Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | POS AM |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Trading Symbol | ISCO |
Entity Registrant Name | INTERNATIONAL STEM CELL CORPORATION |
Entity Central Index Key | 1,355,790 |
Entity Filer Category | Smaller Reporting Company |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Assets | |||||
Cash and cash equivalents | $ 554,000 | $ 1,111,000 | $ 2,243,000 | ||
Accounts Receivable, Net | 361,000 | 453,000 | 306,000 | ||
Inventory, net | 1,759,000 | 1,517,000 | 1,369,000 | ||
Prepaid expenses and other current assets | 574,000 | 485,000 | 658,000 | ||
Restricted cash | 50,000 | 50,000 | 50,000 | ||
Total current assets | 3,298,000 | 3,616,000 | 4,626,000 | ||
Property and equipment, net | 546,000 | 714,000 | 830,000 | ||
Intangible assets, net | 2,980,000 | 2,795,000 | 2,250,000 | ||
Deposits and other assets | 61,000 | 54,000 | 33,000 | ||
Total assets | 6,885,000 | 7,179,000 | 7,739,000 | ||
Liabilities and Stockholders' Equity | |||||
Accounts payable | 580,000 | 670,000 | 532,000 | ||
Accrued liabilities | 1,311,000 | 1,711,000 | 1,290,000 | ||
Deferred revenue | 0 | 0 | 3,000 | ||
Related party payable | 2,285,000 | 11,000 | 21,000 | ||
Advances | 250,000 | 250,000 | 250,000 | ||
Fair value of warrant liability | 1,654,000 | 4,216,000 | 4,925,000 | ||
Total current liabilities | $ 6,080,000 | $ 6,858,000 | 7,021,000 | ||
Convertible Redeemable Preferred stock | $ 4,941,000 | ||||
Commitments and contingencies | |||||
Stockholders' Equity (Deficit) | |||||
Common stock | $ 2,000 | [1] | $ 2,000 | [1] | $ 151,000 |
Additional paid-in capital | 96,111,000 | 95,063,000 | 77,897,000 | ||
Accumulated deficit | (95,313,000) | (94,749,000) | (82,271,000) | ||
Total stockholders' equity | 805,000 | 321,000 | (4,223,000) | ||
Total liabilities and stockholders' equity | $ 6,885,000 | 7,179,000 | $ 7,739,000 | ||
Previously Reported [Member] | |||||
Stockholders' Equity (Deficit) | |||||
Common stock | 239,000 | ||||
Additional paid-in capital | $ 94,826,000 | ||||
Series B Preferred Stock [Member] | |||||
Stockholders' Equity (Deficit) | |||||
Convertible Preferred stock | |||||
Series D Preferred Stock [Member] | |||||
Stockholders' Equity (Deficit) | |||||
Convertible Preferred stock | |||||
Series G Preferred Stock [Member] | |||||
Stockholders' Equity (Deficit) | |||||
Convertible Preferred stock | $ 5,000 | $ 5,000 | |||
Series H-1 Preferred Stock [Member] | |||||
Stockholders' Equity (Deficit) | |||||
Convertible Preferred stock | |||||
Series H-2 Preferred Stock [Member] | |||||
Stockholders' Equity (Deficit) | |||||
Convertible Preferred stock | |||||
[1] | See Note 1, "Reverse Stock Split" |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts receivable | $ 18 | $ 19 | $ 19 |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 720,000,000 | 720,000,000 | 300,000,000 |
Common stock, shares issued | 1,828,162 | 1,596,195 | 151,175,053 |
Common stock, shares outstanding | 1,828,162 | 1,596,195 | 151,175,053 |
Series B Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 300,000 | 300,000 | 300,000 |
Preferred stock, shares outstanding | 300,000 | 300,000 | 300,000 |
Liquidation preference | $ 430 | $ 421 | $ 403 |
Series D Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50 | 50 | 50 |
Preferred stock, shares issued | 43 | 43 | 43 |
Preferred stock, shares outstanding | 43 | 43 | 43 |
Liquidation preference | $ 4,320 | $ 4,320 | $ 4,320 |
Series G Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 0 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 | 0 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | 0 |
Liquidation preference | $ 5,000 | $ 5,000 | $ 0 |
Series H-1 Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000 | 2,000 | 0 |
Preferred stock, shares issued | 377 | 1,482 | 0 |
Preferred stock, shares outstanding | 377 | 1,482 | 0 |
Series H-2 Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 500 | 500 | 0 |
Preferred stock, shares issued | 500 | 500 | 0 |
Preferred stock, shares outstanding | 500 | 500 | 0 |
Convertible Redeemable Series G Preferred stock [Member] | |||
Convertible Redeemable Preferred stock, par value | $ 0.001 | $ 0.001 | |
Convertible Redeemable Preferred stock, shares authorized | 0 | 5,000,000 | |
Convertible Redeemable Preferred stock, shares issued | 0 | 5,000,000 | |
Convertible Redeemable Preferred stock, shares outstanding | 0 | 5,000,000 | |
Convertible Redeemable Preferred stock, liquidation preference | $ 0 | $ 5,000 | |
Previously Reported [Member] | |||
Common stock, shares issued | 239,429,170 | ||
Common stock, shares outstanding | 239,429,170 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues | |||||||
Product sales | $ 1,815,000 | $ 1,588,000 | $ 3,437,000 | $ 3,237,000 | $ 7,017,000 | $ 6,147,000 | |
Total revenue | 1,815,000 | 1,588,000 | 3,437,000 | 3,237,000 | 7,017,000 | 6,147,000 | |
Expenses | |||||||
Cost of sales | 516,000 | 409,000 | 934,000 | 848,000 | 1,921,000 | 1,643,000 | |
Research and development | 567,000 | 1,411,000 | 1,685,000 | 2,369,000 | 5,386,000 | 3,560,000 | |
Selling and marketing | 602,000 | 679,000 | 1,256,000 | 1,348,000 | 2,785,000 | 2,457,000 | |
General and administrative | 1,067,000 | 1,332,000 | 2,465,000 | 2,980,000 | 5,605,000 | 6,033,000 | |
Total expenses | 2,752,000 | 3,831,000 | 6,340,000 | 7,545,000 | 15,697,000 | 13,693,000 | |
Loss from operating activities | (937,000) | (2,243,000) | (2,903,000) | (4,308,000) | (8,680,000) | (7,546,000) | |
Other income (expense) | |||||||
Change in fair value of warrant liability | 1,702,000 | 1,271,000 | 2,381,000 | 1,894,000 | 2,405,000 | (754,000) | |
Fair value of warrant liability in excess of proceeds | (1,780,000) | (1,390,000) | |||||
Financing transaction costs | (997,000) | (738,000) | |||||
Warrant exchange inducement expense | (3,445,000) | (3,445,000) | (3,445,000) | ||||
Interest expense | (2,000) | (1,000) | (3,000) | (2,000) | (2,000) | (3,000) | |
Warrant modification expense | (40,000) | (40,000) | |||||
Sublease income | 8,000 | 1,000 | 16,000 | 30,000 | 26,000 | ||
Miscellaneous expense | (9,000) | (74,000) | |||||
Total other income (expense), net | 1,660,000 | (2,167,000) | 2,339,000 | (1,537,000) | (3,798,000) | (2,933,000) | |
Income (loss) before income taxes | 723,000 | (4,410,000) | (564,000) | (5,845,000) | (12,478,000) | (10,479,000) | |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | |
Net income (loss) | 723,000 | (4,410,000) | (564,000) | (5,845,000) | (12,478,000) | (10,479,000) | |
Net income (loss) applicable to common stockholders | $ 723,000 | $ (4,410,000) | $ (564,000) | $ (5,845,000) | $ (12,478,000) | $ (10,479,000) | |
Net income (loss) per common share-basic | [1] | $ 0.40 | $ (3.88) | $ (0.33) | $ (5.41) | ||
Net loss per common share-basic and diluted | $ (0.06) | $ (0.09) | |||||
Net income (loss) per common share-diluted | [1] | $ (0.52) | $ (3.88) | $ (1.61) | $ (5.41) | ||
Weighted average shares-basic and diluted | 192,795 | 123,088 | |||||
Weighted average shares-basic | [1] | 1,800 | 1,138 | 1,719 | 1,081 | ||
Weighted average shares-diluted | [1] | 1,881 | 1,138 | 1,829 | 1,081 | ||
[1] | See Note 1, "Reverse Stock Split" |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Convertible Preferred Stock [Member]Series H-1 Preferred Stock [Member] | Convertible Preferred Stock [Member]Series H-2 Preferred Stock [Member] | Convertible Preferred Stock [Member]Series G Preferred Stock [Member] | Convertible Preferred Stock [Member]Series B Preferred Stock [Member] | Convertible Preferred Stock [Member]Series D Preferred Stock [Member] | Convertible Preferred Stock [Member]Series C Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Convertible Redeemable Preferred Stock [Member]Series G Preferred Stock [Member] | Common Stock [Member] | ||
Beginning balance at Dec. 31, 2012 | $ (1,758) | $ 2 | $ 69,945 | $ (71,792) | $ 4,941 | $ 87 | |||||||
Beginning balance, shares at Dec. 31, 2012 | 300 | 2,000 | 5,000 | 87,389 | |||||||||
Issuance of common stock | |||||||||||||
For cash, net of issuance costs | 3,381 | 3,343 | $ 38 | ||||||||||
Issuance of common stock from conversion of preferred stock | $ (2) | (6) | 8 | ||||||||||
For services | 240 | 239 | $ 1 | ||||||||||
For services, shares | 840 | ||||||||||||
Issuance of common stock from conversion of preferred stock, shares | (2,000) | 8,000 | |||||||||||
For cash, net of issuance costs, shares | 178 | 37,991 | |||||||||||
From exercises of warrants, net of commissions | 2,700 | 2,683 | $ 17 | ||||||||||
From exercise of warrants, commissions | 98 | $ 98 | 16,955 | ||||||||||
Stock-based compensation | 1,693 | 1,693 | |||||||||||
Net loss | (10,479) | (10,479) | |||||||||||
For cash, net of issuance costs | 3,381 | 3,343 | $ 38 | ||||||||||
From exercises of warrants, net of commissions, shares | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
For cash, net of issuance costs, shares | 178 | 37,991 | |||||||||||
For services | 240 | 239 | $ 1 | ||||||||||
For services, shares | 840 | ||||||||||||
Issuance of common stock from conversion of preferred stock | $ (2) | (6) | $ 8 | ||||||||||
Issuance of common stock from conversion of preferred stock, shares | (2,000) | 8,000 | |||||||||||
Ending balance (Previously Reported [Member]) at Dec. 31, 2013 | 77,897 | $ 151 | |||||||||||
Ending balance at Dec. 31, 2013 | (4,223) | $ 0 | 78,047 | (82,271) | $ 4,941 | $ 1 | |||||||
Ending balance, shares (Previously Reported [Member]) at Dec. 31, 2013 | [1] | 151,175 | |||||||||||
Ending balance, shares at Dec. 31, 2013 | 300 | 5,000 | 1,008 | [1] | |||||||||
Issuance of common stock | |||||||||||||
For cash, net of issuance costs | Previously Reported [Member] | 3,573 | $ 27 | |||||||||||
For cash, net of issuance costs | 3,600 | 3,600 | |||||||||||
Issuance of common stock from conversion of preferred stock | Previously Reported [Member] | 9 | ||||||||||||
For services | Previously Reported [Member] | 190 | $ 1 | |||||||||||
For services | 191 | $ 191 | |||||||||||
For services, shares | Previously Reported [Member] | [1] | 1,096 | |||||||||||
For services, shares | [1] | 7 | |||||||||||
Issuance of common stock from conversion of preferred stock, shares | Previously Reported [Member] | (9) | 9,000 | [1] | ||||||||||
Issuance of common stock from conversion of preferred stock, shares | (1) | 60 | [1] | ||||||||||
For cash, net of issuance costs, shares | Previously Reported [Member] | [1] | 27,598 | |||||||||||
For cash, net of issuance costs, shares | [1] | 184 | |||||||||||
From exercises of warrants, amount | Previously Reported [Member] | $ 438 | $ 6 | |||||||||||
From exercises of warrants, amount | 444 | 444 | |||||||||||
Issuance of preferred stock, shares | Previously Reported [Member] | 1 | ||||||||||||
Issuance of preferred stock, shares | 2 | ||||||||||||
For warrant exchange, net of issuance costs | Previously Reported [Member] | 6,383 | 45 | |||||||||||
For warrant exchange, net of issuance costs | 6,428 | 6,427 | 1 | ||||||||||
Stock-based compensation | 1,418 | 1,418 | |||||||||||
Waiver of redemption feature for Series G preferred stock | 4,941 | $ 5 | 4,936 | $ (4,941) | |||||||||
Net loss | (12,478) | (12,478) | |||||||||||
For cash, net of issuance costs | Previously Reported [Member] | 3,573 | $ 27 | |||||||||||
For cash, net of issuance costs | 3,600 | 3,600 | |||||||||||
For cash, net of issuance costs, shares | Previously Reported [Member] | [1] | 27,598 | |||||||||||
For cash, net of issuance costs, shares | [1] | 184 | |||||||||||
For services | Previously Reported [Member] | 190 | $ 1 | |||||||||||
For services | 191 | 191 | |||||||||||
For services, shares | Previously Reported [Member] | [1] | 1,096 | |||||||||||
For services, shares | [1] | 7 | |||||||||||
From exercises of warrants, amount | Previously Reported [Member] | 438 | $ 6 | |||||||||||
From exercises of warrants, amount | 444 | 444 | |||||||||||
From exercises of warrants, shares | Previously Reported [Member] | [1] | 5,894 | |||||||||||
From exercises of warrants, shares | [1] | 39 | |||||||||||
For warrant exchange, net of issuance costs, shares | Previously Reported [Member] | [1] | 44,666 | |||||||||||
For warrant exchange, net of issuance costs, shares | [1] | 298 | |||||||||||
For warrant exchange, net of issuance costs | Previously Reported [Member] | 6,383 | $ 45 | |||||||||||
For warrant exchange, net of issuance costs | 6,428 | 6,427 | 1 | ||||||||||
Issuance of preferred stock | 0 | $ 0 | $ 0 | $ 0 | 0 | ||||||||
Issuance of preferred stock, shares | Previously Reported [Member] | 1 | ||||||||||||
Issuance of preferred stock, shares | 2 | ||||||||||||
Issuance of common stock from conversion of preferred stock | Previously Reported [Member] | $ 9 | ||||||||||||
Issuance of common stock from conversion of preferred stock, shares | Previously Reported [Member] | (9) | 9,000 | [1] | ||||||||||
Issuance of common stock from conversion of preferred stock, shares | (1) | 60 | [1] | ||||||||||
Waiver of redemption feature for Series G preferred stock | 4,941 | $ 5 | $ 4,936 | $ (4,941) | |||||||||
Waiver of redemption feature for Series G preferred stock, shares | 5,000 | (5,000) | |||||||||||
Ending balance (Previously Reported [Member]) at Dec. 31, 2014 | 94,826 | $ 239,429 | [1] | ||||||||||
Ending balance at Dec. 31, 2014 | 321 | $ 5 | 95,063 | (94,749) | $ 2 | ||||||||
Ending balance, shares (Previously Reported [Member]) at Dec. 31, 2014 | 239 | ||||||||||||
Ending balance, shares at Dec. 31, 2014 | 1 | 5,000 | 300 | 1,596 | [1] | ||||||||
Issuance of common stock | |||||||||||||
For services | 54 | 54 | |||||||||||
For services, shares | [1] | 6 | |||||||||||
Issuance of common stock from conversion of preferred stock, shares | 1 | 162 | [1] | ||||||||||
From exercises of warrants, amount | 612 | 612 | |||||||||||
Warrant modification | 40 | 40 | |||||||||||
Stock-based compensation | 342 | 342 | |||||||||||
Net loss | (564) | (564) | |||||||||||
For services | 54 | 54 | |||||||||||
For services, shares | [1] | 6 | |||||||||||
From exercises of warrants, amount | 612 | 612 | |||||||||||
From exercises of warrants, shares | [1] | 64 | |||||||||||
Issuance of common stock from conversion of preferred stock, shares | 1 | 162 | [1] | ||||||||||
Warrant modification | 40 | 40 | |||||||||||
Ending balance at Jun. 30, 2015 | $ 805 | $ 5 | $ 96,111 | $ (95,313) | $ 2 | ||||||||
Ending balance, shares at Jun. 30, 2015 | 5,000 | 300 | 1,828 | [1] | |||||||||
[1] | See Note 1, "Reverse Stock Split" |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
For cash, issuance costs | $ 169 |
Warrant exchange, issuance costs | $ 49 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||||
Net loss | $ (564,000) | $ (5,845,000) | $ (12,478,000) | $ (10,479,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 246,000 | 234,000 | 458,000 | 464,000 |
Stock-based compensation expense | 342,000 | 721,000 | 1,538,000 | 1,693,000 |
Common stock issued for services | 54,000 | 85,000 | 191,000 | 240,000 |
Fair value of warrant liability in excess of proceeds | 1,780,000 | 1,390,000 | ||
Financing transaction costs | 552,000 | 738,000 | ||
Change in fair value of warrant liability | (2,381,000) | (1,894,000) | (2,405,000) | 754,000 |
Warrant exchange inducement expense | 3,445,000 | 3,445,000 | ||
Allowance for doubtful accounts | 23,000 | |||
Warrant modification expense | 40,000 | |||
Allowance for bad debt | (1,000) | |||
Allowance for inventory obsolescence | (44,000) | 22,000 | 67,000 | 90,000 |
Allowance for sales returns | 10,000 | |||
Loss on disposal of fixed assets | 9,000 | 68,000 | ||
Impairment of intangible assets | 99,000 | 36,000 | 92,000 | 52,000 |
Changes in operating assets and liabilities | ||||
(Increase) decrease in accounts receivable | 93,000 | (100,000) | (147,000) | (55,000) |
(Increase) decrease in inventory | (198,000) | (123,000) | (215,000) | (260,000) |
(Increase) decrease in prepaid assets and other assets | (89,000) | 119,000 | 173,000 | (202,000) |
(Increase) decrease in restricted cash | (50,000) | |||
(Increase) decrease in deposits | (7,000) | (21,000) | (13,000) | |
Increase (decrease) in accounts payable | (90,000) | 266,000 | 138,000 | (437,000) |
Increase (decrease) in accrued liabilities | (400,000) | (330,000) | 421,000 | 550,000 |
Increase (decrease) in deferred revenue | (3,000) | (3,000) | (230,000) | |
Increase (decrease) in related party payable | 12,000 | 10,000 | (10,000) | 16,000 |
Net cash used in operating activities | (2,888,000) | (3,357,000) | (6,415,000) | (5,638,000) |
Investing activities | ||||
Purchases of property and equipment | (26,000) | (218,000) | (290,000) | (167,000) |
Proceeds from sale of property and equipment | 1,000 | 1,000 | ||
Payments for patent licenses and trademarks | (336,000) | (341,000) | (698,000) | (729,000) |
Net cash used in investing activities | (362,000) | (558,000) | (987,000) | (896,000) |
Financing activities | ||||
Proceeds from a bridge loan from a related party | 2,262,000 | |||
Proceeds from issuance of common stock | 2,638,000 | 3,649,000 | 6,538,000 | |
Proceeds from issuance of preferred stock | 2,500,000 | |||
Proceeds from exercise of warrants and options | 431,000 | 339,000 | 2,386,000 | |
Payment of offering costs | (218,000) | (218,000) | (801,000) | |
Net cash provided by financing activities | 2,693,000 | 2,420,000 | 6,270,000 | 8,123,000 |
Net decrease in cash and cash equivalents | (557,000) | (1,495,000) | (1,132,000) | 1,589,000 |
Cash and cash equivalents, beginning of period | 1,111,000 | 2,243,000 | 2,243,000 | 654,000 |
Cash and cash equivalents, end of period | 554,000 | 748,000 | 1,111,000 | 2,243,000 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest | $ 2,000 | 2,000 | 2,000 | 3,000 |
Warrant liability reclassified to equity upon warrant exchange | $ 3,031,000 | 3,031,000 | ||
Warrants issued for placement agent services | $ 552,000 | $ 115,000 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies Business Combination and Corporate Restructure BTHC III, Inc. (“BTHC III” or the “Company”) was organized in Delaware in June 2005 as a shell company to effect the reincorporation of BTHC III, LLC, a Texas limited liability company. On December 28, 2006, the Company effected a Share Exchange pursuant to which it acquired all of the stock of International Stem Cell Corporation, a California corporation (“ISC California”). After giving effect to the Share Exchange, the stockholders of ISC California owned 93.7% of issued and outstanding shares of common stock. As a result of the Share Exchange, ISC California is now the wholly-owned subsidiary, though for accounting purposes it was deemed to have been the acquirer in a “reverse merger.” In the reverse merger, BTHC III is considered the legal acquirer and ISC California is considered the accounting acquirer. On January 29, 2007, the Company changed its name from BTHC III, Inc. to International Stem Cell Corporation. Lifeline Cell Technology, LLC (“LCT”) was formed in the State of California on August 17, 2001. LCT is in the business of developing and manufacturing purified primary human cells and optimized reagents for cell culture. LCT’s scientists have used a technology, called basal medium optimization, to systematically produce products designed to culture specific human cell types and to elicit specific cellular behaviors. These techniques also produce products that do not contain non-human animal proteins, a feature desirable to the research and therapeutic markets. LCT distinguishes itself in the industry by having in place scientific and manufacturing staff with the experience and knowledge to set up systems and facilities to produce a source of consistent, standardized, non-human animal protein free cell products, some of which are suitable for FDA approval. On July 1, 2006, LCT entered into an agreement among LCT, ISC California and the holders of membership units and warrants. Pursuant to the terms of the agreement, all the membership units in LCT were exchanged for 133,334 shares of ISC California Common Stock and for ISC California’s assumption of LCT’s obligations under the warrants. LCT became a wholly-owned subsidiary of ISC California. Lifeline Skin Care, Inc. (“LSC”) was formed in the State of California on June 5, 2009 and is a wholly-owned subsidiary of ISC California. LSC develops, manufactures and markets cosmeceutical products, utilizing an extract derived from the Company’s human parthenogenetic stem cell technologies. Cyto Therapeutics was registered in the state of Victoria, Australia, on December 19, 2014 and is a limited proprietary company and a wholly-owned subsidiary of the Company. Cyto Therapeutics is a research and development company for the Therapeutic Market, which conducts clinical trials in Australia for the use of hpSCs in the treatment of Parkinson’s disease. Reverse Stock Split Effective July 29, 2015 and pursuant to the reverse stock split approved by the Company’s Board of Directors, each 150 shares of issued and outstanding common stock were combined into and became one share of common stock and no fractional shares were issued. The accompanying financial statements and related disclosures give retroactive effect to the reverse stock split for all periods presented. Going Concern The Company needs to raise additional working capital. The timing and degree of any future capital requirements will depend on many factors. Currently, the Company’s burn rate is approximately $481,000 per month, excluding capital expenditures and patent costs averaging $60,000 per month. There can be no assurance that the Company will be successful in maintaining its normal operating cash flow, and that such cash flows will be sufficient to sustain the Company’s operations through 2015. Based on the above, there is substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements were prepared assuming that the Company will continue as a going concern. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. Management’s plans in regard to these matters are focused on managing its cash flow, the proper timing of its capital expenditures, and raising additional capital or financing in the future. In December 2013, the Company filed a registration statement with the Securities Exchange Commission (the “SEC”), which allowed the Company to sell up to $10,250,000 of common stock to Lincoln Park Capital Fund, LLC (“Lincoln Park”) from time to time through January 2017 at the Company’s discretion pursuant to the terms of a Common Stock Purchase Agreement entered into with Lincoln Park on December 10, 2013 (the “Purchase Agreement”). In connection with agreements entered into as part of a private placement effected on October 14, 2014 (the “October 2014 private placement”), the Company may not sell shares to Lincoln Park until March 2016. Additionally, pursuant to the terms of the October 2014 private placement, the Company was unable to issue securities, subject to certain exceptions, until May 7, 2015. For further discussion, see Note 6. Basis of Presentation The Company is a biotechnology company focused on therapeutic and clinical product development with multiple long-term therapeutic opportunities and two revenue-generating subsidiaries with potential for increased future revenues. The accompanying unaudited condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. These financial statements do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the annual report on Form 10-K of International Stem Cell Corporation and Subsidiaries for the year ended December 31, 2014. The unaudited condensed consolidated financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the Company’s consolidated results of operations, financial position and cash flows. The unaudited condensed consolidated financial statements and the related notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s annual report on Form 10-K. Operating results for interim periods are not necessarily indicative of the operating results for any other interim period or an entire year. Principles of Consolidation The Company’s consolidated financial statements include the accounts of International Stem Cell Corporation and its subsidiaries after intercompany balances and transactions have been eliminated. