Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 18, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NeuroMetrix, Inc. | ||
Entity Central Index Key | 1,289,850 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,257,703 | ||
Trading Symbol | NURO | ||
Entity Common Stock, Shares Outstanding | 7,680,463 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 454,781 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 6,780,429 | $ 4,043,681 |
Accounts receivable, net of allowances of $25,000 at December 31, 2018 and 2017 | 1,082,957 | 1,049,329 |
Inventories | 2,861,864 | 2,142,561 |
Prepaid expenses and other current assets | 905,767 | 1,867,803 |
Total current assets | 11,631,017 | 9,103,374 |
Fixed assets, net | 407,339 | 440,842 |
Other long-term assets | 74,892 | 55,008 |
Total assets | 12,113,248 | 9,599,224 |
Current liabilities: | ||
Accounts payable | 1,298,084 | 733,305 |
Accrued product returns | 1,659,173 | 2,362,124 |
Accrued Sales Return provisions | 1,101,658 | 666,375 |
Contract with Customer, Liability, Current | 0 | 820,031 |
Deferred Collaboration Income | 1,956,522 | 0 |
Total current liabilities | 6,015,437 | 4,581,835 |
Total liabilities | 6,015,437 | 4,581,835 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value; 100,000,000 authorized at December 31, 2018 and 2017; 7,380,463 and 2,706,066 shares issued and outstanding at December 31, 2018 and 2017, respectively | 738 | 271 |
Additional paid-in capital | 197,113,646 | 196,355,142 |
Accumulated deficit | (191,016,591) | (191,338,054) |
Total stockholders’ equity | 6,097,811 | 5,017,389 |
Total liabilities and stockholders’ equity | 12,113,248 | 9,599,224 |
Preferred stock | ||
Stockholders’ equity | ||
Preferred stock | 0 | 0 |
Convertible preferred stock | ||
Stockholders’ equity | ||
Preferred stock | $ 18 | $ 30 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Current [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 25,000 | $ 25,000 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common stock, shares issued (in shares) | 7,380,463 | 2,706,066 |
Common stock, shares outstanding (in shares) | 7,380,463 | 2,706,066 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 16,090,138 | $ 17,092,336 |
Cost of revenues | 8,707,082 | 10,235,538 |
Gross profit | 7,383,056 | 6,856,798 |
Operating expenses: | ||
Research and development | 5,134,592 | 3,497,636 |
Sales and marketing | 9,698,753 | 10,751,863 |
General and administrative | 4,841,278 | 5,689,917 |
Total operating expenses | 19,674,623 | 19,939,416 |
Loss from operations | (12,291,567) | (13,082,618) |
Collaboration Income | 12,255,704 | 0 |
Other Income | 59,468 | 223,365 |
Other income | (12,315,172) | (223,365) |
Net income (loss) | 23,605 | (12,859,253) |
Net income (loss) applicable to common stockholders: | ||
Deemed dividends attributable to preferred shareholders (Note 12) | 0 | (6,874,780) |
Net income (loss) applicable to common stockholders | $ 23,605 | $ (19,734,033) |
Earnings Per Share, Diluted | $ 0 | $ (11.60) |
Earnings Per Share, Basic | $ 0 | $ (11.60) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Total | Series B – F Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Series E Preferred Stock | Series E Preferred StockSeries B – F Convertible Preferred Stock | Series E Preferred StockAdditional Paid-In Capital | Series F Preferred Stock | Series F Preferred StockSeries B – F Convertible Preferred Stock | Series F Preferred StockAdditional Paid-In Capital |
Beginning Balance at Dec. 31, 2016 | $ 4,960,764 | $ 18 | $ 84 | $ 183,439,463 | $ (178,478,801) | ||||||
Beginning Balance (in shares) at Dec. 31, 2016 | 17,702.65 | 836,863 | |||||||||
Stock-based compensation expense | 209,691 | ||||||||||
Issuance of common stock upon conversion of preferred stock | 0 | $ 184 | |||||||||
Issuance of common stock upon conversion of preferred stock (in shares) | (1,833,240) | ||||||||||
Issuance of common stock under employees stock purchase plan | 20,768 | $ 1 | 20,767 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 11,583 | ||||||||||
Issuance of preferred stock and warrants under purchase agreement | $ 6,057,389 | $ 7 | $ 6,057,382 | $ 6,628,030 | $ 11 | $ 6,628,019 | |||||
Preferred Stock Converted to Common Stock, Shares | 5,843.67 | ||||||||||
Preferred Stock Converted to Common Stock, Value | $ (6) | (178) | |||||||||
Issuance of preferred stock and warrants under purchase agreement (in shares) | 7,000 | 10,621 | |||||||||
Issuance of common stock in exchange for warrants | 0 | $ 2 | (2) | ||||||||
Issuance of common stock in exchange for warrants (in shares) | 24,380 | ||||||||||
Net income (loss) | (12,859,253) | ||||||||||
Ending Balance at Dec. 31, 2017 | 5,017,389 | ||||||||||
Ending Balance (in shares) at Dec. 31, 2017 | 29,479.98 | 2,706,066 | |||||||||
Stock-based compensation expense | 446,077 | 446,077 | |||||||||
Issuance of common stock upon conversion of preferred stock | 0 | $ 444 | |||||||||
Stock Issued During Period, Shares, Employee Incentive | 214,791 | ||||||||||
Stock Issued During Period, Value, Employee Incentive | 294,264 | $ 21 | 294,243 | ||||||||
Issuance of common stock upon conversion of preferred stock (in shares) | (4,436,802) | ||||||||||
Issuance of common stock under employees stock purchase plan | 18,618 | $ 2 | 18,616 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 22,804 | ||||||||||
Preferred Stock Converted to Common Stock, Shares | 11,966.35 | ||||||||||
Preferred Stock Converted to Common Stock, Value | $ (12) | (432) | |||||||||
Net income (loss) | 23,605 | 23,605 | |||||||||
Ending Balance at Dec. 31, 2018 | 6,097,811 | $ 18 | $ 738 | $ 197,113,646 | (191,016,591) | ||||||
Ending Balance (in shares) at Dec. 31, 2018 | 17,513.63 | 7,380,463 | |||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 297,858 | $ 297,858 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Net Cash Provided by (Used in) Financing Activities | $ 18,618 | $ 12,910,026 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 2,736,748 | 94,546 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 23,605 | (12,859,253) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 169,712 | 262,334 |
Stock-based compensation | 446,077 | 209,691 |
Change in fair value of warrant liability | 0 | (208,480) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,319,871 | (310,600) |
Inventories | (719,303) | (117,409) |
Prepaid expenses and other current and long-term assets | 358,661 | (884,642) |
Accounts payable | 572,153 | (8,117) |
Accrued expenses and compensation | (408,687) | 891,181 |
Increase (Decrease) in Accrued Product Returns | (856,898) | 181,116 |
Increase (Decrease) in Contract with Customer, Liability | 0 | 191,795 |
Increase (Decrease) in Deferred Collaboration Income | 1,956,522 | 0 |
Net Cash Provided by (Used in) Operating Activities | 2,861,713 | (12,652,384) |
Cash flows for investing activities: | ||
Purchases of fixed assets | (143,583) | (163,096) |
Net Cash Provided by (Used in) Investing Activities | (143,583) | (163,096) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock and warrants, including private offerings and equity plans | 18,618 | 12,910,026 |
Cash and cash equivalents, end of year | 6,780,429 | 4,043,681 |
Supplemental disclosure of cash flow information: | ||
Change in fair value of warrant liability from repricing | 0 | 244,611 |
Exchange of warrant liability for Series F Preferred Stock | 0 | 40,772 |
Common stock issued to settle employee incentive compensation obligations | 294,264 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 6,780,429 | 4,043,681 |
Capital Expenditures Incurred but Not yet Paid | $ 0 | $ 7,374 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation NeuroMetrix, Inc., or the Company, is a commercial stage, innovation driven healthcare company combining neurostimulation and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The Company has two primary products. Quell is an over-the-counter wearable therapeutic device for chronic pain. DPNCheck® is a rapid point-of-care test for diabetic neuropathy which is the most common long-term complication of Type 2 diabetes. In 2018, the Company entered into a collaboration with GlaxoSmithKline ("GSK"). The GSK collaboration set up a framework for the joint development of the next generation of Quell, recently launched in the United States in September 2018, and the assignment of areas of marketing responsibility. The initial term of the GSK collaboration runs through 2020. Through December 31, 2018 , GSK has paid the Company $14.7 million , committed to future performance milestone payments totaling up to $10.2 million , and agreed to co-fund Quell development costs starting in 2019. The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At December 31, 2018 , the Company had an accumulated deficit of $191.0 million . These factors raise substantial doubt about the Company’s ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. At December 31, 2018 , the Company held cash and cash equivalents of $6.8 million . The Company believes that these resources, future GSK collaboration milestone payments, and the cash to be generated from future product sales will be sufficient to meet its projected operating requirements through 2019 . Accordingly, the Company may need to raise additional funds to support its operating and capital needs in 2020 . The Company continues to face significant challenges and uncertainties and, as a result, the Company’s available capital resources may be consumed more rapidly than currently expected due to (a) decreases in sales of the Company’s products and the uncertainty of future revenues from new products; (b) changes the Company may make to the business that affect ongoing operating expenses; (c) changes the Company may make in its business strategy; (d) regulatory developments affecting the Company’s existing products; (e) changes the Company may make in its research and development spending plans; (f) delays in the anticipated timing of GSK milestones; and (g) other items affecting the Company’s forecasted level of expenditures and use of cash resources. The Company may attempt to obtain additional funding through achievement of milestones under the GSK collaboration, public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources to increase the funds available to fund operations. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity or debt securities to raise additional funds, its existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. Without additional funds, the Company may be forced to delay, scale back or eliminate some of its sales and marketing efforts, research and development activities, or other operations and potentially delay product development in an effort to provide sufficient funds to continue its operations. If any of these events occurs, the Company’s ability to achieve its development and commercialization goals would be adversely affected. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of ninety days or less to be cash equivalents. Cash equivalents are recorded at cost which approximates fair value. The Company invests cash primarily in a money market account and other investments which management believes are subject to minimal credit and market risk. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents in bank deposit accounts and trade receivables. The Company invests its funds in highly rated institutions and limits its investment in any individual account so that they do not exceed FDIC limits. The Company has not experienced significant losses related to cash and cash equivalents and does not believe it is exposed to any significant credit risks relating to its cash and cash equivalents. At December 31, 2018 and 2017 , two customers accounted for 45% and 66% of accounts receivable, respectively. Two customers accounted 23% of revenues for the year ended December 31, 2018 and one customer accounted for 19% of revenues, for the year ended December 31, 2017 . The Company relies on in-house assembly and four third-party manufacturers to manufacture the major portion of its current products and product components. The disruption or termination of the supply of these products or a significant increase in the cost of these products from these sources could have an adverse effect on the Company’s business, financial position, and results of operations. Inventories Inventories, consisting primarily of finished goods and purchased components, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company writes down inventory to its net realizable value for excess or obsolete inventory. Fair Value The carrying amounts of the Company’s accounts receivable, accounts payable, and accrued expenses approximate their fair value at December 31, 2018 and 2017 due to the short-term nature of these assets and liabilities. The Company’s cash equivalents are carried at fair value determined according to the fair value hierarchy described in Note 9. Revenue Recognition Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. In most cases, the Company has a single product delivery performance obligation. Accrued product returns are estimated based on historical data and evaluation of current information. Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), is a comprehensive revenue recognition standard that superseded nearly all existing revenue recognition guidance. The Company adopted this standard effective January 1, 2018, applying the modified retrospective method. Upon adoption, the Company discontinued revenue deferral under the sell-through model and commenced recording revenue upon delivery to distributors, net of estimated returns. Generally, the new standard results in earlier recognition of revenues. Upon adoption of ASU 2014-09, the Company recorded a decrease in accumulated deficit of $297,858 as detailed in the following table: As reported After adoption December 31, 2017 ASU 2014-09 January 1, 2018 Accounts receivable, net $ 1,049,329 $ 1,353,499 $ 2,402,828 Prepaid expenses and other current assets $ 1,867,803 $ (583,491 ) $ 1,284,312 Total current assets $ 9,103,374 $ 770,008 $ 9,873,382 Accrued product returns $ 666,375 $ 1,292,181 $ 1,958,556 Deferred revenue $ 820,031 $ (820,031 ) $ — Total current liabilities $ 4,581,835 $ 472,150 $ 5,053,985 Accumulated deficit $ (191,338,054 ) $ 297,858 $ (191,040,196 ) Total stockholders’ equity $ 5,017,389 $ 297,858 $ 5,315,247 The following table summarizes the effects of adopting ASU 2014-09 on the Company's statement of operations for the year ended December 31, 2018 : As reported Adjustments Amounts under prior GAAP Revenues $ 16,090,138 $ 558,161 $ 16,648,299 Cost of revenues $ 8,707,082 $ 419,709 $ 9,126,791 Gross profit $ 7,383,056 $ 138,452 $ 7,521,508 Net income applicable to common stockholders $ 23,605 $ 138,452 $ 162,057 Net income per common share applicable to common stockholders, Basic $ 0.003 $ 0.020 $ 0.023 Diluted $ 0.002 $ 0.010 $ 0.012 The following table summarizes the effects of adopting ASU 2014-09 on the Company's balance sheet as of December 31, 2018 : As reported Adjustments Amounts under prior GAAP Accounts receivable, net $ 1,082,957 $ (277,637 ) $ 805,320 Prepaid expenses and other current assets $ 905,767 $ 163,782 $ 1,069,549 Total current assets $ 11,631,017 $ (113,855 ) $ 11,517,162 Accrued product returns $ 1,101,658 $ (551,000 ) $ 550,658 Deferred revenue $ — $ 596,551 $ 596,551 Total current liabilities $ 6,015,437 $ 45,551 $ 6,060,988 Accumulated deficit $ (191,016,591 ) $ (159,406 ) $ (191,175,997 ) Total stockholders’ equity $ 6,097,811 $ (159,406 ) $ 5,938,405 Adoption of the standard had no impact on total net cash provided by or used in operating, investing, or financing activities within the statements of cash flows. Accounts Receivable Accounts receivable are recorded net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company reviews the allowance for doubtful accounts and determines the allowance based on an analysis of customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are past due and over 90 days outstanding are reviewed individually for collectability. Account balances are written-off against the allowance when the Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $ 25,000 as of December 31, 2018 and 2017 . Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. In accordance with the provisions of the Income Taxes topic of the Codification, the Company is required to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Significant management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. Utilization of the NOL and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. Management performed a two-step evaluation of all tax positions, ensuring that these tax return positions meet the “more likely than not” recognition threshold and can be measured with sufficient precision to determine the benefit recognized in the financial statements. These evaluations provide management with a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements certain tax positions that the Company has taken or expects to take on income tax returns. Research and Development Costs incurred in research and development are expensed as incurred. Included in research and development costs are wages, benefits, product design consulting, and other operating costs such as facilities, supplies, and overhead directly related to the Company’s research and development efforts. Collaboration income Collaboration income is recognized within Other Income when contractual performance obligations, outside the ordinary activities of the Company, have been satisfied and control has been transferred to a collaboration partner. Collaboration income for each performance obligation is based on relative fair value of the overall transaction price. A deferred collaboration income liability is recorded when payments are received prior to satisfaction of performance obligations. The company recognized $12,255,704 of collaboration income in 2018 and recorded $1,956,522 of deferred collaboration income liability as of December 31, 2018. Product Warranty Costs The Company accrues estimated product warranty costs at the time of sale which are included in cost of sales in the statements of operations. The amount of the accrued warranty liability is based on historical information such as past experience, product failure rates, number of units repaired, and estimated cost of material and labor. The liabilities for product warranty costs of $129,837 and $127,361 at December 31, 2018 and 2017 , respectively, are included in accrued expenses in the accompanying balance sheets. Fixed Assets and Long-Lived Assets Fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Expenditures for repairs and maintenance are charged to expense as incurred. On disposal, the related assets and accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the Company’s statement of operations. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Company periodically evaluates the recoverability of its fixed assets and other long-lived assets whenever events or changes in circumstances indicate that an event of impairment may have occurred. This periodic review may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to the assets operating performance and future undiscounted cash flows of the underlying assets. If the future undiscounted cash flows are less than their book value, an impairment may exist. The impairment is measured as the difference between the book value and the fair value of the underlying asset. Fair values are based on estimates of the market prices and assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. Accounting for Stock-Based Compensation Stock-based compensation cost is generally recognized ratably over the requisite service period. The Company uses the Black-Scholes option pricing model for determining the fair value of its stock options and amortizes its stock-based compensation expense using the straight-line method. The Black-Scholes model requires certain assumptions that involve judgment. Such assumptions are the expected share price volatility, expected life of options, expected annual dividend yield, and risk-free interest rate (See Note 3 — Stock-Based Compensation). Net Income (Loss) per Common Share Basic and dilutive net income (loss) per common share were as follows: Years Ended December 31, 2018 2017 Net income (loss) applicable to common stockholders $ 23,605 $ (19,734,033 ) Weighted average number of common shares outstanding, basic 7,104,574 1,701,481 Dilutive convertible preferred stock 6,780,995 — Weighted average number of common shares outstanding, dilutive 13,885,569 1,701,481 Net income (loss) per common share applicable to common stockholders, basic $ 0.003 $ (11.598 ) Net income (loss) per common share applicable to common stockholders, diluted $ 0.002 $ (11.598 ) The 2017 earnings per share amounts have been reformatted to conform to current year presentation. The following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net income (loss) per common share because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2018 2017 Options 441,990 99,344 Warrants 459,375 2,742,266 Convertible preferred stock — 5,961,679 Total 901,365 8,803,289 Advertising and Promotional Costs Advertising and promotional costs are expensed as incurred. Advertising and promotion expense were $5,766,982 and $6,851,082 , in 2018 and 2017 , respectively. Accumulated Other Comprehensive Items For 2018 and 2017 , the Company had no components of other comprehensive income or loss other than net income (loss). Segments The Company operates in one segment for the sale of medical equipment and consumables. Substantially all of the Company’s assets, revenues, and expenses for 2018 and 2017 were located at or derived from operations in the United States. Revenues from sales outside the United States accounted for approximately 12% and 7% of total revenues in 2018 and 2017 , respectively. Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, customers’ reimbursement from third-party payers, protection of proprietary technology, and compliance with regulations of the FDA and other governmental agencies. Recently Issued or Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The provisions of this guidance are effective for annual periods beginning after December 31, 2018, and for interim periods therein. The Company expects to adopt ASU 2016-02, using the modified retrospective method, upon its effective date of January 1, 2019. The Company anticipates the impact of adoption will be an increase to long-term assets and total liabilities of approximately $1.9 million as of January 1, 2019. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company's 2004 Stock Option and Incentive Plan was amended and restated most recently in 2018. At the Annual Meeting of Stockholders held on May 1, 2018 , the stockholders of the Company approved the Company’s Tenth Amended and Restated 2004 Stock Option and Incentive Plan (the “2004 Stock Plan”), which, among other things, increased the number of shares of the Company’s common stock authorized for issuance thereunder by 400,000 shares. The 2004 Stock Plan, among other things, provides for granting of incentive and nonqualified stock option and stock bonus awards to officers, employees and outside consultants. Outstanding options under the 2004 Stock Plan generally vest over four years and terminate 10 years after the grant date, or earlier if the option holder is no longer an executive officer, employee, consultant, advisor or director, as applicable, of the Company. As of December 31, 2018 , 1,128,946 shares of common stock were authorized for issuance under the 2004 Stock Plan, of which 244,800 shares had been issued, 494,101 shares were subject to outstanding options at a weighted average exercise price of $4.08 per share and 390,045 shares were available for future grant. The Company's 2009 Non-Qualified Inducement Stock Plan (the “2009 Inducement Plan”) is intended to encourage and enable employees, including prospective employees, of the Company upon whose judgment, initiative, and efforts the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. The 2009 Inducement Plan, among other things, provides for the granting of awards, including non-qualified stock options, restricted stock, and unrestricted stock. As of December 31, 2018 , 12,500 shares of common stock were authorized for issuance and were available for future grant under the 2009 Inducement Plan. The exercise price of stock options awarded under the 2004 Stock Plan and the 2009 Inducement Plan may not be less than the fair value of the common stock on the date of the option grant. