Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 23, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-36747 | ||
Entity Registrant Name | Second Sight Medical Products, Inc. | ||
Entity Central Index Key | 0001266806 | ||
Entity Tax Identification Number | 02-0692322 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Address, Address Line One | 13170 Telfair Avenue, | ||
Entity Address, City or Town | Sylmar | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91342 | ||
City Area Code | 818 | ||
Local Phone Number | 833-5000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 145,500,000 | ||
Common stock outstanding | 39,409,176 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2022 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Registrant intends to file a definitive proxy statement with the Securities and Exchange Commission within 120 days after the end of registrant’s fiscal year ended December 31, 2021. | ||
Auditor Firm ID | 207 | ||
Auditor name | Santa Monica | ||
Auditor location | California | ||
Warrant [Member] | |||
Common stock outstanding | 7,680,938 | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | EYES | ||
Security Exchange Name | NASDAQ | ||
Warrants [Member] | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | EYESW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 69,593 | $ 3,177 |
Prepaid expenses and other current assets | 914 | 1,092 |
Total current assets | 70,507 | 4,269 |
Property and equipment, net | 117 | 174 |
Right-of-use asset | 228 | |
Deposits and other assets | 27 | 17 |
Total assets | 70,879 | 4,460 |
Current liabilities: | ||
Accounts payable | 519 | 486 |
Accrued expenses | 548 | 1,210 |
Accrued compensation expense | 748 | 173 |
Accrued clinical trial and grant expenses | 462 | 1,063 |
Current operating lease liabilities | 185 | |
Current debt | 2,200 | |
Total current liabilities | 2,462 | 5,132 |
Long term operating lease liabilities | 52 | |
Total liabilities | 2,514 | 5,132 |
Stockholders’ equity (deficit): | ||
Preferred stock, no par value, 10,000 shares authorized; none outstanding | ||
Common stock, no par value; 300,000 shares authorized; shares issued and outstanding: 39,409 and 23,214 at December 31, 2021 and December 31, 2020, respectively | 347,940 | 270,126 |
Additional paid-in capital | 49,389 | 49,314 |
Accumulated other comprehensive loss | (379) | (448) |
Accumulated deficit | (328,585) | (319,664) |
Total stockholders’ equity (deficit) | 68,365 | (672) |
Total liabilities and stockholders’ equity (deficit) | $ 70,879 | $ 4,460 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 300,000 | 300,000 |
Common stock, shares issued | 39,409 | 23,214 |
Common stock, shares outstanding | 39,409 | 23,214 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | ||
Cost of sales | (130) | (500) |
Gross profit | 130 | 500 |
Operating expenses: | ||
Research and development, net of grants | 2,370 | 4,836 |
Clinical and regulatory, net of grants | 378 | 1,687 |
Selling and marketing | 701 | |
General and administrative | 6,315 | 5,943 |
Restructuring charges | 2,229 | |
Total operating expenses | 9,063 | 15,396 |
Loss from operations | (8,933) | (14,896) |
Interest income | 12 | 16 |
Net loss | $ (8,921) | $ (14,880) |
Net loss per common share – basic and diluted | $ (0.27) | $ (0.72) |
Weighted average shares outstanding – basic and diluted | 32,817 | 20,575 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||||||||
Net loss | $ (1,283) | $ (2,501) | $ (2,294) | $ (2,843) | $ (1,291) | $ (1,603) | $ (3,100) | $ (8,886) | $ (8,921) | $ (14,880) |
Other comprehensive income: | ||||||||||
Foreign currency translation adjustments | 69 | 114 | ||||||||
Comprehensive loss | $ (8,852) | $ (14,766) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity (Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 264,008 | $ 48,613 | $ (562) | $ (304,784) | $ 7,275 |
Balance ending (in shares) at Dec. 31, 2020 | 23,214 | 23,214 | |||
Balance beginning (in shares) at Dec. 31, 2019 | 15,643 | ||||
Repurchase of fractional shares in connection with reverse stock split | $ (11) | $ (11) | |||
Repurchase of fractional shares in connection with reverse stock split (in shares) | (2) | ||||
Issuance of common stock, net of issuance costs | $ 6,393 | 280 | 6,673 | ||
Issuance of common stock and warrants in connection with rights offering, net of issuance costs (in shares) | 7,500 | ||||
Issuance of common stock in connection with ATM | $ 6 | 6 | |||
Issuance of common stock in connection with ATM (in shares) | 1 | ||||
Stock-based compensation expense | 421 | 421 | |||
Repurchase of ESPP shares as part of a rescission offer | $ (270) | (270) | |||
Repurchase of ESPP shares as part of a rescission offer (in shares) | (39) | ||||
Cash-less exercise of underwriter’s warrants | |||||
Cash-less exercise of underwriters warrants (in shares) | 96 | ||||
Release of restricted stock units | |||||
Release of restricted stock units (in shares) | 15 | ||||
Comprehensive loss: | |||||
Net loss | (14,880) | (14,880) | |||
Foreign currency translation adjustment | 114 | 114 | |||
Comprehensive loss | 114 | (14,880) | (14,766) | ||
Ending balance, value at Dec. 31, 2020 | $ 270,126 | 49,314 | (448) | (319,664) | $ (672) |
Balance ending (in shares) at Dec. 31, 2021 | 39,409 | 39,409 | |||
Balance beginning (in shares) at Dec. 31, 2020 | 23,214 | 23,214 | |||
Issuance of common stock, net of issuance costs | $ 77,789 | $ 77,789 | |||
Stock-based compensation expense | 75 | 75 | |||
Exercise of underwriter’s warrants | $ 25 | 25 | |||
Exercise of underwriters warrants (in shares) | 45 | ||||
Comprehensive loss: | |||||
Net loss | (8,921) | (8,921) | |||
Foreign currency translation adjustment | 69 | 69 | |||
Comprehensive loss | 69 | (8,921) | (8,852) | ||
Ending balance, value at Dec. 31, 2021 | $ 347,940 | $ 49,389 | $ (379) | $ (328,585) | $ 68,365 |
Comprehensive loss: | |||||
Issuance of shares of common stock, net of issuance costs (in shares) | 16,150 | ||||
Stock Issued During Period, Shares, New Issues | 16,150 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (8,921) | $ (14,880) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of property and equipment | 70 | 164 |
Stock-based compensation | 75 | 421 |
Non-cash lease expense | 9 | 3 |
Restructuring charges-inventory impairment | 1,214 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 461 | |
Inventories | 529 | |
Prepaid expenses and other assets | 168 | (785) |
Accounts payable | 63 | (1,051) |
Accrued expenses | (625) | (731) |
Accrued compensation expenses | 574 | (2,524) |
Accrued clinical trial and grant expenses | (601) | 357 |
Net cash used in operating activities | (9,188) | (16,822) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (14) | (330) |
Sale of assets held for sale | 398 | |
Net cash provided by (used) in investing activities | (14) | 68 |
Cash flows from financing activities: | ||
Net proceeds from sale of common stock | 77,789 | 6,679 |
Repurchase of ESPP shares and fractional shares in connection with reverse stock split | (281) | |
Debt financing (repayment) | (2,200) | 2,200 |
Proceeds from exercise of options, warrants and employee stock purchase plan options | 25 | |
Net cash provided by financing activities | 75,616 | 8,598 |
Effect of exchange rate changes on cash and cash equivalents | 2 | 6 |
Cash and cash equivalents: | ||
Net Increase (decrease) | 66,416 | (8,150) |
Balance at beginning of year | 3,177 | 11,327 |
Balance at end of year | 69,593 | 3,177 |
Supplemental disclosure of cash flow information; | ||
Interest | 135 | |
Non-cash financing activities: | ||
Fair value of warrants issued in connection with issuance of common stock | $ 280 |
Organization and Business Opera
Organization and Business Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | 1. Organization and Business Operations Second Sight Medical Products, Inc. (“Second Sight,” the “Company,” “we,” “us,” “our” or similar terms), was incorporated in the State of California in 2003. We develop, manufacture and market implantable visual prosthetics that are intended to deliver useful artificial vision to blind individuals. We are a recognized global leader in neuromodulation devices for blindness and are committed to developing new technologies to treat the broadest population of sight-impaired individuals. In 2007, Second Sight formed Second Sight (Switzerland) Sàrl, initially to manage clinical trials for its products in Europe, and later to manage sales and marketing in Europe, the Middle East and Asia Pacific. As the laws of Switzerland require at least two corporate stockholders, Second Sight (Switzerland) Sàrl is 99.5 0.5 100 We are currently developing the Orion® Visual Cortical Prosthesis System (“Orion”), an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease, or forms of cancer and trauma. A feasibility study of the Orion device is currently underway at the Ronald Reagan UCLA Medical Center in Los Angeles (“UCLA”) and Baylor College of Medicine in Houston (“Baylor”). Our commercially approved product, the Argus® II retinal prosthesis system (“Argus II”), entered clinical trials in 2006, received CE Mark approval for marketing and sales in the European Union (“EU”) in 2011, and received approval by the United States Food and Drug Administration (“FDA”) for marketing and sales in the United States in 2013. We began selling the Argus II in Europe at the end of 2011, Saudi Arabia in 2012, the United States and Canada in 2014, Turkey in 2015, Iran, Taiwan, South Korea and Russia in 2017, and Singapore in 2018. Given the limited addressable market of Argus II, we have made the decision to maximize capital efficiency by ceasing the production and sales of our Argus commercial and clinical activities and increase our investment of resources with our Orion clinical and R&D programs. Liquidity and Capital Resources From inception, our operations have been funded primarily through the sales of our common stock as well as from research and clinical grants. Funding of our business since 2020 has been primarily provided by: ● On June 25, 2021, we closed an underwritten public offering of 11,500,000 5.00 53.3 million ● On March 23, 2021, we closed our private placement to seven institutional investors of 4,650,000 6.00 24.5 million ● On May 5, 2020, we closed our underwritten public offering of 7,500,000 1.00 6.7 million ● On December 8, 2020, we borrowed $ 1 million 1.2 two Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We estimate that currently available cash will provide sufficient funds to enable the Company to meet its planned obligations for at least twenty-four months. Our ability to continue as a going concern is dependent on our ability to develop profitable operations through implementation of our business initiatives and/or raise additional capital, however, there can be no assurances that we will be able to do so. |
