | 10,694,000 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 440,000 | 338,000 | 220,000 |
Income taxes paid | 0 | 0 | 0 |
Supplemental disclosures of non-cash activities: | |||
Initial recognition of operating lease liabilities related to right-of-use assets | 5,995,000 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 353,000 | ||
Changes in accrued capital expenditures | $ 63,000 | 182,000 | $ (3,681,000) |
Capitalized interest | $ 44,000 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | (1) Description of Business Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy infrastructure and building materials markets. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. On June 18, 2014, the Company completed the initial public offering (IPO) of its common stock. Liquidity During the year ended December 31, 2019, the Company incurred a net loss of $14.6 million and used $1.1 million of cash in operations. The Company had a cash and cash equivalents balance of $3.6 million and outstanding borrowings under its revolving line of credit of $3.1 million as of December 31, 2019 (see note 7). After giving effect to the outstanding borrowings and letters of credit, the additional amount available to the Company at December 31, 2019 under the revolving line of credit was $12.4 million. The Company is making investments to increase capacity at its existing manufacturing facility in East Providence, Rhode Island and to develop new technologies and strategic business opportunities. The Company expects its existing cash balance, the amount anticipated to be available under the existing revolving line of credit and anticipated cash flows from operations will be sufficient to complete the planned capacity expansion and to fund its planned strategic business opportunities. However, in the future, the Company may need to supplement its cash balance, available credit and anticipated cash flows from operations with debt financings, customer prepayments, technology licensing agreements or equity financings to provide the capital necessary to complete future capacity expansions or to fund evolving strategic business initiatives. |
Summary of Basis of Presentatio
Summary of Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Basis of Presentation and Significant Accounting Policies | (2) Summary of Basis of Presentation and Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the year ended December 31, 2019, the Company did not record any charges for uncollectible accounts receivable. During the year ended December 31, 2018, the Company recorded a charge for uncollectible accounts receivable of $2.9 million related to four customers of which one customer accounted for $2.8 million of that charge. During the year ended December 31, 2019, the Company received collections of $0.3 million from the customer. The Company subsequently determined that collection of the remaining unpaid accounts receivable from this customer of $2.6 million is unlikely due to the customer’s filing of judicial reorganization under Brazilian laws. Therefore, the Company recorded a write-off of the accounts receivable and the corresponding allowance for doubtful accounts. Allowance for doubtful accounts was zero and $2.8 million at December 31, 2019 and 2018, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers. For the year ended December 31, 2019, two customers represented 20% and 13% of total revenue, respectively. For the year ended December 31, 2018, one customer represented 20% of total revenue. For the year ended December 31, 2017, two customers represented 15% and 12% of total revenue, respectively. At December 31, 2019, the Company had two customers that accounted for 19% and 16% of accounts receivable, respectively. At December 31, 2018, the Company had one customer that accounted for 18% accounts receivable. Inventories Inventory consists of finished products and raw materials. Inventories are carried at lower of cost, determined using the first-in, first-out (FIFO) method, and net realizable value. Cost includes materials, labor and manufacturing overhead. Manufacturing overhead is allocated to the costs of conversion based on normal capacity of the Company’s production facility. Abnormal freight, handling costs and material waste is expensed in the period it occurs. The Company periodically reviews its inventories and makes provisions as necessary for estimated excess, obsolete or damaged goods to ensure values approximate the lower of cost and net realizable value. The amount of any such provision is equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand, selling prices and market conditions. Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property, plant and equipment. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Assets related to leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Assets utilized in the Company’s operations that are taken out of service with no future use are charged to cost of revenue or operating expenses, depending on the department in which the asset was utilized. Impairments of construction in progress are charged to operating expenses upon the determination of no future use. Other Assets Other assets primarily include long-term deposits. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. During 2016, the Company completed the design and engineering for a second manufacturing facility to be located in Statesboro, Georgia. At that time, the Company elected to delay construction of the facility due to its assessment of future demand. In December 2018, the Company determined that due to its cumulative manufacturing process advancements since 2016 and expected additional improvements in the near future, it will not use the existing design and engineering to construct a second facility in any location. Accordingly, the Company determined that the design and engineering costs were not recoverable and recorded an impairment charge of $7.4 million on construction in progress assets during 2018. Leases On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). See note 9 for further details. Prior to the Company’s adoption of ASU 2016-02, the Company recorded the difference between rent expense recognized on a straight-line basis and the contractual payments as deferred rent. The short-term portion of deferred rent is included within accrued expenses on the consolidated balance sheet as of December 31, 2018. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. Warranty The Company provides warranties for its products and records the estimated cost within cost of sales in the period that the related revenue is recorded. The Company’s standard warranty period extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. For an initial shipment of product for use in a system with new technical demands or new configurations and where the Company is unsure of meeting the customer’s specifications, the Company will defer the recognition of product revenue and related costs until written customer acceptance is obtained. The Company performs periodic testing of its aerogel blankets to ensure compliance with published performance specifications. From time to time, tests may indicate a product could potentially perform outside of these specifications. At that time, additional testing is initiated or the Company may conduct a root cause investigation. During the year ended December 31, 2018, test results indicated that tested samples performed outside the published performance specifications for a specific attribute of a product. The Company has completed its assessment of the impact of the testing results on its customer base and, based on that completed assessment, has determined that it is remote that the Company has incurred a liability as of December 31, 2019. The Company did not record any warranty expense during the years ended December 31, 2019 and 2018. During the year ended December 31, 2017, the Company recorded warranty expense of $0.9 million. This warranty charge was related to a product claim for a specific product application issue. This claim was outside of the Company’s typical experience. As of December 31, 2019, the Company had satisfied all outstanding warranty claims. Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of revenue. Customer payments of shipping and handling costs are recorded as product revenue. Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units (RSUs), are recognized in the statement of operations based on their fair value as of the date of grant. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards. The Black-Scholes model requires the use of a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and RSUs is determined using the closing price of the Company’s common stock on the date of grant. All shares of restricted stock are not transferable until vested. Restricted stock is typically issued to non-employee directors and typically vests over a one-year period from the date of issuance. RSUs are issued to employees and typically vest over a three-year period from the date of issuance. The fair value of restricted stock and RSUs upon which vesting is solely service-based is expensed ratably over the vesting period. If the service condition for shares of restricted stock is not met for any reason, the shares of unvested restricted stock will be forfeited and returned to the Company. For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of the awards. In addition to the input assumptions used in the Black-Scholes model, the Monte-Carlo simulation option-pricing model factors the probability that the specific market condition may or may not be satisfied into the valuation. Stock-based compensation expense for awards with a market condition is recognized on a straight-line basis over the requisite service period for each such award. Pursuant to the “evergreen” provisions of the 2014 Employee, Director and Consultant Equity Incentive Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 479,470 shares to 7,488,930 shares effective January 1, 2019. Research and Development Costs incurred in the Company’s research and development activities include compensation and related costs, services provided by third-party contractors, materials and supplies and are classified as research and development expenses as incurred. Research and development costs directly associated with research services revenue are classified as research services in cost of revenue. Earnings per Share The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to income taxes payable or receivable, or adjustments to deferred taxes, or both. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes penalties and interest related to uncertain tax positions, if any, as a component of income tax expense. Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Year Ended December 31, 2019 2018 2017 (In thousands) Revenue: U.S. $ 58,328 $ 41,733 $ 51,439 International 81,047 62,628 60,192 Total revenue $ 139,375 $ 104,361 $ 111,631 Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . FASB ASU 2016-02 modified the accounting for leases and requires that all leases be recorded on the consolidated balance sheets as assets and liabilities. This standard was effective for fiscal years beginning after December 15, 2018. Standards to be Implemented After December 31, 2019 The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements . |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | (3) Revenue from Contracts with Customers On January 1, 2018, the Company Adopted Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606) using the modified retrospective method for all contracts not completed as of the date of adoption. The adoption of ASC 606 did not have a material impact on the allocation and timing of the recognition of previously reported revenues from the sale of products, subsea projects or the performance of research services. In addition, the Company determined that there are no incremental contract costs or contract fulfillment costs associated with the adoption of ASC 606. The reported results for 2019 and 2018 reflect the application of ASC 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605. The adoption of ASC 606 represented a change in accounting principle that more closely aligns revenue recognition with the delivery of the Company's product or performance of research services and will provide financial statement readers with enhanced disclosures. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the separate performance obligations in the contract; and (v) recognition of the revenue associated with performance obligations as they are satisfied. The Company applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone-selling prices of the promised products or services underlying each performance obligation. The Company determines standalone-selling prices based on the price at which the performance obligation is sold separately. If the standalone-selling price is not observable through past transactions, the Company estimates the standalone-selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph ASC 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. The Company did not have any contracts outstanding at January 1, 2018 and did not enter into any contracts during each of the years ended The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied or (ii) payments have been received in advance of the completion of required performance obligations. Shipping and Handling Costs Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in the cost of product revenue. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these products or research services. Product Revenue The Company generally enters into contracts containing one type of performance obligation. The Company recognizes product revenue when the The Company also enters into rebate agreements with certain customers. These agreements may be considered an additional performance obligation of the Company or variable consideration within a contract. Rebates are recorded as a reduction of revenue in the period the related product revenue is recognized. A corresponding liability is recorded as a component of deferred revenue on the consolidated balance sheets. These arrangements are primarily based on the customer attaining contractually specified sales volumes . The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using historical rates of return, current quarter credit sales, and specific items of exposure on a contract-by-contract basis. Sales return reserves were approximately $0.1 million at both December 31, 2019 and December 31, 2018. Subsea Projects The Company manufactures and sells subsea products that are designed for pipe-in-pipe applications in offshore oil production and are typically at a point in time when transfer of control of the products is passed to the customer, or During the December 31, 2019 Research Services The Company performs research services under contracts with various government agencies and other institutions. These contracts generally have one type of performance obligation associated with the provision of research services including functional licenses to any resulting intellectual property. The Company records revenue using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable on the basis of the Company’s estimates of costs incurred to date to total contract costs; and (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost under the Company’s service contracts is the labor effort expended in completing the research. Typically, the only deliverable, other than the labor hours expended, is reporting research results to the customer or delivery of research grade aerogel products. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress toward completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded within the period they become known. To date, adjustments to revenue as a result of contracting agency audits have been insignificant Disaggregation of Revenue In the following table, revenue is disaggregated by primary geographical region and source of revenue: Year Ended December 31, 2019 2018 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 44,485 $ 44,485 $ — $ 34,597 $ 34,597 Canada — 9,064 9,064 — 4,749 4,749 Europe — 24,081 24,081 — 19,905 19,905 Latin America — 3,417 3,417 — 3,377 3,377 U.S. 58,328 — 58,328 41,733 — 41,733 Total revenue $ 58,328 $ 81,047 $ 139,375 $ 41,733 $ 62,628 $ 104,361 Source of revenue Product revenue $ 52,050 $ 67,856 $ 119,906 $ 39,490 $ 54,487 $ 93,977 Subsea projects 3,837 13,191 17,028 5 8,141 8,146 Research services 2,441 — 2,441 2,238 — 2,238 Total revenue $ 58,328 $ 81,047 $ 139,375 $ 41,733 $ 62,628 $ 104,361 Contract Balances The following table presents changes in the Company’s contract assets and contract liabilities during the year ended December 31, 2019: Balance at December 31, 2018 Additions Deductions Balance at December 31, 2019 (In thousands) Contract assets Subsea projects $ 2,742 $ 16,760 $ (16,691 ) $ 2,811 Research services 369 2,045 (2,242 ) 172 Total contract assets $ 3,111 $ 18,805 $ (18,933 ) $ 2,983 Contract liabilities Deferred revenue Product revenue $ 1,751 $ 8,907 $ (5,667 ) $ 4,991 Subsea projects 781 9,795 (10,085 ) 491 Research services 97 212 (171 ) 138 Prepayment liability 4,485 5,389 (88 ) 9,786 Total contract liabilities $ 7,114 $ 24,303 $ (16,011 ) $ 15,406 During the year ended A contract asset is recorded when the Company satisfies a performance obligation by transferring a promised good or service and has earned the right to consideration from its customer. These assets may represent a conditional or unconditional right to consideration and are included within accounts receivable on the consolidated balance sheets. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services under the terms of the contract. Contract liabilities are recognized as revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met. Transition Disclosures There was no difference in the accounting for revenue transactions under ASC 606 or ASC 605 for the year ended December 31, 2017. The following tables summarize the impacts of adopting ASC 606 on certain components of the Company’s consolidated financial statements for the year ended Consolidated Statements of Operations Year Ended December 31, 2018 As reported under ASC 606 Pro forma as if ASC 605 was in effect (In thousands) Product revenue $ 102,123 $ 98,993 Total revenue 104,361 101,231 Product cost of revenue 90,660 87,406 Gross profit 12,669 12,793 Loss from operations (33,916 ) (33,792 ) Net loss (34,440 ) (34,316 ) Total reported product revenue and product cost of revenue as reported under ASC 606 were approximately $3.1 million and $3.3 million, respectively, greater than the pro forma consolidated statement of operations as if ASC 605 was in effect for the year ended December 31, 2018 December 31, 2018 The impact of the adoption of ASC 606 on the consolidated statement of cash flows for the year ended December 31, 2018 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories consist of the following: December 31, 2019 2018 (In thousands) Raw material $ 4,334 $ 3,159 Finished goods 4,434 4,159 Total $ 8,768 $ 7,318 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | (5) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: December 31, 2019 2018 Useful life (In thousands) Construction in progress $ 1,309 $ 1,568 — Buildings 24,016 24,016 30 years Machinery and equipment 122,485 120,466 3 — 10 years Computer equipment and software 8,556 8,352 3 years Total 156,366 154,402 Accumulated depreciation and amortization (102,749 ) (92,703 ) Property, plant and equipment, net $ 53,617 $ 61,699 Depreciation expense was $10.2 million, $10.8 million and $10.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization associated with assets under capital leases was less than $0.1 million for the year ended December 31, 2017. The Company had no assets under capital leases during the years ended December 31, 2019 and 2018. Construction in progress totaled $1.3 million and $1.6 million at December 31, 2019 and 2018, respectively. Construction in progress included $0.1 million and $1.2 million at December 31, 2019 and 2018, respectively, related to projects associated with the Company’s plan to expand the capacity of the East Providence, Rhode Island facility. During 2016, the Company had previously completed the design and engineering for a second manufacturing facility to be located in Statesboro, Georgia. At that time, the Company elected to delay construction of the facility due to its assessment of future demand. In December 2018, the Company determined that due to its cumulative manufacturing process advancements since 2016 and expected additional improvements in the near, it would not use the existing design and engineering to construct a second facility in any location. Accordingly, the Company determined that the design and engineering costs were not recoverable and recorded an impairment charge of on construction in progress assets during 2018 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | (6) Accrued Expenses Accrued expenses consist of the following: December 31, 2019 2018 (In thousands) Employee compensation $ 6,472 $ 2,750 Other accrued expenses 1,585 1,114 Total $ 8,057 $ 3,864 |
Revolving Line of Credit
Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | (7) Revolving Line of Credit The Company is party to an Amended and Restated Loan and Security Agreement with Silicon Valley Bank (Loan Agreement). On March 3, 2020, the Loan Agreement was amended to extend the maturity date of the revolving credit facility to April 28, 2021. Under the revolving credit facility, the Company is permitted to borrow a maximum of $20.0 million, subject to continued covenant compliance and borrowing base requirements. At the Company’s election, the interest rate applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.5% per annum of the average unused portion of the revolving credit facility. Under the Loan Agreement, the Company is required to comply with both non-financial and financial covenants, including a minimum EBITDA covenant, as defined. At December 31, 2019, the Company was in compliance with all such covenants. Obligations under the Loan Agreement are secured by a security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions. The Company intends to extend or replace the facility prior to its maturity. During the year ended December 31, 2019, the Company borrowed $125.8 million and repaid $126.9 million under the line of credit. At December 31, 2019 and 2018, the Company had $3.1 million and $4.2 million drawn on the revolving credit facility. The Company has been required to provide letters of credit to secure obligations under certain commercial contracts and other obligations. The Company had outstanding letters of credit backed by the revolving credit facility of $0.9 million and $1.6 million at December 31, 2019 and 2018, respectively, which reduce the funds otherwise available to the Company under the facility. At December 31, 2019, the amount available to the Company under the revolving credit facility was $12.4 million after giving effect to the $3.1 million in outstanding borrowings and $0.9 million of outstanding letters of credit. |
Interest Expense, Net
Interest Expense, Net | 12 Months Ended |
Dec. 31, 2019 | |
Interest Income Expense Net [Abstract] | |
Interest Expense, net | (8) Interest Expense, net For the years ended December 31, 2019, 2018, and 2017, interest expense, net was $0.4 million, $0.5 million, and $0.2 million, respectively, and consisted primarily of fees and interest expense related to the Company’s revolving credit facility with Silicon Valley Bank. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | (9) Leases The Company leases office and warehouse space in Northborough, Massachusetts and East Providence, Rhode Island under operating leases. Under these agreements, the Company is obligated to pay annual rent, real estate taxes, and certain other operating expenses. The Company also leases equipment under operating leases. The Company’s operating leases expire at various dates through 2026. On January 1, 2019, the Company adopted ASU 2016-02 which modifies the accounting for leases and requires that all leases be recorded on the consolidated balance sheets as assets and liabilities. The Company adopted this standard using the modified retrospective transition approach with the effective date as the date of initial application. As a result, the Company did not update financial information or provide the disclosures otherwise required under the new standard for dates and periods before January 1, 2019. The Company also elected the package of practical expedients under the new standard, which permits the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. In addition, the Company elected the short-term lease recognition exemption under which the Company will not recognize ROU assets or lease liabilities for all leases that qualify. The Company also elected the practical expedient to not separate non-lease components from the associated lease components for all of its equipment leases. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s payment obligations under the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term. To measure its lease liabilities, the Company uses its incremental borrowing rate or the rate implicit in the lease, if available. The Company calculates its incremental borrowing rate using a synthetic credit rating analysis based on Moody’s Building Materials Industry Rating Methodology. ROU assets also include any direct costs and prepaid lease payments but exclude any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected the short-term lease recognition exemption for all leases that qualify. For leases that qualify for this exemption, the Company does not recognize ROU assets or lease liabilities. For lease agreements with lease and non-lease components, the Company accounts for each component separately. However, in the case of equipment leases, the Company accounts for lease and non-lease components as a single component. Prior to the Company’s adoption of ASU 2016-02, the Company recorded the difference between rent expense recognized on a straight-line basis and the contractual payments as deferred rent. Deferred rent consisted of the following at December 31, 2018: December 31, 2018 (In thousands) Deferred rent $ 1,368 Current maturities of deferred rent (150 ) Deferred rent, less current maturities $ 1,218 Upon adoption of ASU 2016-02 on January 1, 2019, the Company recognized operating lease liabilities of approximately $6.0 million with corresponding ROU assets of approximately $4.6 million. Additionally, the Company derecognized deferred rent liabilities of $1.4 million. Maturities of operating lease liabilities at December 31, 2019 are as follows: Year Operating Leases (In thousands) 2020 1,413 2021 1,221 2022 1,138 2023 1,105 2024 651 Thereafter 1,048 Total lease payments 6,576 Less imputed interest (1,246 ) Total lease liabilities $ 5,330 The Company incurred operating lease costs of $1.5 million during the year ended December 31, 2019. Cash payments related to operating lease liabilities were $1.4 million during the year ended December 31, 2019. At December 31, 2019, the weighted average remaining lease term for operating leases was 5.4 years. At December 31, 2019, the weighted average discount rate for operating leases was 7.9%. As of December 31, 2019, the Company has additional operating equipment leases with total lease payments of $0.4 million that have not commenced. These operating leases will commence during fiscal year 2020 and have a weighted average lease term of 3.80 years. Transition Disclosures The Company adopted ASU 2016-02 using the modified retrospective transition approach with the effective date as the date of initial application. As a result, the Company did not update financial information or provide the disclosures otherwise required under the new standard for dates and periods before January 1, 2019. Accordingly, the Company must present the disclosures that were required prior to the Company’s adoption of ASU 2016-02. Future minimum lease payments under operating leases at December 31, 2018 were as follows: Year Operating Leases (In thousands) 2019 $ 1,375 2020 1,304 2021 1,124 2022 1,068 2023 1,082 Thereafter 1,701 Total minimum lease payments $ 7,654 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (10) Commitments