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair value of the Company’s common stock at the date of grant and for a term not to exceed five years. The Company's 2004 Employee Stock Purchase Plan (the “2004 ESPP”) provides the Company’s employees an opportunity to acquire a proprietary interest in the Company. Company employees who have been employed by the Company for at least 60 days and whose customary employment is for more than 20 hours per week and for more than five months in any calendar year were eligible to participate and any employee who owns 5% or more of the voting power or value of the Company’s stock were not eligible to participate. The 2004 ESPP authorized the issuance of up to a total of 326 shares of the Company’s common stock to participating employees. The Company's 2010 Employee Stock Purchase Plan was amended and restated most recently in 2018. At the Annual Meeting of Stockholders held on May 1, 2018 , the stockholders of the Company approved the Company’s Fourth Amended and Restated 2010 Employee Stock Purchase Plan (the “2010 ESPP”), which, among other things, increased the number of shares of the Company’s common stock authorized for issuance thereunder by 150,000 shares. The 2010 ESPP initially authorized the issuance of up to a total of 217 shares, of the Company’s common stock to participating employees plus an annual increase on the first day of each of the Company’s fiscal years beginning in 2019, equal to the lesser of (i) 25,000 shares, (ii) 1 percent of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, or (iii) such lesser number of shares as is determined by the Board. All of the Company’s full-time employees and certain part-time employees are eligible to participate in the 2010 ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the 2010 ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate. Under the 2010 ESPP, participating employees can authorize the Company to withhold up to 10% of their earnings during consecutive six-month payment periods for the purchase of the shares. At the conclusion of each period, participating employees can purchase shares at 85% of the lower of their fair value at the beginning or end of the period. The 2010 ESPP is regarded as a compensatory plan. For the years ended December 31, 2018 and 2017 the Company issued 22,804 and 11,583 shares of its common stock, respectively, under the 2010 ESPP. As of December 31, 2018 , there were 127,775 remaining shares to be issued under the 2010 ESPP. The Company uses the Black-Scholes option pricing model for determining the fair value of shares of common stock issued or to be issued under the 2010 ESPP. The following assumptions are used in determining fair value: The risk-free interest rate assumption is based on the United States Treasury’s constant maturity rate for a six month term (corresponding to the expected option term) on the date the option was granted. The expected dividend yield is zero because the Company does not currently pay dividends nor expects to do so during the expected option term. An expected term of six months is used based on the duration of each plan offering period. The volatility assumption is based on a consideration of stock price volatility over the most recent period of time corresponding to the expected term and is also based on expected future stock price volatility. The weighted average grant-date fair value of stock options used in the calculation of stock-based compensation expense in the accompanying statement of operations for the years ended December 31, 2018 and 2017 is calculated using the following assumptions: Years Ended December 31, 2018 2017 Risk-free interest rate 2.2- 3.0% 1.8- 2.1% Expected dividend yield — — Expected option term 3 - 5 years 5 years Volatility 70.0 % 70.0 % The risk-free interest rate assumption is based on the United States Treasury’s constant maturity rate for a three or five year term (corresponding to the expected option term) on the date the option was granted. The expected dividend yield is zero as the Company does not currently pay dividends nor expects to do so during the expected option term. The expected option term of three to five years is estimated based on an analysis of actual option exercises. The volatility assumption is based on daily historical volatility during the time period that corresponds to the expected option term and expected future stock price volatility. The pre-vesting forfeiture rate is based on the historical and projected average turnover rate of employees. A summary of option activity for the year ended December 31, 2018 is presented below: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2017 80,537 $ 19.32 Granted 418,950 1.71 Exercised — — Forfeited (5,317 ) 18.77 Expired (69 ) 2,254.91 Outstanding at December 31, 2018 494,101 $ 4.08 3.91 $ — Vested or expected to vest at December 31, 2018 494,101 $ 4.08 3.91 $ — Exercisable at December 31, 2018 396,676 $ 3.94 2.68 $ — Expected to vest options are determined by applying the pre-vesting forfeiture rate to the total outstanding options. Aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock as of December 31, 2018 , as applicable, and the exercise price for the in-the-money options) that would have been received by the option holders if all the in-the-money options had been exercised on December 31, 2018 . The weighted average per share grant-date fair values of options granted during 2018 and 2017 was $1.71 and $2.37 , respectively. The aggregate intrinsic value of options issued or exercised during 2018 and 2017 was $0 . Total unrecognized stock-based compensation costs related to non-vested stock options was $244,422 , which related to 494,101 shares with a per share weighted fair value of $4.08 as of December 31, 2018 . This unrecognized cost is expected to be recognized over a weighted average period of approximately 2.0 years . Cash received from option exercises and purchases under the 2004 ESPP and the 2010 ESPP for 2018 and 2017 , was $18,618 and $20,768 , respectively. The Company issues new shares upon option exercises, purchases under the Company’s ESPPs, and vesting of restricted stock. The Company recorded stock-based compensation expense of $446,077 and $209,691 for 2018 and 2017 , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: December 31, 2018 2017 Purchased components $ 1,767,674 $ 505,293 Finished goods 1,094,190 1,637,268 $ 2,861,864 $ 2,142,561 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets Fixed assets consist of the following: Estimated Useful Life (Years) December 31, 2018 2017 Computer and laboratory equipment 3 $ 857,889 $ 881,969 Furniture and equipment 3 241,413 227,845 Production equipment 7 327,000 346,469 Leasehold improvements * 141,485 117,994 1,567,787 1,574,277 Less – accumulated depreciation (1,160,448 ) (1,133,435 ) $ 407,339 $ 440,842 * Lesser of life of lease or estimated useful life. Depreciation expense was $169,712 and $262,334 for 2018 and 2017 , respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses and Compensation Accrued expenses and compensation consist of the following for the years ended December 31, 2018 and 2017: December 31, 2018 2017 Technology fees $ 450,000 $ 450,000 Professional services 391,000 603,000 Compensation 213,756 786,184 Advertising 171,000 160,800 Warranty 129,837 127,361 Other 303,580 234,779 $ 1,659,173 $ 2,362,124 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Current income tax expense (benefit) attributable to continuing operations was zero for the years ended December 31, 2018 and 2017 . The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2018 and 2017 . Years Ended December 31, 2018 2017 Federal tax provision (benefit) rate (21.0 )% (34.0 )% State tax provision, net of federal provision (19.6 ) (5.9 ) Permanent items (315.0 ) (0.1 ) Federal research and development credits 659.2 (0.7 ) Change in statutory tax rate — 150.3 Valuation allowance (303.6 ) (109.6 ) Effective income tax rate — — The Company’s deferred tax assets consist of the following: December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 31,239,750 $ 31,902,006 Research and development credit carryforwards 2,599,358 2,432,058 Accrued expenses 965,191 748,334 Stock-based compensation 227,843 229,676 Other 9,158 19,240 Total gross deferred tax assets 35,041,300 35,331,314 Valuation allowance (35,041,300 ) (35,331,314 ) Net deferred tax assets $ — $ — At December 31, 2018 , the Company has federal and state net operating loss carryforwards (“NOL”) of $143.0 million and $48.4 million , respectively, as well as federal and state tax credits of $1.7 million and $1.1 million , respectively, which may be available to reduce future taxable income and related taxes. This amount includes tax benefits of $2.5 million and $75,482 attributable to NOL and tax credit carryforwards, respectively, that result from the exercise of employee stock options. The tax benefit of these items will be recorded as a credit to additional paid-in capital upon realization of the deferred tax asset or reduction in income taxes payable. The federal NOLs, the state NOLs, and the federal and state research and development credits each begin to expire in 2019 . In accordance with the provisions of the Income Taxes topic of the Codification, the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating losses. Management has determined that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets and, as a result, a valuation allowance of $35.0 million and $35.3 million has been established at December 31, 2018 and 2017 , respectively. In December 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was enacted and included changes which reduced the federal corporate tax rate to 21% effective January 1, 2018. Deferred income tax assets and liabilities are measured using enacted tax laws and rates applicable to the periods in which differences are expected to reverse. Accordingly, deferred tax assets and liabilities have been remeasured as of December 31, 2017 and the effect of the remeasurement has been reflected in the provision for income taxes for the year ended December 31, 2017. Utilization of the NOL and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2018 or 2017 . The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from December 31, 2015 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases In June 2018, the Company extended the lease on its Woburn, Massachusetts manufacturing facilities (the “Woburn Lease”) through September 2025. The Woburn Lease has a monthly base rent of $13,846 and a 5 -year extension option. In September 2014, the Company entered into a 7 -year operating lease agreement with one 5 -year extension option for its corporate office and product development activities in Waltham, Massachusetts (the “Waltham Lease”). The term of the Waltham Lease commenced on February 20, 2015 and includes fixed payment obligations that escalate over the initial lease term. Average monthly base rent under the 7 -year lease is approximately $41,074 . 8. Commitments and Contingencies - (continued) Future minimum lease payments under non-cancellable operating leases as of December 31, 2018 are as follows: 2019 $ 629,222 2020 641,193 2021 653,164 2022 247,347 2023 165,785 2024 165,785 2025 117,431 Total minimum lease payments $ 2,619,927 Total recorded rent expense was $627,732 and $670,860 , for 2018 and 2017 , respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. Other Commitments At December 31, 2018 , other commitments, comprised of purchase orders, totaled approximately $4,988,383 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented and indicates the fair value hierarchy of the valuation techniques it utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. December 31, 2018 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 4,284,928 $ 4,284,928 $ — $ — Total $ 4,284,928 $ 4,284,928 $ — $ — December 31, 2017 Fair Value Measurements at December 31, 2017 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 1,744,965 $ 1,744,965 $ — $ — Total $ 1,744,965 $ 1,744,965 $ — $ — The following table provides a summary of changes in the fair value of the Company’s Level 3 financial liabilities between December 31, 2016 and December 31, 2017. Total Balance at December 31, 2016 $ 4,641 Change in fair value of warrant liability from repricing 244,611 Change in fair value of warrant liability (208,480 ) Repurchase and retirement of warrants (40,772 ) Balance at December 31, 2017 $ — |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Retirement Plan The Company has established a 401(k) defined contribution savings plan for its employees who meet certain service period and age requirements. Contributions are permitted up to the maximum allowed under the Internal Revenue Code of each covered employee’s salary. The savings plan permits the Company to contribute at its discretion. In 2018 and 2017 the Company made no contributions to the plan. |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility The Company is party to a Loan and Security Agreement, or the Credit Facility, with a bank. As of December 31, 2018 , the Credit Facility permitted the Company to borrow up to $2.5 million on a revolving basis. The Credit Facility was subsequently amended, most recently on January 14, 2019 and extended until April 15, 2019 . Amounts borrowed under the Credit Facility will bear interest equal to the prime rate plus 0.5% . Any borrowings under the Credit Facility will be collateralized by the Company’s cash, accounts receivable, inventory, and equipment. The Credit Facility also includes traditional lending and reporting covenants. These include certain financial covenants applicable to liquidity that are to be maintained by the Company. As of December 31, 2018 , the Company was in compliance with these covenants and had not borrowed any funds under the Credit Facility. However, $0.2 million of the amount under the Credit Facility is restricted to support letters of credit issued in favor of the landlords of the Company’s facilities. Consequently, the amount available for borrowing under the Credit Facility as of December 31, 2018 was approximately $2.3 million . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: December 31, 2018 2017 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2018 and 2017; no shares issued and outstanding at December 31, 2018 and 2017 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2018 and 2017, and 200 and 500 shares issued and outstanding at December 31, 2018 and 2017, respectively 1 1 Series D convertible preferred stock, $0.001 par value, 21,300 shares designated at December 31, 2018 and 2017, 14,052.93 shares issued and outstanding at December 31, 2018 and 2017 14 14 Series E convertible preferred stock, $0.001 par value, 7,000 designated at December 31, 2018 and 2017, and 3,260.70 and 7,000 shares issued and outstanding at December 31, 2018 and 2017, respectively 3 7 Series F convertible preferred stock, $0.001 par value, 10,621 shares designated at December 31, 2018 and 2017, and zero and 7,927.05 shares issued and outstanding at December 31, 2018 and 2017, respectively — 8 Private and Public Offerings of Common Stock and Warrants 2017 activity In 2017, the Company entered into agreements with respect to a private equity offering (the “Q3 2017 Offering”) with an institutional investor and its affiliates (collectively the “Investor”). In the Q3 2017 Offering, the Company issued 7,000 shares of Series F convertible preferred stock (the “Series F Preferred Stock”) at a price of $1,000 per share. The Q3 2017 Offering also reset the conversion price of 14,052.93 shares of Series D convertible preferred stock and 7,000 shares of Series E convertible preferred stock that were held by the Investor to $2.63 per share. The Q3 2017 Offering resulted in gross proceeds of $7.0 million , and after deducting fees and expenses, net proceeds were $6.6 million . In the third quarter of 2017, the Company also entered into an exchange agreement pursuant to which it issued the Investor 3,621 shares of Series F Preferred Stock in exchange for the repurchase and retirement of 4,184,483 warrants to purchase common stock valued by an independent party at $3,622,219 . Also in 2017, the Company completed a private equity offering (the “Q1 2017 Offering”) with the Investor and issued (i) 7,000 shares of Series E convertible preferred stock (the “Series E Preferred Stock”) at a price of $1,000 per share, and (ii) warrants to purchase up to 1,250,000 shares of common stock, par value $0.0001 per share (the “Common Stock”), at an exercise price of $5.60 per share. As a part of this offering, the Company reset (i) the conversion price of 19,458.90 shares of Series D convertible preferred stock that were held by the Investor to $5.60 per share, and (ii) the exercise price of warrants to purchase up to 2,934,484 shares of Common Stock that were held by the Investor to $5.60 per share. The Q1 2017 Offering resulted in gross proceeds of 7.0 million , and after deducting fees and expenses, net proceeds were $6.3 million . Each share of Series D Preferred Stock, Series E Preferred Stock, and Series F Preferred Stock (collectively the "Preferred Stock") have a stated value of $1,000 and is convertible at the option of the holder into the number of shares of Common Stock determined by dividing the stated value by the conversion price of $2.63 , which is subject to adjustment as provided in the Certificate of Designation for the Preferred Stock. The Preferred Stock has no dividend rights, liquidation preference or other preferences over Common Stock and has no voting rights except as provided in the Certificate of Designation for the Preferred Stock and as required by law. The Q3 2017 Offering and the Q1 2017 Offering were accounted for as extinguishments of the Investor’s equity holdings in recognition of the revisions of certain preexisting equity instruments and the significant transfer of value in excess of the funding received by the Company. Under the extinguishment model, a deemed dividend was recognized within additional paid in capital which represented the fair value of issued Preferred Stock plus the incremental fair value of repricing the Preferred Stock held by the Investor, less the fair value of the consideration transferred, less the carrying value of the outstanding Preferred Stock, and warrants to purchase Common Stock. The amount of the deemed dividend totaled $2.8 million and $4.0 million for the Q3 2017 Offering and the Q1 2017 Offering, respectively. The Company determined that equity classification was appropriate for the warrants issued in the Q1 2017 Offering, following guidance in the Derivatives and Hedging topic of the Codification. In making this equity classification determination, the Company noted the warrants may only be settled in shares of common stock and had no requirements to be settled in registered shares when exercised. The fair value of the five year warrants was estimated to be $3.5 million on the offering date using a Black-Scholes model with the following assumptions: stock price of $4.96 , exercise price of $5.60 , expected volatility of 70.2% , risk free interest rate of 2.04% , expected term of 5 years , and no dividends. During 2017, 3,149.72 shares of the Series D Preferred Stock were converted into a total of 859,077 shares of common stock. and 2,693.95 shares of the Series F Preferred Stock were converted into a total of 974,163 shares of common stock. 2018 activity In 2018 , 300.00 shares of the Series B Preferred Stock were converted into a total of 928 shares of Common Stock. As of December 31, 2018 , 200.00 shares of Series B Preferred Stock remained outstanding. In 2018 , 3,739.3 shares of the Series E Preferred Stock were converted into a total of 1,421,787 shares of Common Stock. As of December 31, 2018 , 3,260.70 shares of Series E Preferred Stock remained outstanding. In 2018 , 7,927.05 shares of the Series F Preferred Stock were converted into a total of 3,014,087 shares of Common Stock. As of December 31, 2018 , zero shares of Series F Preferred Stock remained outstanding. Other equity activity In 2018, the Company issued shares of fully vested common stock in partial settlement of management incentive compensation. The 2018 issuance totaled 214,791 shares with a value of $294,264 reflecting the $1.37 closing price of the Company’s common stock as reported on the Nasdaq Capital Market on April 12, 2018. In 2017, the Company issued 24,380 shares of fully vested common stock in exchange for 201,327 equity-classified warrants. The fair value of the warrants was estimated to be $45,102 on the exchange date using date using a Black-Scholes model with the following assumptions: stock price of $1.85 , exercise price of $15.19 , expected volatility of 70.0% , risk free interest rate of 2.0% , expected term of 3.8 years, and no dividends. As of December 31, 2018 , the Company had 100,000,000 shares of common stock authorized and 7,380,463 shares issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the Board of Directors. At December 31, 2018 , the Company has reserved authorized shares of common stock for future issuance as follows: Warrants 459,375 Outstanding stock options 494,101 Possible future issuance under inducement plan 12,500 Possible future issuance under stock option plans 390,045 Possible future issuance under employee stock purchase plan 127,775 Total 1,483,796 |
Reverse Stock Split
Reverse Stock Split | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Reverse Stock Split | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: December 31, 2018 2017 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2018 and 2017; no shares issued and outstanding at December 31, 2018 and 2017 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2018 and 2017, and 200 and 500 shares issued and outstanding at December 31, 2018 and 2017, respectively 1 1 Series D convertible preferred stock, $0.001 par value, 21,300 shares designated at December 31, 2018 and 2017, 14,052.93 shares issued and outstanding at December 31, 2018 and 2017 14 14 Series E convertible preferred stock, $0.001 par value, 7,000 designated at December 31, 2018 and 2017, and 3,260.70 and 7,000 shares issued and outstanding at December 31, 2018 and 2017, respectively 3 7 Series F convertible preferred stock, $0.001 par value, 10,621 shares designated at December 31, 2018 and 2017, and zero and 7,927.05 shares issued and outstanding at December 31, 2018 and 2017, respectively — 8 Private and Public Offerings of Common Stock and Warrants 2017 activity In 2017, the Company entered into agreements with respect to a private equity offering (the “Q3 2017 Offering”) with an institutional investor and its affiliates (collectively the “Investor”). In the Q3 2017 Offering, the Company issued 7,000 shares of Series F convertible preferred stock (the “Series F Preferred Stock”) at a price of $1,000 per share. The Q3 2017 Offering also reset the conversion price of 14,052.93 shares of Series D convertible preferred stock and 7,000 shares of Series E convertible preferred stock that were held by the Investor to $2.63 per share. The Q3 2017 Offering resulted in gross proceeds of $7.0 million , and after deducting fees and expenses, net proceeds were $6.6 million . In the third quarter of 2017, the Company also entered into an exchange agreement pursuant to which it issued the Investor 3,621 shares of Series F Preferred Stock in exchange for the repurchase and retirement of 4,184,483 warrants to purchase common stock valued by an independent party at $3,622,219 . Also in 2017, the Company completed a private equity offering (the “Q1 2017 Offering”) with the Investor and issued (i) 7,000 shares of Series E convertible preferred stock (the “Series E Preferred Stock”) at a price of $1,000 per share, and (ii) warrants to purchase up to 1,250,000 shares of common stock, par value $0.0001 per share (the “Common Stock”), at an exercise price of $5.60 per share. As a part of this offering, the Company reset (i) the conversion price of 19,458.90 shares of Series D convertible preferred stock that were held by the Investor to $5.60 per share, and (ii) the exercise price of warrants to purchase up to 2,934,484 shares of Common Stock that were held by the Investor to $5.60 per share. The Q1 2017 Offering resulted in gross proceeds of 7.0 million , and after deducting fees and expenses, net proceeds were $6.3 million . Each share of Series D Preferred Stock, Series E Preferred Stock, and Series F Preferred Stock (collectively the "Preferred Stock") have a stated value of $1,000 and is convertible at the option of the holder into the number of shares of Common Stock determined by dividing the stated value by the conversion price of $2.63 , which is subject to adjustment as provided in the Certificate of Designation for the Preferred Stock. The Preferred Stock has no dividend rights, liquidation preference or other preferences over Common Stock and has no voting rights except as provided in the Certificate of Designation for the Preferred Stock and as required by law. The Q3 2017 Offering and the Q1 2017 Offering were accounted for as extinguishments of the Investor’s equity holdings in recognition of the revisions of certain preexisting equity instruments and the significant transfer of value in excess of the funding received by the Company. Under the extinguishment model, a deemed dividend was recognized within additional paid in capital which represented the fair value of issued Preferred Stock plus the incremental fair value of repricing the Preferred Stock held by the Investor, less the fair value of the consideration transferred, less the carrying value of the outstanding Preferred Stock, and warrants to purchase Common Stock. The amount of the deemed dividend totaled $2.8 million and $4.0 million for the Q3 2017 Offering and the Q1 2017 Offering, respectively. The Company determined that equity classification was appropriate for the warrants issued in the Q1 2017 Offering, following guidance in the Derivatives and Hedging topic of the Codification. In making this equity classification determination, the Company noted the warrants may only be settled in shares of common stock and had no requirements to be settled in registered shares when exercised. The fair value of the five year warrants was estimated to be $3.5 million on the offering date using a Black-Scholes model with the following assumptions: stock price of $4.96 , exercise price of $5.60 , expected volatility of 70.2% , risk free interest rate of 2.04% , expected term of 5 years , and no dividends. During 2017, 3,149.72 shares of the Series D Preferred Stock were converted into a total of 859,077 shares of common stock. and 2,693.95 shares of the Series F Preferred Stock were converted into a total of 974,163 shares of common stock. 