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Restricted Cash The Company is required to maintain $50,000 in a restricted certificate of deposit account in order to fully collateralize two revolving credit card accounts. Inventories Inventories are accounted for using the first-in, first-out (FIFO) method for our Lifeline Cell Technology (“LCT”) cell culture media and reagents, average cost and specific identification methods for our Lifeline Skin Care (“LSC”) products, and specific identification method for our Lifeline Cell Technology products. We state our inventory balances at the lower of cost or market. Lab supplies used in the research and development process are expensed as consumed. Inventory is reviewed periodically for product expiration and obsolescence and is adjusted accordingly. Accounts Receivable Trade accounts receivable are recorded at the net invoice value and are not interest bearing. Accounts receivable primarily consist of trade accounts receivable from the sales of LCT’s products, timing of cash receipts by the Company related to LSC credit card sales to customers, as well as LSC trade receivable amounts related to spa and distributor sales. The Company considers receivables past due based on the contractual payment terms. The Company reviews its exposure to accounts receivable and reserves specific amounts if collectability is no longer reasonably assured. As of June 30, 2015 and December 31, 2014, the Company had an allowance for doubtful accounts totaling $18,000 and $19,000, respectively. Property and Equipment Property and equipment are stated at cost. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, generally over five years. The costs of major remodeling and leasehold improvements are capitalized and amortized over the shorter of the remaining term of the lease or the life of the asset. Intangible Assets Intangible assets consist of acquired research and development rights used in research and development, and capitalized legal fees related to the acquisition, filing, maintenance, and defense of patents. Patent or patent license amortization only begins once a patent license is acquired or a patent is issued by the appropriate authoritative bodies. In the period in which a patent application is rejected or efforts to pursue the patent are abandoned, all the related accumulated costs are expensed. Patents and patent licenses are recorded at cost of $3,604,000 and $3,367,000 at June 30, 2015 and December 31, 2014, respectively, and are amortized on a straight-line basis over the shorter of the lives of the underlying patents or the useful life of the license. Long-Lived Asset Impairment The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered, and at least annually. The Company considers assets to be impaired and writes them down to fair value if expected associated undiscounted cash flows are less than the carrying amounts. Fair value is the present value of the associated cash flows. The Company recognized $47,000 and $0 of impairments on its long-lived assets during the three months ended June 30, 2015 and 2014, respectively. The Company recognized $99,000 and $36,000 of impairments on its long-lived assets during the six months ended June 30, 2015 and 2014, respectively. Product Sales The Company recognizes revenue from product sales at the time of shipment to the customer, provided no significant obligations remain and collection of the receivable is reasonably assured. If the customer has a right of return, the Company recognizes product revenues upon shipment, provided that future returns can be reasonably estimated. In the case where returns cannot be reasonably estimated, revenue will be deferred until such estimates can be made or the right of return has lapsed. LCT contributed 50% and 52% of total revenue during the six months ended June 30, 2015 and 2014, respectively. LSC contributed 50% and 48% of total revenue during the six months ended June 30, 2015 and 2014, respectively. Deferred Revenue and Allowance for Sales Returns The Company recognizes revenue from product sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. However, the LSC products have a 30-day product return guarantee for website sales. The Company has estimated the historical rate of returns for the 30-day product return guarantee, which has remained consistent for the six months ended June 30, 2015 as compared to the years ended December 31, 2014 and 2013. At June 30, 2015 and December 31, 2014, the estimated allowance for sales returns was $10,000. At June 30, 2015 and December 31, 2014, net deferred revenue totaled $0. Cost of Sales Cost of sales consists primarily of salaries and benefits associated with employee efforts expended directly on the production of the Company’s products and include related direct materials, general laboratory supplies and allocation of overhead. Certain of the agreements under which the Company has licensed technology will require the payment of royalties based on the sale of its future products. Such royalties will be recorded as a component of cost of sales. Additionally, the amortization of license fees or milestone payments related to developed technologies used in the Company’s products will be classified as a component of cost of sales to the extent such payments become due in the future. Research and Development Costs Research and development costs, which are expensed as incurred, are primarily comprised of costs and expenses for salaries and benefits associated with research and development personnel, overhead and occupancy, contract services, and amortization of license costs for technology used in research and development with alternative future uses. Stock-Based Compensation The Company recognized stock-based compensation expense associated with stock options and other stock-based awards in accordance with the authoritative guidance for stock-based compensation. The cost of a stock-based award is measured at the grant date based on the estimated fair value of the award, and is recognized as expense on a straight-line basis, net of estimated forfeitures over the requisite service period of the award. The fair value of stock options is estimated using the Black-Scholes option valuation model, which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected life of the option. The fair value of restricted stock awards is based on the market value of our common stock on the date of grant. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of June 30, 2015 (in thousands): Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 1,654 $ — $ — $ 1,654 The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2014 (in thousands): Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,216 $ — $ — $ 4,216 The following table displays the rollforward activity of liabilities with inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) (in thousands): Warrants to purchase Beginning balance at December 31, 2013 $ 4,925 Issuances of warrants 4,831 Exercise of warrants (104 ) Adjustments to estimated fair value (2,405 ) Warrants exchanged for common stock (3,031 ) Ending balance at December 31, 2014 4,216 Exercise of warrants (181 ) Adjustments to estimated fair value (2,381 ) Ending balance at June 30, 2015 $ 1,654 Income Taxes The Company accounts for income taxes in accordance with applicable authoritative guidance, which requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements. Significant estimates include patent life (remaining legal life versus remaining useful life), inventory carrying values, allowance for sales returns and bad debt, and transactions using the Black-Scholes option pricing model, e.g., warrants and stock options, as well as the Monte-Carlo valuation method for certain warrants. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company believes that the carrying value of its cash and cash equivalents, receivables, accounts payable and accrued liabilities as of June 30, 2015 and December 31, 2014 approximate their fair values because of the short-term nature of those instruments. The fair value of certain warrants was determined at each quarterly reporting date as necessary using the Monte-Carlo valuation methodology. Income (Loss) Per Common Share The computation of net loss per common share is based on the weighted average number of shares outstanding during each period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents, which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. At June 30, 2015, there were 667 non-vested restricted stock awards, 151,858 vested and 43,848 non-vested stock options outstanding, and 579,130 warrants outstanding; and at June 30, 2014, there were 3,150 non-vested restricted stock awards, 51,750 shares issuable upon exercise of warrants, and 134,908 vested and 47,216 non-vested stock options outstanding. These restricted stock awards, stock options and warrants, other than certain in-the-money warrants at June 30, 2015, were not included in the diluted loss per share calculation because the effect would have been anti-dilutive. Warrants exercisable into 527,379 common shares were considered dilutive at June 30, 2015 and were included in the diluted loss per share calculation. Comprehensive Income Comprehensive income or loss includes all changes in equity except those resulting from investments by owners and distributions to owners. The Company did not have any items of comprehensive income or loss other than net income or loss from operations for the three and six months ended June 30, 2015 and 2014. Registration Payment Arrangements In accordance with applicable authoritative guidance, the Company is required to separately recognize and measure registration payment arrangements, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement. Such payments include penalties for failure to effect a registration of securities. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers | 1. Organization and Significant Accounting Policies Business Combination and Corporate Restructure BTHC III, Inc. (“BTHC III” or the “Company”) was organized in Delaware in June 2005 as a shell company to effect the reincorporation of BTHC III, LLC, a Texas limited liability company. On December 28, 2006, the Company effected a Share Exchange pursuant to which it acquired all of the stock of International Stem Cell Corporation, a California corporation (“ISC California”). After giving effect to the Share Exchange, the stockholders of ISC California owned 93.7% of issued and outstanding shares of common stock. As a result of the Share Exchange, ISC California is now the wholly-owned subsidiary, though for accounting purposes it was deemed to have been the acquirer in a “reverse merger.” In the reverse merger, BTHC III is considered the legal acquirer and ISC California is considered the accounting acquirer. On January 29, 2007, the Company changed its name from BTHC III, Inc. to International Stem Cell Corporation. Lifeline Cell Technology, LLC (“LCT”) was formed in the State of California on August 17, 2001. LCT is in the business of developing and manufacturing purified primary human cells and optimized reagents for cell culture. LCT’s scientists have used a technology, called basal medium optimization, to systematically produce products designed to culture specific human cell types and to elicit specific cellular behaviors. These techniques also produce products that do not contain non-human animal proteins, a feature desirable to the research and therapeutic markets. LCT distinguishes itself in the industry by having in place scientific and manufacturing staff with the experience and knowledge to set up systems and facilities to produce a source of consistent, standardized, non-human animal protein free cell products, some of which are suitable for FDA approval. On July 1, 2006, LCT entered into an agreement among LCT, ISC California and the holders of membership units and warrants. Pursuant to the terms of the agreement, all the membership units in LCT were exchanged for 20,000,000 shares of ISC California Common Stock and for ISC California’s assumption of LCT’s obligations under the warrants. LCT became a wholly-owned subsidiary of ISC California. Lifeline Skin Care, Inc. (“LSC”) was formed in the State of California on June 5, 2009 and is a wholly-owned subsidiary of ISC California. LSC develops, manufactures and markets cosmeceutical products, utilizing an extract derived from the Company’s human parthenogenetic stem cell technologies. Going Concern The Company needs to raise additional working capital. The timing and degree of any future capital requirements will depend on many factors. Currently, the Company’s burn rate is approximately $535,000 per month, excluding capital expenditures and patent costs averaging $82,000 per month. There can be no assurance that the Company will be successful in maintaining its normal operating cash flow, and that such cash flows will be sufficient to sustain the Company’s operations through 2015. Based on the above, there is substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements were prepared assuming that the Company is a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. Management’s plans in regard to these matters are focused on managing its cash flow, the proper timing of its capital expenditures, and raising additional capital or financing in the future. In December 2013, the Company filed a registration statement with the Securities Exchange Commission (the “SEC”), which allows the Company to sell up to $10,250,000 of common stock to Lincoln Park Capital Fund, LLC (“Lincoln Park”) from time to time through January 2017 at the Company’s discretion pursuant to the terms of a Common Stock Purchase Agreement entered into with Lincoln Park on December 10, 2013 (the “Purchase Agreement”). The registration statement was declared effective on January 13, 2014. However, the Company cannot predict the timing or amount of any funds that it may actually receive. During the year ended December 31, 2014, to obtain funding for working capital purposes, the Company sold a total of 8,200,000 shares of common stock under the Purchase Agreement with Lincoln Park, raising approximately $1,588,000. For further discussion, see Note 6, Capital Stock. In connection with agreements entered into as part of a private placement effected October 14, 2014, the Company may not sell shares to Lincoln Park until March 2016. Additionally, pursuant to the terms of the October 2014 private placement, the Company may not issue securities, subject to certain exceptions, until May 7, 2015 (the 90th day following the effective date of the last registration statement on Form S-1 registering all Registrable Securities (as defined in the registration rights agreement, as amended, entered into in connection with the Securities Purchase Agreement)), provided, however, that the Company may still issue securities in certain circumstances, including issuing shares in private placements to its officers and directors at market prices. For further discussion, see Note 6. Basis of Presentation The Company is a biotechnology company focused on therapeutic and clinical product development with multiple long-term therapeutic opportunities and two revenue-generating subsidiaries with potential for increased future revenues. The Company has been in the development stage from inception through to the quarter ended September 30, 2013. During the quarter ended December 31, 2013, the Company exited the development stage based on a consistent, increasing revenue trend and more significant revenue amounts generated from its two commercial businesses. The Company has generated product revenues from the two commercial businesses of $7,017,000 and $6,147,000 for the years ended December 31, 2014 and 2013, respectively. The Company currently has no revenue generated from its principal operations in therapeutic and clinical product development through research and development efforts. Principles of Consolidation The Company’s consolidated financial statements include the accounts of International Stem Cell Corporation and its subsidiaries after intercompany balances and transactions have been eliminated. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Restricted Cash The Company is required to maintain $50,000 in a restricted certificate of deposit account in order to fully collateralize two revolving credit card accounts. Inventories We account for inventory using the first-in, first-out (FIFO) method for our Lifeline Cell Technology cell culture media and reagents, average cost and specific identification methods for our Lifeline Skin Care products, and specific identification method for our Lifeline Cell Technology products. We state our inventory balances at the lower of cost or market. Lab supplies used in the research and development process are expensed as consumed. Inventory is reviewed periodically for product expiration and obsolescence and is adjusted accordingly. Accounts Receivable Trade accounts receivable are recorded at the net invoice value and are not interest bearing. Accounts receivable primarily consist of trade accounts receivable from the sales of LCT’s products, timing of cash receipts by the Company related to LSC credit card sales to customers, as well as LSC trade receivable amounts related to spa and distributor sales. The Company considers receivables past due based on the contractual payment terms. The Company reviews its exposure to accounts receivable and reserves specific amounts if collectability is no longer reasonably assured. As of December 31, 2014 and 2013, the Company had an allowance for doubtful accounts of $19,000. Property and Equipment Property and equipment are stated at cost. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, generally over five years. The costs of major remodeling and leasehold improvements are capitalized and amortized over the shorter of the remaining term of the lease or the life of the asset. Intangible Assets Intangible assets consist of acquired research and development rights used in research and development, and capitalized legal fees related to the acquisition, filing, maintenance, and defense of patents. Patent or patent license amortization only begins once a patent license is acquired or a patent is issued by the appropriate authoritative bodies. In the period in which a patent application is rejected or efforts to pursue the patent are abandoned, all the related accumulated costs are expensed. Patents and patent licenses are recorded at cost of $3,367,000 and $2,760,000 at December 31, 2014 and 2013, respectively, and are amortized on a straight-line basis over the shorter of the lives of the underlying patents or the useful life of the license. Amortization expense for the years ended December 31, 2014 and 2013 amounted to $62,000 and $61,000, respectively, and is included in research and development expense. Accumulated amortization as of December 31, 2014 and 2013 was $572,000 and $510,000, respectively. Additional information regarding patents and patent licenses is included in Note 4. Long-Lived Asset Impairment The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered, and at least annually. The Company considers assets to be impaired and writes them down to fair value if expected associated undiscounted cash flows are less than the carrying amounts. Fair value is the present value of the associated cash flows. The Company recognized $92,000 and $52,000 of impairment losses on its long-lived assets during the years ended December 31, 2014 and 2013, respectively. Product Sales The Company recognizes revenue from product sales at the time of shipment to the customer, provided no significant obligations remain and collection of the receivable is reasonably assured. If the customer has a right of return, the Company recognizes product revenues upon shipment, provided that future returns can be reasonably estimated. In the case where returns cannot be reasonably estimated, revenue will be deferred until such estimates can be made or the right of return has lapsed. LCT contributed 50% and 48% of total revenue in 2014 and 2013, respectively. LSC’s revenue accounted for 50% and 52% of total revenue in 2014 and 2013, respectively. Deferred Revenue and Allowance for Sales Returns The Company recognizes revenue from product sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. However, the LSC products have a 30-day product return guarantee for website sales. The Company has estimated the historical rate of returns for the 30-day product return guarantee, which has remained consistent for the year ended December 31, 2014 as compared to the years ended December 31, 2013 and 2012. At December 31, 2014 and December 31, 2013, the estimated allowance for sales returns was $10,000. At December 31, 2014 and December 31, 2013, net deferred revenue totaled $0 and $3,000, respectively. Cost of Sales Cost of sales consists primarily of salaries and benefits associated with employee efforts expended directly on the production of the Company’s products and include related direct materials, general laboratory supplies and allocation of overhead. Certain of the agreements under which the Company has licensed technology will require the payment of royalties based on the sale of its future products. Such royalties will be recorded as a component of cost of sales. Additionally, the amortization of license fees or milestone payments related to developed technologies used in the Company’s products will be classified as a component of cost of sales to the extent such payments become due in the future. Research and Development Costs Research and development costs, which are expensed as incurred, are primarily comprised of costs and expenses for salaries and benefits associated with research and development personnel, overhead and occupancy, contract services, and amortization of license costs for technology used in research and development with alternative future uses. Registration Payment Arrangements In accordance with applicable authoritative guidance, the Company is required to separately recognize and measure registration payment arrangements, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement. Such payments include penalties for failure to effect a registration of securities. Stock-Based Compensation The Company recognized stock-based compensation expense associated with stock options and other stock-based awards in accordance with the authoritative guidance for stock-based compensation. The cost of a stock-based award is measured at the grant date based on the estimated fair value of the award, and is recognized as expense on a straight-line basis, net of estimated forfeitures over the requisite service period of the award. The fair value of stock options is estimated using the Black-Scholes option valuation model, which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected life of the option. The fair value of restricted stock awards is based on the market value of our common stock on the date of grant. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2014 (in thousands). Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,216 $ — $ — $ 4,216 The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2013 (in thousands). Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,925 $ — $ — $ 4,925 The following table displays the rollforward activity of liabilities with inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) (in thousands): Warrants to purchase Beginning balance at December 31, 2012 $ — Issuances of warrants 5,986 Exercise of warrants (1,815 ) Adjustments to estimated fair value 754 Ending balance at December 31, 2013 4,925 Issuances of warrants 4,831 Exercise of warrants (104 ) Adjustments to estimated fair value (2,405 ) Warrants exchanged for common stock (3,031 ) Ending balance at December 31, 2014 $ 4,216 Income Taxes The Company accounts for income taxes in accordance with applicable authoritative guidance, which requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant estimates include patent life (remaining legal life versus remaining useful life), inventory balances (lower of cost or market), and transactions using the Black-Scholes option pricing model, e.g., warrants and stock options, as well as Monte-Carlo valuation method for certain warrants. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company believes that the carrying value of its cash and cash equivalents, receivables, accounts payable and accrued liabilities as of December 31, 2014 and 2013 approximate their fair values because of the short-term nature of those instruments. The fair value of certain warrants was determined at each quarterly reporting date as necessary in 2014 and 2013 using the Monte-Carlo valuation methodology. Income (Loss) Per Common Share The computation of net loss per common share is based on the weighted average number of shares outstanding during each period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents, which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. At December 31, 2014, there were 145,000 non-vested restricted stock awards, 21,102,855 vested and 7,826,075 non-vested stock options outstanding, and 127,508,118 warrants outstanding, which were convertible into 127,508,118 shares of common stock; and at December 31, 2013, there were 145,000 non-vested restricted stock awards, 44,983,988 warrants, which were convertible into 45,650,654 shares of common stock and 18,958,403 vested and 4,679,290 non-vested stock options outstanding. These restricted stock awards, stock options and warrants were not included in the diluted loss per share calculation because the effect would have been anti-dilutive. Comprehensive Income Comprehensive income or loss includes all changes in equity except those resulting from investments by owners and distributions to owners. The Company did not have any items of comprehensive income or loss other than net loss from operations for the years ended December 31, 2014 and 2013. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Inventory