and Contingencies Operating Leases During 2016, the Company entered into an agreement to extend its lease of approximately 51,650 square feet of office space in Northborough, Massachusetts. The lease commenced on January 1, 2017 and will expire on December 31, 2026. The annual base rent associated with the lease was $408,000 during 2017 and will increase by approximately 3% annually for the term of the lease. The lease also requires the payment by the Company of its pro rata share of real estate taxes and certain other expenses. Prior to the expiration of the lease, the Company will have the right to extend the lease for an additional term of three years. Under the terms of the lease extension, the landlord provided the Company with an allowance of $1.2 million to be utilized for improvements to the leased premises. These amounts were considered a lease incentive and were excluded from the Company’s ROU assets upon its adoption of ASU 2016-02 on January 1, 2019 (see note 9). At December 31, 2018, these amounts are recorded as a component of deferred rent on the consolidated balance sheets. At December 31, 2019 and 2018, the Company had capitalized $1.2 million in associated leasehold improvement costs. The Company also leases facilities and equipment under operating leases expiring at various dates through 2024. Under these agreements, the Company is obligated to pay annual rent, real estate taxes, and certain operating expenses. See note 9 for further information on future minimum lease payments under operating leases at December 31, 2019. The Company incurred rent expense under all operating leases of approximately $1.5 million, $1.5 million and $1.4 million in the years ended December 31, 2019, 2018 and 2017, respectively. Letters of Credit The Company has been required to provide certain customers with letters of credit securing obligations under commercial contracts. The Company had letters of credit outstanding of $0.9 million and $1.6 million at December 31, 2019 and 2018, respectively. These letters of credit are secured by the Company’s revolving credit facility (see note 7). Customer Supply Agreement The Company is party to a supply agreement, as amended, with BASF Polyurethanes GmbH (BASF) (the Supply Agreement) and a joint development agreement with BASF SE (the JDA). Pursuant to the Supply Agreement, the Company will sell exclusively to BASF certain of the Company’s products at annual volumes to be specified by BASF, subject to certain volume limits. However, BASF has no obligation to purchase products under the Supply Agreement. The Supply Agreement will terminate on December 31, 2027 with respect to the Company’s Spaceloft A2 product and December 31, 2028 with respect to a new product developed under the JDA. Upon the expiration of the Supply Agreement with respect to each product, the Company will be subject to a post-termination supply commitment for an additional two years. The JDA is designed to facilitate collaboration by the parties on the development and commercialization of new products. In addition, BASF, in its sole discretion, may make prepayments to the Company in the aggregate amount of up to $22.0 million during the term of the Supply Agreement. These prepayment obligations are secured by a security interest in real estate, plant and equipment at the Company’s Rhode Island facility and a license to certain intellectual property. BASF made a prepayment in the amount of $5.0 million to the Company in 2018 (the 2018 Prepayment). Beginning January 1, 2019, BASF may require that the Company credit up to 25.3% of any amounts invoiced by the Company for Spaceloft A2 product sold to BASF against the 2018 Prepayment balance. If any of the 2018 Prepayment remains uncredited as of December 31, 2021, BASF may require that the Company repay the uncredited amount to BASF. Pursuant to the first addendum to the Supply Agreement, on January 30, 2019, BASF made an additional prepayment in the amount of $5.0 million to the Company (the 2019 Prepayment). After January 1, 2020, the Company will credit 50.0% of any amounts that it invoices for the newly developed product sold to BASF against the outstanding balance of the 2019 Prepayment. As of December 31, 2019, the Company had received $10.0 million in prepayments from BASF and applied less than $0.1 million of credits against amounts invoiced. The prepayments are recorded on the balance sheet as a prepayment liability, net of the current portion of $0.2 million and $0.5 million at December 31, 2019 and 2018, respectively, which is included within deferred revenue. The amounts and terms of additional prepayment installments, if any, are subject to negotiation between the Company and BASF. Litigation The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. See Part I, Item 3 (“Legal Proceedings”) of this Annual Report on Form 10-K for a description of certain of the Company’s current legal proceedings. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | (11) Stockholders’ Equity At December 31, 2019 and 2018, the Company was authorized to issue 130,000,000 shares of stock, of which 125,000,000 shares were designated as common stock and 5,000,000 shares were designated as preferred stock. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | (12) Employee Benefit Plan The Company sponsors the Aspen Aerogels, Inc. 401(k) Plan. Under the terms of the plan, the Company’s employees may contribute a percentage of their pretax earnings. During each of the years ended December 31, 2019, 2018 and 2017, the Company provided matching contributions of $0.2 million. |
Employee Stock Ownership Plans
Employee Stock Ownership Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Ownership Plans | (13) Employee Stock Ownership Plans Effective June 12, 2014, the Company adopted the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). Under the 2014 Equity Plan, the Company may grant incentive stock options (ISOs), non-qualified stock options (NSOs), restricted stock, restricted stock units (RSUs) and other stock-based awards. Stock options under the plan are to be granted with an exercise price not less than the fair market value of the Company’s common stock at the date of grant. Equity awards granted to employees generally vest over a service period of three to four years. Restricted stock and stock options granted to nonemployee directors generally vest over a one year service period. During 2019, the Company granted 50,328 shares of restricted common stock with a grant date fair value of $0.3 million and NSOs to purchase 71,700 shares of common stock with a grant date fair value of $0.2 million vesting over a period of one year to its non-employee directors under the 2014 Equity Plan. During 2019, the Company granted 661,263 RSUs with a grant date fair value of $2.4 million and NSOs to purchase 632,183 shares of common stock with a grant date fair value of $1.1 million to employees under the 2014 Equity Plan. The RSUs and NSOs granted to employees will vest over a three-year period. During 2019, the Company also granted NSOs to purchase 20,000 shares of common stock under the 2014 Equity Plan to an outside consultant which will vest on March 26, 2020 with a grant date fair value of less than $0.1 million. On December 11, 2015, the Company issued certain equity grants to its chief executive officer which included 78,125 shares of restricted stock, NSOs to purchase 84,745 shares of common stock vesting solely over three years and NSOs to purchase 370,181 shares of common stock vesting subject to certain common stock price target achievements, as defined, over a three to five year period (the CEO Options). Collectively, these equity grants had an aggregate fair value of $2.0 million at the time of grant. The restricted stock award will vest based on achievement of a Company financial performance target for fiscal year 2020. On August 2, 2017, the Company modified the performance target for the year ending December 31, 2020 with respect to 78,125 shares of restricted stock held by its chief executive officer. In addition, the Company modified the vesting conditions of NSOs to purchase 131,578 and 122,324 shares of common stock held by its chief executive officer to extend the time period to achieve certain common stock price targets by an additional year to four and five years from the date of grant, respectively. The Company accounted for the extension of the time periods for the achievement of the common stock price target vesting conditions of the NSOs as modifications in determining the stock-based compensation expense to be recognized over the remaining service period. The total incremental compensation expense resulting from the modification was $0.1 million. The incremental compensation expense associated with these awards will be recognized over the remaining service period of the awards. On November 7, 2018, the Company modified the vesting conditions of the CEO Options such that in the event of a change in control, all the outstanding NSOs would vest, regardless of whether or not the common stock price target vesting conditions of the NSOs are achieved. The total incremental compensation expense resulting from the modification was approximately $0.1 million which will be recognized over the remaining term of the options. Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Cost of product revenue $ 573 $ 577 $ 790 Research and development expenses 506 461 555 Sales and marketing expenses 629 815 1,096 General and administrative expenses 2,063 2,449 2,650 Total stock-based compensation $ 3,771 $ 4,302 $ 5,091 At December 31, 2019, 4,544,989 shares of common stock were reserved for issuance upon the exercise or vesting, as appropriate, of outstanding stock-based awards granted under the 2014 Equity Plan. In addition, at December 31, 2019, 85,445 shares of common stock were reserved for issuance upon the exercise of outstanding options granted under the Company’s 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan). Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise or such options becoming available for grant under the 2014 Equity Plan. At December 31, 2019, the Company has either issued or reserved in connection with statutory tax withholdings a total of 1,785,968 shares under the 2014 Equity Plan. At December 31, 2019, there were 1,072,528 shares available for future grant under the 2014 Equity Plan. Stock Options Valuation and Amortization Method The fair value of each stock option is estimated as of the date of grant using the Black-Scholes option pricing model. Key inputs into this formula included expected term, expected volatility, expected dividend yield and the risk-free rate. Each assumption is set forth and discussed below. The Company used a Monte Carlo Simulation model to estimate the original grant date fair value of the CEO Options as well as the 2017 and 2018 modifications. The simulation model was based on the Black-Scholes option pricing model and a number of complex assumptions including (i) whether the vesting condition is satisfied within the time-vesting periods, and (ii) the date the common stock price target is met per the terms of the agreement. For stock options with a service condition, the fair value is amortized on a straight-line basis over the requisite service period of the options, which is generally a three-year vesting period from the date of grant. Expected Term The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Accordingly, the Company uses the simplified method to calculate the expected term for options granted. Expected Volatility Due to the Company’s limited historical data, the Company’s uses an estimated volatility based on the historical volatility of comparable companies with publicly available share prices. In 2019, 2018 and 2017, the expected volatility is based on the weighted average volatility of up to 17 companies with business, financial and market attributes that the Company believes are similar to its own. Expected Dividend The Company uses an expected dividend yield of zero. The Company does not intend to pay cash dividends on its common stock in the foreseeable future, nor has it paid dividends on its common stock in the past. Risk-free Interest Rate The Company uses a risk-free interest rate based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. Estimated Forfeitures Effective January 1, 2017, the Company adopted the provisions of ASU 2016-09 related to the timing of accounting for the forfeitures of share based awards using a modified retrospective transition method. Under these provisions, the Company records the impact of forfeitures of service based awards at the time an award is forfeited. Adoption of the provisions resulted in a cumulative-effect adjustment to equity as of January 1, 2017 of $0.3 million. Assumptions Utilized The following information relates to the fair value of the option awards estimated by use of the Black-Scholes option pricing model: Year Ended December 31, 2019 2018 2017 Weighted average assumptions: Expected term (in years) 5.81 5.93 5.86 Expected volatility 49.90 % 47.68 % 51.95 % Risk free rate 2.44 % 2.76 % 1.99 % Expected dividend yield 0.00 % 0.00 % 0.00 % Weighted average fair value: Grant-date fair value of options granted $ 1.90 $ 2.29 $ 2.08 Grant-date fair value of options vested $ 2.24 $ 3.29 $ 3.98 Aggregate intrinsic value of options exercised $ — $ — $ — Outstanding Options The following table summarizes information about stock options outstanding: Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($ in thousands, except share and per share data) Options outstanding at December 31, 2018 2,994,452 $ 6.22 $ 9.34 7.11 $ — Granted 723,883 $ 1.90 $ 3.94 Forfeited (155,991 ) $ 5.23 $ 8.73 Expired (14,910 ) $ 11.78 $ 15.45 Exercised — $ — $ — $ — Options outstanding at December 31, 2019 3,547,434 $ 5.36 $ 8.13 6.74 $ 7,908,311 Exercisable at December 31, 2019 2,149,317 $ 7.38 $ 10.17 5.84 $ 3,403,281 Expected to vest at December 31, 2019 1,398,117 $ 2.25 $ 4.54 1.60 $ 4,505,030 As of December 31, 2019, total unrecognized compensation cost related to non-vested service-based options granted under the 2014 Equity Plan was $1.6 million. The unrecognized compensation cost for the service-based options is expected to be recognized over a weighted average period of 1.60 years. Restricted Stock Awards and Restricted Stock Units The Company values restricted stock awards and RSUs based on the closing price of our shares on the date of grant. RSUs have time-based vesting conditions and typically vest over three or four years. Restricted stock awards issued to nonemployee directors generally vest in full one year from the date of grant. Information related to grants of RSUs during 2019 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Balance at December 31, 2018 875,227 $ 4.38 Granted 661,263 3.70 Vested (411,844 ) 4.30 Forfeited (41,646 ) 4.07 Balance at December 31, 2019 1,083,000 $ 4.01 Restricted stock awards granted during 2019 are considered issued and outstanding common stock and are excluded from the table above. As of December 31, 2019 there were 128,453 shares of restricted stock outstanding. The total intrinsic value of restricted stock and RSUs that vested in 2019 and 2018 was $1.5 million and $0.8 million, respectively. As of December 31, 2019, 1,133,328 of the total shares of restricted stock and RSUs outstanding will vest upon the fulfillment of service conditions. In addition, 78,125 shares of restricted stock will vest only if a certain performance condition is achieved. As of December 31, 2019, the Company has recorded $0.1 million in compensation expense to date in connection with the award. As of December 31, 2019, total unrecognized compensation cost related to restricted stock awards of $0.2 million, RSUs of $2.7 million and restricted stock with performance-based conditions of less than $0.1 million is expected to be recognized over a weighted average period of 0.47 years, 1.80 years and 1.00 year, respectively. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | (14) Net Loss Per Share The computation of basic and diluted net loss per share consists of the following: Year ended December 31, 2019 2018 2017 (In thousands, except share and per share data) Numerator: Net loss $ (14,565 ) $ (34,440 ) $ (19,321 ) Denominator: Weighted average shares outstanding, basic and diluted 24,099,438 23,738,852 23,390,235 Net loss per share, basic and diluted $ (0.60 ) $ (1.45 ) $ (0.83 ) On February 18, 2020, the Company completed an underwritten public offering 1,955,000 shares of its common stock at an offering price of $8.25 per share. Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Year ended December 31, 2019 2018 2017 Common stock options 3,547,434 2,994,452 2,432,906 Restricted common stock units 1,083,000 875,227 827,391 Restricted common stock awards 128,453 136,187 151,859 Total 4,758,887 4,005,866 3,412,156 In the table above, anti-dilutive shares consist of those common stock equivalents that have (i) an exercise price above the average stock price for the period or (ii) related average unrecognized stock compensation expense sufficient to buy back the entire amount of shares. The Company excludes the shares issued in connection with restricted stock awards from the calculation of basic weighted average common shares outstanding until the restrictions lapse. For each of the years ended December 31, 2019, 2018 and 2017, there was no dilutive impact of the common stock options, RSUs, and restricted stock awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (15) Income Taxes The Company incurred net operating losses and recorded a full valuation allowance against net deferred assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes. The reconciliation between the U.S. statutory income tax rate and the Company’s effective rate consists of the following: Year Ended December 31, 2019 2018 2017 U.S. federal income tax statutory rate 21 % 21 % 35 % Permanent differences (2 )% — % (3 )% State tax, net of federal benefit — % 2 % (5 )% Changes in valuation allowance for deferred tax assets (18 )% (22 )% 113 % Stock-based compensation (1 )% — % — % 2017 Tax Cuts and Jobs Act — % — % (138 )% Other — % (1 )% (2 )% Effective tax rate — — — The tax effects of temporary differences between financial statement and tax accounting that gave rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below: December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 53,859 $ 51,629 Stock-based compensation 5,261 5,194 Operating lease liabilities 1,356 — Tax credit carryforwards 289 296 Reserves and accruals 423 1,258 Interest expense limitation 235 135 Intangible assets and amortization — 50 Total gross deferred tax assets 61,423 58,562 Deferred tax liabilities: Depreciation (3,883 ) (4,614 ) Operating lease right-of-use assets (1,025 ) — Total deferred tax liabilities (4,908 ) (4,614 ) Total deferred tax assets and liabilities 56,515 53,948 Valuation allowance (56,515 ) (53,948 ) Net deferred tax asset $ — $ — On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (TCJA) tax reform legislation. This legislation makes significant change in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from 34% to 21% for the years ending December 31, 2019 and 2018. As a result of the enacted law, the Company was required to revalue deferred tax assets and liabilities at the 21% rate as of December 31, 2017. This resulted in a decrease in the Company’s net deferred tax asset and corresponding valuation allowance of $26.7 million. As the Company maintains a full valuation allowance against its net deferred tax asset position in the United States, this revaluation did not result in an income tax expense or benefit during the year ending December 31, 2017. The provisions of the TCJA related to the one-time mandatory transition tax on deemed repatriation did not have an impact on the Company’s results of operations during each of the years ended December 31, 2019, 2018, and 2017. The other provisions of the TCJA did not have a material impact on the Company’s 2019, 2018, or 2017 consolidated financial statements. The Company is subject to additional requirements of the TCJA which became effective during the year ended December 31, 2018. The change in tax law allows post-2017 federal net operating losses to be carried forward indefinitely and allows such net operating losses to offset up to 80% of future taxable income. The Company is also subject to the rules regarding global intangible low-taxed income (“GILTI”), which the Company has elected to account for as a period cost, the limitation on the deductibility of certain executive compensation and interest expense and other immaterial provisions. The net change in the valuation allowance for the year ended December 31, 2019, was an increase of $2.6 million. The Company has recorded a full valuation allowance against its deferred tax assets due to the uncertainty associated with the utilization of the net operating loss carryforwards and other future deductible items. In assessing the realizability of deferred tax assets, the Company considers all available evidence, historical and prospective, with greater weight given to historical evidence, in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the Company’s deferred tax assets generally is dependent upon generation of future taxable income. At December 31, 2019, the Company had $233.8 million of net operating losses available to offset future federal income, if any, of which $194.6 million expire on various dates through December 31, 2037. Net operating losses of $39.2 million generated during the years ended December 31, 2019 and 2018 have an unlimited carryforward . At December 31, 2019, the Company has $81.4 million of apportioned net operating losses available to offset future state taxable income, if any, and which begin to expire at various dates between 2020 and 2039. For each of the years ended December 31, 2019, 2018, and 2017, the Company did not have any material unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. The Company files a federal income tax return in the United States and income tax returns in various state and foreign jurisdictions. All tax years are open for examination by the taxing authorities for both federal and state purposes. The Securities & Exchange Commission staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the tax reform legislation. In accordance with SAB 118, the Company has recognized the provisional tax impacts, outlined above, related to the re-measurement of its deferred income tax assets and liabilities associated with the one-time mandatory transition tax on deemed repatriation. The ultimate impact may differ from the provisional amounts, due to, among other things, the significant complexity of the 2017 Tax Act and anticipated additional regulatory guidance that may be issued by the IRS, changes in analysis, interpretations and assumptions the Company has made and actions the Company may take as a result of the 2017 Tax Act. The Company has completed its review of the 2017 Tax Act and noted no material changes to its initial assessment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (16) Subsequent Events The Company has evaluated subsequent events through March 6, 2020, the date of issuance of the consolidated financial statements for the year ended December 31, 2019. On February 18, 2020, the Company completed an underwritten public offering 1,955,000 shares of its common stock at an offering price of $8.25 per share. The Company received net proceeds of $14.8 million after deducting underwriting discounts of $1.0 million and offering expenses of approximately $0.4 million. On March 3, 2020, the Company’s revolving credit facility with Silicon Valley Bank was amended to extend the maturity date of the facility to April 28, 2021. Pursuant to the amendment, the Company is permitted to borrow a maximum of $20.0 million, subject to continued covenant compliance and borrowing base requirements. At the Company’s election, the interest applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum. While LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.5% per annum of the average unused portion of the revolving credit facility. The amendment also established certain minimum required Adjusted EBITDA levels as a financial covenant for the extended term. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | QUARTERLY RESULTS OF OPERATIONS Three Months Ended March 31, June 30, Sept 30, Dec 31, (in thousands, except per share data) (unaudited) 2019 Total revenue $ 27,912 $ 29,533 $ 35,425 $ 46,505 Gross profit 3,718 3,514 7,742 11,310 Loss from operations (5,961 ) (5,215 ) (2,153 ) (830 ) Net loss (6,002 ) (5,318 ) (2,289 ) (956 ) Net loss per share basic and diluted common share - basic $ (0.25 ) $ (0.22 ) $ (0.09 ) $ (0.04 ) 2018 Total revenue $ 23,074 $ 21,671 $ 23,937 $ 35,679 Gross profit 2,810 2,744 1,529 5,586 Loss from operations (6,750 ) (6,855 ) (6,369 ) (13,942 ) Net loss (6,842 ) (6,958 ) (6,532 ) (14,108 ) Net loss per share basic and diluted common share - basic $ (0.29 ) $ (0.29 ) $ (0.27 ) $ (0.59 ) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at Beginning of Year Charges to Costs and Expenses (a) Recoveries of Costs and Expenses (b) Deductions to Allowances for Uncollectible Accounts (c) Charges to (Deductions from) Other Accounts (d) Balance at End of Year Year Ended December 31, 2019: Allowances for uncollectible accounts and sales returns and allowances $ 2,877 — (228 ) (2,552 ) 47 $ 144 Year Ended December 31, 2018: Allowances for uncollectible accounts and sales returns and allowances $ 93 2,961 (39 ) (142 ) 4 $ 2,877 Year Ended December 31, 2017: Allowances for uncollectible accounts and sales returns and allowances $ 93 — — — — $ 93 (a) Represents allowances for uncollectible accounts established through general and administrative expenses. (b) Represents recoveries of allowances for uncollectible accounts established through general and administrative expenses. (c) Represents actual write-offs of uncollectible accounts. (d) Represents net change in allowances for sales returns, recorded as contra-revenue. |
Description of Business (Polici
Description of Business (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy infrastructure and building materials markets. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. On June 18, 2014, the Company completed the initial public offering (IPO) of its common stock. |
Liquidity | Liquidity During the year ended December 31, 2019, the Company incurred a net loss of $14.6 million and used $1.1 million of cash in operations. The Company had a cash and cash equivalents balance of $3.6 million and outstanding borrowings under its revolving line of credit of $3.1 million as of December 31, 2019 (see note 7). After giving effect to the outstanding borrowings and letters of credit, the additional amount available to the Company at December 31, 2019 under the revolving line of credit was $12.4 million. The Company is making investments to increase capacity at its existing manufacturing facility in East Providence, Rhode Island and to develop new technologies and strategic business opportunities. The Company expects its existing cash balance, the amount anticipated to be available under the existing revolving line of credit and anticipated cash flows from operations will be sufficient to complete the planned capacity expansion and to fund its planned strategic business opportunities. However, in the future, the Company may need to supplement its cash balance, available credit and anticipated cash flows from operations with debt financings, customer prepayments, technology licensing agreements or equity financings to provide the capital necessary to complete future capacity expansions or to fund evolving strategic business initiatives. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the year ended December 31, 2019, the Company did not record any charges for uncollectible accounts receivable. During the year ended December 31, 2018, the Company recorded a charge for uncollectible accounts receivable of $2.9 million related to four customers of which one customer accounted for $2.8 million of that charge. During the year ended December 31, 2019, the Company received collections of $0.3 million from the customer. The Company subsequently determined that collection of the remaining unpaid accounts receivable from this customer of $2.6 million is unlikely due to the customer’s filing of judicial reorganization under Brazilian laws. Therefore, the Company recorded a write-off of the accounts receivable and the corresponding allowance for doubtful accounts. Allowance for doubtful accounts was zero and $2.8 million at December 31, 2019 and 2018, respectively. The Company does not have any off-balance-sheet credit exposure related to its customers. For the year ended December 31, 2019, two customers represented 20% and 13% of total revenue, respectively. For the year ended December 31, 2018, one customer represented 20% of total revenue. For the year ended December 31, 2017, two customers represented 15% and 12% of total revenue, respectively. At December 31, 2019, the Company had two customers that accounted for 19% and 16% of accounts receivable, respectively. At December 31, 2018, the Company had one customer that accounted for 18% accounts receivable. |