2018 activity In 2018 , 300.00 shares of the Series B Preferred Stock were converted into a total of 928 shares of Common Stock. As of December 31, 2018 , 200.00 shares of Series B Preferred Stock remained outstanding. In 2018 , 3,739.3 shares of the Series E Preferred Stock were converted into a total of 1,421,787 shares of Common Stock. As of December 31, 2018 , 3,260.70 shares of Series E Preferred Stock remained outstanding. In 2018 , 7,927.05 shares of the Series F Preferred Stock were converted into a total of 3,014,087 shares of Common Stock. As of December 31, 2018 , zero shares of Series F Preferred Stock remained outstanding. Other equity activity In 2018, the Company issued shares of fully vested common stock in partial settlement of management incentive compensation. The 2018 issuance totaled 214,791 shares with a value of $294,264 reflecting the $1.37 closing price of the Company’s common stock as reported on the Nasdaq Capital Market on April 12, 2018. In 2017, the Company issued 24,380 shares of fully vested common stock in exchange for 201,327 equity-classified warrants. The fair value of the warrants was estimated to be $45,102 on the exchange date using date using a Black-Scholes model with the following assumptions: stock price of $1.85 , exercise price of $15.19 , expected volatility of 70.0% , risk free interest rate of 2.0% , expected term of 3.8 years, and no dividends. As of December 31, 2018 , the Company had 100,000,000 shares of common stock authorized and 7,380,463 shares issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the Board of Directors. At December 31, 2018 , the Company has reserved authorized shares of common stock for future issuance as follows: Warrants 459,375 Outstanding stock options 494,101 Possible future issuance under inducement plan 12,500 Possible future issuance under stock option plans 390,045 Possible future issuance under employee stock purchase plan 127,775 Total 1,483,796 |
Management Retention and Incent
Management Retention and Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Management Retention and Incentive Plan | Management Retention and Incentive Plan The Company has adopted the Management Retention and Incentive Plan (the “Plan”), under which a portion of the consideration payable upon a change in control transaction, as defined in the Plan and its amendments, would be paid in cash to certain executive officers and key employees and recorded as compensation expense within the Statement of Operations during the period in which the change of control transaction occurs. The Plan is structured to work in conjunction with, and not replace, the Company’s other incentive programs and is designed to provide market-based incentives which will be reduced over time by any future equity grants to participants. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II — Valuation and Qualifying Accounts Description Balance at Beginning of Period Charged to costs and expenses Charged to other accounts Recoveries/ (Deductions) Balance at End of Period December 31, 2018 Allowance for Doubtful Accounts $ 25,000 3,447 — (3,447 ) $ 25,000 Deferred Tax Asset Valuation Allowance 35,331,314 269,241 — (559,255 ) (1) 35,041,300 December 31, 2017 Allowance for Doubtful Accounts $ 25,000 8,374 — (8,374 ) $ 25,000 Deferred Tax Asset Valuation Allowance 49,274,154 3,175,637 — (17,118,477 ) (1) 35,331,314 (1) Expiration of Federal and State Net Operating Loss Carryforwards and other reductions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of ninety days or less to be cash equivalents. Cash equivalents are recorded at cost which approximates fair value. The Company invests cash primarily in a money market account and other investments which management believes are subject to minimal credit and market risk. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents in bank deposit accounts and trade receivables. The Company invests its funds in highly rated institutions and limits its investment in any individual account so that they do not exceed FDIC limits. The Company has not experienced significant losses related to cash and cash equivalents and does not believe it is exposed to any significant credit risks relating to its cash and cash equivalents. At December 31, 2018 and 2017 , two customers accounted for 45% and 66% of accounts receivable, respectively. Two customers accounted 23% of revenues for the year ended December 31, 2018 and one customer accounted for 19% of revenues, for the year ended December 31, 2017 . The Company relies on in-house assembly and four third-party manufacturers to manufacture the major portion of its current products and product components. The disruption or termination of the supply of these products or a significant increase in the cost of these products from these sources could have an adverse effect on the Company’s business, financial position, and results of operations. |
Inventories | Inventories Inventories, consisting primarily of finished goods and purchased components, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company writes down inventory to its net realizable value for excess or obsolete inventory. |
Fair Value | Fair Value The carrying amounts of the Company’s accounts receivable, accounts payable, and accrued expenses approximate their fair value at December 31, 2018 and 2017 due to the short-term nature of these assets and liabilities. The Company’s cash equivalents are carried at fair value determined according to the fair value hierarchy described in Note 9. |
Revenue Recognition | Revenue Recognition Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. In most cases, the Company has a single product delivery performance obligation. Accrued product returns are estimated based on historical data and evaluation of current information. Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), is a comprehensive revenue recognition standard that superseded nearly all existing revenue recognition guidance. The Company adopted this standard effective January 1, 2018, applying the modified retrospective method. Upon adoption, the Company discontinued revenue deferral under the sell-through model and commenced recording revenue upon delivery to distributors, net of estimated returns. Generally, the new standard results in earlier recognition of revenues. Upon adoption of ASU 2014-09, the Company recorded a decrease in accumulated deficit of $297,858 as detailed in the following table: As reported After adoption December 31, 2017 ASU 2014-09 January 1, 2018 Accounts receivable, net $ 1,049,329 $ 1,353,499 $ 2,402,828 Prepaid expenses and other current assets $ 1,867,803 $ (583,491 ) $ 1,284,312 Total current assets $ 9,103,374 $ 770,008 $ 9,873,382 Accrued product returns $ 666,375 $ 1,292,181 $ 1,958,556 Deferred revenue $ 820,031 $ (820,031 ) $ — Total current liabilities $ 4,581,835 $ 472,150 $ 5,053,985 Accumulated deficit $ (191,338,054 ) $ 297,858 $ (191,040,196 ) Total stockholders’ equity $ 5,017,389 $ 297,858 $ 5,315,247 The following table summarizes the effects of adopting ASU 2014-09 on the Company's statement of operations for the year ended December 31, 2018 : As reported Adjustments Amounts under prior GAAP Revenues $ 16,090,138 $ 558,161 $ 16,648,299 Cost of revenues $ 8,707,082 $ 419,709 $ 9,126,791 Gross profit $ 7,383,056 $ 138,452 $ 7,521,508 Net income applicable to common stockholders $ 23,605 $ 138,452 $ 162,057 Net income per common share applicable to common stockholders, Basic $ 0.003 $ 0.020 $ 0.023 Diluted $ 0.002 $ 0.010 $ 0.012 The following table summarizes the effects of adopting ASU 2014-09 on the Company's balance sheet as of December 31, 2018 : As reported Adjustments Amounts under prior GAAP Accounts receivable, net $ 1,082,957 $ (277,637 ) $ 805,320 Prepaid expenses and other current assets $ 905,767 $ 163,782 $ 1,069,549 Total current assets $ 11,631,017 $ (113,855 ) $ 11,517,162 Accrued product returns $ 1,101,658 $ (551,000 ) $ 550,658 Deferred revenue $ — $ 596,551 $ 596,551 Total current liabilities $ 6,015,437 $ 45,551 $ 6,060,988 Accumulated deficit $ (191,016,591 ) $ (159,406 ) $ (191,175,997 ) Total stockholders’ equity $ 6,097,811 $ (159,406 ) $ 5,938,405 Adoption of the standard had no impact on total net cash provided by or used in operating, investing, or financing activities within the statements of cash flows. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company reviews the allowance for doubtful accounts and determines the allowance based on an analysis of customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are past due and over 90 days outstanding are reviewed individually for collectability. Account balances are written-off against the allowance when the Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $ 25,000 as of December 31, 2018 and 2017 . |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. In accordance with the provisions of the Income Taxes topic of the Codification, the Company is required to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Significant management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. Utilization of the NOL and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. Management performed a two-step evaluation of all tax positions, ensuring that these tax return positions meet the “more likely than not” recognition threshold and can be measured with sufficient precision to determine the benefit recognized in the financial statements. These evaluations provide management with a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements certain tax positions that the Company has taken or expects to take on income tax returns. |
Research and Development | Research and Development Costs incurred in research and development are expensed as incurred. Included in research and development costs are wages, benefits, product design consulting, and other operating costs such as facilities, supplies, and overhead directly related to the Company’s research and development efforts. |
Product Warranty Costs | Product Warranty Costs The Company accrues estimated product warranty costs at the time of sale which are included in cost of sales in the statements of operations. The amount of the accrued warranty liability is based on historical information such as past experience, product failure rates, number of units repaired, and estimated cost of material and labor. The liabilities for product warranty costs of $129,837 and $127,361 at December 31, 2018 and 2017 , respectively, are included in accrued expenses in the accompanying balance sheets. |