Summary of Significant Accounti
Summary of Significant Accounting | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the financial statements of Second Sight and Second Sight Switzerland. Intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base our estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments and stock-based compensation, and the realization of deferred tax assets. Actual results could differ from those estimates Reclassifications Certain items in prior period financial statements have been reclassified to conform to the presentation in the current period financial statements. Such reclassification did not impact our previously reported net loss on financial position. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash is carried at cost, which approximates fair value, and cash equivalents are carried at fair value. We generally invest funds that are in excess of current needs in high credit quality instruments such as money market funds. Property and Equipment Property and equipment are recorded at historical cost less accumulated depreciation and amortization. Improvements are capitalized, while expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the consolidated statements of operations. Depreciation is provided for using the straight-line method in amounts sufficient to relate the cost of assets to operations over their estimated service lives. Leasehold improvements are amortized over the shorter of the life of the asset or the related lease term. Estimated useful lives of the principal classes of assets are as follows: Schedule of Estimated Useful Lives of Principal Classes of Assets Lab equipment 5 – 7 Computer hardware and software 3 – 7 Leasehold improvements 2 – 5 Furniture, fixtures and equipment 5 – 10 We review our property and equipment for impairment annually or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. As a result of our decision to cease marketing of Argus II we recorded an impairment of $ 0.7 million 0.4 million Depreciation and amortization of property and equipment amounted to $ 0.1 million 0.2 million Research and Development Research and development costs are charged to operations in the period incurred and amounted to $ 2.4 million 4.8 million Patent Costs Due to the uncertainty associated with the successful development of one or more commercially viable products based on our research efforts and any related patent applications, all patent costs, including patent-related legal, filing fees and other costs, including internally generated costs, are expensed as incurred. Patent costs were $ 0.4 million 0.2 million NIH Grant From time to time, we receive grants that help fund specific development programs. Any amounts received pursuant to grants are offset against the related operating expenses as the costs are incurred. During the years ended December 31, 2021 and 2020 grants offset against operating expenses were $ 1.4 million 1.3 million Concentration of Risk Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of cash and money market funds. We maintain cash and money market funds with financial institutions that management deems credit worthy, and at times, cash balances may be in excess of FDIC and SIPC insurance limits of $ 250,000 500,000 250,000 We also maintain cash at a bank in Switzerland. Accounts at said bank are insured up to an amount specified by the deposit insurance agency of Switzerland. Foreign Operations The accompanying consolidated financial statements as of December 31, 2021 and 2020 include assets amounting to approximately $ 30,000 18,000 Fair Value of Financial Instruments The authoritative guidance with respect to fair value establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that we have the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. We determine the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, we perform an analysis of the assets and liabilities at each reporting period end. Cash equivalents, which include money market funds, are the only financial instrument measured and recorded at fair value in assets or liabilities on our consolidated balance sheet, and they are valued using Level 1 inputs. Stock-Based Compensation Pursuant to FASB ASC 718 Share-Based Payment (“ASC 718”), we record stock-based compensation expense for all stock-based awards. Under ASC 718, we estimate the fair value of stock options granted using the Black-Scholes option pricing model. The fair value for awards that are expected to vest is then amortized on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option valuation model. The assumptions used in the Black-Scholes valuation model are as follows: ● The grant price of the issuances is determined based on the fair value of the shares at the date of grant. ● The risk free interest rate for periods within the contractual life of the option is based on the U.S. treasury yield in effect at the time of grant. ● We calculate the expected term of options using a weighted average of option vesting periods and an estimate of one-half of the period between vesting and expiration of the option. ● Volatility is determined based on our average historical volatilities since our trading history began in November 2014, supplemented with average historical volatilities of comparable companies in our similar industry. ● Expected dividend yield is based on current yield at the grant date or the average dividend yield over the historical period. We have never declared or paid dividends and have no plans to do so in the foreseeable future. Comprehensive Income or Loss We comply with provisions of FASB ASC 220, Comprehensive Income, which requires companies to report all changes in equity during a period, except those resulting from investment by owners and distributions to owners, for the period in which they are recognized. Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive and other comprehensive income (loss) is reported on the face of the financial statements. For the years ended December 31, 2021 and 2020 comprehensive income (loss) is the total of net income (loss) and other comprehensive income (loss) which, for us, consists entirely of foreign currency translation adjustments and there were no material reclassifications from other comprehensive loss to net loss during the years ended December 31, 2021 and 2020. Foreign Currency Translation and Transactions The financial statements and transactions of the subsidiary’s operations are reported in the local (functional) currency of Swiss francs (CHF) and translated into U.S. dollars in accordance with U.S. GAAP. Assets and liabilities of those operations are translated at exchange rates in effect at the balance sheet date. The resulting gains and losses from translating foreign currency financial statements are recorded as other comprehensive income (loss). Revenues and expenses are translated at the average exchange rate for the reporting period. Foreign currency transaction gains (losses) resulting from exchange rate fluctuations on transactions denominated in a currency other than the foreign operations’ functional currencies are included in expenses in the consolidated statements of operations. Income Taxes We account for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, we recognize deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. In the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of our recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. We have incurred losses for tax purposes since inception and have significant tax losses and tax credit carryforwards. As of December 31, 2021, we had federal and state of California income tax net operating loss carryforwards, which may be applied to future taxable income, of approximately $ 124.3 million 76.8 million 2035 2037 2033 2041 We experienced an “ownership change” within the meaning of Section 382(g) of the Internal Revenue Code of 1986, as amended, during the second quarter of 2017. The ownership change will subject our net operating loss carryforwards to an annual limitation, which will significantly restrict our ability to use them to offset taxable income in periods following the ownership change. In general, the annual use limitation equals the aggregate value of our stock at the time of the ownership change multiplied by a tax-exempt interest rate specified by the Internal Revenue Service. We have analyzed the available information to determine the amount of the annual limitation. Based on information available us, the 2017 limitation is estimated to range between be $1.4 million and $3.7 million annually. In total, we estimate that the 2017 ownership change will result in approximately $120 million and $56 million of federal and state net operating loss carryforwards expiring unused Product Warranties Our policy is to warrant all shipped products against defects in materials and workmanship for up to two years by replacing failed parts. We also provide a three-year 0.1 million 0.5 million Net Loss per Share Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible notes payable, convertible preferred stock, common stock warrants and stock options) as if they had been converted at the beginning of the periods presented, or the issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all common stock warrants and common stock options outstanding were anti-dilutive. Schedule of Net Loss Per Share At December 31, 2021, and 2020, we excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive (in thousands). 