Inventories | Inventories Inventory consists of finished products and raw materials. Inventories are carried at lower of cost, determined using the first-in, first-out (FIFO) method, and net realizable value. Cost includes materials, labor and manufacturing overhead. Manufacturing overhead is allocated to the costs of conversion based on normal capacity of the Company’s production facility. Abnormal freight, handling costs and material waste is expensed in the period it occurs. The Company periodically reviews its inventories and makes provisions as necessary for estimated excess, obsolete or damaged goods to ensure values approximate the lower of cost and net realizable value. The amount of any such provision is equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand, selling prices and market conditions. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property, plant and equipment. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Assets related to leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Assets utilized in the Company’s operations that are taken out of service with no future use are charged to cost of revenue or operating expenses, depending on the department in which the asset was utilized. Impairments of construction in progress are charged to operating expenses upon the determination of no future use. |
Other Assets | Other Assets Other assets primarily include long-term deposits. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. During 2016, the Company completed the design and engineering for a second manufacturing facility to be located in Statesboro, Georgia. At that time, the Company elected to delay construction of the facility due to its assessment of future demand. In December 2018, the Company determined that due to its cumulative manufacturing process advancements since 2016 and expected additional improvements in the near future, it will not use the existing design and engineering to construct a second facility in any location. Accordingly, the Company determined that the design and engineering costs were not recoverable and recorded an impairment charge of $7.4 million on construction in progress assets during 2018. |
Leases | Leases On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). See note 9 for further details. Prior to the Company’s adoption of ASU 2016-02, the Company recorded the difference between rent expense recognized on a straight-line basis and the contractual payments as deferred rent. The short-term portion of deferred rent is included within accrued expenses on the consolidated balance sheet as of December 31, 2018. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. On January 1, 2018, the Company Adopted Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606) using the modified retrospective method for all contracts not completed as of the date of adoption. The adoption of ASC 606 did not have a material impact on the allocation and timing of the recognition of previously reported revenues from the sale of products, subsea projects or the performance of research services. In addition, the Company determined that there are no incremental contract costs or contract fulfillment costs associated with the adoption of ASC 606. The reported results for 2019 and 2018 reflect the application of ASC 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605. The adoption of ASC 606 represented a change in accounting principle that more closely aligns revenue recognition with the delivery of the Company's product or performance of research services and will provide financial statement readers with enhanced disclosures. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the separate performance obligations in the contract; and (v) recognition of the revenue associated with performance obligations as they are satisfied. The Company applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone-selling prices of the promised products or services underlying each performance obligation. The Company determines standalone-selling prices based on the price at which the performance obligation is sold separately. If the standalone-selling price is not observable through past transactions, the Company estimates the standalone-selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph ASC 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. The Company did not have any contracts outstanding at January 1, 2018 and did not enter into any contracts during each of the years ended The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied or (ii) payments have been received in advance of the completion of required performance obligations. Shipping and Handling Costs Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in the cost of product revenue. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these products or research services. Product Revenue The Company generally enters into contracts containing one type of performance obligation. The Company recognizes product revenue when the The Company also enters into rebate agreements with certain customers. These agreements may be considered an additional performance obligation of the Company or variable consideration within a contract. Rebates are recorded as a reduction of revenue in the period the related product revenue is recognized. A corresponding liability is recorded as a component of deferred revenue on the consolidated balance sheets. These arrangements are primarily based on the customer attaining contractually specified sales volumes . The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using historical rates of return, current quarter credit sales, and specific items of exposure on a contract-by-contract basis. Sales return reserves were approximately $0.1 million at both December 31, 2019 and December 31, 2018. Subsea Projects The Company manufactures and sells subsea products that are designed for pipe-in-pipe applications in offshore oil production and are typically at a point in time when transfer of control of the products is passed to the customer, or During the December 31, 2019 Research Services The Company performs research services under contracts with various government agencies and other institutions. These contracts generally have one type of performance obligation associated with the provision of research services including functional licenses to any resulting intellectual property. The Company records revenue using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable on the basis of the Company’s estimates of costs incurred to date to total contract costs; and (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost under the Company’s service contracts is the labor effort expended in completing the research. Typically, the only deliverable, other than the labor hours expended, is reporting research results to the customer or delivery of research grade aerogel products. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress toward completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded within the period they become known. To date, adjustments to revenue as a result of contracting agency audits have been insignificant |
Warranty | Warranty The Company provides warranties for its products and records the estimated cost within cost of sales in the period that the related revenue is recorded. The Company’s standard warranty period extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. For an initial shipment of product for use in a system with new technical demands or new configurations and where the Company is unsure of meeting the customer’s specifications, the Company will defer the recognition of product revenue and related costs until written customer acceptance is obtained. The Company performs periodic testing of its aerogel blankets to ensure compliance with published performance specifications. From time to time, tests may indicate a product could potentially perform outside of these specifications. At that time, additional testing is initiated or the Company may conduct a root cause investigation. During the year ended December 31, 2018, test results indicated that tested samples performed outside the published performance specifications for a specific attribute of a product. The Company has completed its assessment of the impact of the testing results on its customer base and, based on that completed assessment, has determined that it is remote that the Company has incurred a liability as of December 31, 2019. The Company did not record any warranty expense during the years ended December 31, 2019 and 2018. During the year ended December 31, 2017, the Company recorded warranty expense of $0.9 million. This warranty charge was related to a product claim for a specific product application issue. This claim was outside of the Company’s typical experience. As of December 31, 2019, the Company had satisfied all outstanding warranty claims. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of revenue. Customer payments of shipping and handling costs are recorded as product revenue. |
Stock-based Compensation | Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units (RSUs), are recognized in the statement of operations based on their fair value as of the date of grant. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards. The Black-Scholes model requires the use of a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and RSUs is determined using the closing price of the Company’s common stock on the date of grant. All shares of restricted stock are not transferable until vested. Restricted stock is typically issued to non-employee directors and typically vests over a one-year period from the date of issuance. RSUs are issued to employees and typically vest over a three-year period from the date of issuance. The fair value of restricted stock and RSUs upon which vesting is solely service-based is expensed ratably over the vesting period. If the service condition for shares of restricted stock is not met for any reason, the shares of unvested restricted stock will be forfeited and returned to the Company. For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of the awards. In addition to the input assumptions used in the Black-Scholes model, the Monte-Carlo simulation option-pricing model factors the probability that the specific market condition may or may not be satisfied into the valuation. Stock-based compensation expense for awards with a market condition is recognized on a straight-line basis over the requisite service period for each such award. Pursuant to the “evergreen” provisions of the 2014 Employee, Director and Consultant Equity Incentive Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 479,470 shares to 7,488,930 shares effective January 1, 2019. |
Research and Development | Research and Development Costs incurred in the Company’s research and development activities include compensation and related costs, services provided by third-party contractors, materials and supplies and are classified as research and development expenses as incurred. Research and development costs directly associated with research services revenue are classified as research services in cost of revenue. |
Earnings per Share | Earnings per Share The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to income taxes payable or receivable, or adjustments to deferred taxes, or both. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes penalties and interest related to uncertain tax positions, if any, as a component of income tax expense. |
Segments | Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Year Ended December 31, 2019 2018 2017 (In thousands) Revenue: U.S. $ 58,328 $ 41,733 $ 51,439 International 81,047 62,628 60,192 Total revenue $ 139,375 $ 104,361 $ 111,631 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . FASB ASU 2016-02 modified the accounting for leases and requires that all leases be recorded on the consolidated balance sheets as assets and liabilities. This standard was effective for fiscal years beginning after December 15, 2018. Standards to be Implemented After December 31, 2019 The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements . |
Summary of Basis of Presentat_2
Summary of Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Revenues, Based on Shipment Destination or Research Services Location | Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Year Ended December 31, 2019 2018 2017 (In thousands) Revenue: U.S. $ 58,328 $ 41,733 $ 51,439 International 81,047 62,628 60,192 Total revenue $ 139,375 $ 104,361 $ 111,631 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Summary of Revenue Disaggregated by Geographical Region and Source of Revenue | In the following table, revenue is disaggregated by primary geographical region and source of revenue: Year Ended December 31, 2019 2018 U.S. International Total U.S. International Total (In thousands) Geographical region Asia $ — $ 44,485 $ 44,485 $ — $ 34,597 $ 34,597 Canada — 9,064 9,064 — 4,749 4,749 Europe — 24,081 24,081 — 19,905 19,905 Latin America — 3,417 3,417 — 3,377 3,377 U.S. 58,328 — 58,328 41,733 — 41,733 Total revenue $ 58,328 $ 81,047 $ 139,375 $ 41,733 $ 62,628 $ 104,361 Source of revenue Product revenue $ 52,050 $ 67,856 $ 119,906 $ 39,490 $ 54,487 $ 93,977 Subsea projects 3,837 13,191 17,028 5 8,141 8,146 Research services 2,441 — 2,441 2,238 — 2,238 Total revenue $ 58,328 $ 81,047 $ 139,375 $ 41,733 $ 62,628 $ 104,361 |