Fixed Assets and Long-Lived Assets | Fixed Assets and Long-Lived Assets Fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Expenditures for repairs and maintenance are charged to expense as incurred. On disposal, the related assets and accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the Company’s statement of operations. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Company periodically evaluates the recoverability of its fixed assets and other long-lived assets whenever events or changes in circumstances indicate that an event of impairment may have occurred. This periodic review may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to the assets operating performance and future undiscounted cash flows of the underlying assets. If the future undiscounted cash flows are less than their book value, an impairment may exist. The impairment is measured as the difference between the book value and the fair value of the underlying asset. Fair values are based on estimates of the market prices and assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Stock-based compensation cost is generally recognized ratably over the requisite service period. The Company uses the Black-Scholes option pricing model for determining the fair value of its stock options and amortizes its stock-based compensation expense using the straight-line method. The Black-Scholes model requires certain assumptions that involve judgment. Such assumptions are the expected share price volatility, expected life of options, expected annual dividend yield, and risk-free interest rate (See Note 3 — Stock-Based Compensation). |
Net Loss per Common Share | Net Income (Loss) per Common Share Basic and dilutive net income (loss) per common share were as follows: Years Ended December 31, 2018 2017 Net income (loss) applicable to common stockholders $ 23,605 $ (19,734,033 ) Weighted average number of common shares outstanding, basic 7,104,574 1,701,481 Dilutive convertible preferred stock 6,780,995 — Weighted average number of common shares outstanding, dilutive 13,885,569 1,701,481 Net income (loss) per common share applicable to common stockholders, basic $ 0.003 $ (11.598 ) Net income (loss) per common share applicable to common stockholders, diluted $ 0.002 $ (11.598 ) The 2017 earnings per share amounts have been reformatted to conform to current year presentation. The following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net income (loss) per common share because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2018 2017 Options 441,990 99,344 Warrants 459,375 2,742,266 Convertible preferred stock — 5,961,679 Total 901,365 8,803,289 |
Advertising and Promotional Costs | Advertising and Promotional Costs Advertising and promotional costs are expensed as incurred. Advertising and promotion expense were $5,766,982 and $6,851,082 , in 2018 and 2017 , respectively. |
Accumulated Other Comprehensive Items | Accumulated Other Comprehensive Items For 2018 and 2017 , the Company had no components of other comprehensive income or loss other than net income (loss). |
Segments | Segments The Company operates in one segment for the sale of medical equipment and consumables. Substantially all of the Company’s assets, revenues, and expenses for 2018 and 2017 were located at or derived from operations in the United States. Revenues from sales outside the United States accounted for approximately 12% and 7% of total revenues in 2018 and 2017 , respectively. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, customers’ reimbursement from third-party payers, protection of proprietary technology, and compliance with regulations of the FDA and other governmental agencies. |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The provisions of this guidance are effective for annual periods beginning after December 31, 2018, and for interim periods therein. The Company expects to adopt ASU 2016-02, using the modified retrospective method, upon its effective date of January 1, 2019. The Company anticipates the impact of adoption will be an increase to long-term assets and total liabilities of approximately $1.9 million as of January 1, 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Upon adoption of ASU 2014-09, the Company recorded a decrease in accumulated deficit of $297,858 as detailed in the following table: As reported After adoption December 31, 2017 ASU 2014-09 January 1, 2018 Accounts receivable, net $ 1,049,329 $ 1,353,499 $ 2,402,828 Prepaid expenses and other current assets $ 1,867,803 $ (583,491 ) $ 1,284,312 Total current assets $ 9,103,374 $ 770,008 $ 9,873,382 Accrued product returns $ 666,375 $ 1,292,181 $ 1,958,556 Deferred revenue $ 820,031 $ (820,031 ) $ — Total current liabilities $ 4,581,835 $ 472,150 $ 5,053,985 Accumulated deficit $ (191,338,054 ) $ 297,858 $ (191,040,196 ) Total stockholders’ equity $ 5,017,389 $ 297,858 $ 5,315,247 The following table summarizes the effects of adopting ASU 2014-09 on the Company's statement of operations for the year ended December 31, 2018 : As reported Adjustments Amounts under prior GAAP Revenues $ 16,090,138 $ 558,161 $ 16,648,299 Cost of revenues $ 8,707,082 $ 419,709 $ 9,126,791 Gross profit $ 7,383,056 $ 138,452 $ 7,521,508 Net income applicable to common stockholders $ 23,605 $ 138,452 $ 162,057 Net income per common share applicable to common stockholders, Basic $ 0.003 $ 0.020 $ 0.023 Diluted $ 0.002 $ 0.010 $ 0.012 The following table summarizes the effects of adopting ASU 2014-09 on the Company's balance sheet as of December 31, 2018 : As reported Adjustments Amounts under prior GAAP Accounts receivable, net $ 1,082,957 $ (277,637 ) $ 805,320 Prepaid expenses and other current assets $ 905,767 $ 163,782 $ 1,069,549 Total current assets $ 11,631,017 $ (113,855 ) $ 11,517,162 Accrued product returns $ 1,101,658 $ (551,000 ) $ 550,658 Deferred revenue $ — $ 596,551 $ 596,551 Total current liabilities $ 6,015,437 $ 45,551 $ 6,060,988 Accumulated deficit $ (191,016,591 ) $ (159,406 ) $ (191,175,997 ) Total stockholders’ equity $ 6,097,811 $ (159,406 ) $ 5,938,405 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and dilutive net income (loss) per common share were as follows: Years Ended December 31, 2018 2017 Net income (loss) applicable to common stockholders $ 23,605 $ (19,734,033 ) Weighted average number of common shares outstanding, basic 7,104,574 1,701,481 Dilutive convertible preferred stock 6,780,995 — Weighted average number of common shares outstanding, dilutive 13,885,569 1,701,481 Net income (loss) per common share applicable to common stockholders, basic $ 0.003 $ (11.598 ) Net income (loss) per common share applicable to common stockholders, diluted $ 0.002 $ (11.598 ) |
Schedule of Anti-Dilutive Securities | e following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net income (loss) per common share because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2018 2017 Options 441,990 99,344 Warrants 459,375 2,742,266 Convertible preferred stock — 5,961,679 Total 901,365 8,803,289 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of Weighted Average Grant-Date Fair Value of Stock Options | The weighted average grant-date fair value of stock options used in the calculation of stock-based compensation expense in the accompanying statement of operations for the years ended December 31, 2018 and 2017 is calculated using the following assumptions: Years Ended December 31, 2018 2017 Risk-free interest rate 2.2- 3.0% 1.8- 2.1% Expected dividend yield — — Expected option term 3 - 5 years 5 years Volatility 70.0 % 70.0 % |
Summary of Option Activity | A summary of option activity for the year ended December 31, 2018 is presented below: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2017 80,537 $ 19.32 Granted 418,950 1.71 Exercised — — Forfeited (5,317 ) 18.77 Expired (69 ) 2,254.91 Outstanding at December 31, 2018 494,101 $ 4.08 3.91 $ — Vested or expected to vest at December 31, 2018 494,101 $ 4.08 3.91 $ — Exercisable at December 31, 2018 396,676 $ 3.94 2.68 $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: December 31, 2018 2017 Purchased components $ 1,767,674 $ 505,293 Finished goods 1,094,190 1,637,268 $ 2,861,864 $ 2,142,561 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed assets consist of the following: Estimated Useful Life (Years) December 31, 2018 2017 Computer and laboratory equipment 3 $ 857,889 $ 881,969 Furniture and equipment 3 241,413 227,845 Production equipment 7 327,000 346,469 Leasehold improvements * 141,485 117,994 1,567,787 1,574,277 Less – accumulated depreciation (1,160,448 ) (1,133,435 ) $ 407,339 $ 440,842 * Lesser of life of lease or estimated useful life. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Compensation and Expenses | Accrued expenses and compensation consist of the following for the years ended December 31, 2018 and 2017: December 31, 2018 2017 Technology fees $ 450,000 $ 450,000 Professional services 391,000 603,000 Compensation 213,756 786,184 Advertising 171,000 160,800 Warranty 129,837 127,361 Other 303,580 234,779 $ 1,659,173 $ 2,362,124 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2018 and 2017 . Years Ended December 31, 2018 2017 Federal tax provision (benefit) rate (21.0 )% (34.0 )% State tax provision, net of federal provision (19.6 ) (5.9 ) Permanent items (315.0 ) (0.1 ) Federal research and development credits 659.2 (0.7 ) Change in statutory tax rate — 150.3 Valuation allowance (303.6 ) (109.6 ) Effective income tax rate — — |
Schedule of Deferred Tax Assets | The Company’s deferred tax assets consist of the following: December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 31,239,750 $ 31,902,006 Research and development credit carryforwards 2,599,358 2,432,058 Accrued expenses 965,191 748,334 Stock-based compensation 227,843 229,676 Other 9,158 19,240 Total gross deferred tax assets 35,041,300 35,331,314 Valuation allowance (35,041,300 ) (35,331,314 ) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Noncancelable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of December 31, 2018 are as follows: 2019 $ 629,222 2020 641,193 2021 653,164 2022 247,347 2023 165,785 2024 165,785 2025 117,431 Total minimum lease payments $ 2,619,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | December 31, 2018 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 4,284,928 $ 4,284,928 $ — $ — Total $ 4,284,928 $ 4,284,928 $ — $ — December 31, 2017 Fair Value Measurements at December 31, 2017 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 1,744,965 $ 1,744,965 $ — $ — Total $ 1,744,965 $ 1,744,965 $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Total Balance at December 31, 2016 $ 4,641 Change in fair value of warrant liability from repricing 244,611 Change in fair value of warrant liability (208,480 ) Repurchase and retirement of warrants (40,772 ) Balance at December 31, 2017 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||
Preferred stock and convertible preferred stock | Preferred stock and convertible preferred stock consist of the following: December 31, 2018 2017 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2018 and 2017; no shares issued and outstanding at December 31, 2018 and 2017 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2018 and 2017, and 200 and 500 shares issued and outstanding at December 31, 2018 and 2017, respectively 1 1 Series D convertible preferred stock, $0.001 par value, 21,300 shares designated at December 31, 2018 and 2017, 14,052.93 shares issued and outstanding at December 31, 2018 and 2017 14 14 Series E convertible preferred stock, $0.001 par value, 7,000 designated at December 31, 2018 and 2017, and 3,260.70 and 7,000 shares issued and outstanding at December 31, 2018 and 2017, respectively 3 7 Series F convertible preferred stock, $0.001 par value, 10,621 shares designated at December 31, 2018 and 2017, and zero and 7,927.05 shares issued and outstanding at December 31, 2018 and 2017, respectively — 8 | |
Reserved Authorized Shares of Common Stock for Future Issuance | At December 31, 2018 , the Company has reserved authorized shares of common stock for future issuance as follows: Warrants 459,375 Outstanding stock options 494,101 Possible future issuance under inducement plan 12,500 Possible future issuance under stock option plans 390,045 Possible future issuance under employee stock purchase plan 127,775 Total 1,483,796 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Organization And Basis Of Presentation [Line Items] | ||
Accumulated deficit | $ 191,016,591 | $ 191,338,054 |
Cash and cash equivalents | 6,780,429 | $ 4,043,681 |
GSK [Member] | ||
Organization And Basis Of Presentation [Line Items] | ||
Proceeds from Collaborators | 14,700,000 | |
Maximum | GSK [Member] | ||
Organization And Basis Of Presentation [Line Items] | ||
Future Milestone Payments Receivable | $ 10,200,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Concentration Risk [Line Items] | |||
Collaboration Income | $ 12,255,704 | $ 0 | |
Accumulated deficit | (191,016,591) | (191,338,054) | |
Deferred Collaboration Income | 1,956,522 | 0 | |
Marketing and Advertising Expense [Abstract] | |||
Advertising and promotion expense | $ 5,767,000 | $ 6,851,000 | |
Segment Reporting [Abstract] | |||