2021 2020 Underwriter’s warrants 10 77 Warrants issued with rights offerings 7,681 7,682 Common stock options 182 196 Total 7,873 7,955 Operating 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 regarding resource allocation and assessing performance. Our chief operating decision-maker reviews financial information presented on a consolidated basis. Accordingly, we consider ourselves to be in a single reporting segment, specifically the discovery, development and commercialization of visual prosthetics for profoundly blind individuals. We historically managed our Argus II and Orion programs on a consolidated basis within this single operating segment and do not assess the performance of our product lines or geographic regions on other measures of income or expense, such as program expense, operating income or net income. Our underlying technology consists of hardware components (implanted and wearable) and software. A vast majority of this underlying technology is shared between our Argus II and Orion branded systems. While we have ceased production and marketing the Argus II product indicated for individuals with retinitis pigmentosa, we are developing Orion as a next generation product with potential to treat a broader market of blind individuals, including the retinitis pigmentosa market. Restructuring Charge On March 31, 2020, due to the COVID-19 pandemic and related inability to secure additional funding, we laid off the majority of our employees and reduced our operating expenses significantly to allow for our continuing business operations. Due to our focus on Orion and wind down of selling and marketing activities related to Argus II, we recorded further impairment charges to our inventory of $ 0.5 million 0.7 million 1.0 million Recently Adopted Accounting Standards We believe that any recently issued, but not yet effective, authoritative guidance, if currently adopted, would not have a material impact on our financial statement presentation or disclosures. |
Money Market Funds
Money Market Funds | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Money Market Funds | 3. Money Market Funds Money market funds included in cash equivalents at December 31, 2021 were $69.5 million. Money market funds included in cash equivalents at December 31, 2020 totaled $3.1 million. The following table presents money market funds at their level within the fair value hierarchy at December 31, 2020 and 2019 (in thousands) Schedule of Money Market Funds at their Level within the Fair Value Hierarchy Total Level 1 Level 2 Level 3 December 31, 2021: Money market funds $ 69,487 $ 69,487 $ — $ — December 31, 2020: Money market funds $ 3,122 $ 3,122 $ — $ — |
Selected Balance Sheet Detail
Selected Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Selected Balance Sheet Detail | 4. Selected Balance Sheet Detail Property and equipment, net of accumulated depreciation and amortization Property and equipment consisted of the following at December 31, 2021 and 2020 (in thousands): Schedule of Property and Equipment 2021 2020 Laboratory equipment $ 584 $ 584 Computer hardware and software 82 69 666 653 Accumulated depreciation and amortization (549) (479) Property and equipment, net $ 117 $ 174 As a result of our decision to cease marketing of Argus II we recorded an impairment of $ 0.7 million 0.4 million Debt On December 8, 2020, we borrowed $ 1 million 1.2 million 12 Contract Liabilities Contract liabilities amounted to $ 335,000 |
Grants
Grants | 12 Months Ended |
Dec. 31, 2021 | |
Grants | |
Grants | 5. Grants We received an award for $ 1.6 million 6.4 million five years 0.5 million 0.6 million 1.4 1.3 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Warrants | |
Warrants | 6. Warrants Underwriter’s Warrant Issued in Public Offering As a component of the funding underwriting fee of our May 5, 2020 public underwriting offer, we issued 375,000 1.25 May 5, 2025 10,125 67,125 297,750 44,482 95,434 Warrants Issued in Rights Offerings On February 22, 2019, we completed a registered rights offering to existing stockholders in which we sold approximately 5,976,000 5.792 11.76 five On March 6, 2017, we completed a registered rights offering to existing stockholders in which we sold approximately 1,706,000 11.76 11.76 A summary of warrant activity for the years ended December 31, 2021 and 2020 is presented below (in thousands, except per share and contractual life data) Summary of Warrant Activity Weighted Average Remaining Weighted Average Contractual Life Number of Shares Exercise Price (in Years) Warrants outstanding at December 31, 2019 7,682 11.76 Granted 375 1.25 Exercised (298 ) 1.25 Forfeited or expired — — Warrants outstanding at December 31, 2020 7,759 11.66 Granted — — Exercised (68 ) 1.25 Forfeited or expired — — Warrants outstanding at December 31, 2021 7,691 11.75 2.21 Warrants exercisable at December 31, 2021 7,691 11.75 2.21 Warrants exercisable at December 31, 2021 had $ 4,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 7. Employee Benefit Plans We have a 401(k) Savings Retirement Plan (the “Plan”) that covers substantially all full-time employees who meet the Plan’s eligibility requirements and provides for an employee elective contribution. The Plan provides for employer matching contributions. Employer contributions are discretionary and determined annually by the Board of Directors. For the years ended December 31, 2021 and 2020, employer contributions to the Plan totaled $ 0.1 million 0.1 million |
Equity Securities
Equity Securities | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity Securities | 8. Equity Securities On June 4, 2019, our shareholders approved an amendment to our articles of incorporation increasing our authorized no par value common shares from 200,000,000 300,000,000 Common Stock Issuable For the twelve months ended December 31, 2020 our non-employee members of our Board were compensated $ 0.1 million 0.1 million |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Options Under the 2003 Plan, as restated in June 2011, we were authorized to issue options covering up to 437,500 937,500 The 2011 Plan was further amended in 2015, 2016, 2017 and 2018 bringing the number of shares issuable under the Plan to 1,500,000 No option were granted under the 2011 Plan in 2021 and the plan expired at May 31, 2021. We recognized stock-based compensation cost of $ 0.1 0.4 The calculated value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Summary of Option Grant using the Black-Scholes Option-pricing Model 2020 Risk-free interest rate 0.31 1.50 Expected dividend yield 0 % Expected volatility 78.0 96.0 Expected term 6.02 Weighted-average grant date calculated fair value $ 3.72 A summary of stock option activity for the years ended December 31, 2021 and 2020 is presented below (in thousands, except per share and contractual life data): Summary of Stock Option Activity Weighted Weighted Average Number Average Remaining of Exercise Contractual Shares Price Life (in Years) Options outstanding at December 31, 2019 984 $ 21.75 Granted 228 5.49 Exercised — — Forfeited or expired (1,016 ) 19.34 Options outstanding at December 31, 2020 196 15.48 Granted — — Exercised — — Forfeited or expired (14 ) 12.95 Options outstanding, vested and expected to vest at December 31, 2021 182 $ 15.68 6.59 Options exercisable at December 31, 2021 148 $ 18.38 6.25 The exercise prices of common stock options outstanding and exercisable are as follows at December 31, 2021 (in thousands): Summary of Exercise Prices of Common Stock Options Outstanding and Exercisable Options Options Outstanding Exercisable Exercise Price (Shares) (Shares) $ 0.90 0.91 22 8 $ 5.67 6.64 85 64 $ 13.84 16.40 52 52 $ 32.80 40.00 10 10 $ 72.08 104.72 13 14 182 148 Stock options exercisable at December 31, 2021 had minimal intrinsic value. As of December 31, 2021, there was $ 0.1 million 2.03 Employee Stock Purchase Plan We adopted an employee stock purchase plan in June 2015 for all eligible employees. Under the plan, shares of our common stock may be purchased at six-month 85 stock (i) on the first trading day of the offering period or (ii) on the last trading day of the purchase period. An employee may purchase in any one calendar year shares of common stock having an aggregate fair market value of up to $ 25,000 12,500 241,719 45,468 2,470 39,467 270,000 We may continue to have potential liability even after this rescission offer is made due to our issuances of securities in possible violation of the federal and state securities laws. The Securities Act does not expressly provide that a rescission offer will terminate a purchaser’s right to rescind a sale of stock that was not registered or exempt from the registration requirements of the Securities Act. Should any offerees reject the rescission offer, we may continue to be potentially liable under the Securities Act for the purchase price or for certain losses if the shares have been sold. Restricted Stock Units The following table presented below summarizes Restricted Stock Unit (RSU) activity for the year ended December 31, 2020 (in thousands, except per share data): Summary of Restricted Stock Unit (RSU) Activity Weighted Average Grant Date Number Fair Value of Awards Per Share Outstanding as of December 31, 2019 61 $ 5.92 Awarded — Vested (15) 5.92 Forfeited/canceled (46) 5.92 Outstanding as of December 31, 2020 — There was no activity in the year ended December 31, 2021. As of December 31, 2021, there was no unrecognized compensation cost related to RSUs as they have all been canceled. The total stock-based compensation recognized for stock-based awards granted in the consolidated statements of operations for the years ended December 31, 2021 and 2020 is as follows (in thousands): Stock-based Compensation Expense 2021 2020 Research and development $ 22 $ 127 Clinical and regulatory 35 51 Selling and marketing — 41 General and administrative 18 202 Total $ 75 $ 421 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets as of December 31, 2021 and 2020 are summarized below (in thousands): Schedule of Deferred Tax Assets 2021 2020 Stock-based compensation $ 401 $ 380 Research credits 8,629 8,848 Depreciation (52 ) (52 ) Net operating loss carryforwards 33,033 30,492 Inventory write down 81 82 Other 454 375 Total deferred tax assets 42,399 40,125 Valuation allowance (42,399) (40,125) Net deferred tax assets $ — $ — In assessing the potential realization of these deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon us attaining future taxable income during the periods in which those temporary differences become deductible. As of December 31, 2021 and 2020, management