Summary of Changes in Contract Assets and Contract Liabilities | The following table presents changes in the Company’s contract assets and contract liabilities during the year ended December 31, 2019: Balance at December 31, 2018 Additions Deductions Balance at December 31, 2019 (In thousands) Contract assets Subsea projects $ 2,742 $ 16,760 $ (16,691 ) $ 2,811 Research services 369 2,045 (2,242 ) 172 Total contract assets $ 3,111 $ 18,805 $ (18,933 ) $ 2,983 Contract liabilities Deferred revenue Product revenue $ 1,751 $ 8,907 $ (5,667 ) $ 4,991 Subsea projects 781 9,795 (10,085 ) 491 Research services 97 212 (171 ) 138 Prepayment liability 4,485 5,389 (88 ) 9,786 Total contract liabilities $ 7,114 $ 24,303 $ (16,011 ) $ 15,406 |
ASC 606 [Member] | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of Impacts of Adopting ASC 606 on Consolidated Statements of Operations | The following tables summarize the impacts of adopting ASC 606 on certain components of the Company’s consolidated financial statements for the year ended Consolidated Statements of Operations Year Ended December 31, 2018 As reported under ASC 606 Pro forma as if ASC 605 was in effect (In thousands) Product revenue $ 102,123 $ 98,993 Total revenue 104,361 101,231 Product cost of revenue 90,660 87,406 Gross profit 12,669 12,793 Loss from operations (33,916 ) (33,792 ) Net loss (34,440 ) (34,316 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: December 31, 2019 2018 (In thousands) Raw material $ 4,334 $ 3,159 Finished goods 4,434 4,159 Total $ 8,768 $ 7,318 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: December 31, 2019 2018 Useful life (In thousands) Construction in progress $ 1,309 $ 1,568 — Buildings 24,016 24,016 30 years Machinery and equipment 122,485 120,466 3 — 10 years Computer equipment and software 8,556 8,352 3 years Total 156,366 154,402 Accumulated depreciation and amortization (102,749 ) (92,703 ) Property, plant and equipment, net $ 53,617 $ 61,699 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: December 31, 2019 2018 (In thousands) Employee compensation $ 6,472 $ 2,750 Other accrued expenses 1,585 1,114 Total $ 8,057 $ 3,864 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Deferred Rent | Deferred rent consisted of the following at December 31, 2018: December 31, 2018 (In thousands) Deferred rent $ 1,368 Current maturities of deferred rent (150 ) Deferred rent, less current maturities $ 1,218 |
Summary of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities at December 31, 2019 are as follows: Year Operating Leases (In thousands) 2020 1,413 2021 1,221 2022 1,138 2023 1,105 2024 651 Thereafter 1,048 Total lease payments 6,576 Less imputed interest (1,246 ) Total lease liabilities $ 5,330 |
Summary of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments under operating leases at December 31, 2018 were as follows: Year Operating Leases (In thousands) 2019 $ 1,375 2020 1,304 2021 1,124 2022 1,068 2023 1,082 Thereafter 1,701 Total minimum lease payments $ 7,654 |
Employee Stock Ownership Plans
Employee Stock Ownership Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses | Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Cost of product revenue $ 573 $ 577 $ 790 Research and development expenses 506 461 555 Sales and marketing expenses 629 815 1,096 General and administrative expenses 2,063 2,449 2,650 Total stock-based compensation $ 3,771 $ 4,302 $ 5,091 |
Summary of Fair Value of Option Awards Estimated by Use of Black-Scholes Option Pricing Model | The following information relates to the fair value of the option awards estimated by use of the Black-Scholes option pricing model: Year Ended December 31, 2019 2018 2017 Weighted average assumptions: Expected term (in years) 5.81 5.93 5.86 Expected volatility 49.90 % 47.68 % 51.95 % Risk free rate 2.44 % 2.76 % 1.99 % Expected dividend yield 0.00 % 0.00 % 0.00 % Weighted average fair value: Grant-date fair value of options granted $ 1.90 $ 2.29 $ 2.08 Grant-date fair value of options vested $ 2.24 $ 3.29 $ 3.98 Aggregate intrinsic value of options exercised $ — $ — $ — |
Summary of Stock Option Outstanding | The following table summarizes information about stock options outstanding: Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($ in thousands, except share and per share data) Options outstanding at December 31, 2018 2,994,452 $ 6.22 $ 9.34 7.11 $ — Granted 723,883 $ 1.90 $ 3.94 Forfeited (155,991 ) $ 5.23 $ 8.73 Expired (14,910 ) $ 11.78 $ 15.45 Exercised — $ — $ — $ — Options outstanding at December 31, 2019 3,547,434 $ 5.36 $ 8.13 6.74 $ 7,908,311 Exercisable at December 31, 2019 2,149,317 $ 7.38 $ 10.17 5.84 $ 3,403,281 Expected to vest at December 31, 2019 1,398,117 $ 2.25 $ 4.54 1.60 $ 4,505,030 |
Summary of Grants of RSUs | Information related to grants of RSUs during 2019 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Balance at December 31, 2018 875,227 $ 4.38 Granted 661,263 3.70 Vested (411,844 ) 4.30 Forfeited (41,646 ) 4.07 Balance at December 31, 2019 1,083,000 $ 4.01 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The computation of basic and diluted net loss per share consists of the following: Year ended December 31, 2019 2018 2017 (In thousands, except share and per share data) Numerator: Net loss $ (14,565 ) $ (34,440 ) $ (19,321 ) Denominator: Weighted average shares outstanding, basic and diluted 24,099,438 23,738,852 23,390,235 Net loss per share, basic and diluted $ (0.60 ) $ (1.45 ) $ (0.83 ) |
Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share | On February 18, 2020, the Company completed an underwritten public offering 1,955,000 shares of its common stock at an offering price of $8.25 per share. Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Year ended December 31, 2019 2018 2017 Common stock options 3,547,434 2,994,452 2,432,906 Restricted common stock units 1,083,000 875,227 827,391 Restricted common stock awards 128,453 136,187 151,859 Total 4,758,887 4,005,866 3,412,156 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation Between U.S. Statutory Income Tax Rate and Company's Effective Rate | The reconciliation between the U.S. statutory income tax rate and the Company’s effective rate consists of the following: Year Ended December 31, 2019 2018 2017 U.S. federal income tax statutory rate 21 % 21 % 35 % Permanent differences (2 )% — % (3 )% State tax, net of federal benefit — % 2 % (5 )% Changes in valuation allowance for deferred tax assets (18 )% (22 )% 113 % Stock-based compensation (1 )% — % — % 2017 Tax Cuts and Jobs Act — % — % (138 )% Other — % (1 )% (2 )% Effective tax rate — — — |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences between financial statement and tax accounting that gave rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below: December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 53,859 $ 51,629 Stock-based compensation 5,261 5,194 Operating lease liabilities 1,356 — Tax credit carryforwards 289 296 Reserves and accruals 423 1,258 Interest expense limitation 235 135 Intangible assets and amortization — 50 Total gross deferred tax assets 61,423 58,562 Deferred tax liabilities: Depreciation (3,883 ) (4,614 ) Operating lease right-of-use assets (1,025 ) — Total deferred tax liabilities (4,908 ) (4,614 ) Total deferred tax assets and liabilities 56,515 53,948 Valuation allowance (56,515 ) (53,948 ) Net deferred tax asset $ — $ — |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS Three Months Ended March 31, June 30, Sept 30, Dec 31, (in thousands, except per share data) (unaudited) 2019 Total revenue $ 27,912 $ 29,533 $ 35,425 $ 46,505 Gross profit 3,718 3,514 7,742 11,310 Loss from operations (5,961 ) (5,215 ) (2,153 ) (830 ) Net loss (6,002 ) (5,318 ) (2,289 ) (956 ) Net loss per share basic and diluted common share - basic $ (0.25 ) $ (0.22 ) $ (0.09 ) $ (0.04 ) 2018 Total revenue $ 23,074 $ 21,671 $ 23,937 $ 35,679 Gross profit 2,810 2,744 1,529 5,586 Loss from operations (6,750 ) (6,855 ) (6,369 ) (13,942 ) Net loss (6,842 ) (6,958 ) (6,532 ) (14,108 ) Net loss per share basic and diluted common share - basic $ (0.29 ) $ (0.29 ) $ (0.27 ) $ (0.59 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ in Thousands | Feb. 18, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Subsidiary | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Basis Of Presentation [Line Items] | ||||||||||||
Number of Subsidiaries | Subsidiary | 3 | |||||||||||
Net loss incurred | $ 956 | $ 2,289 | $ 5,318 | $ 6,002 | $ 14,108 | $ 6,532 | $ 6,958 | $ 6,842 | $ 14,565 | $ 34,440 | $ 19,321 | |
Cash used in operations | 1,054 | 8,654 | $ 4,606 | |||||||||
Cash and cash equivalents | 3,633 | 3,327 | 3,633 | 3,327 | ||||||||
Outstanding borrowings under revolving line of credit | 3,123 | $ 4,181 | 3,123 | $ 4,181 | ||||||||
Subsequent Event [Member] | ||||||||||||
Basis Of Presentation [Line Items] | ||||||||||||
Net proceeds upon completion of underwritten public offering | $ 14,800 | |||||||||||
Secondary Public Offering [Member] | Subsequent Event [Member] | ||||||||||||
Basis Of Presentation [Line Items] | ||||||||||||
Net proceeds upon completion of underwritten public offering | $ 14,800 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Basis Of Presentation [Line Items] | ||||||||||||
Outstanding borrowings under revolving line of credit | 3,100 | 3,100 | ||||||||||
Additional amount available under revolving line of credit | $ 12,400 | $ 12,400 | ||||||||||
Existing maturity date | Apr. 28, 2021 |
Summary of Basis of Presentat_3
Summary of Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2019USD ($)shares | Dec. 31, 2019USD ($)CustomerSegment | Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($)Customer |
Summary Of Significant Accounting Policies [Line Items] | ||||
Charge for uncollectible accounts receivable | $ 0 | $ 2,922,000 | $ 455,000 | |
Allowance for doubtful accounts | 0 | 2,800,000 | ||
Write-off of accounts receivable | 2,600,000 | |||
Collections received from customer | $ 300,000 | |||
Impairment charge | 7,356,000 | |||
Standard product warranty period | 1 year | |||
Warranty expense | $ 0 | 0 | $ 900,000 | |
Number of segment | Segment | 1 | |||
Deferred rent credit de-recognized | $ 1,400,000 | |||
Operating lease liabilities | 6,000,000 | $ 5,330,000 | ||
ROU assets | 4,600,000 | $ 4,032,000 | ||
ASU 2016-02 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred rent credit de-recognized | 1,400,000 | |||
Operating lease liabilities | 6,000,000 | |||
ROU assets | $ 4,600,000 | |||
2014 Equity Plan [Member] | Restricted Stock Units [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stock-based award vesting period | 3 years | |||
2014 Equity Plan [Member] | Non-Employee Directors [Member] | Restricted Common Stock [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stock-based award vesting period | 1 year | |||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Authorized for issuance, number of shares increased by | shares | 479,470 | |||
Increased number of shares authorized for grant | shares | 7,488,930 | |||
Construction in Progress [Member] | Statesboro, Georgia [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment charge | $ 7,400,000 | |||
Total Revenue [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of customers | Customer | 2 | 1 | 2 | |
Accounts Receivable [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of customers | Customer | 2 | 1 | ||
Customer Concentration Risk [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of customers with charge for uncollectible accounts receivable | Customer | 4 | |||
Customer One [Member] | Customer Concentration Risk [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Charge for uncollectible accounts receivable | $ 2,800,000 | |||
Customer One [Member] | Customer Concentration Risk [Member] | Total Revenue [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 20.00% | 20.00% | 15.00% | |
Customer One [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 19.00% | 18.00% | ||
Customer Two [Member] | Customer Concentration Risk [Member] | Total Revenue [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 13.00% | 12.00% | ||
Customer Two [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 16.00% |
Summary of Basis of Presentat_4
Summary of Basis of Presentation and Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Research Services Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 46,505 | $ 35,425 | $ 29,533 | $ 27,912 | $ 35,679 | $ 23,937 | $ 21,671 | $ 23,074 | $ 139,375 | $ 104,361 | $ 111,631 |
U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 58,328 | 41,733 | 51,439 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 81,047 | $ 62,628 | $ 60,192 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Agreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenue Recognition [Line Items] | |||||||||||
Revenue | $ 46,505 | $ 35,425 | $ 29,533 | $ 27,912 | $ 35,679 | $ 23,937 | $ 21,671 | $ 23,074 | $ 139,375 | $ 104,361 | $ 111,631 |
Deferred revenue, revenue recognized | 2,100 | ||||||||||
Maximum [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Sales return reserves | $ 100 | $ 100 | $ 100 | 100 | |||||||
Product Revenue [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Number of performance obligations | Agreement | 1 | ||||||||||
Revenue | $ 119,906 | 93,977 | |||||||||
Subsea Projects [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Revenue | $ 17,028 | 8,146 | |||||||||
Research Services [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Number of performance obligations | Agreement | 1 | ||||||||||
Revenue | $ 2,441 | 2,238 | |||||||||
Product [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Revenue | 136,934 | 102,123 | 109,590 | ||||||||
Product cost of revenue | $ 111,759 | 90,660 | $ 92,052 | ||||||||
Product [Member] | ASC 606 [Member] | Difference between Revenue Guidance in Effect Before and After Topic 606 [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Revenue | 3,100 | ||||||||||
Product cost of revenue | $ 3,300 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Revenue Disaggregated by Geographical Region and Source of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 46,505 | $ 35,425 | $ 29,533 | $ 27,912 | $ 35,679 | $ 23,937 | $ 21,671 | $ 23,074 | $ 139,375 | $ 104,361 | $ 111,631 |