Inventory | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Inventory | 2. Inventory The components of inventories are as follows (in thousands): June 30, December 31, Raw materials $ 234 $ 191 Work in process 586 507 Finished goods 1,008 1,012 Total 1,828 1,710 Less: allowance for inventory obsolescence (69 ) (193 ) Inventory, net $ 1,759 $ 1,517 | 2. Inventory We account for inventory using the first-in, first-out (FIFO) method for our Lifeline Cell Technology cell culture media and reagents, average cost and specific identification methods for our Lifeline Skin Care products, and specific identification method for our Lifeline Cell Technology products. We state our inventory balances at the lower of cost or market. Lab supplies used in the research and development process are expensed as consumed. Inventory is reviewed periodically for product expiration and obsolescence and is adjusted accordingly. The components of inventories are as follows (in thousands): December 31, December 31, Raw materials $ 191 $ 147 Work in process 507 446 Finished goods 1,012 902 Total 1,710 1,495 Less: allowance for inventory obsolescence (193 ) (126 ) Inventory, net $ 1,517 $ 1,369 |
Property and Equipment
Property and Equipment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment | 3. Property and Equipment Property and equipment consists of the following (in thousands): June 30, December 31, Machinery and equipment $ 1,361 $ 1,357 Computer equipment 305 294 Office equipment 203 203 Leasehold improvements 756 756 Construction in progress 6 — 2,631 2,610 Less: accumulated depreciation and amortization (2,085 ) (1,896 ) Property and equipment, net $ 546 $ 714 Depreciation expenses for the three and six months ended June 30, 2015 were $95,000 and $194,000, respectively. During the same periods in the prior year, depreciation expenses were $101,000 and $202,000, respectively. | 3. Property and Equipment Property and equipment consists of the following (in thousands): December 31, December 31, Machinery and equipment $ 1,357 $ 1,170 Computer equipment 294 246 Office equipment 203 203 Leasehold improvements 756 745 2,610 2,364 Less: accumulated depreciation and amortization (1,896 ) (1,534 ) Property and equipment, net $ 714 $ 830 Depreciation expense for the years ended December 31, 2014 and 2013 were $396,000 and $403,000, respectively. |
Patent Licenses
Patent Licenses | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patent Licenses | 4. Patent Licenses On December 31, 2003, LCT entered into an Option to License Intellectual Property On May 14, 2004, LCT amended the licensing agreement with Ocata for the exclusive worldwide patent rights for the following Ocata technologies: UMass IP, ACT IP and Infigen IP. The additional license fees paid were $400,000. On February 7, 2013, the Company and Ocata entered into Amended and Restated License Agreements (the “Amendment”) for the purpose of completely amending and restating the terms of the license agreements. Under the terms of the Amendment, the Company acquired exclusive world-wide rights to all human therapeutic uses and cosmetic uses from Ocata and Infigen’s early work on parthenogenic-derived embryonic stem cells, as well as certain rights to patents covering Single Blastomere technology. Pursuant to the Amendment, all minimum R&D requirements and all milestone payments due to Ocata under the Exclusive License Agreement have been eliminated. The Company will no longer pay any royalties under the ACT IP Agreement and Infigen IP Agreement. The obligation to pay royalties that ranged from 6%-12% under the UMass IP Agreement has been reduced to 0.25% of the net sales of products using technology covered by the UMass IP Agreement; and the obligation to pay a minimum annual license fee of $150,000 has been reduced to $75,000 annually, payable in two installments to Ocata . As of June 30, 2015, the total amount capitalized related to the acquired Ocata licenses was $ 747,000 and $ 2,857,000 related to the other patent acquisition costs. Patents and patent licenses were recorded at cost of $3,604,000 and $3,367,000 at June 30, 2015 and December 31, 2014, respectively. Amortization expense for the three and six months ended June 30, 2015 was $20,000 and $52,000, respectively. Amortization expense for the three and six months ended June 30, 2014 was $16,000 and $32,000, respectively. All amortization expense related to intangible assets is included in general and administrative expense. Accumulated amortization as of June 30, 2015 and December 31, 2014 was $624,000 and $572,000, respectively. At June 30, 2015, future amortization expense related to intangible assets subject to amortization is expected to be as follows (in thousands): Amount 2015 (remaining six months) $ 47 2016 83 2017 83 2018 83 2019 50 Thereafter 2,589 Total $ 2,935 | 4. Patent Licenses On December 31, 2003, LCT entered into an Option to License Intellectual Property On May 14, 2004, LCT amended the licensing agreement with ACT for the exclusive worldwide patent rights for the following ACT technologies: UMass IP, ACT IP and Infigen IP. The additional license fees paid were $400,000. On February 7, 2013, the Company and ACT entered into Amended and Restated License Agreements (the “Amendment”) for the purpose of completely amending and restating the terms of the license agreements. Under the terms of the Amendment, the Company acquired exclusive world-wide rights to all human therapeutic uses and cosmetic uses from ATC and Infigen’s early work on parthenogenic-derived embryonic stem cells, as well as certain rights to patents covering Single Blastomere technology. Pursuant to the Amendment, all minimum R&D requirements and all milestone payments due to ACT under the Exclusive License Agreement have been eliminated. The Company will no longer pay any royalties under the ACT IP Agreement and Infigen IP Agreement. The obligation to pay royalties that ranged from 6%-12% under the UMass IP Agreement has been reduced to 0.25% of the net sales of products using technology covered by the UMass IP Agreement; and the obligation to pay a minimum annual license fee of $150,000 has been reduced to $75,000 annually, payable in two installments to ACT. Total license fees paid were $75,000 for the years ended December 31, 2014 and 2013. As of December 31, 2014, the total amounts capitalized related to the acquired ACT licenses were $747,000, and $2,576,000 related to other patent acquisition costs. At December 31, 2014, future amortization expense related to the intangible assets subject to amortization is expected to be as follows (in thousands): Amount 2015 $ 62 2016 62 2017 62 2018 62 2019 29 Thereafter 2,473 Total $ 2,750 |
Advances
Advances | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Text Block [Abstract] | ||
Advances | 5. Advances On June 18, 2008, the Company entered into an agreement with BioTime, Inc. (“Bio Time”), where Bio Time will pay an advance of $250,000 to LCT to produce, make, and distribute Joint Products. The $250,000 advance will be paid down with the first $250,000 of net revenues that otherwise would be allocated to LCT under the agreement. As of June 30, 2015, no revenues were realized from this agreement. June 30, December 31, BioTime, Inc. (in thousands) $ 250 $ 250 | 5. Advances On June 18, 2008, the Company entered into an agreement with BioTime, Inc. (“BioTime”), where BioTime will pay an advance of $250,000 to Lifeline Cell Technology, a wholly-owned subsidiary of International Stem Cell Corporation, to produce, make, and distribute Joint Products. The $250,000 advance will be paid down with the first $250,000 of net revenues that otherwise would be allocated to LCT under the agreement. As of December 31, 2014, no revenues were realized from this agreement. December 31, December 31, BioTime, Inc. (in thousands) $ 250 $ 250 |
Capital Stock
Capital Stock | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Capital Stock | 6. Capital Stock As of June 30, 2015, the Company is authorized to issue 720,000,000 shares of common stock, $0.001 par value per share, and 20,000,000 shares of preferred stock, $0.001 par value per share. Preferred Stock Transactions Series B Preferred Stock On May 12, 2008, to obtain funding for working capital, the Company entered into a series of subscription agreements with five accredited investors for the sale of a total of 400,000 Series B Units, each Series B Unit consisting of one share of Series B Preferred Stock (“Series B Preferred”) and two Series B Warrants (“Series B Warrants”) to purchase common stock for each $1.00 invested. The total purchase price received by the Company was $400,000. The Series B Preferred is convertible into shares of common stock at the initial conversion ratio of 0.0134 shares of common stock for each share of Series B Preferred converted (which was established based on an initial conversion price of $75.00 per share), and the Series B Warrants were exercisable at $75.00 per share until five years from the issuance of the Series B Warrants, which expired unexercised in May 2013. The Series B Preferred contain anti-dilution clauses whereby, if the Company issues equity securities or securities convertible into equity at a price below the conversion price of the Series B Preferred, such conversion price shall be adjusted downward to equal the price of the new securities. In October 2014, the Company issued Preferred Stock which had an initial conversion price of $9.6705, which in November 2014 was adjusted down to $8.64 and again in February 2015 further down to $6.72. Accordingly, these transactions triggered adjustments in the current conversion price of the Series B Preferred to $6.72 per share. The Series B Preferred has a priority (senior to the shares of common stock and Series H Preferred) on any sale or liquidation of the Company equal to the purchase price of the Series B Units, plus a liquidation premium of 6% per year. If the Company elects to declare a dividend in any year, it must first pay to the Series B Preferred holder a dividend equal to the amount of the dividend the Series B Preferred holder would receive if the Series B Preferred were converted just prior to the dividend declaration. Each share of Series B Preferred has the same voting rights as the number of shares of common stock into which it would be convertible on the record date. As of June 30, 2015 and December 31, 2014, there were 300,000 shares of the Series B Preferred issued and outstanding. Series D Preferred Stock On December 30, 2008, the Company entered into a Series D Preferred Stock Purchase Agreement (the “Series D Agreement”) with accredited investors (the “Investors”) and sold 47 shares of Series D Preferred Stock (“Series D Preferred”) for total proceeds of $4,700,000 at a price of $100,000 per Series D Preferred share. 10 shares of the Series D Preferred were issued to X-Master Inc., which is a related party and affiliated with the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors, Dr. Andrey Semechkin and Dr. Ruslan Semechkin, Chief Scientific Officer and a director; and 33 shares of the Series D Preferred were issued to Dr. Andrey Semechkin. As of June 30, 2015 and December 31, 2014, there were 43 shares of the Series D Preferred issued and outstanding. The Series D Preferred was initially convertible into shares of common stock at $37.50 per share, resulting in an initial conversion ratio of 2,667 shares of common stock for every share of Series D Preferred. The Series D Preferred has an anti-dilution clause whereby, if the Company issues equity securities or securities convertible into equity at a price below the conversion price of the Series D Preferred, the conversion price of the Series D Preferred shall be adjusted downward to equal the price of the new securities. The Series D Preferred has priority over the Series A Preferred Stock, Series B Preferred Stock and Common Stock on the proceeds from any sale or liquidation of the Company in an amount equal to the purchase price of the Series D Preferred. In October 2014, the Company issued Preferred Stock which had an initial conversion price of $9.6705, which in November 2014 was adjusted down to $8.64 and again in February 2015 further down to $6.72. Accordingly, these transactions triggered adjustments in the current conversion price of the Series D Preferred to $6.72. Series G Preferred Stock On March 9, 2012, the Company entered into a Series G Preferred Stock Purchase Agreement (the “Series G Agreement”) with AR Partners, LLC (the “Purchaser”) to sell 5,000,000 shares of Series G Preferred Stock (“Series G Preferred”) at a price of $1.00 per Series G Preferred share, for a total purchase price of $5,000,000. The Purchaser is an affiliate of Dr. Andrey Semechkin, the Company’s Co-Chairman and Chief Executive Officer, and Dr. Russell Kern, Chief Scientific Officer and a director. The Series G Preferred was initially convertible into shares of common stock at $60.00 per share, resulting in an initial conversion ratio of 0.0167 shares of common stock for every share of Series G Preferred. The conversion price may be adjusted for stock splits and other combinations, dividends and distributions, recapitalizations and reclassifications, exchanges or substitutions and is subject to a weighted-average adjustment in the event of the issuance of additional shares of common stock below the conversion price. The Series G Preferred shares have priority over the Series B Preferred, Series H Preferred and common stock on the proceeds from any sale or liquidation of the Company in an amount equal to the purchase price of the Series G Preferred, but such payment may be made only after payment in full of the liquidation preferences payable to holders of any shares of Series D Preferred then outstanding. Each share of Series G Preferred has the same voting rights as the number of shares of common stock into which it would be convertible on the record date. As long as there are at least 1,000,000 shares of Series G Preferred outstanding, the holders of Series G Preferred have (i) the initial right to propose the nomination of two members of the Board, at least one of which such nominees shall be subject to the approval of the Company’s independent directors, for election by the stockholder’s at the Company’s next annual meeting of stockholders, or, elected by the full Board of directors to fill a vacancy, as the case may be, and (ii) the right to approve any amendment to the certificate of incorporation, certificates of designation or bylaws, in manner adverse to the Series G Preferred, alter the percentage of board seats held by the Series G Preferred directors or increase the authorized number of shares of Series G Preferred. At least one of the two directors nominated by holders of the Series G Preferred shall be independent based on the NASDAQ listing requirements. The Company determined that the Series G Preferred had a contingent redemption feature allowing redemption by the holder under only some very limited circumstances (“deemed liquidation events”). As the event that may trigger the redemption of the convertible preferred stock was not solely within the Company’s control, the convertible preferred stock was classified as mezzanine equity (outside of permanent equity) on the Company’s condensed consolidated balance sheet upon issuance. Additionally, legal costs related to the Series G Preferred financing in the amount of $59,000 were recorded in the mezzanine equity as well. On December 31, 2014, the Company entered into a Waiver Agreement with all of the holders of its Series G Preferred Stock, whereby the holders irrevocably and unconditionally waived all rights they held to require the Company to redeem any or all shares of the Series G Preferred Stock and to receive any payments and any other rights accruing to them by reason of the failure of the Company to redeem shares of Series G Preferred Stock, pursuant to the terms of the Series G Certificate of Designation. Holders of Series G Preferred Stock are Dr. Andrey Semechkin and Dr. Ruslan Semechkin, each of whom is a director and executive officer of the Company, and affiliated entities of Dr. Andrey Semechkin and Dr. Ruslan Semechkin. Subsequent to the signing of the Waiver Agreement, the Series G Preferred Stock is classified within permanent equity on the Company’s condensed consolidated balance sheet. As of June 30, 2015 and December 31, 2014, there were 5,000,000 shares of the Series G Preferred issued and outstanding. In October 2014, the Company issued Series H Preferred Stock which had an initial conversion price of $ 9.6705, which in November 2014 was adjusted down to $ 8.64 and again in February 2015 further down to $ 6.72. Accordingly, these transactions triggered an adjustment in the current conversion price and conversion ratio of the Series G Preferred to $ 29.6925 per share and 0.0337 shares, respectively. Series H Preferred Stock On October 14, 2014, pursuant to a securities purchase agreement (the “Securities Purchase Agreement”), dated as of October 7, 2014, with Sabby Healthcare Volatility Master Fund, Ltd., Sabby Volatility Warrant Master Fund, Ltd., and Andrey Semechkin and Ruslan Semechkin, the Company’s Chief Executive Officer and Co-Chairman and Chief Scientific Officer and Director, respectively, (together, the “Purchasers”), the Company sold in a private placement (the “Private Placement”) (i) 2,000 shares of Series H-1 and 500 shares of Series H-2 Convertible Preferred Stock, par value $0.001 with a stated value of $1,000 per share (the “Series H Preferred Stock”), convertible into 258,519 shares of common stock at an initial conversion price of $9.6705, (ii) Series A warrants (the “Series A Warrants”) to purchase up to 258,519 shares of common stock for an initial exercise price of $13.8150 per share exercisable immediately and having a term of 5.5 years, (iii) Series B warrants (the “Series B Warrants”) to purchase up to 258,519 shares of common stock for an initial exercise price of $9.6705 per share exercisable immediately and having a term of 6 months, (iv) Series C warrants (the “Series C Warrants”, together with the Series A Warrants and the Series B Warrants, collectively, the “Warrants”) to purchase up to 258,519 shares of common stock for an initial exercise price of $9.6705 per share exercisable immediately and having a term of 12 months. The aggregate initial gross proceeds received from this transaction were $2.5 million. On April 14, 2015, the Company and the holders of the Series B Warrants, issued in the October 2014 private placement, that remained outstanding as of that date, amended those remaining Series B Warrants to (i) extend the termination date to June 20, 2015; (ii) set the exercise price at $11.25 per share; (iii) remove certain price reset adjustment provisions to the exercise price and (iv) remove certain provisions related to cashless exercise, participation rights and anti-dilution effects of a subsequent financing. On June 20, 2015, the remaining unexercised Series B Warrants then outstanding expired unexercised. The number of shares issuable upon conversion of the Series H Preferred Stock and exercise of the Series A, Series C, and Placement Agent Warrants are adjustable in the event of stock splits, stock dividends, combinations of shares and similar transactions, and pursuant to anti-dilution provisions. In addition, Purchasers have been granted rights of participation in future offerings of our securities for eighteen months from the date of the offering. The Securities Purchase Agreement entered into in the Private Placement required the Company to hold a special meeting of stockholders to seek stockholder approval of an increase in the number of authorized shares of common stock under the Company’s certificate of incorporation to 720,000,000 shares and approve a reverse stock split. The special meeting of stockholders was held on December 4, 2014 and the stockholders approved the increase in the authorized shares of common stock and the reverse stock split. In connection with the Private Placement, the Company also entered into a registration rights agreement, as amended, with the investors pursuant to which the Company was obligated to file registration statements to register the resale of (i) 200% of the shares of Common Stock issuable upon conversion of the Series H Preferred Stock, and (ii) 100% of the shares of common stock issuable upon exercise of the warrants. In addition to the registration rights, the Purchasers are entitled to receive liquidated damages upon the occurrence of a number of events relating to filing, getting effective and maintaining effective registration statements covering the shares underlying the Series H Preferred Stock and the Warrants, including the failure of the Company to file a resale registration statement registering 200% of the shares of Common Stock issuable upon conversion of the Series H Preferred Stock by no later than November 13, 2014 and the failure of the Company to have such resale registration statement declared effective by the Securities and Exchange Commission (the “SEC”) by no later than December 13, 2014, subject to certain exceptions. The Company filed such registration statement on November 3, 2014 and such registration was declared effective by the SEC on November 25, 2014. Further, on January 16, 2015, the Company filed a registration statement registering 100% of the shares of common stock issuable upon exercise of the warrants, which was declared effective by the SEC on February 6, 2015. Subject to certain ownership limitations with respect to the Series H-1 Preferred Stock, the Series H Preferred Stock is convertible at any time into shares of Common Stock at an initial conversion price of $9.6705 per share. The Series H Preferred Stock is non-voting, is only entitled to dividends in the event that dividends are paid on the Common Stock, and will not have any preferences over the Common Stock, except that the Series H Preferred Stock shall have preferential liquidation rights over the Common Stock. Other than the Series H-1 Preferred Stock having a beneficial ownership limitation, the Series H-1 Preferred Stock and Series H-2 Preferred Stock are substantially identical. The conversion price of the Series H Preferred Stock is subject to certain resets as set forth in the Certificates of Designation, including the date of the amendment to the certificate of incorporation with respect to the reverse stock split, the effectiveness dates of the registration statements and the six and twelve month anniversaries of the Closing Date. The Warrants are