determined it was not more likely than not that our deferred tax assets will be realized, and has therefore recorded an appropriate valuation allowance against deferred tax assets at such dates. No 21 We experienced an “ownership change” within the meaning of Section 382(g) of the Internal Revenue Code of 1986, as amended, during the second quarter of 2017. The ownership change will subject our net operating loss carryforwards to an annual limitation, which will significantly restrict our ability to use them to offset taxable income in periods following the ownership change. In general, the annual use limitation equals the aggregate value of our stock at the time of the ownership change multiplied by a tax-exempt interest rate specified by the Internal Revenue Service. We analyzed the available information to determine the amount of the annual limitation. Based on information available to us, the 2017 limitation is estimated to range between $ 1.4 million 3.7 million 120 million 56 million As of December 31, 2021, after the ownership change under Section 382(g), we had federal and state income tax net operating loss carryforwards, which may be applied to future taxable income, of approximately $ 124.3 million expire. The state net operating loss carryforwards will expire at various dates from 2033 through 2041. We also have a federal and state research and development tax credit carryforwards totaling approximately $ 4,755,000 4,903,000 2023 through 2041 We file income tax returns in the U.S. federal jurisdiction and various states and are subject to income tax examinations by federal tax authorities for tax years ended 2017 and later and by state authorities for tax years ended 2016 and later. We currently are not under examination by any tax authority. Our policy is to record interest and penalties on uncertain tax positions as income tax expense. As of December 31, 2021, and 2020, we have no accrued interest or penalties related to uncertain tax positions. Second Sight Switzerland, our foreign subsidiary, has not had any taxable income in the prior and current years. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 11. Product Warranties A summary of activity of our warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, for the years ended December 31, 2021 and 2020 is presented below (in thousands): Schedule of Activity in the Company's Warranty Liabilities 2021 2020 Balance, beginning of year $ 200 $ 1,575 Additions — — Settlements — (875) Adjustments and other (150 ) (500 ) Total $ 50 $ 200 During 2021and 2020 we reduced our warranty expense by $ 0.1 million 0.5 million |
Right-of-use Assets and Operati
Right-of-use Assets and Operating Lease Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets And Operating Lease Liabilities | |
Right-of-use Assets and Operating Lease Liabilities | 12. Right-of-use Assets and Operating Lease Liabilities We lease certain office space and equipment for our use. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease costs are recognized in the income statement over the lease term on a straight-line basis. Depreciation is computed using the straight-line method over the estimated useful life of the respective assets. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. As most of our leases do not provide an implicit rate, we used our estimated incremental borrowing rate of 10 June 18, 2020 210,730 150,000 0.9 million 2.3 million 2.4 million 150,000 On January 22, 2021, we entered into a lease agreement, effective February 1, 2021, to sub-lease office space to replace our existing headquarters. We pay $ 17,000 17,290 The Company evaluated the lease amendment under the provisions of ASC 842. Information related to the Company’s right-of-use assets and related lease liabilities are as followings (in thousands, except for remaining lease term and discount rate): Year ending December 31: 2022 $ 201 2023 52 Total lease payments 253 Less imputed interest (16) Total lease liabilities $ 237 Other supplemental information: Current operating lease liabilities $ 185 Long term operating lease liabilities 52 Total lease liabilities $ 237 Discount rate 10 % For the year ended December 31, 2021 For the year ended December 31, 2020 Cash paid for operating lease liabilities 170 303 Rent expense, including common area maintenance charges, was $ 179,000 303,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies License Agreements We have exclusive licensing agreements to utilize certain patents, related to the technology for visual prostheses. We have determined that only the agreement with Doheny Eye Institute (“DEI”) applies to Argus II and Orion requiring future royalty payments through 2033 0.5 In the past we have paid royalties under a license agreement with the Johns Hopkins University (“JHU”). The JHU agreement expired, along with the underlying patents, in 2018. Pursuant to these agreements, DEI and JHU, we have incurred costs of approximately $ 1,000 zero Indemnification Agreements We maintain indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. Clinical Trial Agreements Based upon FDA approval of Argus II, which was obtained in February 2013, we were required to collect follow-up data from subjects enrolled in our pre-approval trial for a period of up to ten years post-implant, which was extended through the year 2019. In addition, we conducted three post-market studies to comply with U.S. FDA, French, and European post-market surveillance regulations and requirements and are conducting an early feasibility clinical study of Orion. We have contracted with various universities, hospitals, and medical practices to provide these services. Payments are based on procedures performed for each subject and are charged to clinical and regulatory expense as incurred. Total amounts charged to expense for the years ended December 31, 2021 and 2020 were $ 0.4 million 1.1 million California Board Representation As of January 1, 2021, all publicly held domestic or foreign corporations whose principal executive offices are located in California must meet the minimum requirements for female directors and for directors from underrepresented communities on their boards as required respectively by Women on Boards (SB 826) and Underrepresented Communities on Boards (AB 979). California law authorizes the California Secretary of State to impose fines to enforce compliance of SB 826 including a $100,000 fine for "failure to timely file board member information with the Secretary of State"; a $100,000 fine for a first violation, defined as "each director seat required by this section to be held by a female, which is not held by a female during at least a portion of a calendar year"; and a $300,000 fine for subsequent violations. 100,000 Litigation, Claims and Assessments Three oppositions filed by Pixium Vision are pending in the European Patent Office, each challenging the validity of a European patent owned by us. The outcomes of the challenges are not certain, however, if successful, they may affect our ability to block competitors from utilizing our patented technology. We believe a successful challenge will not have a material effect on our ability to manufacture and sell our products, or otherwise have a material effect on our operations. As described in the Company’s 10-K for the year ended December 31, 2020, the Company had entered into a Memorandum of Understanding (“MOU”) for a proposed business combination with Pixium Vision SA (“Pixium”). In response to a press release by Pixium dated March 24, 2021, and subsequent communications between us and Pixium, our Board of Directors determined that the business combination with Pixium was not in the best interest of our shareholders. On April 1, 2021, we gave notice to Pixium that we were terminating the MOU between the parties and seeking an amicable resolution of termination amounts that may be due, however no assurance can be given that an amicable resolution will be reached. We accrued $ 1,000,000 Pixium indicated that it considered this termination wrongful, rejected the Company’s offers, but retained the $1,000,000 payment. On May 19, 2021, Pixium filed suit in the Paris Commercial Court, and currently claim damages of approximately €5.1 million or about $5.6 million. We believe we have fulfilled our obligations to Pixium with the liquidated damages payment of $1,000,000 and thus the Company does not believe any further loss accrual is necessary. In November 2020, we and Pixium retained Oppenheimer & Co. Inc. as placement agent for a proposed private placement of securities in connection with the Business Combination. On April 1, 2021, we received an invoice from Oppenheimer for more than $1.86 million. This amount includes a requested commission of 6.5% on $27.9 million raised in the private placement. We believe that claims for payment presented by this invoice are without merit. On or about July 19, 2021, Martin Sumichrast filed a complaint with the Superior Court of the State of California, County of Los Angeles—Central District, claiming that he is entitled to compensation for services, as well as exemplary and other damages in an amount to be determined at trial but not less than $2 million, which arise from his allegedly arranging and securing financing that the Company obtained in May 2020 via a registered underwritten public offering of common stock. The complaint was dismissed by the court on January 18, 2022. Sumichrast appealed the dismissal, however the appeal was subsequently abandoned on March 1, 2022. We are party to litigation arising in the ordinary course of business. It is our opinion that the outcome of such matters will not have a material effect on our financial statements, however the results of litigation and claims are inherently unpredictable. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. |
Quarterly Financial Summary (un