Revenues from sales outside the United States, percentage | 12.00% | 7.00% | |
Product Warranties Disclosures [Abstract] | |||
Liabilities for product warranty costs | $ 129,837 | $ 127,361 | |
Accounts Receivable, Net [Abstract] | |||
Allowance for Doubtful Accounts Receivable | $ 25,000 | ||
Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 45.00% | 66.00% | |
Sales Revenue, Net [Member] | Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 19.00% | |
Accounting Standards Update 2016-02 [Member] | |||
Concentration Risk [Line Items] | |||
Long Term Assets and Total Liabilities | $ 1,900,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Net Loss per Common Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 901,365 | 8,803,289 |
Convertible preferred stock | ||
Class of Stock [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 0 | 5,961,679 |
Warrants | ||
Class of Stock [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 459,375 | 2,742,266 |
Options | ||
Class of Stock [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 441,990 | 99,344 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 23,605 | $ (19,734,033) |
Weighted Average Number of Shares Outstanding, Basic | 7,104,574 | 1,701,481 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 6,780,995 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 13,885,569 | 1,701,481 |
Earnings Per Share, Basic | $ 0 | $ (11.60) |
Earnings Per Share, Diluted | $ 0 | $ (11.60) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Impact of ASU 2014-09 (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 16,090,138 | $ 17,092,336 | ||
Accounts receivable, net of allowances of $25,000 at December 31, 2018 and 2017 | 1,082,957 | 1,049,329 | ||
Prepaid expenses and other current assets | 905,767 | 1,867,803 | ||
Assets, Current | 11,631,017 | 9,103,374 | ||
Accrued Sales Return provisions | 1,101,658 | 666,375 | ||
Contract with Customer, Liability, Current | 0 | 820,031 | ||
Liabilities, Current | 6,015,437 | 4,581,835 | ||
Accumulated deficit | (191,016,591) | (191,338,054) | ||
Stockholders' Equity Attributable to Parent | 6,097,811 | 5,017,389 | $ 4,960,764 | |
Cost of revenues | 8,707,082 | 10,235,538 | ||
Gross Profit | 7,383,056 | 6,856,798 | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 23,605 | $ (19,734,033) | ||
Earnings Per Share, Basic | $ 0 | $ (11.60) | ||
Earnings Per Share, Diluted | $ 0 | $ (11.60) | ||
ASU 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 558,161 | |||
Accounts receivable, net of allowances of $25,000 at December 31, 2018 and 2017 | (277,637) | $ 1,353,499 | ||
Prepaid expenses and other current assets | 163,782 | (583,491) | ||
Assets, Current | (113,855) | 770,008 | ||
Accrued Sales Return provisions | (551,000) | 1,292,181 | ||
Contract with Customer, Liability, Current | 596,551 | (820,031) | ||
Liabilities, Current | 45,551 | 472,150 | ||
Accumulated deficit | (159,406) | 297,858 | ||
Stockholders' Equity Attributable to Parent | (159,406) | $ 297,858 | ||
Cost of revenues | 419,709 | |||
Gross Profit | 138,452 | |||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 138,452 | |||
Earnings Per Share, Basic | $ 0.02 | |||
Earnings Per Share, Diluted | $ 0.01 | |||
ASU 2014-09 Adjusted [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts receivable, net of allowances of $25,000 at December 31, 2018 and 2017 | $ 2,402,828 | |||
Prepaid expenses and other current assets | 1,284,312 | |||
Assets, Current | 9,873,382 | |||
Accrued Sales Return provisions | 1,958,556 | |||
Contract with Customer, Liability, Current | 0 | |||
Liabilities, Current | 5,053,985 | |||
Accumulated deficit | (191,040,196) | |||
Stockholders' Equity Attributable to Parent | $ 5,315,247 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 16,648,299 | |||
Accounts receivable, net of allowances of $25,000 at December 31, 2018 and 2017 | 805,320 | |||
Prepaid expenses and other current assets | 1,069,549 | |||
Assets, Current | 11,517,162 | |||
Accrued Sales Return provisions | 550,658 | |||
Contract with Customer, Liability, Current | 596,551 | |||
Liabilities, Current | 6,060,988 | |||
Accumulated deficit | (191,175,997) | |||
Stockholders' Equity Attributable to Parent | 5,938,405 | |||
Cost of revenues | 9,126,791 | |||
Gross Profit | 7,521,508 | |||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 162,057 | |||
Earnings Per Share, Basic | $ 0.02 | |||
Earnings Per Share, Diluted | $ 0.01 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | May 03, 2016 | May 31, 2010 | Jun. 30, 2004 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 01, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares outstanding (in shares) | 494,101 | 80,537 | |||||
Weighted average exercise price (in usd per share) | $ 4.08 | $ 19.32 | |||||
Weighted average grant-date fair value of options granted (in usd per share) | $ 1.71 | 2.37 | |||||
Aggregate instrinsic value of options issued or exercised | $ 0 | $ 0 | |||||
Unrecognized stock-based compensation costs related to non-vested stock options | $ 244,422 | ||||||
Non-vested stock options (in shares) | 494,101 | ||||||
Weighted average fair value of non-vested stock options (in usd per share) | $ 4.08 | ||||||
Weighted average period of recognition | 1 year 11 months 18 days | ||||||
Stock-based compensation expense | $ 446,077 | $ 209,691 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||||
2004 Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Additional shares authorized (in shares) | 400,000 | ||||||
Expiration period | 10 years | ||||||
Shares authorized (in shares) | 1,128,946 | ||||||
Shares issued in period (in shares) | 244,800 | ||||||
Shares outstanding (in shares) | 494,101 | ||||||
Weighted average exercise price (in usd per share) | $ 4.08 | ||||||
Shares available for future grant (in shares) | 390,045 | ||||||
2004 Stock Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
2009 Inducement Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized (in shares) | 12,500 | ||||||
2004 Stock Plan and 2009 Inducement Plan | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of combined voting power of all classes of stock | 10.00% | ||||||
Percentage of fair value of common stock at date of grant | 110.00% | ||||||
2004 Stock Plan and 2009 Inducement Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
2004 ESPP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Stock Purchase Plan (ESPP), Plan Description | Company employees who have been employed by the Company for at least 60 days and whose customary employment is for more than 20 hours per week and for more than five months in any calendar year were eligible to participate and any employee who owns 5% or more of the voting power or value of the Company’s stock were not eligible to participate. | ||||||
Shares authorized (in shares) | 326 | ||||||
Award vesting rights | All of the Companys employees who had been employed by the Company for at least 60 days and whose customary employment is for more than 20 hours per week and for more than five months in any calendar year were eligible to participate and any employee who owned 5% or more of the voting power or value of the Companys stock was not eligible to participate. | ||||||
2010 ESPP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Stock Purchase Plan (ESPP), Plan Description | All of the Company’s full-time employees and certain part-time employees are eligible to participate in the 2010 ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the 2010 ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate. | ||||||
Shares authorized (in shares) | 217 | 25,000 | 150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 1.00% | ||||||
Shares issued in period (in shares) | 22,804 | 11,583 | |||||
Shares outstanding (in shares) | 127,775 | ||||||
Percentage of fair value of common stock at date of grant | 85.00% | ||||||
Maximum percentage of earnings employee can authorize to withhold, percentage | 10.00% | ||||||
Award vesting rights | 1,736 shares, (ii) 1 percent of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, or (iii) such lesser number of shares as is determined by the Board. At the Companys Annual Meeting of Stockholders held on May 3, 2016, the stockholders of the Company approved the Companys Third Amended and Restated 2010 Employee Stock Purchase Plan (the Amended and Restated 2010 ESPP), which, among other things, increased the number of shares of the Companys common stock authorized for issuance thereunder by 100,000 shares. All of the Companys full-time employees and certain part-time employees are eligible to participate in the Amended and Restated 2010 ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the Amended and Restated 2010 ESPP, would own shares representing 5% or more of the voting power of the Companys common stock, are ineligible to participate. | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 months | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
2004 and 2010 ESPPs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Cash received from option exercises and purchases | $ 18,618 | $ 20,768 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Grant-Date Fair Value Used in the Calculation of Stock-Based Compensation Expense (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected option term | 5 years | |
Volatility | 70.00% | 70.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.20% | 1.80% |
Expected option term | 3 years | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 3.00% | 2.10% |
Expected option term | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Number of Options | |
Number of options outstanding, beginning balance (in shares) | shares | 80,537 |
Number of options granted (in shares) | shares | 418,950 |
Number of options exercised (in shares) | shares | 0 |
Number of options forfeited (in shares) | shares | (5,317) |
Number of options expired (in shares) | shares | (69) |
Number of options outstanding, ending balance (in shares) | shares | 494,101 |
Number of options vested or expected to vest (in shares) | shares | 494,101 |
Number of options exercisable (in shares) | shares | 396,676 |
Weighted Average Exercise Price | |
Weighted average exercise price of options outstanding, beginning of period (in usd per share) | $ / shares | $ 19.32 |
Weighted average exercise price of options granted (in usd per share) | $ / shares | 1.71 |
Weighted average exercise price of options exercised (in usd per share) | $ / shares | 0 |
Weighted average exercise price of options forfeited (in usd per share) | $ / shares | 18.77 |
Weighted average exercise price of options expired (in usd per share) | $ / shares | 2,254.91 |
Weighted average exercise price of options outstanding, end of period (in usd per share) | $ / shares | 4.08 |
Weighted average exercise price of options vested or expected to vest (in usd per share) | $ / shares | 4.08 |
Weighted average exercise price of options exercisable (in usd per share) | $ / shares | $ 3.94 |
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value | |
Weighted average remaining contractual life of options exercisable (in years) | 2 years 8 months 5 days |
Aggregate intrinsic value of options outstanding | $ | $ 0 |
Aggregate intrinsic value of options vested and expected to vest | $ | 0 |
Aggregate intrinsic value of options exercisable | $ | $ 0 |
Inventories (Detail)
Inventories (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Purchased components | $ 1,767,674 | $ 505,293 |
Finished goods | 1,094,190 | 1,637,268 |
Inventories | $ 2,861,864 | $ 2,142,561 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,567,787 | $ 1,574,277 |
Less – accumulated depreciation | (1,160,448) | (1,133,435) |
Fixed assets, net | $ 407,339 | 440,842 |
Computer and laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 3 years | |
Fixed assets, gross | $ 857,889 | 881,969 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 3 years | |
Fixed assets, gross | $ 241,413 | 227,845 |
Production equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 7 years | |
Fixed assets, gross | $ 327,000 | 346,469 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 141,485 | $ 117,994 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 169,712 | $ 262,334 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Professional services | $ 391,000 | $ 603,000 |
Accrued Compensation | 213,756 | 786,184 |
Compensation | 450,000 | 450,000 |
Advertising | 171,000 | 160,800 |
Warranty | 129,837 | 127,361 |
Other | 303,580 | 234,779 |
Accrued expenses | $ 1,659,173 | $ 2,362,124 |
Income Taxes Income Taxes - Eff