immediately exercisable . As noted earlier above, on June 20, 2015, the remaining unexercised Series B Warrants then outstanding expired unexercised. The exercise price of the Series A, Series C, and Placement Agent Warrants are subject to certain reset adjustments as set forth in the forms of Warrant, including the date of the amendment to the Company’s certificate of incorporation with respect to the reverse stock split, the effectiveness dates of the registration statements and the six and twelve month anniversaries of the date of issuance of the Warrants. Pursuant to the terms of the Securities Purchase Agreement, the Company may not sell shares to Lincoln Pa rk under the Purchase Agreement with Lincoln Park, or otherwise enter into a variable rate transaction, until March 2016. Additionally, pursuant to the terms of the Securities Purchase Agreement, the Company was unable to issue any of its securities until May 7, 2015 ( the 90th day following the effective date of the last registration statement on Form S-1 registering all Registrable Securities (as defined in the registration rights agreement, as amended, entered into in connection with the Securities Purchase Agreement)). However, the Company may still issue securities in certain circumstances, including issuing shares in private placements to its officers, directors and employees at market prices and issuing securities pursuant to the Company’s equity incentive plans. H.C. Wainwright & Co. (the “Placement Agent”) acted as the exclusive placement agent for the Securities Purchase Agreement pursuant to a placement agency engagement letter, dated as of September 23, 2014, by and between the Placement Agent and the Company (the “Engagement Letter”). Upon the closing of the Securities Purchase Agreement, pursuant to the Engagement Letter, the Placement Agent received a placement agent fee of $200,000 and a warrant to purchase approximately 62,045 shares of common stock, as well as the reimbursement of fees and expenses up to $50,000. Similar to the Series A Warrant, the placement agent warrant will have an initial exercise price of $13.815 per share, be immediately exercisable and will terminate 5.5 years after the date of issuance. In addition, the Placement Agent Warrants have the same down-round protection as the Series A Warrants. The Company’s registration statement on Form S-1 filed on November 3, 2014 with the SEC became effective after amendment on November 25, 2014 registering 200% of the shares of Common Stock issuable upon conversion of the Series H Preferred Stock. Pursuant to the terms of the Securities Purchase Agreement, the conversion price of the Series H Preferred Stock and the exercise price of the Series A, B, C and Placement Agent Warrants was reset at $6.72 per share. During the six months ended June 30, 2015, the investors converted 1,104.84 shares of Series H Preferred Stock into 161,554 shares of our common stock. During year ended December 31, 2014, the investors converted 518.4 shares of Series H Preferred Stock into 60,000 shares of our common stock. See Note 9, Stock Options and Warrants, Warrants Issued with Series H Preferred Stock Common Stock Transactions 2013 S-1 July Registered Offering See Note 9, Stock Options and Warrants, 2013 S-1 July Registered Offering 2014 Warrant Exchange Agreements 2014 Securities Purchase Agreements for Common Stock On May 29, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 22,223 shares of common stock at a price of $22.50 per share, for a total purchase price of $500,000. On June 26, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 36,667 shares of common stock at a price of $15.00 per share, for a total purchase price of $550,000. Dr. Andrey Semechkin is the Company’s Co-Chairman and Chief Executive Officer. Dr. Ruslan Semechkin is the Company’s Chief Scientific Officer and director. On August 6, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 40,000 shares of common stock at a price of $15.00 per share, for a total purchase price of $600,000. On September 10, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 29,630 shares of common stock at a price of $13.50 per share, for a total purchase price of $400,000. 2014 Warrant Exchange Agreements On June 11, 2014, the Company entered into a series of warrant exchange agreements (the “Warrant Exchange Agreements”) with the holders of its Series A Warrants and Placement Agent Warrants that were issued by the Company pursuant to the 2013 S-1 July Registered Offering. Under the Warrant Exchange Agreements, the Company agreed to issue a total of 297,772 shares of common stock (the “Exchange Shares”) to the warrant holders in exchange for the cancellation of the Series A Warrants to purchase 243,699 shares of common stock and the Placement Agent Warrants to purchase 4,445 shares of common stock and Series A Warrants. Dr. Andrey Semechkin and Dr. Ruslan Semechkin, the Company’s Co-Chairman and Chief Executive Officer and Chief Scientific Officer and director, respectively, participated on the same terms as the other warrant holders, agreeing to exchange Series A Warrants to purchase 67,255 shares of common stock for 80,706 shares of common stock. The closing of the transaction occurred on June 16, 2014 with the issuance of the Exchange Shares. Upon settlement of the exchange transaction, there were no remaining Series A Warrants or Placement Agent Warrants outstanding. See Note 9, Stock Options and Warrants, 2014 Warrants Exchange Agreements- 2013 Lincoln Park Capital Fund, LLC Stock Purchase Agreement On December 10, 2013, the Company entered into the Purchase Agreement with Lincoln Park, pursuant to which Lincoln Park has agreed to purchase up to an aggregate of $10,250,000 of common stock (subject to certain limitations) from time to time through January 2017. Of the aggregate $10,250,000 of common stock that may be sold to Lincoln Park, on December 11, 2013, the Company sold 11,112 shares of common stock to Lincoln Park for an aggregate purchase price of $250,000 pursuant to the Purchase Agreement, which is referred to as the Initial Purchase. Upon execution of the Purchase Agreement, the Company paid to Lincoln Park $155,000, as a cash fee, for their commitment to purchase additional shares of common stock under the Purchase Agreement. Also on December 10, 2013, the Company entered into a Registration Rights Agreement with Lincoln Park, pursuant to which the Company filed with the SEC an S-1 Registration Statement to register for resale under the Securities Act of 1933, as amended, or the Securities Act, the shares that have been or may be issued to Lincoln Park under the Purchase Agreement. The S-1 Registration Statement filed with the Securities and Exchange Commission in December 2013 and amended in January 2014 was declared effective on January 13, 2014. During the six months ended June 30, 2015, the Company sold 0 shares to Lincoln Park. From commencement through to June 30, 2015, the Company has sold a total of 65,778 shares of common stock to Lincoln Park for an aggregate of $1,838,000 under the Agreement. As of June 30, 2015, there remained 67,556 shares available for sale up to a total of $8,412,000 under the Purchase Agreement with Lincoln Park. The Company may, from time to time and in its sole discretion, direct Lincoln Park to purchase shares of common stock in amounts up to 1,334 shares on any single business day so long as at least one business day has passed since the most recent purchase, which amounts may be increased to up to 2,000 shares and up to 2,667 shares, provided the closing price of the common stock exceeds a certain threshold, with a maximum limit of up to $500,000 per purchase, plus an additional “accelerated amount” under certain circumstances. There are no trading volume requirements or restrictions under the Purchase Agreement, and the Company will control the timing and amount of any sales of common stock to Lincoln Park. The purchase price of the shares that may be sold to Lincoln Park under the Purchase Agreement will be based on the market price of the common stock immediately preceding the time of sale as computed under the Purchase Agreement without any fixed discount; provided that in no event will such shares be sold to Lincoln Park when the closing sale price is less than $7.50 per share, subject to adjustment as provided in the Purchase Agreement. The purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction occurring during the business days used to compute such price. The Company may at any time in its sole discretion terminate the Purchase Agreement without fee, penalty or cost upon one business day notice. Lincoln Park may not assign or transfer its rights and obligations under the Purchase Agreement. Pursuant to the terms of a securities purchase agreement entered into with investors in connection with a private placement effected October 14, 2014, the Company may not sell shares to Lincoln Park under the Purchase Agreement with Lincoln Park until March 2016. Reserved Shares At June 30, 2015, the Company had shares of common stock reserved for future issuance as follows: Options outstanding 195,706 Options available for future grant 1,113,560 Convertible preferred stock 983,388 Warrants 579,130 2,871,784 | 6. Capital Stock As of December 31, 2014, the Company is authorized to issue 720,000,000 shares of common stock, $0.001 par value per share, and 20,000,000 shares of preferred stock, $0.001 par value per share. Preferred Stock Transactions Series B Preferred Stock On May 12, 2008, to obtain funding for working capital, the Company entered into a series of subscription agreements with five accredited investors for the sale of a total of 400,000 Series B Units, each Series B Unit consisting of one share of Series B Preferred Stock (“Series B Preferred”) and two Series B Warrants (“Series B Warrants”) to purchase common stock for each $1.00 invested. The total purchase price received by the Company was $400,000. The Series B Preferred is convertible into shares of common stock at the initial conversion ratio of two shares of common stock for each share of Series B Preferred converted (which was established based on an initial conversion price of $0.50 per share), and the Series B Warrants were exercisable at $0.50 per share until five years from the issuance of the Series B Warrants, which expired unexercised in May 2013. The Series B Preferred contain anti-dilution clauses whereby, if the Company issues equity securities or securities convertible into equity at a price below the conversion price of the Series B Preferred, such conversion price shall be adjusted downward to equal the price of the new securities. In October 2014, the Company issued Preferred Stock which had an initial conversion price of $0.06447, which in November 2014 was adjusted down further to $0.0576. Accordingly, these transactions triggered an adjustment in the current conversion price of the Series B Preferred to $0.0576 per share. The Series B Preferred has a priority (senior to the shares of common stock and Series H Preferred) on any sale or liquidation of the Company equal to the purchase price of the Series B Units, plus a liquidation premium of 6% per year. If the Company elects to declare a dividend in any year, it must first pay to the Series B Preferred holder a dividend equal to the amount of the dividend the Series B Preferred holder would receive if the Series B Preferred were converted just prior to the dividend declaration. Each share of Series B Preferred has the same voting rights as the number of shares of common stock into which it would be convertible on the record date. As of December 31, 2014 and 2013, there were 300,000 shares of the Series B Preferred issued and outstanding. Series C Preferred Stock On August 20, 2008, 700,000 shares of Series C Preferred Stock (“Series C Preferred”) were sold, and 1,300,000 shares of Series C Preferred were sold on September 23, 2008 all at a price of $1.00 per Series C Preferred share. The Series C Preferred was convertible into shares of common stock at $0.25 per share. All the Series C Preferred was issued to X-Master Inc., which is a related party and affiliated with the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors, Dr. Andrey Semechkin, and Dr. Ruslan Semechkin, Chief Scientific Officer and a director. As of December, 2014 and 2013, there were 0 shares of the Series C Preferred issued and outstanding. On January 22, 2013, the holders of Series C Preferred converted all of the outstanding shares of Series C Preferred into common stock at $0.25 per share, or a total of 8,000,000 shares of common stock. On April 10, 2013, the Company filed a Certificate of Elimination for the Series C Preferred stock. The Certificate of Elimination amended the provisions of the Certificate of Incorporation of the Company to eliminate the powers, designations, preferences, privileges and other rights of the Series C Preferred stock. Series D Preferred Stock On December 30, 2008, the Company entered into a Series D Preferred Stock Purchase Agreement (the “Series D Agreement”) with accredited investors (the “Investors”) and sold 43 shares of Series D Preferred Stock (“Series D Preferred”) for total proceeds of $4,700,000 at a price of $100,000 per Series D Preferred share. 10 shares of the Series D Preferred were issued to X-Master Inc., which is a related party and affiliated with the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors, Dr. Andrey Semechkin and Dr. Ruslan Semechkin, Chief Scientific Officer and a director; and 33 shares of the Series D Preferred were issued to Dr. Andrey Semechkin. As of December 31, 2014 and 2013, there were 43 shares of the Series D Preferred issued and outstanding. The Series D Preferred was initially convertible into shares of common stock at $0.25 per share, resulting in an initial conversion ratio of 400,000 shares of common stock for every share of Series D Preferred. The Series D Preferred has an anti-dilution clause whereby, if the Company issues equity securities or securities convertible into equity at a price below the conversion price of the Series D Preferred, the conversion price of the Series D Preferred shall be adjusted downward to equal the price of the new securities. The Series D Preferred has priority over the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Common Stock on the proceeds from any sale or liquidation of the Company in an amount equal to the purchase price of the Series D Preferred. In October 2014, the Company issued Preferred Stock which had an initial conversion price of $0.06447, which in November 2014 was adjusted down further to $0.0576. Accordingly, these transactions triggered an adjustment in the current conversion price of the Series D Preferred to $0.0576. Series G Preferred Stock On March 9, 2012, the Company entered into a Series G Preferred Stock Purchase Agreement (the “Series G Agreement”) with AR Partners, LLC (the “Purchaser”) to sell 5,000,000 shares of Series G Preferred Stock (“Series G Preferred”) at a price of $1.00 per Series G Preferred share, for a total purchase price of $5,000,000. The Purchaser is an affiliate of Dr. Andrey Semechkin, the Company’s Co-Chairman and Chief Executive Officer, and Dr. Ruslan Semechkin, Chief Scientific Officer and a director. The Series G Preferred was initially convertible into shares of common stock at $0.40 per share, resulting in an initial conversion ratio of 2.5 shares of common stock for every share of Series G Preferred. The conversion price may be adjusted for stock splits and other combinations, dividends and distributions, recapitalizations and reclassifications, exchanges or substitutions and is subject to a weighted-average adjustment in the event of the issuance of additional shares of common stock below the conversion price. The Series G Preferred shares have priority over the Series B Preferred, Series H Preferred and common stock on the proceeds from any sale or liquidation of the Company in an amount equal to the purchase price of the Series G Preferred, but such payment may be made only after payment in full of the liquidation preferences payable to holders of any shares of Series D Preferred then outstanding. Each share of Series G Preferred has the same voting rights as the number of shares of common stock into which it would be convertible on the record date. As long as there are at least 1,000,000 shares of Series G Preferred outstanding, the holders of Series G Preferred have (i) the initial right to propose the nomination of two members of the Board, at least one of which such nominees shall be subject to the approval of the Company’s independent directors, for election by the stockholder’s at the Company’s next annual meeting of stockholders, or, elected by the full board of directors to fill a vacancy, as the case may be, and (ii) the right to approve any amendment to the certificate of incorporation, certificates of designation or bylaws, in manner adverse to the Series G Preferred, alter the percentage of board seats held by the Series G Preferred directors or increase the authorized number of shares of Series G Preferred. At least one of the two directors nominated by holders of the Series G Preferred shall be independent based on the NASDAQ listing requirements. The Company determined that the Series G Preferreds had a contingent redemption feature allowing redemption by the holder under only some very limited circumstances (“deemed liquidation events”). As the event that could have triggered the redemption of the convertible preferred stock was not solely within the Company’s control, the convertible preferred stock was classified as mezzanine equity (outside of permanent equity) on the Company’s consolidated balance sheet. Additionally, legal costs related to the Series G Preferred financing in the amount of $59,000 were recorded in the mezzanine equity as well. On December 31, 2014, the Company entered into a Waiver Agreement with all of the holders of its Series G Preferred Stock, whereby the holders irrevocably and unconditionally waived all rights they held to require the Company to redeem any or all shares of the Series G Preferred Stock and to receive any payments and any other rights accruing to them by reason of the failure of the Company to redeem shares of Series G Preferred Stock, pursuant to the terms of the Series G Certificate of Designation. Holders of Series G Preferred Stock are Dr. Andrey Semechkin and Dr. Ruslan Semechkin, each of whom is a director and executive officer of the Company, and affiliated entities of Dr. Andrey Semechkin and Dr. Ruslan Semechkin. Subsequent to the signing of the Waiver Agreement, the Series G Preferred Stock will be classified within permanent equity on the Company’s consolidated balance sheet. As of December 31, 2014 and 2013, there were 5,000,000 shares of the Series G Preferred issued and outstanding. In October 2014, the Company issued Preferred Stock which had an initial conversion price of $0.06447, which in November 2014 was adjusted down further to $0.0576. Accordingly, these transactions triggered an adjustment in the current conversion price and conversion ratio of the Series G Preferred to $0.1981 per share and 5.048 shares, respectively. Series H Preferred Stock On October 14, 2014, pursuant to a securities purchase agreement (the “Securities Purchase Agreement”), dated as of October 7, 2014, with Sabby Healthcare Volatility Master Fund, Ltd., Sabby Volatility Warrant Master Fund, Ltd., and Andrey and Ruslan Semechkin, the Company’s Chief Executive Officer and Co-Chairman and Chief Scientific Officer and Director, respectively, (together, the “Purchasers”), the Company sold in a private placement (the “Private Placement”) (i) 2,000 shares of Series H-1 and 500 shares of Series H-2 Convertible Preferred Stock, par value $0.001 with a stated value of $1,000 per share (the “Series H Preferred Stock”), convertible into 38,777,726 shares of common stock at an initial conversion price of $0.06447, (ii) Series A warrants (the “Series A Warrants”) to purchase up to 38,777,726 shares of common stock for an initial exercise price of $0.0921 per share exercisable immediately and having a term of 5.5 years, (iii) Series B warrants (the “Series B Warrants”) to purchase up to 38,777,726 shares of common stock for an initial exercise price of $0.06447 per share exercisable immediately and having a term of 6 months, (iv) Series C warrants (the “Series C Warrants”, together with the Series A Warrants and the Series B Warrants, collectively, the “Warrants”) to purchase up to 38,777,726 shares of common stock for an initial exercise price of $0.06447 per share exercisable immediately and having a term of 12 months. The aggregate initial gross proceeds received from this transaction were $2.5 million. The number of shares issuable upon conversion of the Series H Preferred Stock and exercise of the Warrants are adjustable in the event of stock splits, stock dividends, combinations of shares and similar transactions, and pursuant to anti-dilution provisions. In addition, Purchasers have been granted rights of participation in future offerings of our securities for eighteen months. The Securities Purchase Agreement entered into in the Private Placement requires the Company to hold a special meeting of stockholders to seek stockholder approval of an increase in the number of authorized shares of common stock under the Company’s certificate of incorporation to 720,000,000 shares and approve a reverse stock split. In connection with the Private Placement, the Company also entered into a registration rights agreement, as amended, with the investors pursuant to which the Company is obligated to file registration statements to register the resale of (i) 200% of the shares of Common Stock issuable upon conversion of the Series H Preferred Stock, and (ii) 100% of the shares of common stock issuable upon exercise of the warrants. In addition to the registration rights, the Purchasers are entitled to receive liquidated damages upon the occurrence of a number of events relating to filing, getting effective and maintaining effective registration statements covering the shares underlying the Series H Preferred Stock and the Warrants, including the failure of the Company to file a resale registration statement registering 200% of the shares of Common Stock issuable upon conversion of the Series H Preferred Stock by no later than November 13, 2014 and the failure of the Company to have such resale registration statement declared effective by the Securities and Exchange Commission (the “SEC”) by no later than December 13, 2014, subject to certain exceptions. The Company filed such registration statement on November 3, 2014 and such registration was declared effective by the SEC on November 25, 2014. Further, on January 16, 2015, the Company filed a registration statement registering 100% of the shares of common stock issuable upon exercise of the warrants, which was declared effective by the SEC on February 6, 2015. Subject to certain ownership limitations with respect to the Series H-1 Preferred Stock, the Series H Preferred Stock is convertible at any time into shares of Common Stock at an initial conversion price of $0.06447 per share. The Series H Preferred Stock is non-voting, is only entitled to dividends in the event that dividends are paid on the Common Stock, and will not have any preferences over the Common Stock, except that the Series H Preferred Stock shall have preferential liquidation rights over the Common Stock. Other than the Series H-1 Preferred Stock having a beneficial ownership limitation, the Series H-1 Preferred Stock and Series H-2 Preferred Stock are substantially identical. The conversion price of the Series H Preferred Stock is subject to certain resets as set forth in the Certificates of Designation, including the date of the amendment to the certificate of incorporation with respect to the reverse stock split, the effectiveness dates of the registration statements and the six and twelve month anniversaries of the Closing Date. The Warrants are immediately exercisable and the exercise price of the Warrants is subject to certain reset adjustments as set forth in the forms of Warrant, including the date of the amendment to the Company’s certificate