Product Revenue [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 119,906 | 93,977 | |||||||||
Subsea Projects [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 17,028 | 8,146 | |||||||||
Research Services [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 2,441 | 2,238 | |||||||||
Asia [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 44,485 | 34,597 | |||||||||
Canada [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 9,064 | 4,749 | |||||||||
Europe [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 24,081 | 19,905 | |||||||||
Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 3,417 | 3,377 | |||||||||
U.S. [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 58,328 | 41,733 | |||||||||
U.S. [Member] | Product Revenue [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 52,050 | 39,490 | |||||||||
U.S. [Member] | Subsea Projects [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 3,837 | 5 | |||||||||
U.S. [Member] | Research Services [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 2,441 | 2,238 | |||||||||
International [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 81,047 | 62,628 | |||||||||
International [Member] | Product Revenue [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 67,856 | 54,487 | |||||||||
International [Member] | Subsea Projects [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 13,191 | $ 8,141 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Contract assets | |
Beginning Balance | $ 3,111 |
Additions | 18,805 |
Deductions | (18,933) |
Ending Balance | 2,983 |
Contract liabilities | |
Beginning Balance | 7,114 |
Additions | 24,303 |
Deductions | (16,011) |
Ending Balance | 15,406 |
Subsea Projects [Member] | |
Contract assets | |
Beginning Balance | 2,742 |
Additions | 16,760 |
Deductions | (16,691) |
Ending Balance | 2,811 |
Contract liabilities | |
Beginning Balance | 781 |
Additions | 9,795 |
Deductions | (10,085) |
Ending Balance | 491 |
Research Services [Member] | |
Contract assets | |
Beginning Balance | 369 |
Additions | 2,045 |
Deductions | (2,242) |
Ending Balance | 172 |
Contract liabilities | |
Beginning Balance | 97 |
Additions | 212 |
Deductions | (171) |
Ending Balance | 138 |
Product Revenue [Member] | |
Contract liabilities | |
Beginning Balance | 1,751 |
Additions | 8,907 |
Deductions | (5,667) |
Ending Balance | 4,991 |
Prepayment Liability [Member] | |
Contract liabilities | |
Beginning Balance | 4,485 |
Additions | 5,389 |
Deductions | (88) |
Ending Balance | $ 9,786 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule of Impacts of Adopting ASC 606 on Components of Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Total revenue | $ 46,505 | $ 35,425 | $ 29,533 | $ 27,912 | $ 35,679 | $ 23,937 | $ 21,671 | $ 23,074 | $ 139,375 | $ 104,361 | $ 111,631 |
Gross profit | 11,310 | 7,742 | 3,514 | 3,718 | 5,586 | 1,529 | 2,744 | 2,810 | 26,284 | 12,669 | 18,671 |
Loss from operations | (830) | (2,153) | (5,215) | (5,961) | (13,942) | (6,369) | (6,855) | (6,750) | (14,159) | (33,916) | (19,136) |
Net loss | $ (956) | $ (2,289) | $ (5,318) | $ (6,002) | $ (14,108) | $ (6,532) | $ (6,958) | $ (6,842) | (14,565) | (34,440) | (19,321) |
ASC 606 [Member] | Pro forma as if ASC 605 was in Effect [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Total revenue | 101,231 | ||||||||||
Gross profit | 12,793 | ||||||||||
Loss from operations | (33,792) | ||||||||||
Net loss | (34,316) | ||||||||||
Product [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Total revenue | 136,934 | 102,123 | 109,590 | ||||||||
Product cost of revenue | $ 111,759 | 90,660 | $ 92,052 | ||||||||
Product [Member] | ASC 606 [Member] | Pro forma as if ASC 605 was in Effect [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Total revenue | 98,993 | ||||||||||
Product cost of revenue | $ 87,406 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 4,334 | $ 3,159 |
Finished goods | 4,434 | 4,159 |
Total | $ 8,768 | $ 7,318 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 156,366 | $ 154,402 |
Accumulated depreciation and amortization | (102,749) | (92,703) |
Property, plant and equipment, net | 53,617 | 61,699 |
Construction in Progress [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,309 | 1,568 |
Buildings [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 24,016 | 24,016 |
Property, plant and equipment, Useful life | 30 years | |
Machinery and Equipment [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 122,485 | 120,466 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 10 years | |
Computer Equipment and Software [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,556 | $ 8,352 |
Property, plant and equipment, Useful life | 3 years |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant and Equipment [Line Items] | |||
Depreciation expense | $ 10,200,000 | $ 10,800,000 | $ 10,800,000 |
Assets under capital leases | 0 | 0 | |
Property, plant and equipment, gross | 156,366,000 | 154,402,000 | |
Impairment charge | 7,356,000 | ||
Construction in Progress [Member] | |||
Property Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,309,000 | 1,568,000 | |
Rhode Island [Member] | Construction in Progress [Member] | |||
Property Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 100,000 | 1,200,000 | |
Statesboro, Georgia [Member] | Construction in Progress [Member] | |||
Property Plant and Equipment [Line Items] | |||
Impairment charge | $ 7,400,000 | ||
Maximum [Member] | |||
Property Plant and Equipment [Line Items] | |||
Capital leases, amortization expense | $ 100,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
Employee compensation | $ 6,472 | $ 2,750 |
Other accrued expenses | 1,585 | 1,114 |
Total | $ 8,057 | $ 3,864 |
Revolving Line of Credit - Addi
Revolving Line of Credit - Additional Information (Detail) - USD ($) | Mar. 03, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Line of credit facility amount withdrawn | $ 3,123,000 | $ 4,181,000 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Extended maturity date | Apr. 28, 2021 | ||
Line of credit facility amount withdrawn | $ 3,100,000 | ||
Available borrowing capacity | $ 12,400,000 | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate description | The interest applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum. While LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Extended maturity date | Apr. 28, 2021 | ||
Maximum increased borrowing amount | $ 20,000,000 | ||
Percentage of unused portion of facility, monthly fee | 0.50% | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Prime Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 0.75% | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Prime Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 2.00% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate description | The interest rate applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum increased borrowing amount | $ 20,000,000 | ||
Percentage of unused portion of facility, monthly fee | 0.50% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Subsequent Event [Member] | Prime Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 0.75% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Subsequent Event [Member] | Prime Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 2.00% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility amount withdrawn | $ 3,100,000 | 4,200,000 | |
Repaid under line of credit | 126,900,000 | ||
Borrowed under line of credit | 125,800,000 | ||
Letters of credit outstanding | 900,000 | $ 1,600,000 | |
Available borrowing capacity | $ 12,400,000 | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Extended maturity date | Apr. 28, 2021 |
Interest Expense, Net - Additio
Interest Expense, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income Expense Net [Abstract] | |||
Interest expense, net | $ (0.4) | $ (0.5) | $ (0.2) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Operating lease expiry year | 2026 | |||
Operating lease liabilities | $ 5,330 | $ 6,000 | ||
ROU assets | 4,032 | 4,600 | ||
Deferred rent credit de-recognized | $ 1,400 | |||
Operating lease cost | 1,500 | $ 1,500 | $ 1,400 | |
Cash payments related to operating lease liabilities | $ 1,400 | |||
Operating lease, weighted average remaining lease term | 5 years 4 months 24 days | |||
Operating lease, weighted average discount rate, percent | 7.90% | |||
Operating lease liability payments not yet commenced | $ 400 | |||
Operating lease, weighted average lease not yet commenced, term | 3 years 9 months 18 days |
Leases - Summary of Deferred Re
Leases - Summary of Deferred Rent (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Deferred Revenue And Credits [Abstract] | |
Deferred rent | $ 1,368 |
Current maturities of deferred rent | (150) |
Deferred rent, less current maturities | $ 1,218 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 1,413 | |
2021 | 1,221 | |
2022 | 1,138 | |
2023 | 1,105 | |
2024 | 651 | |
Thereafter | 1,048 | |
Total lease payments | 6,576 | |
Less imputed interest | (1,246) | |
Operating lease liabilities | $ 5,330 | $ 6,000 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 1,375 |
2020 | 1,304 |
2021 | 1,124 |
2022 | 1,068 |
2023 | 1,082 |
Thereafter | 1,701 |
Total minimum lease payments | $ 7,654 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jan. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² |
Commitments And Contingencies [Line Items] | |||||
Leasehold improvement costs capitalized | $ 1,200,000 | $ 1,200,000 | |||
Rent expense incurred under operating leases | 1,500,000 | 1,500,000 | $ 1,400,000 | ||
Prepayment proceeds under customer supply agreement, net | 5,000,000 | 5,000,000 | |||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Letters of credit outstanding | $ 900,000 | 1,600,000 | |||
Landlord [Member] | Lease Agreement [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of square feet for lease | ft² | 51,650 | ||||
Lease end date | Dec. 31, 2026 | ||||
Lease commence date | Jan. 1, 2017 | ||||
Lease annual base rent | $ 408,000 | ||||
Lease increased percentage | 3.00% | ||||
Lease extended term | 3 years | ||||
Amount receivables as an aid to construction of improvements of the leased premise | $ 1,200,000 | ||||
BASF [Member] | Supply and Joint Development Agreement Amended [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Supply agreement termination date | Dec. 31, 2027 | ||||
Prepayment liability | $ 5,000,000 | 5,000,000 | |||
Prepayment proceeds under customer supply agreement, net | $ 10,000,000 | ||||
Prepayment liability, net of current portion | 200,000 | $ 500,000 | |||
BASF [Member] | Supply and Joint Development Agreement Amended [Member] | After January 1, 2020 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Credit limit percentage on prepayment balance | 50.00% | ||||
BASF [Member] | Supply and Joint Development Agreement Amended [Member] | After December 31, 2022 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Credit limit percentage on prepayment balance | 24.70% | ||||
BASF [Member] | Supply and Joint Development Agreement Amended [Member] | Maximum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Non-interest bearing prepayments, aggregate amount | $ 22,000,000 | ||||
Credit limit percentage on prepayment balance | 25.30% | ||||
Credits against amounts invoiced | $ 100,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Total number of shares authorized | 130,000,000 | 130,000,000 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract] | |||
Matching contribution during the period | $ 0.2 | $ 0.2 | $ 0.2 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plans - Additional Information (Detail) - USD ($) $ in Millions | Nov. 07, 2018 | Aug. 02, 2017 | Dec. 11, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Jan. 01, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based awards granted to purchase common stock | 723,883 | |||||||
Aggregate value of restricted stock issuance | $ 2 | |||||||
Number of comparable companies for expected volatility | the Company’s uses an estimated volatility based on the historical volatility of comparable companies with publicly available share prices. In 2019, 2018 and 2017, the expected volatility is based on the weighted average volatility of up to 17 companies with business, financial and market attributes that the Company believes are similar to its own. | |||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||||
ASU 2016-09 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cumulative effect adjustment to equity | $ 0.3 | |||||||
Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of restricted stock awards modified during the period | 78,125 | |||||||
2014 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares reserved for issuance | 4,544,989 | |||||||
Increased number of shares available for future grant | 1,072,528 | |||||||
Number of shares either issued or reserved in connection with statutory tax withholdings | 1,785,968 | |||||||
2001 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares reserved for issuance | 85,445 | |||||||
Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to non-vested options grants | $ 2.7 | |||||||
Unrecognized compensation cost period for recognition | 1 year 9 months 18 days | |||||||
Shares outstanding | 1,083,000 | 875,227 | ||||||
Total shares vested | 411,844 | |||||||
Restricted Stock Units [Member] | Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 1 year | |||||||
Restricted Stock Units [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issue of stock-based awards | 78,125 | |||||||
Restricted Stock Units [Member] | 2014 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Stock-based awards granted to purchase common stock | 661,263 | |||||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 2.4 | |||||||
Restricted Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares outstanding | 128,453 | |||||||
Restricted Common Stock [Member] | 2014 Equity Plan [Member] | Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 1 year | |||||||