Income Taxes Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal tax provision (benefit) rate | 21.00% | 34.00% |
State tax provision, net of federal provision | (19.60%) | (5.90%) |
Permanent items | (315.00%) | (0.10%) |
Federal research and development credits | 659.20% | (0.70%) |
Change in statutory tax rate | 0.00% | 150.30% |
Valuation allowance | (303.60%) | (109.60%) |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | ||
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Tax benefits attributable to NOL | 2,500,000 | |
Tax benefits attributable to tax credit caryforwards | 75,482 | |
Deferred tax assets, valuation allowance | $ 35,041,300 | $ 35,331,314 |
Federal tax provision (benefit) rate | 21.00% | 34.00% |
Federal Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 143,000,000 | |
Tax credit carryforwards | 1,700,000 | |
State Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | 48,400,000 | |
Tax credit carryforwards | $ 1,100,000 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 31,239,750 | $ 31,902,006 |
Research and development credit carryforwards | 2,599,358 | 2,432,058 |
Accrued expenses | 965,191 | 748,334 |
Stock-based compensation | 227,843 | 229,676 |
Other | 9,158 | 19,240 |
Total gross deferred tax assets | 35,041,300 | 35,331,314 |
Valuation allowance | (35,041,300) | (35,331,314) |
Net deferred tax assets | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Sep. 30, 2014extension_option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018 | |
Operating Leased Assets [Line Items] | |||||
Operating Leases, Rent Expense | $ 627,732 | $ 670,860 | |||
Purchase Obligation | $ 4,988,383 | $ 4,988,383 | |||
Woburn Lease [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease, renewal term | 5 years | ||||
Monthly base rent | 13,846 | ||||
Waltham Lease [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease, term of contract | 7 years | ||||
Operating lease, number of extension options | extension_option | 1 | ||||
Operating lease, renewal term | 5 years | ||||
Monthly base rent | $ 41,074 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 629,222 |
2,019 | 641,193 |
2,020 | 653,164 |
2,021 | 247,347 |
2,022 | 165,785 |
Operating Leases, Future Minimum Payments, Due in Six Years | 165,785 |
Operating Leases, Future Minimum Payments, Due in Seven Years | 117,431 |
Total minimum lease payments | $ 2,619,927 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash equivalents | $ 4,284,928 | |
Fair Value, Measurements, Recurring | ||
Assets | ||
Cash equivalents | $ 1,744,965 | |
Assets, Fair Value Disclosure | 4,284,928 | 1,744,965 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Cash equivalents | 4,284,928 | 1,744,965 |
Assets, Fair Value Disclosure | 4,284,928 | 1,744,965 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Financial Liabilities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in fair value of warrant liability from repricing | $ 0 | $ 244,611 | |
Fair Value Adjustment of Warrants | $ 0 | (208,480) | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities Fair Value Disclosure | 0 | $ 4,641 | |
Change in fair value of warrant liability from repricing | 244,611 | ||
Fair Value Adjustment of Warrants | (208,480) | ||
Fair Value Adjustment of Warrants, Repurchase and Retirement | $ (40,772) |
Retirement Plan Retirement Plan
Retirement Plan Retirement Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Contributions to the plan | $ 0 | $ 0 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | |
Revolving credit facility, maximum borrowing capacity | $ 2.5 |
Credit facility expiration date | Apr. 15, 2019 |
Credit facility limit restricted to support letter of credit | $ 0.2 |
Line of credit facility, remaining borrowing capacity | $ 2.3 |
Prime Rate | |
Line of Credit Facility [Line Items] | |
Interest rate over prime rate | 0.50% |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock and Convertible Preferred Stock (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock | $ 0 | $ 0 |
Series B Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 200 | 500 |
Preferred stock, shares issued (in shares) | 200 | 500 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares designated (in shares) | 147,000 | 147,000 |
Preferred stock | $ 1 | $ 1 |
Series D Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 14,052.93 | 14,052.93 |
Preferred stock, shares issued (in shares) | 14,052.93 | 14,052.93 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares designated (in shares) | 21,300 | 21,300 |
Preferred stock | $ 14 | $ 14 |
Series E Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 3,260.7 | 7,000 |
Preferred stock, shares issued (in shares) | 3,260.70 | 7,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares designated (in shares) | 7,000 | 7,000 |
Preferred stock | $ 3 | $ 7 |
Series F Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 0 | 7,927.05 |
Preferred stock, shares issued (in shares) | 0 | 7,927.05 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares designated (in shares) | 10,621 | 10,621 |
Preferred stock | $ 0 | $ 8 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Apr. 12, 2018$ / shares | |
Class of Stock [Line Items] | ||||||
Shares Issued, Price Per Share | $ / shares | $ 1.37 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Stock Issued During Period, Value, Employee Incentive | $ | $ 294,264 | |||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock in exchange for warrants (in shares) | 24,380 | |||||
Stock Issued During Period, Shares, Employee Incentive | 214,791 | |||||
Stock Issued During Period, Value, Employee Incentive | $ | $ 21 | |||||
Common Stock From Series D Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 859,077 | |||||
Common Stock From Series F Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 3,014,087 | 974,163 | ||||
Common Stock From Series B Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 928 | |||||
Common Stock From Series E Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued upon conversion (in shares) | 1,421,787 | |||||
Q3 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Gross proceeds from issuance of equity | $ | $ 7,000,000 | |||||
Proceeds from Issuance or Sale of Equity | $ | $ 6,600,000 | |||||
Q1 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Gross proceeds from issuance of equity | $ | $ 7,000,000 | |||||
Proceeds from Issuance or Sale of Equity | $ | $ 6,300,000 | |||||
Q1 2017 Offering | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,250,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |||||
Number of securities available to purchase by warrants or rights | 2,934,484 | |||||
Q1 2017 Offering | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Exercise price of warrants or rights (in dollars per share) | $ / shares | $ 5.6 | |||||
Class of warrant exercisable period | 5 years | |||||
Warrants not settleable in cash, fair value disclosure | $ | $ 3,500,000 | |||||
Warrants and Rights Outstanding, Term | 5 years | |||||
Other 2017 Equity Activity | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock in exchange for warrants (in shares) | 24,380 | |||||
Warrants issued (in shares) | 201,327 | |||||
Other 2017 Equity Activity | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants not settleable in cash, fair value disclosure | $ | $ 45,102 | |||||
Warrants and Rights Outstanding, Term | 3 years 9 months 18 days | |||||
Preferred stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||
Series F Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 0 | 7,927.05 | ||||
Preferred stock, shares designated (in shares) | 10,621 | 10,621 | ||||
Shares converted (in shares) | 7,927.05 | 2,693.95 | ||||
Series F Convertible Preferred Stock | Q3 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 4,184,483 | 4,184,483 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,621 | 3,621 | ||||
Stock Issued During Period, Shares, New Issues | 7,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | $ 1,000 | ||||
Gross proceeds from issuance of equity | $ | $ 3,622,219 | |||||
Series D Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 14,052.93 | 14,052.93 | ||||
Preferred stock, shares designated (in shares) | 21,300 | 21,300 | ||||
Shares converted (in shares) | 3,149.72 | |||||
Series D Convertible Preferred Stock | Q3 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 14,052.93 | 14,052.93 | ||||
Series D Convertible Preferred Stock | Q1 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 19,458.90 | |||||
Series B – F Convertible Preferred Stock | Q3 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 2.63 | |||||
Dividends, preferred stock, total | $ | $ 2,800,000 | |||||
Series B – F Convertible Preferred Stock | Q1 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Dividends, preferred stock, total | $ | $ 4,000,000 | |||||
Series B – F Convertible Preferred Stock | 2017 Offerings | ||||||
Class of Stock [Line Items] | ||||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | 1,000 | ||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 2.63 | |||||
Series E Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 3,260.7 | 7,000 | ||||
Preferred stock, shares designated (in shares) | 7,000 | 7,000 | ||||
Shares converted (in shares) | 3,739.30 | |||||
Series E Convertible Preferred Stock | Q3 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 7,000 | 7,000 | ||||
Series E Convertible Preferred Stock | Q1 2017 Offering | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 7,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | |||||
Series B Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 200 | 500 | ||||
Preferred stock, shares designated (in shares) | 147,000 | 147,000 | ||||
Shares converted (in shares) | 300 | |||||
Measurement Input, Exercise Price [Member] | Q1 2017 Offering | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | $ / shares | 5.60 | |||||
Measurement Input, Exercise Price [Member] | Other 2017 Equity Activity | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | $ / shares | 15.19 | |||||
Measurement Input, Exercise Price [Member] | Q1 2017 Offering | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | $ / shares | 4.96 | |||||
Measurement Input, Exercise Price [Member] | Other 2017 Equity Activity | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | $ / shares | 1.85 | |||||
Measurement Input, Price Volatility [Member] | Q1 2017 Offering | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.702 | |||||
Measurement Input, Price Volatility [Member] | Other 2017 Equity Activity | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.700 | |||||
Measurement Input, Risk Free Interest Rate [Member] | Q1 2017 Offering | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.0204 | |||||
Measurement Input, Risk Free Interest Rate [Member] | Other 2017 Equity Activity | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.020 | |||||
Measurement Input, Expected Dividend Rate [Member] | Q1 2017 Offering | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||
Measurement Input, Expected Dividend Rate [Member] | Other 2017 Equity Activity | Warrants | ||||||
Class of Stock [Line Items] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2018shares |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 1,483,796 |
Inducement Plan | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 12,500 |
Stock Option Plans | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 390,045 |
Employee Stock Purchase Plan | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 127,775 |
Options | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 494,101 |
Warrants | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 459,375 |
Reverse Stock Split - Additiona
Reverse Stock Split - Additional Information (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Common stock, shares outstanding (in shares) | 7,380,463 | 2,706,066 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | $ 25,000 | $ 25,000 |
Charged to costs and expenses | 3,447 | 8,374 |
Charged to other accounts | 0 | 0 |
Recoveries/ (Deductions) | (3,447) | (8,374) |
Balance at End of Period | 25,000 | 25,000 |
Deferred Tax Asset Valuation Allowance | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | 35,331,314 | 49,274,154 |
Charged to costs and expenses | 269,241 | 3,175,637 |
Charged to other accounts | 0 | 0 |
Recoveries/ (Deductions) | (559,255) | (17,118,477) |
Balance at End of Period | $ 35,041,300 | $ 35,331,314 |
Uncategorized Items - nuro-2018
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 3,949,135 |