of incorporation with respect to the reverse stock split, the effectiveness dates of the registration statements and the six and twelve month anniversaries of the date of issuance of the Warrants. Pursuant to the terms of the Securities Purchase Agreement, the Company may not sell shares to Lincoln Park under the Purchase Agreement with Lincoln Park, or otherwise enter into a variable rate transaction, until March 2016. Additionally, pursuant to the terms of the Securities Purchase Agreement, the Company may not issue any of its securities until May 7, 2015 (the 90th day following the effective date of the last registration statement on Form S-1 registering all Registrable Securities (as defined in the registration rights agreement, as amended, entered into in connection with the Securities Purchase Agreement)). However, the Company may still issue securities in certain circumstances, including issuing shares in private placements to its officers, directors and employees at market prices and issuing securities pursuant to the Company’s equity incentive plans. H.C. Wainwright & Co. (the “Placement Agent”) acted as the exclusive placement agent for the Securities Purchase Agreement pursuant to a placement agency engagement letter, dated as of September 23, 2014, by and between the Placement Agent and the Company (the “Engagement Letter”). Upon the closing of the Securities Purchase Agreement, pursuant to the Engagement Letter, the Placement Agent received a placement agent fee of $200,000 and a warrant to purchase approximately 9,306,654 shares of common stock, as well as the reimbursement of fees and expenses up to $50,000. Similar to the Series A Warrant, the placement agent warrant will have an initial exercise price of $0.0921 per share, be immediately exercisable and will terminate 5.5 years after the date of issuance. In addition, the Placement Agent Warrants have the same down-round protection as the Series A Warrants. The Company’s registration statement on Form S-1 filed on November 3, 2014 with the SEC became effective after amendment on November 25, 2014 registering 200% of the shares of Common Stock issuable upon conversion of the Series H Preferred Stock. Pursuant to the terms of the Securities Purchase Agreement, the conversion price of the Series H Preferred Stock and the exercise price of the Series A, B, and C Warrants was reset at $0.0576 per share. During year ended December 31, 2014, the investors converted 518.4 shares of Series H Preferred Stock into 9,000,000 shares of our common stock. See Note 9, Stock Options and Warrants, Warrants Issued with Series H Preferred Stock Common Stock Transactions 2013 Securities Purchase Agreements for Common Stock On January 22, 2013, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Simon Craw to sell a total of 10,125,000 shares of common stock at a price of $0.20 per share, for a total purchase price of $2,025,000. Dr. Andrey Semechkin is the Company’s Co-Chairman and Chief Executive Officer. Dr. Simon Craw is the Company’s Executive Vice President Business Development. The sale of the shares of common stock was completed on January 22, 2013. In connection with the sale of these shares, the Company issued to each purchaser a warrant, exercisable for a period of 5 years, to purchase a number of shares of common stock equal to 50% of the shares purchased by that purchaser, for a total of 5,062,500 shares subject to the warrants at an exercise price of $0.20 per share. On March 12, 2013, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with certain investors, including Dr. Andrey Semechkin, to sell a total of 5,000,000 shares of common stock at a price of $0.20 per share, for a total purchase price of $1,000,000. Dr. Andrey Semechkin is the Company’s Co-Chairman and Chief Executive Officer and purchased $100,000 worth of common stock. Each of the other investors has had a long-standing relationship with the Company and has closely followed the Company. The sale of the shares of common stock was completed on March 12, 2013. In connection with the sale of these shares the Company issued to each investor a warrant, exercisable for a period of five years, to purchase a number of shares of common stock equal to 50% of the shares purchased by that investor, for a total of 2,500,000 shares subject to the warrants at an exercise price of $0.20 per share. 2013 S-1 July Registered Offering On July 19, 2013, to obtain funding for working capital purposes, the Company entered into subscription agreements with certain investors (the “Investors”) relating to the sale by the Company of (i) 20,000,000 Units (each a “Unit”, and collectively, the “Units”), with each Unit consisting of (x) one share of common stock, par value $0.001 per share, and (y) one Series A Warrant to purchase one share of the Company’s common stock at an exercise price of $0.15 per share and (ii) 20,000,000 Series B Warrants, each to purchase one Unit, for aggregate gross proceeds of $3,000,000, before placement agent fees and other estimated offering expenses and fees (the “Offering”). The Units were not issued or certificated. The Investors received only shares of common stock, Series A Warrants and Series B Warrants. The common stock, the Series A Warrants and the Series B Warrants were and may be transferred separately immediately after their issuance. Dr. Andrey Semechkin, the Company’s Co-Chairman and Chief Executive Officer, purchased 5,998,999 Units and 5,998,999 Series B Warrants in the Offering; and Ruslan Semechkin, the Company’s Chief Scientific Officer, purchased 667,667 Units and 667,667 Series B Warrants in the Offering for an aggregate price of $1,000,000. On July 19, 2013, the Company also entered into a placement agent agreement (the “Placement Agent Agreement”) with Roth Capital Partners, LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to act on a reasonable best efforts basis for the Offering. The Company paid the Placement Agent a cash fee equal to 5% of the gross proceeds from the Offering and reimbursed the Placement Agent for its reasonable out-of-pocket expenses of $75,000. The Company also issued 666,666 Placement Agent Warrants to purchase Units equal to 5% of the aggregate number of Units issued in the Offering (other than the Units issued to Andrey Semechkin and Ruslan Semechkin). The Placement Agent Warrants have substantially the same terms as the Series B Warrants, except that the Placement Agent Warrants (i) have an exercise price of $0.15 per Unit, subject to adjustments similar to those applicable to the Series A Warrants, (ii) have a term of five years, (iii) provide for a cashless exercise, and (iv) otherwise comply with the requirements of the Financial Institutions Regulatory Authority, Inc. (FINRA). The Company also agreed to pay the Placement Agent a cash solicitation fee equal to 5% of the gross proceeds received by the Company upon the exercise of the Series B Warrants under certain circumstances. See 2014 Warrant Exchange Agreements The Series A Warrants were immediately exercisable at an exercise price of $0.15 per share and will expire on the fifth anniversary of the initial date of issuance. Upon full exercise of the Series B Warrants, the Company could issue additional Series A Warrants to purchase up to an aggregate of 20,000,000 shares of the Company’s common stock. All Series A Warrants have the same expiration date. See 2014 Warrant Exchange Agreements Warrants Issued with Common Stock The Series B Warrants were immediately exercisable at an initial exercise price of $0.15, subject to adjustment and expired on October 24, 2013. The net proceeds to the Company from the Offering, after deducting placement agent fees and cash offering expenses borne by the Company, and excluding any proceeds, from the exercise of the warrants issued in the offering, was approximately $2,377,000. The Offering closed on July 24, 2013. During the year ended December 31, 2013, the Company received net proceeds of $2,356,000 upon the exercise of 16,754,822 of the Series B Warrants issued in July 2013 for 16,754,822 additional Units, but prior to expiration of the Series B Warrants on October 24, 2013. The total additional Units consisted of 16,754,822 shares of common stock and 16,754,822 Series A Warrants. Of the 16,754,822 Series B Warrants exercised during the year ended December 31, 2013, there were 12,304,822 subject to an adjusted exercise price of $0.1452 per Unit for net proceeds of approximately $1,722,000. The remaining 4,450,000 were exercised prior to the adjustment date at $0.15 per Unit for net proceeds of approximately $634,000. See Note 9, Stock Options and Warrants, Warrants Issued with Common Stock Of the Series B Warrants exercised, Dr. Andrey Semechkin, the Company’s Co-Chairman and Chief Executive Officer, exercised 2,754,821 Series B Warrants; and Ruslan Semechkin, the Company’s Chief Scientific Officer, exercised 667,667 Series B Warrants for an aggregate price of $497,000. In addition, during the year ended December 31, 2013, the Company received net proceeds of $30,000 upon the exercise of 200,000 of the Series A Warrants issued in July 2013 for 200,000 shares of common stock at an exercise price of $0.15 per share. On October 24, 2013, the remaining 3,245,178 Series B Warrants expired unexercised. At December 31, 2014, there were no Series A and Placement Agent warrants outstanding. See 2014 Warrant Exchange Agreements 2014 Securities Purchase Agreements for Common Stock On May 29, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 3,333,333 shares of common stock at a price of $0.15 per share, for a total purchase price of $500,000. On June 26, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 5,500,000 shares of common stock at a price of $0.10 per share, for a total purchase price of $550,000. Dr. Andrey Semechkin is the Company’s Co-Chairman and Chief Executive Officer. Dr. Ruslan Semechkin is the Company’s Chief Scientific Officer and director. On August 6, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 6,000,000 shares of common stock at a price of $0.10 per share, for a total purchase price of $600,000. On September 10, 2014, to obtain funding for working capital purposes, the Company entered into a securities purchase agreement with Dr. Andrey Semechkin and Dr. Ruslan Semechkin to sell a total of 4,444,445 shares of common stock at a price of $0.09 per share, for a total purchase price of $400,000. 2014 Warrant Exchange Agreements On June 11, 2014, the Company entered into a series of warrant exchange agreements (the “Warrant Exchange Agreements”) with the holders of its Series A Warrants and Placement Agent Warrants that were issued by the Company pursuant to the 2013 S-1 July Registered Offering. Under the Warrant Exchange Agreements, the Company agreed to issue a total of 44,665,783 shares of common stock (the “Exchange Shares”) to the warrant holders in exchange for the cancellation of the Series A Warrants to purchase 36,554,822 shares of common stock and the Placement Agent Warrants to purchase 666,666 shares of common stock and Series A Warrants. Dr. Andrey Semechkin and Dr. Ruslan Semechkin, the Company’s Co-Chairman and Chief Executive Officer and Chief Scientific Officer and director, respectively, participated on the same terms as the other warrant holders, agreeing to exchange Series A Warrants to purchase 10,088,154 shares of common stock for 12,105,784 shares of common stock. The closing of the transaction occurred on June 16, 2014 with the issuance of the Exchange Shares. Upon settlement of the exchange transaction, there were no remaining Series A Warrants or Placement Agent Warrants outstanding. See Note 9, Stock Options and Warrants, 2014 Warrants Exchange Agreements 2013 Lincoln Park Capital Fund, LLC Stock Purchase Agreement On December 10, 2013, the Company entered into the Purchase Agreement with Lincoln Park, pursuant to which Lincoln Park has agreed to purchase up to an aggregate of $10,250,000 of common stock (subject to certain limitations) from time to time through January 2017. Of the aggregate $10,250,000 of common stock that may be sold to Lincoln Park, on December 11, 2013, the Company sold 1,666,666 shares of common stock to Lincoln Park for an aggregate purchase price of $250,000 pursuant to the Purchase Agreement, which is referred to as the Initial Purchase. Upon execution of the Purchase Agreement, the Company paid to Lincoln Park $155,000, as a cash fee, for their commitment to purchase additional shares of common stock under the Purchase Agreement. Also on December 10, 2013, the Company entered into a Registration Rights Agreement with Lincoln Park, pursuant to which the Company filed with the SEC an S-1 Registration Statement to register for resale under the Securities Act of 1933, as amended, or the Securities Act, the shares that have been or may be issued to Lincoln Park under the Purchase Agreement. The S-1 Registration Statement filed with the Securities and Exchange Commission in December 2013 and amended in January 2014 was declared effective on January 13, 2014. During the years ended December 31, 2014 and 2013, the Company sold 8,200,000 and 1,666,666 shares, respectively, to Lincoln Park raising approximately $1,588,000 and $250,000, respectively, for working capital purposes. From commencement through to December 31, 2014, the Company has sold a total of 9,866,666 shares of common stock to Lincoln Park for an aggregate of $1,838,000 under the Agreement. As of December 31, 2014, there remained 10,133,334 shares available for sale up to a total of $8,412,000 under the Purchase Agreement with Lincoln Park. The Company may, from time to time and in its sole discretion, direct Lincoln Park to purchase shares of common stock in amounts up to 200,000 shares on any single business day so long as at least one business day has passed since the most recent purchase, which amounts may be increased to up to 300,000 shares and up to 400,000 shares, provided the closing price of the common stock exceeds a certain threshold, with a maximum limit of up to $500,000 per purchase, plus an additional “accelerated amount” under certain circumstances. There are no trading volume requirements or restrictions under the Purchase Agreement, and the Company will control the timing and amount of any sales of common stock to Lincoln Park. The purchase price of the shares that may be sold to Lincoln Park under the Purchase Agreement will be based on the market price of the common stock immediately preceding the time of sale as computed under the Purchase Agreement without any fixed discount; provided that in no event will such shares be sold to Lincoln Park when the closing sale price is less than $0.05 per share, subject to adjustment as provided in the Purchase Agreement. The purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction occurring during the business days used to compute such price. The Company may at any time in its sole discretion terminate the Purchase Agreement without fee, penalty or cost upon one business day notice. Lincoln Park may not assign or transfer its rights and obligations under the Purchase Agreement. Pursuant to the terms of a securities purchase agreement entered into with investors in connection with a private placement effected October 14, 2014, the Company may not sell shares to Lincoln Park under the Purchase Agreement with Lincoln Park until March 2016. Aspire Common Stock Purchase Agreement On December 9, 2010, Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Aspire Capital Fund, LLC (“Aspire Capital”), which provided that, subject to certain conditions and limitations, Aspire Capital was committed to purchase up to an aggregate of $25,000,000 of common stock over the term of the Purchase Agreement. The Purchase Agreement expired in December 2013. On any day on which the principal market for shares of the Company’s common stock is open for trading, over the three-year term of the Purchase Agreement, the Company had the right, in its sole discretion, to provide Aspire Capital with a purchase notice (each, a “Purchase Notice”) directing Aspire Capital to purchase the number of shares of common stock specified in the Purchase Notice. The number of shares the Company could designate in the Purchase Notice varied based on the closing price of the common stock on the date of the Purchase Notice. The purchase price per share for each Purchase Notice was the lower of (i) the lowest sale price for the common stock on the date of sale or (ii) the arithmetic average of the three lowest closing sale prices for the common stock during the 12 consecutive business days ending on the business day immediately preceding the purchase date of those securities. During the year ended Decem |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 7. Related Party Transactions Other than with respect to the purchases of Series D Preferred, Series G Preferred, Series H Preferred, and common stock transactions discussed above, the Company’s related party transactions were for a facility lease and working capital bridge loan. During the first quarter of 2011, the Company executed an operating lease for its corporate offices with S Real Estate Holdings LLC. S Real Estate Holdings LLC is owned by Dr. Ruslan Semechkin, the Company’s Chief Scientific Officer and a director and was previously owned by Dr. Andrey Semechkin, the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors. The lease agreement was negotiated at arm’s length and was reviewed by the Company’s outside legal counsel. The terms of the lease were reviewed by a committee of independent directors, and the Company believes that, in total, those terms are at least as favorable to the Company as could be obtained for comparable facilities from an unaffiliated party. For the three months ended June 30, 20 15 and 2014, the Company recorded $ 35,000 in rent expense that was related to the facility lease arrangement with related parties. For the six months ended June 30, 2015 and 2014, the Company recorded $ 69,000 related to the same arrangement with the related party. On May 6, 2015, the Company borrowed $262,000 from Dr. Andrey Semechkin, the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors, and issued a Promissory Note with an original maturity of May 15, 2015 (“Loan”). The Loan accrues interest at the annual rate of Forty-Five One-Hundredths Percent (0.45%) from the date the Loan was made until the Loan is paid in full, whether at maturity, by prepayment, or otherwise. On May 12, 2015, to obtain funding for working capital purposes and to refinance the indebtedness incurred on May 6, 2015, the Company borrowed an additional $2,000,000 from Dr. Andrey Semechkin and issued an unsecured, non-convertible promissory note in the principal amount of $2,262,000 (the “Note”) to Dr. Andrey Semechkin in return for Dr. Semechkin (i) surrendering the note issued to him by the Company on May 6, 2015 in the principal amount of $262,000, and (ii) providing an additional $2,000,000 of funds to the Company. Dr. Semechkin is the Company’s Co-Chairman and Chief Executive Officer. The principal amount under the Note accrues interest at a rate of One Half of One Percent (0.50%) per annum. The Note is due and payable August 10, 2015, but may be pre-paid by the Company without penalty at any time. See Note 12, Subsequent Events. | 7. Related Party Transactions Other than with respect to the purchases of Series C Preferred, Series D Preferred, Series G Preferred, Series H Preferred, and common stock transactions discussed above, the Company’s related party transactions were for a facility lease. During the first quarter of 2011, the Company executed an operating lease for its corporate offices with S Real Estate Holdings LLC. S Real Estate Holdings LLC is owned by Dr. Ruslan Semechkin, the Company’s Chief Scientific Officer and a director and was previously owned by Dr. Andrey Semechkin, the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors. The lease agreement was negotiated at arm’s length and was reviewed by the Company’s outside legal counsel. The terms of the lease were reviewed by a committee of independent directors, and the Company believes that, in total, those terms are at least as favorable to the Company as could be obtained for comparable facilities from an unaffiliated party. For the years ended December 31, 2014 and 2013, the Company recorded $139,000 in rent expense that was related to the facility lease arrangement with related parties. |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | 8. Income Taxes The Company estimated Federal and state tax losses for the current year and recorded a full valuation allowance against all net deferred tax assets. As such, no income tax provision has been recorded for the current period. The Company may be subject to IRC Code Sections 382 and 383, which could limit the amount of the net operating loss and tax credit carryovers that can be used in future years. The Company has not completed a study to assess whether an ownership change has occurred, as defined by IRC Code Sections 382 and 383, or whether there have been ownership changes since the Company’s formation due to the complexity and cost associated with such a study, and the fact that there may be additional such ownership changes in the future. The Company estimates that if such a change did occur, the federal and state net operating loss carryforwards and research and development credit carryforwards that can be utilized in the future will be significantly limited. There can be no assurances that the Company will ever be able to realize the benefit of some or all of the federal and state loss carryforwards or the credit carryforwards, either due to ongoing operating losses or due to ownership changes, which limit the usefulness of the carryforwards. | 8. Income Taxes The Company accounts for income taxes in accordance with applicable authoritative guidance, which requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards. The Company has available at December 31, 2014, operating loss carryforwards of approximately $56,083,000, which may be applied against future taxable income and will expire in various years through 2033. At December 31, 2013, the Company had operating loss carryforwards of approximately $48,913,000. The increase in carryforwards for the year ended December 31, 2014 is approximately $7,170,000. The amount of and ultimate realization of the benefits from the operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined at this time. Because of the uncertainty surrounding the realization of the loss carryforwards, the Company has established a valuation allowance equal to the tax effect of the loss carryforwards, R&D credits, and accruals; therefore, no net deferred tax asset has been recognized. A reconciliation of the statutory Federal income tax rate and the effective income tax rate for the year ended December 31, 2014 and 2013 follows: December 31, December 31, Statutory federal income tax rate 35 % 35 % Permanent items (12 )% (12 )% State income taxes, net of federal taxes 4 % 4 % Change in valuation allowance (29 )% (30 )% Tax credits claimed 1 % 2 % Other 1 % 1 % Effective income tax rate 0 % 0 % The Company files income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2010. The Company does not have any material uncertain tax positions as of December 31, 2014 and 2013. The Company does not believe it is reasonably possible that the total amount of unrecognized tax benefits as of December 31, 2014 will materially change in the next 12 months. The Company may be subject to IRC Code Sections 382 and 383, which could limit the amount of the net operating loss and tax credit carryovers that can be used in future years. The Company has not completed a study to assess whether an ownership change has occurred, as defined by IRC Code Sections 382 and 383, or whether there have been ownership changes since the Company’s formation due to the complexity and cost associated with such a study, and the fact that there may be additional such ownership changes in the future. The Company estimates that if such a change did occur, the federal and state net operating loss carryforwards and research and development credit carryforwards that can be utilized in the future will be significantly limited. There can be no assurance that the Company will ever be able to realize the benefit of some or all of the federal and state loss carryforwards or the credit carryforwards, either due to ongoing operating losses or due to ownership changes, which limit the usefulness of the loss carryforwards. Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, December 31, Deferred tax assets (liabilities) Current deferred tax assets (liabilities) $ 187 $ 298 Deferred revenues — — Current deferred tax assets 187 298 Valuation allowances (187 ) (298 ) Net current deferred tax assets — — Net operating loss carryforwards 22,332 19,224 Stock based compensation 3,359 2,987 Research and development tax credit 1,842 1,627 Other 72 51 Non-current deferred tax assets 27,605 23,889 Valuation allowances (27,582 ) (23,884 ) Net non-current deferred tax assets 23 5 Non-current deferred tax liabilities (23 ) (5 ) Net deferred tax assets — — The components of the provision for income taxes were as follows: December 31, December 31, Current $ — $ — Deferred — — Total $ — $ — |