Quarterly Financial Summary (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary (unaudited) | 13. Quarterly Financial Summary (unaudited) Schedule of Quarterly Financial Summary Three Months Ended December 31, September 30, June 30, March 31, (in thousands, except per share data) 2021 2021 2021 2021 Product sales $ — $ — $ — $ — Gross profit $ 130 $ — $ — $ — Operating loss $ (1,291 ) $ (2,503 ) $ (2,296 ) $ (2,843 ) Net loss $ (1,283 ) $ (2,501 ) $ (2,294 ) $ (2,843 ) Net loss per share – basic and diluted $ (0.03 ) $ (0.06 ) $ (0.08 ) $ (0.12 ) Three Months Ended December 31, September 30, June 30, March 31, 2020 2020 2020 2020 Product sales $ — $ — $ — $ — Gross profit $ 500 $ — $ — $ — Operating loss $ (1,274 ) $ (1,602 ) $ (3,116 ) $ (8,904 ) Net loss $ (1,291 ) $ (1,603 ) $ (3,100 ) $ (8,886 ) Net loss per share – basic and diluted $ (0.06 ) $ (0.07 ) $ (0.15 ) $ (0.57 ) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. Subsequent Event On February 4, 2022, we entered into an agreement and plan of merger with Nano Precision Medical, Inc., a California corporation (“NPM”), and, upon and subject to the execution of a joinder, NPM Acquisition Corp., a California corporation and a wholly-owned subsidiary of the Company (“Merger Sub”). Pursuant to the agreement and subject to the terms and conditions set forth therein, NPM will merge with and into Merger Sub (the “Merger”), and upon consummation of the merger, Merger Sub will cease to exist and NPM will become a wholly-owned subsidiary of the Company. Upon completion of the merger and subject to shareholder approval, the Company will change its name as agreed in the future and intends to change its trading symbol as NPM requests in writing following consultation with Nasdaq. |
Summary of Significant Accoun_2
Summary of Significant Accounting (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Policies Principles of Consolidation | Policies Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the financial statements of Second Sight and Second Sight Switzerland. Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base our estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments and stock-based compensation, and the realization of deferred tax assets. Actual results could differ from those estimates |
Reclassifications | Reclassifications Certain items in prior period financial statements have been reclassified to conform to the presentation in the current period financial statements. Such reclassification did not impact our previously reported net loss on financial position. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash is carried at cost, which approximates fair value, and cash equivalents are carried at fair value. We generally invest funds that are in excess of current needs in high credit quality instruments such as money market funds. |
Property and Equipment | Property and Equipment Property and equipment are recorded at historical cost less accumulated depreciation and amortization. Improvements are capitalized, while expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the consolidated statements of operations. Depreciation is provided for using the straight-line method in amounts sufficient to relate the cost of assets to operations over their estimated service lives. Leasehold improvements are amortized over the shorter of the life of the asset or the related lease term. Estimated useful lives of the principal classes of assets are as follows: Schedule of Estimated Useful Lives of Principal Classes of Assets Lab equipment 5 – 7 Computer hardware and software 3 – 7 Leasehold improvements 2 – 5 Furniture, fixtures and equipment 5 – 10 We review our property and equipment for impairment annually or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. As a result of our decision to cease marketing of Argus II we recorded an impairment of $ 0.7 million 0.4 million Depreciation and amortization of property and equipment amounted to $ 0.1 million 0.2 million |
Research and Development | Research and Development Research and development costs are charged to operations in the period incurred and amounted to $ 2.4 million 4.8 million |
Patent Costs | Patent Costs Due to the uncertainty associated with the successful development of one or more commercially viable products based on our research efforts and any related patent applications, all patent costs, including patent-related legal, filing fees and other costs, including internally generated costs, are expensed as incurred. Patent costs were $ 0.4 million 0.2 million |
NIH Grant | NIH Grant From time to time, we receive grants that help fund specific development programs. Any amounts received pursuant to grants are offset against the related operating expenses as the costs are incurred. During the years ended December 31, 2021 and 2020 grants offset against operating expenses were $ 1.4 million 1.3 million |
Concentration of Risk | Concentration of Risk Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of cash and money market funds. We maintain cash and money market funds with financial institutions that management deems credit worthy, and at times, cash balances may be in excess of FDIC and SIPC insurance limits of $ 250,000 500,000 250,000 We also maintain cash at a bank in Switzerland. Accounts at said bank are insured up to an amount specified by the deposit insurance agency of Switzerland. |
Foreign Operations | Foreign Operations The accompanying consolidated financial statements as of December 31, 2021 and 2020 include assets amounting to approximately $ 30,000 18,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The authoritative guidance with respect to fair value establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that we have the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. We determine the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, we perform an analysis of the assets and liabilities at each reporting period end. Cash equivalents, which include money market funds, are the only financial instrument measured and recorded at fair value in assets or liabilities on our consolidated balance sheet, and they are valued using Level 1 inputs. |
Stock-Based Compensation | Stock-Based Compensation Pursuant to FASB ASC 718 Share-Based Payment (“ASC 718”), we record stock-based compensation expense for all stock-based awards. Under ASC 718, we estimate the fair value of stock options granted using the Black-Scholes option pricing model. The fair value for awards that are expected to vest is then amortized on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option valuation model. The assumptions used in the Black-Scholes valuation model are as follows: ● The grant price of the issuances is determined based on the fair value of the shares at the date of grant. ● The risk free interest rate for periods within the contractual life of the option is based on the U.S. treasury yield in effect at the time of grant. ● We calculate the expected term of options using a weighted average of option vesting periods and an estimate of one-half of the period between vesting and expiration of the option. ● Volatility is determined based on our average historical volatilities since our trading history began in November 2014, supplemented with average historical volatilities of comparable companies in our similar industry. ● Expected dividend yield is based on current yield at the grant date or the average dividend yield over the historical period. We have never declared or paid dividends and have no plans to do so in the foreseeable future. |
Comprehensive Income or Loss | Comprehensive Income or Loss We comply with provisions of FASB ASC 220, Comprehensive Income, which requires companies to report all changes in equity during a period, except those resulting from investment by owners and distributions to owners, for the period in which they are recognized. Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive and other comprehensive income (loss) is reported on the face of the financial statements. For the years ended December 31, 2021 and 2020 comprehensive income (loss) is the total of net income (loss) and other comprehensive income (loss) which, for us, consists entirely of foreign currency translation adjustments and there were no material reclassifications from other comprehensive loss to net loss during the years ended December 31, 2021 and 2020. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The financial statements and transactions of the subsidiary’s operations are reported in the local (functional) currency of Swiss francs (CHF) and translated into U.S. dollars in accordance with U.S. GAAP. Assets and liabilities of those operations are translated at exchange rates in effect at the balance sheet date. The resulting gains and losses from translating foreign currency financial statements are recorded as other comprehensive income (loss). Revenues and expenses are translated at the average exchange rate for the reporting period. Foreign currency transaction gains (losses) resulting from exchange rate fluctuations on transactions denominated in a currency other than the foreign operations’ functional currencies are included in expenses in the consolidated statements of operations. |
Income Taxes | Income Taxes We account for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, we recognize deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. In the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of our recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. We have incurred losses for tax purposes since inception and have significant tax losses and tax credit carryforwards. As of December 31, 2021, we had federal and state of California income tax net operating loss carryforwards, which may be applied to future taxable income, of approximately $ 124.3 million 76.8 million 2035 2037 2033 2041 We experienced an “ownership change” within the meaning of Section 382(g) of the Internal Revenue Code of 1986, as amended, during the second quarter of 2017. The ownership change will subject our net operating loss carryforwards to an annual limitation, which will significantly restrict our ability to use them to offset taxable income in periods following the ownership change. In general, the annual use limitation equals the aggregate value of our stock at the time of the ownership change multiplied by a tax-exempt interest rate specified by the Internal Revenue Service. We have analyzed the available information to determine the amount of the annual limitation. Based on information available us, the 2017 limitation is estimated to range between be $1.4 million and $3.7 million annually. In total, we estimate that the 2017 ownership change will result in approximately $120 million and $56 million of federal and state net operating loss carryforwards expiring unused |