Stock-based awards granted to purchase common stock | 50,328 | |||||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 0.3 | |||||||
Non-Qualified Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based awards granted to purchase common stock | 84,745 | |||||||
Total incremental compensation expense | $ 0.1 | $ 0.1 | ||||||
Non-Qualified Stock Options [Member] | Common Stock Price Target Achievements Conditions [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based awards granted to purchase common stock | 370,181 | |||||||
Non-Qualified Stock Options [Member] | Common Stock Price Target Achievements Conditions, Vesting Four Year Period [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 4 years | |||||||
Number of options with modified vesting term | 131,578 | |||||||
Non-Qualified Stock Options [Member] | Common Stock Price Target Achievements Conditions, Vesting Five Year Period [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 5 years | |||||||
Number of options with modified vesting term | 122,324 | |||||||
Non-Qualified Stock Options [Member] | 2014 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Stock-based awards granted to purchase common stock | 632,183 | |||||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 1.1 | |||||||
Non-Qualified Stock Options [Member] | 2014 Equity Plan [Member] | Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 1 year | |||||||
Stock-based awards granted to purchase common stock | 71,700 | |||||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 0.2 | |||||||
Non-Qualified Stock Options [Member] | 2014 Equity Plan [Member] | Consultant [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based awards granted to purchase common stock | 20,000 | |||||||
Service Based Awards [Member] | 2014 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Unrecognized compensation cost related to non-vested options grants | $ 1.6 | |||||||
Unrecognized compensation cost period for recognition | 1 year 7 months 6 days | |||||||
Restricted Stock and Restricted Stock Units RSU [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares outstanding | 1,133,328 | |||||||
Total intrinsic value | $ 1.5 | $ 0.8 | ||||||
Total shares vested | 78,125 | |||||||
Share based compensation recorded in connection with award | $ 0.1 | |||||||
Restricted Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to non-vested options grants | $ 0.2 | |||||||
Unrecognized compensation cost period for recognition | 5 months 19 days | |||||||
Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Minimum [Member] | Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Minimum [Member] | Restricted Stock Units [Member] | 2014 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Minimum [Member] | Non-Qualified Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 3 years | |||||||
Maximum [Member] | Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 4 years | |||||||
Maximum [Member] | Restricted Stock Units [Member] | 2014 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 4 years | |||||||
Maximum [Member] | Non-Qualified Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based award vesting period | 5 years | |||||||
Maximum [Member] | Non-Qualified Stock Options [Member] | 2014 Equity Plan [Member] | Consultant [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 0.1 | |||||||
Maximum [Member] | Performance Based Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost related to non-vested options grants | $ 0.1 | |||||||
Unrecognized compensation cost period for recognition | 1 year |
Employee Stock Ownership Plan_3
Employee Stock Ownership Plans - Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 3,771 | $ 4,302 | $ 5,091 |
Cost of Product Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 573 | 577 | 790 |
Research and Development Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 506 | 461 | 555 |
Sales and Marketing Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 629 | 815 | 1,096 |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 2,063 | $ 2,449 | $ 2,650 |
Employee Stock Ownership Plan_4
Employee Stock Ownership Plans - Summary of Fair Value of Option Awards Estimated by Use of Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted average assumptions: | |||
Expected term (in years) | 5 years 9 months 21 days | 5 years 11 months 4 days | 5 years 10 months 9 days |
Expected volatility | 49.90% | 47.68% | 51.95% |
Risk free rate | 2.44% | 2.76% | 1.99% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value: | |||
Grant-date fair value of options granted | $ 1.90 | $ 2.29 | $ 2.08 |
Grant-date fair value of options vested | $ 2.24 | $ 3.29 | $ 3.98 |
Employee Stock Ownership Plan_5
Employee Stock Ownership Plans - Summary of Stock Option Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares, Beginning Balance | 2,994,452 | ||
Number of Shares, Granted | 723,883 | ||
Number of Shares, Forfeited | (155,991) | ||
Number of Shares, Expired | (14,910) | ||
Number of Shares, Ending Balance | 3,547,434 | 2,994,452 | |
Number of Shares, Exercisable at December 31, 2018 | 2,149,317 | ||
Number of Shares, Expected to vest at December 31, 2018 | 1,398,117 | ||
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 6.22 | ||
Weighted Average Grant Date Fair Value Per Share, Granted | 1.90 | $ 2.29 | $ 2.08 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | 5.23 | ||
Weighted Average Grant Date Fair Value Per Share, Expired | 11.78 | ||
Weighted Average Grant Date Fair Value Per Share, Ending Balance | 5.36 | 6.22 | |
Weighted Average Grant Date Fair Value Per Share, Exercisable at December 31, 2018 | 7.38 | ||
Weighted Average Grant Date Fair Value Per Share, Expected to vest at December 31, 2018 | 2.25 | ||
Weighted Average Exercise Price Per Share, Beginning Balance | 9.34 | ||
Weighted Average Exercise Price Per Share, Granted | 3.94 | ||
Weighted Average Exercise Price Per Share, Forfeited | 8.73 | ||
Weighted Average Exercise Price Per Share, Expired | 15.45 | ||
Weighted Average Exercise Price Per Share, Ending Balance | 8.13 | $ 9.34 | |
Weighted Average Exercise Price Per Share, Exercisable at December 31, 2018 | 10.17 | ||
Weighted Average Exercise Price Per Share, Expected to vest at December 31, 2018 | $ 4.54 | ||
Weighted Average Remaining Contractual Term, Outstanding | 6 years 8 months 26 days | 7 years 1 month 9 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2018 | 5 years 10 months 2 days | ||
Weighted Average Remaining Contractual Term, Expected to vest at December 31, 2018 | 1 year 7 months 6 days | ||
Aggregate Intrinsic Value, Ending Balance | $ 7,908,311 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | 3,403,281 | ||
Aggregate Intrinsic Value, Expected to vest at December 31, 2018 | $ 4,505,030 |
Employee Stock Ownership Plan_6
Employee Stock Ownership Plans - Summary of Grants of RSUs (Detail) - Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units, Beginning Balance | shares | 875,227 |
Restricted Stock Units, Granted | shares | 661,263 |
Restricted Stock Units, Vested | shares | (411,844) |
Restricted Stock Units, Forfeited | shares | (41,646) |
Restricted Stock Units, Ending Balance | shares | 1,083,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 4.38 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 3.70 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 4.30 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 4.07 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 4.01 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net loss | $ (956) | $ (2,289) | $ (5,318) | $ (6,002) | $ (14,108) | $ (6,532) | $ (6,958) | $ (6,842) | $ (14,565) | $ (34,440) | $ (19,321) |
Denominator: | |||||||||||
Weighted average shares outstanding, basic and diluted | 24,099,438 | 23,738,852 | 23,390,235 | ||||||||
Net loss per share, basic and diluted | $ (0.04) | $ (0.09) | $ (0.22) | $ (0.25) | $ (0.59) | $ (0.27) | $ (0.29) | $ (0.29) | $ (0.60) | $ (1.45) | $ (0.83) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - $ / shares | Feb. 18, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Earnings Per Share Basic [Line Items] | |||
Underwritten public offering price of common stock | $ 0.00001 | $ 0.00001 | |
Subsequent Event [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Underwritten public offering shares of common stock | 1,955,000 | ||
Underwritten public offering price of common stock | $ 8.25 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 4,758,887 | 4,005,866 | 3,412,156 |
Common Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 3,547,434 | 2,994,452 | 2,432,906 |
Restricted Common Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 1,083,000 | 875,227 | 827,391 |
Restricted Common Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 128,453 | 136,187 | 151,859 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between U.S. Statutory Income Tax Rate and Company's Effective Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax statutory rate | 21.00% | 21.00% | 35.00% |
Permanent differences | (2.00%) | (3.00%) | |
State tax, net of federal benefit | 2.00% | (5.00%) | |
Changes in valuation allowance for deferred tax assets | (18.00%) | (22.00%) | 113.00% |
Stock-based compensation | (1.00%) | ||
2017 Tax Cuts and Jobs Act | (138.00%) | ||
Other | (1.00%) | (2.00%) | |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 53,859 | $ 51,629 |
Stock-based compensation | 5,261 | 5,194 |
Operating lease liabilities | 1,356 | |
Tax credit carryforwards | 289 | 296 |
Reserves and accruals | 423 | 1,258 |
Interest expense limitation | 235 | 135 |
Intangible assets and amortization | 50 | |
Total gross deferred tax assets | 61,423 | 58,562 |
Deferred tax liabilities: | ||
Depreciation | (3,883) | (4,614) |
Operating lease right-of-use assets | (1,025) | |
Total deferred tax liabilities | (4,908) | (4,614) |
Total deferred tax assets and liabilities | 56,515 | 53,948 |
Valuation allowance | (56,515) | (53,948) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
U.S. corporate tax rate | 21.00% | 21.00% | 35.00% |
Decrease in net deferred tax asset and corresponding valuation allowance | $ 26,700,000 | ||
Net operating losses to maximum offset percentage of future taxable income | 80.00% | ||
Net change in valuation allowance | $ 2,600,000 | ||
Net operating losses available to offset future state taxable income expiration description | between 2020 and 2039 | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Interest and penalties related to unrecognized tax benefits | 0 | 0 | 0 |
Expected amount of unrecognized tax benefits | 0 | 0 | $ 0 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 233,800,000 | ||
Expiration of federal net operating loss carryforwards | $ 194,600,000 | ||
Net operating loss carryforwards expiration date | Dec. 31, 2037 | ||
Federal [Member] | Unlimited Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 39,200,000 | $ 39,200,000 | |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 81,400,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Mar. 03, 2020 | Feb. 18, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Underwritten public offering price of common stock | $ 0.00001 | $ 0.00001 | ||
Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Extended maturity date | Apr. 28, 2021 | |||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate description | The interest applicable to borrowings under the revolving credit facility may be based on prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum. While LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. | |||
Credit facility, covenant terms | The amendment also established certain minimum required Adjusted EBITDA levels as a financial covenant for the extended term. | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Underwritten public offering shares of common stock | 1,955,000 | |||
Underwritten public offering price of common stock | $ 8.25 | |||
Net proceeds of after deducting underwriting discounts | $ 14,800,000 | |||
Underwriting discounts | 1,000,000 | |||
Offering expenses | $ 400,000 | |||
Subsequent Event [Member] | Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Extended maturity date | Apr. 28, 2021 | |||
Maximum increased borrowing amount | $ 20,000,000 | |||
Percentage of unused portion of facility, monthly fee | 0.50% | |||
Subsequent Event [Member] | Silicon Valley Bank Credit Facility [Member] | Prime Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Additional interest rate per annum | 0.75% | |||
Subsequent Event [Member] | Silicon Valley Bank Credit Facility [Member] | Prime Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Additional interest rate per annum | 2.00% | |||
Subsequent Event [Member] | Silicon Valley Bank Credit Facility [Member] | LIBOR Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Additional interest rate per annum | 3.75% | |||
Subsequent Event [Member] | Silicon Valley Bank Credit Facility [Member] | LIBOR Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Additional interest rate per annum | 4.25% |
Quarterly Results of Operatio_3
Quarterly Results of Operations - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 46,505 | $ 35,425 | $ 29,533 | $ 27,912 | $ 35,679 | $ 23,937 | $ 21,671 | $ 23,074 | $ 139,375 | $ 104,361 | $ 111,631 |
Gross profit | 11,310 | 7,742 | 3,514 | 3,718 | 5,586 | 1,529 | 2,744 | 2,810 | 26,284 | 12,669 | 18,671 |
Loss from operations | (830) | (2,153) | (5,215) | (5,961) | (13,942) | (6,369) | (6,855) | (6,750) | (14,159) | (33,916) | (19,136) |
Net loss | $ (956) | $ (2,289) | $ (5,318) | $ (6,002) | $ (14,108) | $ (6,532) | $ (6,958) | $ (6,842) | $ (14,565) | $ (34,440) | $ (19,321) |
Net loss per share, basic and diluted | $ (0.04) | $ (0.09) | $ (0.22) | $ (0.25) | $ (0.59) | $ (0.27) | $ (0.29) | $ (0.29) | $ (0.60) | $ (1.45) | $ (0.83) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - Allowances for Uncollectible Accounts and Sales Returns and Allowances [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 2,877 | $ 93 | $ 93 |
Charges to Costs and Expenses | 0 | 2,961 | 0 |
Recoveries of Costs and Expenses | (228) | (39) | 0 |
Deductions to Allowances for Uncollectible Accounts | (2,552) | (142) | 0 |
Charges to (Deductions from) Other Accounts | 47 | 4 | 0 |
Balance at End of Year | $ 144 | $ 2,877 | $ 93 |