Stock Options and Warrants
Stock Options and Warrants | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Text Block [Abstract] | ||
Stock Options and Warrants | 9. Stock Options and Warrants Stock Options The Company adopted the 2006 Equity Participation Plan (the “2006 Plan”), which provides for the grant of stock options, restricted stock and other equity based awards. Awards for up to 100,000 shares may be granted to employees, directors and consultants under this Plan. The options granted under the 2006 Plan may be either qualified or non-qualified options. Options may be granted with different vesting terms and expire no later than 10 years from the date of grant. In April 2010, the Company adopted the 2010 Equity Participation Plan (the “2010 Plan”), which provides for the grant of stock options, restricted stock and other equity based awards. Awards for up to 120,000 shares may be granted to employees, directors and consultants under the 2010 Plan. The options granted under the 2010 Plan may be either qualified or non-qualified options. Options may be granted with different vesting terms and expire no later than 10 years from the date of grant. In November and December of 2009, the Company issued non-qualified stock options to purchase 68,384 shares of common stock outside the 2006 and 2010 option plans to certain employees and consultants. These options vest over 50 months and expire no later than 10 years from the date of grant. Total stock-based compensation expense for the three and six months ended June 30, 201 5 and 2014 was comprised of the following (in thousands): Three Months Ended Three Months Ended Six Months Ended Six Months Ended Cost of sales $ 7 $ 15 $ 14 $ 30 Research and development 31 73 91 143 Selling and marketing 8 12 17 23 General and administrative 46 274 220 525 $ 92 $ 374 $ 342 $ 721 Unrecognized compensation expense related to stock options as of June 30, 2015 was $618,000, which is expected to be recognized over a weighted average period of approximately 2.35 years. In accordance with applicable authoritative guidance, the Company is required to establish assumptions and estimates of the weighted-average fair value of stock options granted, as well as use a valuation model to calculate the fair value of stock-based awards. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. All options are amortized over the requisite service periods. Stock-based compensation for stock options granted to non-employees has been determined using the Black-Scholes option pricing model. These options are revalued at each reporting period until fully vested, with any change in fair value recognized in the condensed consolidated statements of operations. The fair value of options granted is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the three and six months ended June 30, 2015 and 2014: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Significant assumptions (weighted average): Risk-free interest rate at grant date 0.00 % 1.91 % 1.75 % 1.91 % Expected stock price volatility 0.00 % 99.72 % 93.54 % 99.72 % Expected dividend payout 0 % 0 % 0 % 0 % Expected option life based on management’s estimate 0.0 years 6.1 years 6.1 years 6.1 years Transactions involving stock options issued to employees, directors and consultants under the 2006 Plan, the 2010 Plan and outside the plans are summarized below. Options issued have a maximum life of 10 years. The following tables summarize the changes in options outstanding and the related exercise prices for the Company’s common stock options issued: Number of Weighted Share Weighted Aggregate Outstanding at December 31, 2013 106,856 $ 168.00 Granted 42,160 $ 21.00 Exercised — $ — Canceled or expired (6,886 ) $ 79.50 Outstanding at December 31, 2014 142,130 $ 129.00 Granted 10,160 $ 9.00 Exercised — $ — Canceled or expired (7,315 ) $ 22.50 Outstanding at June 30, 2015 144,975 $ 126.00 6.16 years $ — Vested and expected to vest at June 30, 2015 138,818 $ 130.50 6.03 years $ — Exercisable at June 30, 2015 101,130 $ 171.00 4.94 years $ — Number of Weighted Share Weighted Aggregate Outstanding at December 31, 2013 50,729 $ 93.00 Granted — $ — Exercised — $ — Canceled or expired — — Outstanding at December 31, 2014 50,729 $ 93.00 Granted — $ — Exercised — $ — Canceled or expired — $ — Outstanding, vested and exercisable at June 30, 2015 50,729 $ 93.00 4.37 years $ — Restricted Stock Awards Restricted stock awards are grants that entitle the holder to acquire shares of common stock at zero or a fixed price, which is typically nominal. The Company accounts for the restricted stock awards as issued and outstanding common stock, even though the shares covered by a restricted stock award cannot be sold, pledged, or otherwise disposed of until the award vests and any unvested shares may be reacquired by the Company for the original purchase price following the awardee’s termination of service. Annual grants of restricted stock awards are made to the non-employee members of the Board of directors on the date of the annual meeting of stockholders and typically vest in full at the next annual meeting of stockholders following the grant date. Beginning in 2013, additional annual grants of restricted stock awards were made to the non-employee members of the Board of directors as partial compensation for their services. These awards vest quarterly at the end of each quarter. In addition, the Company has made restricted stock awards to non-employee consultants for their services, which generally vest in one year or less. The following table summarizes the changes in restricted stock award activity and the related weighted average exercise prices for the Company’s awards issued: Restricted Weighted Unvested at December 31, 2013 967 $ 34.50 Granted 7,309 $ 25.50 Vested (7,309 ) $ 27.00 Forfeited — $ — Unvested at December 31, 2014 967 $ 24.00 Granted 6,301 $ 7.50 Vested (6,601 ) $ 6.00 Forfeited — $ — Unvested at June 30, 2015 667 $ 9.00 The fair value of the restricted stock awards is based on the market value of the common stock on the date of grant. The total grant-date fair value of restricted stock awards vested during the six months ended June 30, 2015 and 2014 was approximately $64,000 and $91,000, respectively. The Company recognized approximately $30,000 and $46,000 of stock-based compensation expense related to the restricted stock awards for the three months ended June 30, 2015 and 2014, respectively. Additionally, during the six months ended June 30, 2015 and 2014, the Company recognized approximately $55,000 and $85,000 of stock-based compensation expense related to the restricted stock awards, respectively. As of June 30, 2015, total unrecognized compensation costs related to unvested awards was approximately $1,000, which is expected to be recognized over a weighted-average period of approximately 0.36 years. Warrants Warrants Issued with Preferred Stock Warrants issued in connection with the October 2014 Financing The Company has accounted for the warrants in accordance with current accounting guidance, which defines how freestanding contracts that are indexed to and potentially settled in a Company’s own stock should be measured and classified. The authoritative accounting guidance prescribes that only warrants issued under contracts that cannot be net-cash settled and are both indexed to and settled in the Company’s common stock can be classified as equity. As the Series A, Series B and Series C Warrants and Placement Agent Warrant agreements did not meet the specific conditions for equity classification, the Company was required to classify the fair value of the warrants issued as a liability, with subsequent changes in fair value to be recorded as income (loss) in the statement of operations upon revaluation of the fair value of warrant liability at each reporting period. Valuation of the Warrants was estimated at issuance, at December 31, 2014 and June 30, 2015 using the Monte-Carlo simulation model. The following assumptions were used as inputs to the model at June 30, 2015: for Series A Warrants and the Placement Agent Warrants, stock price of $6.45 and warrant exercise price of $6.72 as of the valuation date; the Company’s historical stock price volatility of 81.9%; risk free interest rate on U.S. treasury notes of 1.55%; warrant expiration of 4.79 years; and a zero dividend rate, for Series C Warrants, stock price of $6.45 and warrant exercise price of $6.72 as of the valuation date; the Company’s historical stock price volatility of 81.9%; risk free interest rate on U.S. treasury notes of 0.01%; warrant expiration of 0.29 years; and a zero dividend rate,; simulated as a daily interval and anti-dilution impact if the Company had to raise capital below $6.72 per share. The fair value of the warrant liability at the issuance date exceeded the gross proceeds received for the Series H Preferred shares, Series A, Series B and Series C Warrants by $1,779,000. The Series A Warrants, Series B Warrants, Series C Warrants and Placement Agent Warrants had fair values of $2,299,000, $841,000, $1,139,000 and $552,000 at issuance, respectively. The classification and valuation of the warrants resulted in total warrant liabilities of $4,831,000. On April 14, 2015, the Company and the holders of the Series B Warrants issued in the October 2014 private placement, that remained outstanding as of that date, amended those remaining Series B Warrants to (i) extend the termination date to June 20, 2015; (ii) set the exercise price at $11.25 per share; (iii) remove certain price reset adjustment provisions to the exercise price and (iv) remove certain provisions related to cashless exercise, participation rights and anti-dilution effects of a subsequent financing. As a result of this modification, the Company recorded a net change in fair value of warrant liability gain of $388,000. During the three and six months ended June 30, 2015, the Company recorded a net change in fair value of warrant liability gain of $1.7 million and $2.4 million, respectively in the condensed consolidated statements of operations. Series B Warrant Exercises Series C Warrant Exercises Series A, C and Placement Agent Warrants Price Adjustment - Warrants Issued with Common Stock 2013 Securities Purchase Agreements for Common Stock In conjunction with the Company’s sale of 67,500 shares of common stock on January 22, 2013, the Company issued warrants convertible into 33,750 shares of common stock at an exercise price of $30.00 per share. The warrants have a five-year term. These warrants are held by Dr. Andrey Semechkin and Dr. Simon Craw, the Company’s Co-Chairman and Chief Executive Officer and the Company’s Former Executive Vice President Business Development, respectively. On March 12, 2013 the Company issued warrants convertible into 16,667 shares of common stock in conjunction with the sale of 33,334 shares of common stock. These warrants have a five-year term and an exercise price of $30.00 per share. Dr. Andrey Semechkin, the Company’s Co-Chairman and Chief Executive Officer is the holder of 1,667 of these warrants. On July 24, 2013 the Company sold 20,000,000 Units, with each Unit consisting of 0.0067 share of common stock and 0.0067 Series A Warrant. The Series A Warrants were convertible into 133,334 shares of common stock at an exercise price of $22.50 per share. The warrants have a five year term and were immediately exercisable. In addition, the Company issued 133,334 Series B Warrants each to purchase one Unit. The Series B Warrants were immediately exercisable at an initial exercise price of $22.50 per Unit, subject to adjustment and expired on October 24, 2013. The Units issuable upon exercise of the Series B Warrants consisted of 133,334 shares of common stock and 133,334 Series A Warrants, which were convertible into an additional 133,334 shares of common stock at an exercise price of $22.50 per share. All Series A Warrants had an expiration date of the fifth anniversary of the transaction close, July 24, 2018, regardless of the date the Series A Warrants were issued. See the 2014 Warrant Exchange Agreements - On July 19, 2013, the Company also entered into a placement agent agreement (the “Placement Agent Agreement”) with Roth Capital Partners, LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to act on a reasonable best efforts basis for the Offering. The Company paid the Placement Agent a cash fee equal to 5% of the gross proceeds from the Offering and reimbursed the Placement Agent for its reasonable out-of-pocket expenses of $75,000. The Company also issued 4,445 Placement Agent Warrants to purchase Units equal to 5% of the aggregate number of Units issued in the Offering (other than the Units issued to Andrey Semechkin and Ruslan Semechkin). The Placement Agent Warrants had substantially the same terms as the Series B Warrants, except that the Placement Agent Warrants (i) had an exercise price of $22.50 per Unit, subject to adjustments similar to those applicable to the Series A Warrants, (ii) had a term of five years, (iii) provided for a cashless exercise, and (iv) otherwise comply with the requirements of the Financial Institutions Regulatory Authority, Inc. (FINRA). The Company also agreed to pay the Placement Agent a cash solicitation fee equal to 5% of the gross proceeds received by the Company upon the exercise of the Series B Warrants under certain circumstances. See the 2014 Warrant Exchange Agreements - Series A and B Warrant Exercises 2014 Warrant Exchange Agreements – Immediately prior to the Warrant Exchange transaction, the Company recorded a net change in fair value of warrant liability gain of $1,271,000. As a result of the Warrant Exchange, the Company recognized a $3,445,000 loss for the warrant exchange inducement expense. In addition, the Company recorded a reclassification of $3,031,000 to additional paid in capital from warrant liability for a total increase to additional paid in capital of $6,428,000, which represents the fair value of the stock issued in the Warrant Exchange. As part of the Warrant Exchange Agreement, the Company agreed that through September 14, 2014 it would not offer, sell, pledge, contract to sell or otherwise dispose of any equity securities or securities convertible, exercisable or exchangeable into equity securities of the Company, except for the issuance of equity awards pursuant to the Company’s employee benefit plans and employee incentive plans, the issuance of common stock pursuant to the valid exercise of options or warrants or upon exercise of conversion rights with respect to convertible securities outstanding on the date of the Warrant Exchange, and the issuance and sale of equity securities in private placements to directors or officers of the Company. As of June 30, 2015 and December 31, 2014, there were 0 Series A Warrants and 0 Placement Agent Warrants outstanding. Warrants Issued in Connection with SkinCare Marketing Agreement In September 2011, the Company signed a Marketing Agreement (“agreement”) with an effective date of June 30, 2011, with a third party marketing organization. According to the terms of the agreement as described in Note 10 below, Commitments and Contingencies, under Marketing Arrangement and Agreement, the third party marketing organization would provide assistance to LSC to sell its skin care products through various specific proprietary mailings. The agreement provides for two tranches of common stock warrants issued by the Company for the benefit of the third party marketing organization for 667 shares each, with strike prices of $225.00 and $300.00, respectively, vesting over four quarters, and a warrant term of five years. As of June 30, 2015 and December 31, 2014, there were 1,334 warrants outstanding. These warrants expire in September 2016. Share data related to warrant transactions through June 30, 2015 were as follows: Common Units Common Stock Common Stock Price per Warrant July 2013 October 2014 Financing Weighted Placement Placement Skin Care Jan 2013 Mar 2013 Total Average Exercise Series A Agent Series A Series B Series C Agent Marketing Financing Financing Warrants Range Price Outstanding, December 31, 2013 243,699 4,445 — — — — 1,334 33,750 16,667 299,895 $ 22.50-300.00 $ 25.00 2014 Issued 258,519 258,519 258,519 62,045 837,602 $ 8.00 $ 9.00 Exchanged (243,699 ) (4,445 ) (248,144 ) $ 22.00 $ 22.00 Exercised (39,295 ) (39,295 ) $ 8.00 $ 8.00 Forfeited/Cancelled — — — Outstanding, December 31, 2014 — — 258,519 219,224 258,519 62,045 1,334 33,750 16,667 850,058 $ 9.00-300.00 $ 10.00 2015 Issued — $ — $ — Exchanged — $ — $ — Exercised (12,409 ) (51,704 ) (64,113 ) $ 6.00-9.00 $ 6.00 Forfeited/Cancelled (206,815 ) (206,815 ) $ 12.00 $ 12.00 Outstanding, June 30, 2015 — — 258,519 — 206,815 62,045 1,334 33,750 16,667 579,130 $ 6.00-300.00 $ 9.00 | 9. Stock Options and Warrants Stock Options The Company has adopted the 2006 Equity Participation Plan (the “2006 Plan”). The options granted under the 2006 Plan may be either qualified or non-qualified options. Up to 15,000,000 options may be granted to employees, directors and consultants under this Plan. Options may be granted with different vesting terms and expire no later than 10 years from the date of grant. In April 2010, the Company adopted the 2010 Equity Participation Plan (the “2010 Plan”). The options granted under the 2010 Plan may be either qualified or non-qualified options. Up to 18,000,000 options may be granted to employees, directors and consultants under the 2010 Plan. Options may be granted with different vesting terms and expire no later than 10 years from the date of grant. In November and December of 2009, the Company issued outside the 2006 and 2010 Plans non-qualified stock options to purchase 10,257,593 shares of common stock to certain employees and consultants. These options vest over 50 months and expire no later than 10 years from the date of grant. In accordance applicable authoritative guidance, the Company is required to establish assumptions and estimates of the weighted-average fair value of stock options granted, as well as using a valuation model to calculate the fair value of stock-based awards. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. All options are amortized over the requisite service periods. During the years ended December 31, 2014 and 2013, the Company recognized $1,418,000 and $1,693,000, as stock-based compensation expense, respectively. Unrecognized compensation expense related to stock options as of December 31, 2014 and 2013 was $977,000 and $1,864,000, respectively, which is expected to be recognized over a weighted average period of approximately 2.2 years and 1.6 years, respectively. Stock-based compensation for stock options granted to non-employees has been determined using the estimated fair value of the stock options issued, based on the Black-Scholes Option Pricing Model. These options are revalued at each reporting period until fully vested, with any change in fair value recognized in the consolidated statements of operations. The fair value of options granted is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for the years ended December 31, 2014 and 2013: Year Ended Year Ended Significant assumptions (weighted average): Risk-free interest rate at grant date 1.90 % 1.02 % Expected stock price volatility 100.75 % 116.53 % Expected dividend payout 0 % 0 % Expected option life based on management’s estimate 6.08 yrs 6.08 yrs Options Outstanding Options Exercisable and Vested Exercise Prices Number Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Contractual Life (Years) Weighted Average $0.09-$0.17 6,109,000 9.53 $ 0.14 — — — $0.18-$0.54 4,856,037 6.00 $ 0.37 3,496,512 5.27 $ 0.39 $0.55-$0.69 8,901,543 4.87 $ 0.61 8,901,543 4.87 $ 0.61 $0.70-$1.76 3,732,350 3.87 $ 1.16 3,673,600 3.83 $ 1.17 $1.77-$3.20 5,330,000 5.90 $ 1.97 5,031,200 5.89 $ 1.98 28,928,930 6.10 $ 0.79 21,102,855 5.00 $ 1.00 Transactions involving stock options issued to employees, directors and consultants under the 2006 Plan, the 2010 Plan and outside the plans are summarized below. Options issued have a maximum life of 10 years. The following table summarizes the changes in options outstanding and the related exercise prices for the Company’s common stock options issued: Number of Options Issued Under 2006 Plan and 2010 Plan Weighted Share Weighted Aggregate Outstanding at December 31, 2012 15,122,900 $ 1.18 Granted 1,491,500 $ 0.26 Exercised — $ — Canceled or expired (586,000 ) $ 0.61 Outstanding at December 31, 2013 16,028,400 $ 1.12 Granted 6,324,000 $ 0.14 Exercised — $ — Canceled or expired (1,032,763 ) $ 0.53 Outstanding at December 31, 2014 21,319,637 $ 0.86 6.55 years $ — Vested and expected to vest at December 31, 2014 20,194,202 $ 0.90 6.39 years $ — Exercisable at December 31, 2014 13,493,562 $ 1.21 5.07 years $ — Number of Options Issued Outside the Plan Weighted Share Weighted Aggregate Outstanding at December 31, 2012 8,254,232 $ 0.65 Granted — $ — Exercised — $ — Canceled or expired (644,939 ) $ 1.00 Outstanding at December 31, 2013 7,609,293 $ 0.62 Granted — $ — Exercised — $ — Canceled or expired — $ — Outstanding, vested and exercisable at December 31, 2014 7,609,293 $ 0.62 4.86 years $ — Restricted Stock Awards Restricted stock awards are grants that entitle the holder to acquire shares of common stock at zero or a fixed price, which is typically nominal. The Company accounts for the restricted stock awards as issued and outstanding common stock, even though the shares covered by a restricted stock award cannot be sold, pledged, or otherwise disposed of until the award vests and any unvested shares may be reacquired by the Company for the original purchase price following the awardee’s termination of service. Annual grants of restricted stock awards are made to the outside board of directors on the date of the annual meeting of stockholders and typically vest in full at the next annual meeting of stockholders following the grant date. Beginning in 2013, annual grants of restricted stock awards were made to the outside board of directors in connection with a reduction in cash compensation for their services. These awards vest quarterly at the end of each quarter. In addition, the Company has made restricted stock awards to non-employee consultants for their services, which generally vest in one year or less. The following table summarizes restricted stock award activity during the years ended December 31, 2014 and 2013: Restricted Weighted Average Grant Date Fair Value Unvested at December 31, 2012 335,000 $ 0.32 Granted 961,000 $ 0.24 Vested (1,029,750 ) $ 0.27 Forfeited (121,250 ) $ 0.25 Unvested at December 31, 2013 145,000 $ 0.23 Granted 1,096,333 $ 0.17 Vested (1,096,333 ) $ 0.18 Forfeited — $ — Unvested at December 31, 2014 145,000 $ 0.16 The fair value of the restricted stock awards is based on the market value of the common stock on the date of grant. The total grant-date fair value of restricted stock awards vested during the years ended December 31, 2014 and 2013 was approximately $194,000 and $273,000, respectively. The Company recognized approximately $191,000 and $240,000 of stock-based compensation expense related to the restricted stock awards for the years ended December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, total