Product Warranties | Product Warranties Our policy is to warrant all shipped products against defects in materials and workmanship for up to two years by replacing failed parts. We also provide a three-year 0.1 million 0.5 million |
Net Loss per Share | Net Loss per Share Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible notes payable, convertible preferred stock, common stock warrants and stock options) as if they had been converted at the beginning of the periods presented, or the issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all common stock warrants and common stock options outstanding were anti-dilutive. Schedule of Net Loss Per Share At December 31, 2021, and 2020, we excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive (in thousands). 2021 2020 Underwriter’s warrants 10 77 Warrants issued with rights offerings 7,681 7,682 Common stock options 182 196 Total 7,873 7,955 |
Operating Segments | Operating 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 regarding resource allocation and assessing performance. Our chief operating decision-maker reviews financial information presented on a consolidated basis. Accordingly, we consider ourselves to be in a single reporting segment, specifically the discovery, development and commercialization of visual prosthetics for profoundly blind individuals. We historically managed our Argus II and Orion programs on a consolidated basis within this single operating segment and do not assess the performance of our product lines or geographic regions on other measures of income or expense, such as program expense, operating income or net income. Our underlying technology consists of hardware components (implanted and wearable) and software. A vast majority of this underlying technology is shared between our Argus II and Orion branded systems. While we have ceased production and marketing the Argus II product indicated for individuals with retinitis pigmentosa, we are developing Orion as a next generation product with potential to treat a broader market of blind individuals, including the retinitis pigmentosa market. |
Restructuring Charge | Restructuring Charge On March 31, 2020, due to the COVID-19 pandemic and related inability to secure additional funding, we laid off the majority of our employees and reduced our operating expenses significantly to allow for our continuing business operations. Due to our focus on Orion and wind down of selling and marketing activities related to Argus II, we recorded further impairment charges to our inventory of $ 0.5 million 0.7 million 1.0 million |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards We believe that any recently issued, but not yet effective, authoritative guidance, if currently adopted, would not have a material impact on our financial statement presentation or disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Principal Classes of Assets | Schedule of Estimated Useful Lives of Principal Classes of Assets Lab equipment 5 – 7 Computer hardware and software 3 – 7 Leasehold improvements 2 – 5 Furniture, fixtures and equipment 5 – 10 |
Schedule of Net Loss Per Share | Schedule of Net Loss Per Share At December 31, 2021, and 2020, we excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive (in thousands). 2021 2020 Underwriter’s warrants 10 77 Warrants issued with rights offerings 7,681 7,682 Common stock options 182 196 Total 7,873 7,955 |
Money Market Funds (Tables)
Money Market Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Money Market Funds at their Level within the Fair Value Hierarchy | The following table presents money market funds at their level within the fair value hierarchy at December 31, 2020 and 2019 (in thousands) Schedule of Money Market Funds at their Level within the Fair Value Hierarchy Total Level 1 Level 2 Level 3 December 31, 2021: Money market funds $ 69,487 $ 69,487 $ — $ — December 31, 2020: Money market funds $ 3,122 $ 3,122 $ — $ — |
Selected Balance Sheet Detail (
Selected Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following at December 31, 2021 and 2020 (in thousands): Schedule of Property and Equipment 2021 2020 Laboratory equipment $ 584 $ 584 Computer hardware and software 82 69 666 653 Accumulated depreciation and amortization (549) (479) Property and equipment, net $ 117 $ 174 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrants | |
Summary of Warrant Activity | A summary of warrant activity for the years ended December 31, 2021 and 2020 is presented below (in thousands, except per share and contractual life data) Summary of Warrant Activity Weighted Average Remaining Weighted Average Contractual Life Number of Shares Exercise Price (in Years) Warrants outstanding at December 31, 2019 7,682 11.76 Granted 375 1.25 Exercised (298 ) 1.25 Forfeited or expired — — Warrants outstanding at December 31, 2020 7,759 11.66 Granted — — Exercised (68 ) 1.25 Forfeited or expired — — Warrants outstanding at December 31, 2021 7,691 11.75 2.21 Warrants exercisable at December 31, 2021 7,691 11.75 2.21 Warrants exercisable at December 31, 2021 had $ 4,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Option Grant using the Black-Scholes Option-pricing Model | We recognized stock-based compensation cost of $ 0.1 0.4 The calculated value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Summary of Option Grant using the Black-Scholes Option-pricing Model 2020 Risk-free interest rate 0.31 1.50 Expected dividend yield 0 % Expected volatility 78.0 96.0 Expected term 6.02 Weighted-average grant date calculated fair value $ 3.72 |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2021 and 2020 is presented below (in thousands, except per share and contractual life data): Summary of Stock Option Activity Weighted Weighted Average Number Average Remaining of Exercise Contractual Shares Price Life (in Years) Options outstanding at December 31, 2019 984 $ 21.75 Granted 228 5.49 Exercised — — Forfeited or expired (1,016 ) 19.34 Options outstanding at December 31, 2020 196 15.48 Granted — — Exercised — — Forfeited or expired (14 ) 12.95 Options outstanding, vested and expected to vest at December 31, 2021 182 $ 15.68 6.59 Options exercisable at December 31, 2021 148 $ 18.38 6.25 |
Summary of Exercise Prices of Common Stock Options Outstanding and Exercisable | The exercise prices of common stock options outstanding and exercisable are as follows at December 31, 2021 (in thousands): Summary of Exercise Prices of Common Stock Options Outstanding and Exercisable Options Options Outstanding Exercisable Exercise Price (Shares) (Shares) $ 0.90 0.91 22 8 $ 5.67 6.64 85 64 $ 13.84 16.40 52 52 $ 32.80 40.00 10 10 $ 72.08 104.72 13 14 182 148 |
Stock-based Compensation Expense | The following table presented below summarizes Restricted Stock Unit (RSU) activity for the year ended December 31, 2020 (in thousands, except per share data): Summary of Restricted Stock Unit (RSU) Activity Weighted Average Grant Date Number Fair Value of Awards Per Share Outstanding as of December 31, 2019 61 $ 5.92 Awarded — Vested (15) 5.92 Forfeited/canceled (46) 5.92 Outstanding as of December 31, 2020 — There was no activity in the year ended December 31, 2021. As of December 31, 2021, there was no unrecognized compensation cost related to RSUs as they have all been canceled. The total stock-based compensation recognized for stock-based awards granted in the consolidated statements of operations for the years ended December 31, 2021 and 2020 is as follows (in thousands): Stock-based Compensation Expense 2021 2020 Research and development $ 22 $ 127 Clinical and regulatory 35 51 Selling and marketing — 41 General and administrative 18 202 Total $ 75 $ 421 |
Stock-based Compensation Expense | The total stock-based compensation recognized for stock-based awards granted in the consolidated statements of operations for the years ended December 31, 2021 and 2020 is as follows (in thousands): Stock-based Compensation Expense 2021 2020 Research and development $ 22 $ 127 Clinical and regulatory 35 51 Selling and marketing — 41 General and administrative 18 202 Total $ 75 $ 421 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets as of December 31, 2021 and 2020 are summarized below (in thousands): Schedule of Deferred Tax Assets 2021 2020 Stock-based compensation $ 401 $ 380 Research credits 8,629 8,848 Depreciation (52 ) (52 ) Net operating loss carryforwards 33,033 30,492 Inventory write down 81 82 Other 454 375 Total deferred tax assets 42,399 40,125 Valuation allowance (42,399) (40,125) Net deferred tax assets $ — $ — |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Activity in the Company's Warranty Liabilities | A summary of activity of our warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, for the years ended December 31, 2021 and 2020 is presented below (in thousands): Schedule of Activity in the Company's Warranty Liabilities 2021 2020 Balance, beginning of year $ 200 $ 1,575 Additions — — Settlements — (875) Adjustments and other (150 ) (500 ) Total $ 50 $ 200 |
Right-of-use Assets and Opera_2
Right-of-use Assets and Operating Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets And Operating Lease Liabilities | |
The Company evaluated the lease amendment under the provisions of ASC 842. Information related to the Company’s right-of-use assets and related lease liabilities are as followings (in thousands, except for remaining lease term and discount rate): | The Company evaluated the lease amendment under the provisions of ASC 842. Information related to the Company’s right-of-use assets and related lease liabilities are as followings (in thousands, except for remaining lease term and discount rate): Year ending December 31: 2022 $ 201 2023 52 Total lease payments 253 Less imputed interest (16) Total lease liabilities $ 237 Other supplemental information: Current operating lease liabilities $ 185 Long term operating lease liabilities 52 Total lease liabilities $ 237 Discount rate 10 % For the year ended December 31, 2021 For the year ended December 31, 2020 Cash paid for operating lease liabilities 170 303 |
Quarterly Financial Summary (_2