unrecognized compensation costs related to unvested awards were approximately $8,000 and $16,000, respectively, which is expected to be recognized over a weighted-average period of approximately 0.6 year and 0.5 year, respectively. Warrants Warrants Issued with Preferred Stock During 2008, in connection with the Company’s fund raising efforts, two warrants to purchase shares of common stock were issued with the purchase of one share of Series A Preferred Stock, where an additional 2,000,000 common stock warrants were outstanding and two warrants to purchase shares of common stock were issued with the purchase of one share of Series B Preferred Stock, where an additional 1,100,000 common stock warrants were outstanding. During the second quarter of 2010, the holders of the warrants issued to the purchasers of the Series A Preferred Stock and Series B Preferred Stock, signed a waiver to give up their rights to the anti-dilution provisions related to the warrants and the exercise price was fixed at $0.25. As of December 31, 2014, there were no outstanding warrants related to the Series A Preferred Stock and Series B Preferred Stock. Warrants related to the Series A Preferred Stock expired in January 2013, and warrants related to the Series B Preferred Stock expired in July 2013. Warrants issued in connection with the October 2014 Financing The Company has accounted for the warrants in accordance with current accounting guidance, which defines how freestanding contracts that are indexed to and potentially settled in a Company’s own stock should be measured and classified. The authoritative accounting guidance prescribes that only warrants issued under contracts that cannot be net-cash settled and are both indexed to and settled in the Company’s common stock can be classified as equity. As the Series A, Series B and Series C Warrants and Placement Agent Warrant agreements did not meet the specific conditions for equity classification, the Company was required to classify the fair value of the warrants issued as a liability, with subsequent changes in fair value to be recorded as income (loss) in the statement of operations upon revaluation of the fair value of warrant liability at each reporting period. Valuation of the Warrants was estimated at December 31, 2014 using the Monte-Carlo simulation model. The following assumptions were used as inputs to the model at December 31, 2014: for Series A Warrants and the Placement Agent Warrants, stock price of $0.069 and warrant exercise price of $0.0576 as of the valuation date; the Company’s historical stock price volatility of 83%; risk free interest rate on U.S. treasury notes of 1.63%; warrant expiration of 5.29 years; and a zero dividend rate, for Series B Warrants, stock price of $0.069 and warrant exercise price of $0.0576 as of the valuation date; the Company’s historical stock price volatility of 33.4%; risk free interest rate on U.S. treasury notes of 0.02%; warrant expiration of 0.28 years; and a zero dividend rate, for Series C Warrants, stock price of $0.069 and warrant exercise price of $0.0576 as of the valuation date; the Company’s historical stock price volatility of 33.4%; risk free interest rate on U.S. treasury notes of 0.02%; warrant expiration of 0.79 years; and a zero dividend rate,; simulated as a daily interval and anti-dilution impact if the Company had to raise capital below $0.0576 per share. The fair value of the warrant liability at the issuance date exceeded the gross proceeds received for the Series H Preferred shares, Series A, Series B and Series C Warrants by $1,779,000. The Series A Warrants, Series B Warrants, Series C Warrants and Placement Agent Warrants had fair values of $2,299,000, $841,000, $1,139,000 and $552,000 at issuance, respectively. The classification and valuation of the warrants resulted in total warrant liabilities of $4,831,000 and $4,216,000 as of the issuance date of October 14, 2014 and the revaluation date of December 31, 2014, respectively. During the year ended December 31, 2014, the Company recorded a net change in fair value of warrant liability gain of $2,405,000 in the consolidated statements of operations. Series B Warrant Exercises Series A, B, and C Warrants Price Adjustment - Warrants Issued with Common Stock 2013 Securities Purchase Agreements for Common Stock In conjunction with the Company’s sale of 10,125,000 shares of common stock on January 22, 2013, the Company issued warrants convertible into 5,062,500 shares of common stock at an exercise price of $0.20 per share. The warrants have a five-year term. These warrants are held by Dr. Andrey Semechkin and Dr. Simon Craw, the Company’s Co-Chairman and Chief Executive Officer and the Company’s Executive Vice President Business Development, respectively. On March 12, 2013 the Company issued warrants convertible into 2,500,000 shares of common stock in conjunction with the sale of 5,000,000 shares of common stock. These warrants have a five-year term and an exercise price of $0.20 per share. Dr. Andrey Semechkin, the Company’s Co-Chairman and Chief Executive Officer is the holder of 250,000 of these warrants. 2013 S-1 July Registered Offering On July 24, 2013 the Company sold 20,000,000 Units, with each Unit consisting of one share of common stock and one Series A Warrant. The Series A Warrants were convertible into 20,000,000 shares of common stock at an exercise price of $0.15 per share. The warrants have a five year term and were immediately exercisable. In addition, the Company issued 20,000,000 Series B Warrants each to purchase one Unit. The Series B Warrants were immediately exercisable at an initial exercise price of $0.15 per Unit, subject to adjustment and expired on October 24, 2013. The Units issuable upon exercise of the Series B Warrants consisted of 20,000,000 shares of common stock and 20,000,000 Series A Warrants, which were convertible into an additional 20,000,000 shares of common stock at an exercise price of $0.15 per share. All Series A Warrants had an expiration date of the fifth anniversary of the transaction close, July 24, 2018, regardless of the date the Series A Warrants were issued. See the 2014 Warrant Exchange Agreements - On July 19, 2013, the Company also entered into a placement agent agreement (the “Placement Agent Agreement”) with Roth Capital Partners, LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to act on a reasonable best efforts basis for the Offering. The Company paid the Placement Agent a cash fee equal to 5% of the gross proceeds from the Offering and reimbursed the Placement Agent for its reasonable out-of-pocket expenses of $75,000. The Company also issued 666,666 Placement Agent Warrants to purchase Units equal to 5% of the aggregate number of Units issued in the Offering (other than the Units issued to Andrey Semechkin and Ruslan Semechkin). The Placement Agent Warrants had substantially the same terms as the Series B Warrants, except that the Placement Agent Warrants (i) had an exercise price of $0.15 per Unit, subject to adjustments similar to those applicable to the Series A Warrants, (ii) had a term of five years, (iii) provided for a cashless exercise, and (iv) otherwise comply with the requirements of the Financial Institutions Regulatory Authority, Inc. (FINRA). The Company also agreed to pay the Placement Agent a cash solicitation fee equal to 5% of the gross proceeds received by the Company upon the exercise of the Series B Warrants under certain circumstances. See the 2014 Warrant Exchange Agreements - The Series B Warrants were immediately exercisable at an initial exercise price of $0.15, subject to adjustment. Beginning at the close of trading on the 60th trading day following the date of issuance, and effective beginning on the fifth trading day immediately preceding such 60th trading day, the Series B Warrants were exercisable at a per unit exercise price equal to the lower of (i) the then-effective exercise price per unit and (ii) 80% of the closing bid price of the Company’s common stock on such 60th trading day. If prior to the close of trading on the 60th trading day after the date of issuance (and on any of the five trading days immediately preceding such day), a holder of the Series B Warrants had delivered one or more exercise notices to the Company and paid all or any part of the exercise price with respect thereto, then on the first trading day immediately following such 60th trading day the Company was obligated to deliver to such holder an amount in cash equal to the positive difference (if any) between (x) the exercise price actually paid by such holder and (y) the product of (I) the aggregate number of units elected to be purchased in such exercise notices, multiplied by (II) 80% of the closing bid price of the Company’s common stock on such 60th trading day. The Series B Warrants expired at the close of business on the 65th trading day following the date of issuance, October 24, 2013. The Series B Warrants were issued separately from the common stock and the Series A Warrants included in the Units, and were transferable separately, immediately thereafter. Series B Warrants were issued in certificated form only. Investors in the Offering received one Series B Warrant for each Unit purchased by them in the Offering. No additional consideration was paid by holders of the Series B Warrants. The exercise price and number of shares of common stock issuable upon exercise of the Series A Warrants were subject to adjustment in the event of any stock dividends and splits, reverse stock split, stock dividend, recapitalization, reorganization or similar transaction, as described in the Series A Warrants. The Series A Warrants also contained full ratchet anti-dilution protection upon the issuance of any common stock, securities convertible into common stock, or certain other issuances at a price below the then existing exercise price of the Series A Warrants, with certain exceptions. The exercise price and number of Units issuable on exercise of the Series B Warrants were subject to adjustment in the event of any stock split, reverse stock split, stock dividend, recapitalization, reorganization or similar transaction, as described in the Series B Warrants. The Series A Warrants were exercisable on a “cashless” basis in certain circumstances. In addition, in the event of a fundamental transaction that is (i) an all cash or substantially all cash transaction, (ii) a “Rule 13e 3 transaction” as defined in Rule 13e-3 under the Securities Exchange Act of 1934, as amended, or (iii) with certain limited exceptions, a fundamental transaction involving a person or entity not traded on The New York Stock Exchange, Inc., The NYSE MKT, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market, then the Company or any successor entity would pay at the holder’s option, exercisable at any time concurrently with or within 45 days after the consummation of the fundamental transaction, an amount of cash equal to the value of the Series A Warrant as determined in accordance with the Black Scholes option pricing model. The Company has accounted for the warrants in accordance with current accounting guidance, which defines how freestanding contracts that are indexed to and potentially settled in a Company’s own stock should be measured and classified. The authoritative accounting guidance prescribes that only warrants issued under contracts that cannot be net-cash settled and are both indexed to and settled in the Company’s common stock can be classified as equity. As the Series A Warrant, Series B Warrant, and Placement Agent Warrant agreements did not meet the specific conditions for equity classification, the Company was required to classify the fair value of the warrants issued as a liability, with subsequent changes in fair value to be recorded as income (loss) in the statement of operations upon revaluation of the fair value of warrant liability at each reporting period. Valuation of the Warrants was estimated at each quarter and as of the year ended December 31, 2013 using the Monte-Carlo simulation model. The following assumptions were used as inputs to the model at December 31, 2013: stock price of $0.21 and warrant exercise price of $0.15 as of the valuation date; the Company’s historical stock price volatility of 84.3%; risk free interest rate on U.S. treasury notes of 1.55%; warrant expiration of 4.56 years; and a zero dividend rate for the Series A Warrants and the Placement Agent Warrants; simulated as a daily interval and anti-dilution impact if the Company had to raise capital below $0.15 per share. The fair value of the warrant liability at the issuance date exceeded the gross proceeds received for the common shares, Series A Warrants and the Series B Warrants by $1,390,000. The Series A Warrants, Series B Warrants, and Placement Agent Warrants had fair values of $1,725,000, $2,645,000 and $115,000 at issuance, respectively. The classification and valuation of the warrants resulted in total warrant liabilities of $4,485,000 and $4,925,000 as of the issuance date of July 24, 2013 and the revaluation date of December 31, 2013, respectively. During the year ended December 31, 2014, the Company recorded a net change in fair value of warrant liability gain of $1,894,000 in the consolidated statements of operations prior to the 2014 Warrant Exchange Transaction in the second quarter of 2014 and for the quarterly revaluation at March 31, 2014. See the 2014 Warrant Exchange Agreements - Series A and B Warrant Exercises In addition, during the year ended December 31, 2013, the Company received net proceeds of $30,000 upon the exercise of 200,000 of the Series A Warrants issued in July 2013 for 200,000 shares of common stock at an exercise price of $0.15 per share. Series B Price Adjustment - Expiration of Series B Warrants - 2014 Warrant Exchange Agreements – Immediately prior to the Warrant Exchange transaction, the Company recorded a net change in fair value of warrant liability gain of $1,271,000. As a result of the Warrant Exchange, the Company recognized a $3,445,000 loss for the warrant exchange inducement expense. In addition, the Company recorded a reclassification of $3,031,000 to additional paid in capital from warrant liability for a total increase to additional paid in capital of $6,428,000, which represents the fair value of the stock issued in the Warrant Exchange. As part of the Warrant Exchange Agreement, the Company agreed that through September 14, 2014 it would not offer, sell, pledge, contract to sell or otherwise dispose of any equity securities or securities convertible, exercisable or exchangeable into equity securities of the Company, except for the issuance of equity awards pursuant to the Company’s employee benefit plans and employee incentive plans, the issuance of common stock pursuant to the valid exercise of options or warrants or upon exercise of conversion rights with respect to convertible securities outstanding on the date of the Warrant Exchange, and the issuance and sale of equity securities in private placements to directors or officers of the Company. As of December 31, 2014 and 2013, there were 0 and 36,554,822 Series A Warrants and 0 and 666,666 Placement Agent Warrants outstanding, respectively, which the Company had reserved 0 and 37,888,154 shares of common stock for future issuance, respectively. Warrants Issued with Other Financings During 2007 and 2008, the Company entered into various agreements to borrow working capital and as part of these agreements, the Company issued warrants to the holders to purchase common stock. The Company issued 1,400,000 warrants to YKA Partners, an affiliated company of its former Co-Chairman of the Board with an exercise price of $0.25 per share, all of which expired unexercised in August 2013. Warrants Issued in Connection with SkinCare Marketing Agreement In September 2011, the Company signed a Marketing Agreement (“agreement”) with an effective date of June 30, 2011, with a third party marketing organization. According to the terms of the agreement as described in Note 10 below, Commitments and Contingencies, under Marketing Arrangement and Agreement, the third party marketing organization would provide assistance to LSC to sell its skin care products through various specific proprietary mailings. The agreement provides for two tranches of common stock warrants issued by the Company for the benefit of the third party marketing organization for 100,000 shares each, with strike prices of $1.50 and $2.00, respectively, vesting over four quarters, and a warrant term of five years. As of December 31, 2014 and 2013, there were 200,000 warrants outstanding. These warrants expire in September 2016. Share data related to warrant transactions as of December 31, 2014 were as follows: Preferred Stock Common Stock Units Common Stock Common Stock July 2013 Financing October 2014 Financing Series A Series B Series A Series B Placement Series A Series B Series C Placement YKA Skin Care Jan 2013 Mar 2013 Total Outstanding, December 31, 2012 1,600,000 300,000 — — — — — — — 1,400,000 200,000 — — 3,500,000 2013 Issued 36,754,822 20,000,000 666,666 5,062,500 2,500,000 64,983,988 Exercised (200,000 ) (16,754,822 ) (16,954,822 ) Forfeited/Cancelled (1,600,000 ) (300,000 ) (3,245,178 ) (1,400,000 ) (6,545,178 ) Outstanding, December 31, 2013 — — 36,554,822 — 666,666 — — — — — 200,000 5,062,500 2,500,000 44,983,988 2014 Issued 38,777,726 38,777,726 38,777,726 9,306,654 125,639,832 Exchanged (36,554,822 ) (666,666 ) (37,221,488 ) Exercised (5,894,214 ) (5,894,214 ) Forfeited/Cancelled — Outstanding, December 31, 2014 — — — — — 38,777,726 32,883,512 38,777,726 9,306,654 — 200,000 5,062,500 2,500,000 127,508,118 Price per Warrant Range Weighted Outstanding, December 31, 2012 $ 0.25-2.00 $ 0.34 2013 Issued $ 0.15-0.20 $ 0.16 Exercised $ 0.15-0.15 $ 0.15 Forfeited/Cancelled $ 0.15-0.25 $ 0.20 Outstanding, December 31, 2013 $ 0.15-2.00 $ 0.17 2014 Issued $ 0.06 $ 0.06 Exchanged $ 0.15 $ 0.15 Exercised $ 0.06 $ 0.06 Forfeited/Cancelled $ — $ — Outstanding, December 31, 2014 $ 0.06-2.00 $ 0.07 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 10. Commitments and Contingencies Leases The Company has established its primary research facility in 8,215 square feet of leased office and laboratory space in Oceanside, California. The lease for this facility expires in August 2016. The current base rent is $8,846 per month. The facility has leasehold improvements which include cGMP (current Good Manufacturing Practices) level clean rooms designed for the derivation of clinical-grade stem cells and their differentiated derivatives, research laboratories for the Company’s stem cell differentiation studies and segregated rooms for biohazard control and containment of human donor tissue. The monthly base rent will increase by 3% annually on the anniversary date of the agreement. The Company leases a 5,520 square foot manufacturing facility in Frederick, Maryland, which is used for laboratory and administrative purposes. The current base rent is $8,865. The initial term of the lease expires in December 2015 and there is an option for an additional five years. The laboratory is being used to develop and manufacture the Company’s research products and the administration facility is used for sales and marketing and general administrative purposes. The manufacturing laboratory space has clean rooms and is fitted with the necessary water purification, refrigeration, labeling equipment and standard manufacturing equipment to manufacture, package, store, and distribute media products. On February 25, 2011, the Company entered into a lease agreement (the “Lease Agreement”) with S Real Estate Holdings LLC to allow the Company to expand into new corporate offices located at 5950 Priestly Drive, Carlsbad, California. The building is used for administrative purposes, but could also be used for research and development purposes if such space is needed in the future. The lease initially covered approximately 4,653 square feet, starting on March 1, 2011, and was amended to cover approximately 8,199 square feet effective July 1, 2011, and to cover approximately 9,848 square feet effective January 1, 2013. The lease expires on February 29, 2016, subject to the Company’s right to extend the term for up to five additional years. The Company began paying rent at an initial rate of $5,118 per month and the rate was amended effective July 1, 2011 and January 1, 2013 to account for additional square footage occupied by the Company. The current base rent is $12,192 per month. The monthly base rent will increase by 3% annually on the anniversary date of the agreement. The Company is also obligated to pay a portion of the utilities for the building and increases in property tax and insurance. S Real Estate Holdings LLC is owned by Dr. Ruslan Semechkin, the Company’s Chief Scientific Officer and a director, and was previously owned by Dr. Andrey Semechkin, the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors. The Lease Agreement was negotiated at arm’s length and was reviewed by the Company’s outside legal counsel. The terms of the lease were reviewed by a committee of independent directors, and the Company believes that, in total, those terms are consistent with the terms that could be obtained for comparable facilities from an unaffiliated party. The Company incurred rent expense of $69,000 and $79,000 for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, the Company incurred rent expense of $142,000 and $158,000, respectively. Future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2015, are as follows (in thousands): Amount 2015 (remaining six months) $ 184 2016 104 2017 5 Total $ 293 Marketing Agreement In September 2011, the Company signed a Marketing Agreement (“agreement”) with an effective date of June 30, 2011, superseding the terms of a previous arrangement with a third party marketing organization. According to the agreement, the third party marketing organization will continue to provide assistance to Lifeline Skin Care, Inc., (“LSC”) a wholly-owned subsidiary of International Stem Cell, to sell skin care products through various specific proprietary mailings. In exchange for such services, the Company will pay 20% of net revenues for Direct Sales (as defined in the agreement) generated from the proprietary mailings. In addition, the Company agreed to pay 10% of net revenues for Referral Sales. The agreement specifies that the parties do not intend to create a joint venture, and that either party may terminate the agreement upon 30-day written notice. In addition, the agreement provided for two tranches of common stock warrants issued by the Company for the benefit of the third party marketing organization for 667 shares each, with strike prices of $225.00 and $300.00, respectively, with vesting over four quarters, and warrant term of five years. Subsequently in July 2012, the Company renegotiated the commission structure to reflect slightly lower rates, 18% on net revenues derived from direct sales and 9% on net revenues derived from referral sales. LSC incurred $3,000 and $10,000 as commission expenses during the three months ended June 30, 2015 and 2014, respectively, under the terms of this agreement. For six months ended June 30, 2015 and 2014, the commission expenses incurred under this agreement was $8,000 and $23,000, respectively. Customer Concentration During the three and six months ended June 30, 2015 for the Biomedical market segment, one customer accounted for 22% and 18% of consolidated revenues, respectively. During the three and six months ended June 30, 2014 for the Biomedical market segment, one customer accounted for 19% and 20% of our consolidated revenues, respectively. No other single customer accounted for more than 10% of revenues for any period presented. | 10. Commitments and Contingencies Leases The Company has established its primary research facility in 8,215 square feet of leased office and laboratory space in Oceanside, California. The lease for this facility expires in August 2016. The current base rent is $8,846 per month. The facility has leasehold improvements which include cGMP (current Good Manufacturing Practices) level clean rooms designed for the derivation of clinical-grade stem cells and their differentiated