Quarterly Financial Summary (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Summary | Schedule of Quarterly Financial Summary Three Months Ended December 31, September 30, June 30, March 31, (in thousands, except per share data) 2021 2021 2021 2021 Product sales $ — $ — $ — $ — Gross profit $ 130 $ — $ — $ — Operating loss $ (1,291 ) $ (2,503 ) $ (2,296 ) $ (2,843 ) Net loss $ (1,283 ) $ (2,501 ) $ (2,294 ) $ (2,843 ) Net loss per share – basic and diluted $ (0.03 ) $ (0.06 ) $ (0.08 ) $ (0.12 ) Three Months Ended December 31, September 30, June 30, March 31, 2020 2020 2020 2020 Product sales $ — $ — $ — $ — Gross profit $ 500 $ — $ — $ — Operating loss $ (1,274 ) $ (1,602 ) $ (3,116 ) $ (8,904 ) Net loss $ (1,291 ) $ (1,603 ) $ (3,100 ) $ (8,886 ) Net loss per share – basic and diluted $ (0.06 ) $ (0.07 ) $ (0.15 ) $ (0.57 ) |
Organization and Business Ope_2
Organization and Business Operations (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jun. 25, 2021 | Mar. 23, 2021 | May 05, 2020 | Dec. 31, 2021 | Dec. 08, 2020 | Dec. 31, 2007 |
Chairman of Board of Directors [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Other borrowings | $ 1,000 | |||||
Unaffiliated Shareholders [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Other borrowings | $ 1,200 | |||||
Common Stock [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Number of shares issued upon right offering | 11,500,000 | 4,650,000 | 7,500,000 | |||
Share price (in dollars per share) | $ 5 | $ 6 | $ 1 | |||
Proceeds from issuance or sale of equity, total | $ 53,300,000 | $ 24,500,000 | $ 6,700,000 | |||
Second Sight Switzerland Sarl [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Share price (in dollars per share) | 100.00% | 99.50% | ||||
Second Sight Switzerland Sarl [Member] | Executive Officer [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 0.50% |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives of Principal Classes of Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Schedule of Net Loss Per Share
Schedule of Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Calculation of earnings per share common stock anti-dilutive securities | 7,873 | 7,955 |
Underwriter Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Calculation of earnings per share common stock anti-dilutive securities | 10 | 77 |
Warrants Issued With2017 Rights Offering [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Calculation of earnings per share common stock anti-dilutive securities | 7,681 | 7,682 |
Common Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Calculation of earnings per share common stock anti-dilutive securities | 182 | 196 |
Summary of Significant Accoun_4
Summary of Significant Accounting (Details Narrative) - USD ($) | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | $ 700,000 | |||
Net proceeds on sale of Property Plant Equipment | $ 400,000 | |||
Depreciation and amortization of property and equipment | 100,000 | $ 200,000 | ||
Research and development costs | 2,400,000 | 4,800,000 | ||
Patent costs | 400,000 | 200,000 | ||
grants offset against operating expenses | 1,400,000 | 1,300,000 | ||
FDIC insured amount | 250,000 | |||
SPIC insured amount | 500,000 | |||
SPIC cash limit coverage | 250,000 | |||
Assets | 70,879,000 | 4,460,000 | ||
Net operating losses carryforward | $ 124,300,000 | |||
Net operating loss carryforwards limitations | We have analyzed the available information to determine the amount of the annual limitation. Based on information available us, the 2017 limitation is estimated to range between be $1.4 million and $3.7 million annually. In total, we estimate that the 2017 ownership change will result in approximately $120 million and $56 million of federal and state net operating loss carryforwards expiring unused | |||
Manufacture warranty period | 3 years | |||
Decrease in Warranty expenses | $ 100,000 | 500,000 | ||
Decrease in Warranty expenses | 100,000 | 500,000 | ||
Severance payments | 1,000,000 | |||
Argus I I Product [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | 700,000 | |||
Decrease in Warranty expenses | 500,000 | |||
Other assets impairment charge | 700,000 | |||
State and Local Jurisdiction [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net operating losses carryforward | 4,903,000 | 76,800,000 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating loss carryforwards expiration year | 2033 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating loss carryforwards expiration year | 2041 | |||
Domestic Tax Authority [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net operating losses carryforward | 124,300,000 | |||
Domestic Tax Authority [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating loss carryforwards expiration year | 2035 | |||
Domestic Tax Authority [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating loss carryforwards expiration year | 2037 | |||
Country [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets | $ 30,000 | $ 18,000 |
Schedule of Money Market Funds
Schedule of Money Market Funds at their Level within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impairment Effects on Earnings Per Share [Line Items] | ||
Money market funds | $ 69,487 | $ 3,122 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Money market funds | 69,487 | 3,122 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Money market funds | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Money market funds |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 666 | $ 653 |
Accumulated depreciation and amortization | (549) | (479) |
Property and equipment, net | 117 | 174 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 584 | 584 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 82 | $ 69 |
Selected Balance Sheet Detail_2
Selected Balance Sheet Detail (Details Narrative) - USD ($) | Dec. 08, 2020 | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Impairment charge | $ 700,000 | |||
Contract liabilities | 335,000 | $ 335,000 | ||
Unsecured Promissory Note Payable on31st December2021 [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Interest rate on unsecured Promissory Note | 12.00% | |||
Unsecured Promissory Note Payable on31st December2021 [Member] | Chairman of Board of Directors [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Other borrowings | $ 1,000,000 | |||
Unsecured Promissory Note Payable on31st December2021 [Member] | Unaffiliated Shareholders [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Other borrowings | $ 1,200,000 | |||
Fixed Assets [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Impairment charge | $ 400,000 | |||
Argus I I Product [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Impairment charge | $ 700,000 |
Grants (Details Narrative)
Grants (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Grants | |||
Received grant | $ 1,600,000 | ||
Grant receivable with intent to fund early feasibility clinical trial for five years | $ 6,400,000 | ||
Grant received funding period | 5 years | ||
Received grant | $ 500,000 | $ 600,000 | |
Grants against operating expenses | $ 1,400,000 | $ 1,300,000 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | ||
Exercised | 67,125 | 297,750 |
Outstanding at ending | 10,125 | |
Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Outstanding at beginning | 7,759 | 7,682 |
Outstanding at beginning | $ 11.66 | $ 11.76 |
Granted | 375 | |
Granted | $ 0 | $ 1.25 |
Exercised | (68) | (298) |
Exercised | $ 1.25 | $ 1.25 |
Forfeited or expired | 0 | |
Outstanding at ending | 7,691 | 7,759 |
Outstanding at ending | $ 11.75 | $ 11.66 |
Outstanding at ending | 2 years 2 months 16 days | |
Exercisable at ending | 7,691 | |
Exercisable at ending | $ 11.75 | |
Exercisable at ending | 2 years 2 months 16 days |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | May 05, 2020 | Feb. 22, 2019 | Mar. 06, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of warrant outstanding | 375,000 | 10,125 | ||||
Warrants exercise price (in dollars per share) | $ 1.25 | |||||
Warrants expiration date | May 5, 2025 | |||||
Warrants exercised | 67,125 | 297,750 | ||||
Issuance of common stock shares | 44,482 | 95,434 | ||||
Warrant [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of warrant outstanding | 7,691 | 7,759 | 7,682 | |||
Warrants exercise price (in dollars per share) | $ 11.75 | $ 11.66 | $ 11.76 | |||
Warrants exercised | (68) | (298) | ||||
Warrants exercisable, intrinsic value | $ 4,000 | |||||
Right Offering [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Warrants exercise price (in dollars per share) | $ 11.76 | |||||
Number of shares issued upon right offering | 5,976,000 | 1,706,000 | ||||
Share price (in dollars per share) | $ 5.792 | $ 11.76 | ||||
Additional share price (in dollars per share) | $ 11.76 | $ 11.76 | ||||
Term of warrants | 5 years |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Employer contributions to plan | $ 100,000 | $ 100,000 |
Equity Securities (Details Narr
Equity Securities (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 04, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock, shares authorized (in shares) | 300,000 | 300,000 | |
Stock-based compensation expense | $ 75,000 | $ 421,000 | |
Director [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Board of director cash compensation | 100,000 | ||
Stock-based compensation expense | 100,000 | ||
Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock, shares authorized (in shares) | 200,000,000 | 300,000,000 | |
Stock-based compensation expense |
Summary of Option Grant using t
Summary of Option Grant using the Black-Scholes Option-pricing Model (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield | 0.00% |
Expected term | 6 years 7 days |
Weighted-average grant date calculated fair value | $ 3.72 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.31% |
Expected volatility | 78.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.50% |
Expected volatility | 96.00% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercisable, number of shares (in shares) | 148 | |
Share-based Payment Arrangement, Option [Member] | The2011 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, number of shares (in shares) | 196,000 | 984,000 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.48 | $ 21.75 |
Granted | 228,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.49 | |
Forfeited or expired, number of shares (in shares) | (14,000) | (1,016,000) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 12.95 | $ 19.34 |
Options vested and exected, number of shares (in shares) | 182,000 | 196,000 |
Options vested and expected, weighted average exercise price (in dollars per share) | $ 15.68 | $ 15.48 |
Options vested and expected, weighted average remaining contractual life (Year) | 6 years 7 months 2 days | |
Options exercisable, number of shares (in shares) | 148,000 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 18.38 | |
Options exercisable, weighted average remaining contractual life (Year) | 6 years 2 months 30 days |
Summary of Exercise Prices of C
Summary of Exercise Prices of Common Stock Options Outstanding and Exercisable (Details) - shares | Dec. 31, 2021 | Dec. 21, 2021 |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding (in shares) | 182 | |
Options Exercisable (in shares) | 148 | |
Exercise Price Range One [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding (in shares) | 22 | |
Options Exercisable (in shares) | 8 | |
Exercise Price Range One [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 0.90 | |
Exercise Price Range One [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 0.91 | |
Exercise Price Range Two [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding (in shares) | 85 | |
Options Exercisable (in shares) | 64 | |
Exercise Price Range Two [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 5.67 | |
Exercise Price Range Two [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 6.64 | |
Exercise Price Range Three [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding (in shares) | 52 | |
Options Exercisable (in shares) | 52 | |
Exercise Price Range Three [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 13.84 | |
Exercise Price Range Three [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 16.40 | |
Exercise Price Range Four [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding (in shares) | 10 | |
Options Exercisable (in shares) | 10 | |
Exercise Price Range Four [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 32.80 | |
Exercise Price Range Four [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 40 | |
Exercise Price Range Five [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding (in shares) | 13 | |
Options Exercisable (in shares) | 14 | |
Exercise Price Range Five [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 72.08 | |
Exercise Price Range Five [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | 104.72 |
Stock-based Compensation Expens
Stock-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Outstanding, number of awards (in shares) | 61 | |
Outstanding, weighted average grant date fair value per share (in dollars per share) | $ 5.92 | |
Awarded, number of awards (in shares) | ||
Vested (in shares) | (15) | |
Vested, weighted average grant date fair value per share (in dollars per share) | $ 5.92 | |
Forfeited/canceled, number of awards (in shares) | (46) | |
Forfeited/canceled, weighted average grant date fair value per share (in dollars per share) | $ 5.92 | |
Forfeited/canceled, number of awards (in shares) | ||
Allocated share-based compensation expense | $ 75 | $ 421 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Allocated share-based compensation expense | 22 | 127 |
Clinical and Regulatory [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Allocated share-based compensation expense | 35 | 51 |
Selling and Marketing [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Allocated share-based compensation expense | 41 | |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Allocated share-based compensation expense | $ 18 | $ 202 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares options granted | 1,500,000 | |
The2011 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 437,500 | |
Number of shares options granted | 937,500 | |
Share based Payment arrangement, nonvested | $ 100,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 3 days | |
The2015 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock purchases interval period | 6 months | |
Percentage of fair market value of Common stock | 85.00% | |
Aggregate fair market value of common stock | $ 25,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 12,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 241,719 | |
Sale of shares cancelled for employees already purchased shares under plan | 45,468 | |
Share Based Compensation Arrangement by Share Based Payment Award Shares Resale by Employees | 2,470 | |
Repurchase and cancelation of common stock shares | 39,467 | |
Cost related to repurchase and cancelation of common stock shares | $ 270,000 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 401 | $ 380 |
Research credits | 8,629 | 8,848 |
Depreciation | (52) | (52) |
Net operating loss carryforwards | 33,033 | 30,492 |
Inventory write down | 81 | 82 |
Other | 454 | 375 |
Total deferred tax assets | 42,399 | 40,125 |
Valuation allowance | (42,399) | (40,125) |
Net deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Federal income tax provision | $ 0 | $ 0 | |
Effective federal statutory rate | 21.00% | ||
Net operating losses carryforward | $ 124,300,000 | ||
Research and development tax credit carryforwards expired | 2023 through 2041 | ||
Domestic Tax Authority [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Net operating losses carryforward | $ 124,300,000 | ||
Research and development tax credit carryforwards | 4,755,000 | ||
Domestic Tax Authority [Member] | Net Operating Loss Carryforwards Expiring Unused [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Net operating losses carryforward | $ 120,000,000 | ||
State and Local Jurisdiction [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Net operating losses carryforward | 4,903,000 | $ 76,800,000 | |
State and Local Jurisdiction [Member] | Net Operating Loss Carryforwards Expiring Unused [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Net operating losses carryforward | $ 56,000,000 | ||
Minimum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Limitation arising from estimated ownership change | 1,400,000 | ||
Maximum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Limitation arising from estimated ownership change | $ 3,700,000 |
Schedule of Activity in the Com
Schedule of Activity in the Company's Warranty Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantees and Product Warranties [Abstract] | ||
Balance, beginning of year | $ 200 | $ 1,575 |
Additions | ||
Settlements | (875) | |
Adjustments and other | (150) | (500) |
Total | $ 50 | $ 200 |
Product Warranties (Details Nar
Product Warranties (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantees and Product Warranties [Abstract] | ||
Decrease in warranty expenses | $ 100,000 | $ 500,000 |
The Company evaluated the lease
The Company evaluated the lease amendment under the provisions of ASC 842. Information related to the Company’s right-of-use assets and related lease liabilities are as followings (in thousands, except for remaining lease term and discount rate): (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-use Assets And Operating Lease Liabilities | ||
2022 | $ 201 | |
2023 | 52 | |
Total lease payments | 253 | |
Less imputed interest | (16) | |
Total lease liabilities | 237 | |
Current operating lease liabilities | 185 | |
Long term operating lease liabilities | $ 52 | |
Operating Lease, Weighted Average Discount Rate, Percent | 10.00% | |
Cash paid for operating lease liabilities | $ 170 | $ 303 |
Right-of-use Assets and Opera_3
Right-of-use Assets and Operating Lease Liabilities (Details Narrative) | 12 Months Ended | |
Dec. 31, 2021USD ($)ft² | Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Incremental borrowing rate | 10.00% | |
Lease expiration date | Jun. 18, 2020 | |
Other commitment | $ 9,000 | $ 3,000 |
Operating Lease, Right-of-Use Asset | 228,000 | |
Liabilities Subject to Compromise, Early Contract Termination Fees | 150,000 | |
Rent paid | $ 17,000 | |
Office space | ft² | 17,290 | |
Lease commitment | $ 179,000 | $ 303,000 |
Lessor [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Other commitment | 210,730 | |
Other Commitment | 150,000 | |
Utilities perating expense maintenance | 900,000 | |
Operating Lease, Right-of-Use Asset | 2,300,000 | |
Operating Lease, Liability | $ 2,400,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Product Liability Contingency [Line Items] | |||
License agreement term | through 2033 | ||
License royalty rate | 0.50% | ||
Agreements incurred cost | $ 130,000 | $ 500,000 | |
Clinical and regulatory expense | $ 400,000 | 1,100,000 | |
Description of comunities | the California Secretary of State to impose fines to enforce compliance of SB 826 including a $100,000 fine for "failure to timely file board member information with the Secretary of State"; a $100,000 fine for a first violation, defined as "each director seat required by this section to be held by a female, which is not held by a female during at least a portion of a calendar year"; and a $300,000 fine for subsequent violations. | ||
Accrued penalties and fines | $ 100,000 | ||
Liquidated damage | $ 1,000,000 | ||
Description of contract termination and claims | Pixium indicated that it considered this termination wrongful, rejected the Company’s offers, but retained the $1,000,000 payment. On May 19, 2021, Pixium filed suit in the Paris Commercial Court, and currently claim damages of approximately €5.1 million or about $5.6 million. We believe we have fulfilled our obligations to Pixium with the liquidated damages payment of $1,000,000 and thus the Company does not believe any further loss accrual is necessary. | ||
License Fee [Member] | |||
Product Liability Contingency [Line Items] | |||
Agreements incurred cost | $ 0 | $ 1,000 |
Schedule of Quarterly Financial
Schedule of Quarterly Financial Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Product sales | ||||||||||
Gross profit | 130 | 500 | 130 | 500 | ||||||
Operating loss | (1,291) | (2,503) | (2,296) | (2,843) | (1,274) | (1,602) | (3,116) | (8,904) | (8,933) | (14,896) |
Net loss | $ (1,283) | $ (2,501) | $ (2,294) | $ (2,843) | $ (1,291) | $ (1,603) | $ (3,100) | $ (8,886) | $ (8,921) | $ (14,880) |
Earnings Per Share, Basic and Diluted | $ (0.03) | $ (0.06) | $ (0.08) | $ (0.12) | $ (0.06) | $ (0.07) | $ (0.15) | $ (0.57) | $ (0.27) | $ (0.72) |