derivatives, research laboratories for the Company’s stem cell differentiation studies and segregated rooms for biohazard control and containment of human donor tissue. The monthly base rent will increase by 3% annually on the anniversary date of the agreement. The Company leases a 5,520 square foot manufacturing facility in Frederick, Maryland, which is used for laboratory and administrative purposes. The current base rent is $11,105. The initial term of the lease expires in December 2015 and there is an option for an additional five years. The laboratory is being used to develop and manufacture the Company’s research products and the administration facility will be is used for sales and marketing and general administrative purposes. The manufacturing laboratory space has clean rooms and is fitted with the necessary water purification, refrigeration, labeling equipment and standard manufacturing equipment to manufacture, package, store, and distribute media products. On February 25, 2011, the Company entered into a lease agreement (the “Lease Agreement”) with S Real Estate Holdings LLC to allow the Company to expand into new corporate offices located at 5950 Priestly Drive, Carlsbad, California. The building is used for administrative purposes, but could also be used for research and development purposes if such space is needed in the future. The lease initially covered approximately 4,653 square feet, starting on March 1, 2011, and was amended to cover approximately 8,199 square feet effective July 1, 2011, and to cover approximately 9,848 square feet effective January 1, 2013. The lease expires on February 29, 2016, subject to the Company’s right to extend the term for up to five additional years. The Company began paying rent at an initial rate of $5,118 per month and the rate was amended effective July 1, 2011 and January 1, 2013 to account for additional square footage occupied by the Company. The current base rent is $11,837 per month. The monthly base rent will increase by 3% annually on the anniversary date of the agreement. The Company is also obligated to pay a portion of the utilities for the building and increases in property tax and insurance. S Real Estate Holdings LLC is owned by Dr. Ruslan Semechkin, the Company’s Chief Scientific Officer and a director, and was previously owned by Dr. Andrey Semechkin, the Company’s Chief Executive Officer and Co-Chairman of the Board of Directors. The Lease Agreement was negotiated at arm’s length and was reviewed by the Company’s outside legal counsel. The terms of the lease were reviewed by a committee of independent directors, and the Company believes that, in total, those terms are consistent with the terms that could be obtained for comparable facilities from an unaffiliated party. The Company incurred rent expense of $315,000 and $310,000 for the years ended December 31, 2014 and 2013, respectively. Future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014, are as follows (in thousands): Amount 2015 399 2016 103 2017 5 Total $ 507 Marketing Agreement In September 2011, the Company signed a Marketing Agreement (“agreement”) with an effective date of June 30, 2011, superseding the terms of a previous arrangement with a third party marketing organization. According to the agreement, the third party marketing organization will continue to provide assistance to Lifeline Skin Care, Inc., (“LSC”) a wholly-owned subsidiary of International Stem Cell, to sell skin care products through various specific proprietary mailings. In exchange for such services, the Company will pay 20% of net revenues for Direct Sales (as defined in the agreement) generated from the proprietary mailings. In addition, the Company agreed to pay 10% of net revenues for Referral Sales. The agreement specifies that the parties do not intend to create a joint venture, and that either party may terminate the agreement upon 30-day written notice. In addition, the agreement provided for two tranches of common stock warrants issued by the Company for the benefit of the third party marketing organization for 100,000 shares each, with strike prices of $1.50 and $2.00, respectively, with vesting over four quarters, and warrant term of five years. Subsequently in July 2012, the Company renegotiated the commission structure to reflect slightly lower rates, 18% on net revenues derived from direct sales and 9% on net revenues derived from referral sales. LSC incurred $51,000 and $80,000 as commission expenses during the years ended December 31, 2014 and 2013, respectively, under the terms of this arrangement and agreement. Customer Concentration During the year ended December 31, 2014 for the Biomedical market segment, one major customer accounted for approximately 21% of consolidated revenues. During the year ended December 31, 2013 for the Biomedical market segment, one major customer accounted for 17% of consolidated revenues and another major customer accounted for approximately 10% of consolidated revenues. No other single customer accounted for more than 10% of revenues for any period presented. |
Segments and Geographic Informa
Segments and Geographic Information | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||
Segments and Geographic Information | 11. Segments and Geographic Information The Company’s chief operating decision-maker reviews financial information presented on a consolidated basis, accompanied by disaggregated information by each reportable company’s statement of operations. The Company operates the business on the basis of three reporting segments, the parent company and two wholly-owned subsidiaries: International Stem Cell Corporation, a research and development company, for the Therapeutic Market for clinical applications of hpSCs for the treatment of various diseases such as Parkinson’s disease, liver diseases and corneal blindness; Lifeline Skin Care, Inc. for the Cosmeceutical Market, which develops, manufactures and markets a category of cosmetic skin care products based on biotechnology with human stem cells; Lifeline Cell Technology, LLC for the Biomedical Market, which develops, manufactures and commercializes primary human cell research products including over 160 human cell culture products, including frozen human “primary” cells and the reagents (called “media”) needed to grow, maintain and differentiate the cells. Revenues, Expenses and Operating Income (loss) The Company does not measure the performance of its segments on any asset-based metrics. Therefore, segment information is presented only for operating income (loss). Revenues, expenses and operating income (loss) by market segment were as follows (in thousands): For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 Revenues: Cosmeceutical market $ 884 $ 746 $ 1,725 $ 1,549 Biomedical market 931 842 1,712 1,688 Total revenues 1,815 1,588 3,437 3,237 Operating expenses: Therapeutic market 1,316 2,388 3,552 4,608 Cosmeceutical market 777 785 1,489 1,573 Biomedical market 659 658 1,299 1,364 Total operating expenses 2,752 3,831 6,340 7,545 Operating income (loss): Therapeutic market (1,316 ) (2,388 ) (3,552 ) (4,608 ) Cosmeceutical market 107 (39 ) 236 (24 ) Biomedical market 272 184 413 324 Total operating loss $ (937 ) $ (2,243 ) $ (2,903 ) $ (4,308 ) Geographic Information The Company’s wholly-owned subsidiaries are located in Maryland and California, and have customer and vendor relationships worldwide. Significant revenues in the following regions are those that are attributable to the individual countries within the region to which the product was shipped (in thousands): For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 North America $ 1,470 $ 1,318 $ 2,770 $ 2,667 Asia 269 162 482 340 Europe 70 101 160 210 All other regions 6 7 25 20 Total $ 1,815 $ 1,588 $ 3,437 $ 3,237 | 11. Segments and Geographic Information The Company’s chief operating decision-maker reviews financial information presented on a consolidated basis, accompanied by disaggregated information by each reportable company’s statement of operations. The Company operates the business on the basis of three reporting segments, the parent company and two wholly-owned subsidiaries: International Stem Cell Corporation, a research and development company, for the Therapeutic Market for clinical applications of hpSCs for the treatment of various diseases such as Parkinson’s disease, liver diseases and corneal blindness; Lifeline Skin Care, Inc. for the Cosmeceutical Market, which develops, manufactures and markets a category of cosmetic skin care products based on biotechnology with human stem cells; Lifeline Cell Technology, LLC for the Biomedical Market, which develops, manufactures and commercializes primary human cell research products including over 130 human cell culture products, including frozen human “primary” cells and the reagents (called “media”) needed to grow, maintain and differentiate the cells; Cyto Therapetuics, PTY LTD, a research and development company for the Therapeutic Market, which conducts clinical trials in Australia for the use of hpSCs in the treatment of Parkinson’s disease. Revenues, Expenses and Operating Income (loss) The Company does not measure the performance of its segments on any asset-based metrics. Therefore, segment information is presented only for operating income (loss). Revenues, expenses and operating income (loss) by market segment were as follows (in thousands): For the Years Ended 2014 2013 Revenues: Cosmeceutical market $ 3,507 $ 3,204 Biomedical market 3,510 2,943 Total revenues 7,017 6,147 Operating expenses: Therapeutic market 9,695 8,200 Cosmeceutical market 3,253 2,914 Biomedical market 2,749 2,579 Total operating expenses 15,697 13,693 Operating income (loss): Therapeutic market (9,695 ) (8,200 ) Cosmeceutical market 254 290 Biomedical market 761 364 Total operating loss $ (8,680 ) $ (7,546 ) Geographic Information The Company’s wholly-owned subsidiaries are located in Maryland; California and Melbourne, Australia, and have customer and vendor relationships worldwide. Significant revenues in the following regions are those that are attributable to the individual country within the region to which the product was shipped (in thousands): For the Years Ended 2014 2013 North America $ 5,632 $ 4,779 Asia 943 905 Europe 393 355 All other regions 49 108 Total $ 7,017 $ 6,147 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On July 29, 2015, the Company completed a 1:150 reverse stock split of its common stock. Every 150 shares of the Company’s issued and outstanding pre-reverse stock split common stock was automatically converted into one issued and outstanding share of post-reverse split common stock, with no change in par value per share. Stockholders received an additional share of post-reverse split common stock in lieu of any fractional shares. The reverse stock split affected all shares of the Company’s common stock outstanding, as well as the number of shares of common stock available for issuance under the Company’s Equity Participation Plans. The reverse stock split proportionally reduced the number of shares of common stock issuable upon the conversion of shares of preferred stock or upon the exercise of stock options or warrants outstanding, with corresponding increases in the conversion or exercise prices of those securities. In addition, pursuant to the Certificate of Designation of Preferences Rights and Limitations of the Company’s Series H Preferred Stock, upon the effectiveness of the reverse stock split, the conversion price of the Series H Preferred Stock was automatically reduced to $1.7933 per share (adjusted for the 1:150 reverse stock split). On August 10, 2015, to obtain funding for working capital purposes and to refinance the indebtedness incurred on May 12, 2015, the Company issued an unsecured, non-convertible promissory note in the principal amount of $2,562,000 (the “Note”) to Dr. Andrey Semechkin in return for Dr. Semechkin (i) surrendering the note issued to him by the Company on May 12, 2015 in the principal amount of $2,262,000, and (ii) providing an additional $300,000 of funds to the Company. Dr. Semechkin is the Company’s Co-Chairman and Chief Executive Officer. The principal amount under the Note accrues interest at a rate of One Half of One Percent (0.50%) per annum. The Note is due and payable September 10, 2015, but may be pre-paid by the Company without penalty at any time |
Organization and Significant 20
Organization and Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Business Combination and Corporate Restructure | Business Combination and Corporate Restructure BTHC III, Inc. (“BTHC III” or the “Company”) was organized in Delaware in June 2005 as a shell company to effect the reincorporation of BTHC III, LLC, a Texas limited liability company. On December 28, 2006, the Company effected a Share Exchange pursuant to which it acquired all of the stock of International Stem Cell Corporation, a California corporation (“ISC California”). After giving effect to the Share Exchange, the stockholders of ISC California owned 93.7% of issued and outstanding shares of common stock. As a result of the Share Exchange, ISC California is now the wholly-owned subsidiary, though for accounting purposes it was deemed to have been the acquirer in a “reverse merger.” In the reverse merger, BTHC III is considered the legal acquirer and ISC California is considered the accounting acquirer. On January 29, 2007, the Company changed its name from BTHC III, Inc. to International Stem Cell Corporation. Lifeline Cell Technology, LLC (“LCT”) was formed in the State of California on August 17, 2001. LCT is in the business of developing and manufacturing purified primary human cells and optimized reagents for cell culture. LCT’s scientists have used a technology, called basal medium optimization, to systematically produce products designed to culture specific human cell types and to elicit specific cellular behaviors. These techniques also produce products that do not contain non-human animal proteins, a feature desirable to the research and therapeutic markets. LCT distinguishes itself in the industry by having in place scientific and manufacturing staff with the experience and knowledge to set up systems and facilities to produce a source of consistent, standardized, non-human animal protein free cell products, some of which are suitable for FDA approval. On July 1, 2006, LCT entered into an agreement among LCT, ISC California and the holders of membership units and warrants. Pursuant to the terms of the agreement, all the membership units in LCT were exchanged for 133,334 shares of ISC California Common Stock and for ISC California’s assumption of LCT’s obligations under the warrants. LCT became a wholly-owned subsidiary of ISC California. Lifeline Skin Care, Inc. (“LSC”) was formed in the State of California on June 5, 2009 and is a wholly-owned subsidiary of ISC California. LSC develops, manufactures and markets cosmeceutical products, utilizing an extract derived from the Company’s human parthenogenetic stem cell technologies. Cyto Therapeutics was registered in the state of Victoria, Australia, on December 19, 2014 and is a limited proprietary company and a wholly-owned subsidiary of the Company. Cyto Therapeutics is a research and development company for the Therapeutic Market, which conducts clinical trials in Australia for the use of hpSCs in the treatment of Parkinson’s disease. | Business Combination and Corporate Restructure BTHC III, Inc. (“BTHC III” or the “Company”) was organized in Delaware in June 2005 as a shell company to effect the reincorporation of BTHC III, LLC, a Texas limited liability company. On December 28, 2006, the Company effected a Share Exchange pursuant to which it acquired all of the stock of International Stem Cell Corporation, a California corporation (“ISC California”). After giving effect to the Share Exchange, the stockholders of ISC California owned 93.7% of issued and outstanding shares of common stock. As a result of the Share Exchange, ISC California is now the wholly-owned subsidiary, though for accounting purposes it was deemed to have been the acquirer in a “reverse merger.” In the reverse merger, BTHC III is considered the legal acquirer and ISC California is considered the accounting acquirer. On January 29, 2007, the Company changed its name from BTHC III, Inc. to International Stem Cell Corporation. Lifeline Cell Technology, LLC (“LCT”) was formed in the State of California on August 17, 2001. LCT is in the business of developing and manufacturing purified primary human cells and optimized reagents for cell culture. LCT’s scientists have used a technology, called basal medium optimization, to systematically produce products designed to culture specific human cell types and to elicit specific cellular behaviors. These techniques also produce products that do not contain non-human animal proteins, a feature desirable to the research and therapeutic markets. LCT distinguishes itself in the industry by having in place scientific and manufacturing staff with the experience and knowledge to set up systems and facilities to produce a source of consistent, standardized, non-human animal protein free cell products, some of which are suitable for FDA approval. On July 1, 2006, LCT entered into an agreement among LCT, ISC California and the holders of membership units and warrants. Pursuant to the terms of the agreement, all the membership units in LCT were exchanged for 20,000,000 shares of ISC California Common Stock and for ISC California’s assumption of LCT’s obligations under the warrants. LCT became a wholly-owned subsidiary of ISC California. Lifeline Skin Care, Inc. (“LSC”) was formed in the State of California on June 5, 2009 and is a wholly-owned subsidiary of ISC California. LSC develops, manufactures and markets cosmeceutical products, utilizing an extract derived from the Company’s human parthenogenetic stem cell technologies. |
Reverse Stock Split | Reverse Stock Split Effective July 29, 2015 and pursuant to the reverse stock split approved by the Company’s Board of Directors, each 150 shares of issued and outstanding common stock were combined into and became one share of common stock and no fractional shares were issued. The accompanying financial statements and related disclosures give retroactive effect to the reverse stock split for all periods presented. | |
Going Concern | Going Concern The Company needs to raise additional working capital. The timing and degree of any future capital requirements will depend on many factors. Currently, the Company’s burn rate is approximately $481,000 per month, excluding capital expenditures and patent costs averaging $60,000 per month. There can be no assurance that the Company will be successful in maintaining its normal operating cash flow, and that such cash flows will be sufficient to sustain the Company’s operations through 2015. Based on the above, there is substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements were prepared assuming that the Company will continue as a going concern. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. Management’s plans in regard to these matters are focused on managing its cash flow, the proper timing of its capital expenditures, and raising additional capital or financing in the future. In December 2013, the Company filed a registration statement with the Securities Exchange Commission (the “SEC”), which allowed the Company to sell up to $10,250,000 of common stock to Lincoln Park Capital Fund, LLC (“Lincoln Park”) from time to time through January 2017 at the Company’s discretion pursuant to the terms of a Common Stock Purchase Agreement entered into with Lincoln Park on December 10, 2013 (the “Purchase Agreement”). In connection with agreements entered into as part of a private placement effected on October 14, 2014 (the “October 2014 private placement”), the Company may not sell shares to Lincoln Park until March 2016. Additionally, pursuant to the terms of the October 2014 private placement, the Company was unable to issue securities, subject to certain exceptions, until May 7, 2015. For further discussion, see Note 6. | Going Concern The Company needs to raise additional working capital. The timing and degree of any future capital requirements will depend on many factors. Currently, the Company’s burn rate is approximately $535,000 per month, excluding capital expenditures and patent costs averaging $82,000 per month. There can be no assurance that the Company will be successful in maintaining its normal operating cash flow, and that such cash flows will be sufficient to sustain the Company’s operations through 2015. Based on the above, there is substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements were prepared assuming that the Company is a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. Management’s plans in regard to these matters are focused on managing its cash flow, the proper timing of its capital expenditures, and raising additional capital or financing in the future. In December 2013, the Company filed a registration statement with the Securities Exchange Commission (the “SEC”), which allows the Company to sell up to $10,250,000 of common stock to Lincoln Park Capital Fund, LLC (“Lincoln Park”) from time to time through January 2017 at the Company’s discretion pursuant to the terms of a Common Stock Purchase Agreement entered into with Lincoln Park on December 10, 2013 (the “Purchase Agreement”). The registration statement was declared effective on January 13, 2014. However, the Company cannot predict the timing or amount of any funds that it may actually receive. During the year ended December 31, 2014, to obtain funding for working capital purposes, the Company sold a total of 8,200,000 shares of common stock under the Purchase Agreement with Lincoln Park, raising approximately $1,588,000. For further discussion, see Note 6, Capital Stock. In connection with agreements entered into as part of a private placement effected October 14, 2014, the Company may not sell shares to Lincoln Park until March 2016. Additionally, pursuant to the terms of the October 2014 private placement, the Company may not issue securities, subject to certain exceptions, until May 7, 2015 (the 90th day following the effective date of the last registration statement on Form S-1 registering all Registrable Securities (as defined in the registration rights agreement, as amended, entered into in connection with the Securities Purchase Agreement)), provided, however, that the Company may still issue securities in certain circumstances, including issuing shares in private placements to its officers and directors at market prices. For further discussion, see Note 6. |
Basis of Presentation | Basis of Presentation The Company is a biotechnology company focused on therapeutic and clinical product development with multiple long-term therapeutic opportunities and two revenue-generating subsidiaries with potential for increased future revenues. The accompanying unaudited condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. These financial statements do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the annual report on Form 10-K of International Stem Cell Corporation and Subsidiaries for the year ended December 31, 2014. The unaudited condensed consolidated financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the Company’s consolidated results of operations, financial position and cash flows. The unaudited condensed consolidated financial statements and the related notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s annual report on Form 10-K. Operating results for interim periods are not necessarily indicative of the operating results for any other interim period or an entire year. | Basis of Presentation The Company is a biotechnology company focused on therapeutic and clinical product development with multiple long-term therapeutic opportunities and two revenue-generating subsidiaries with potential for increased future revenues. The Company has been in the development stage from inception through to the quarter ended September 30, 2013. During the quarter ended December 31, 2013, the Company exited the development stage based on a consistent, increasing revenue trend and more significant revenue amounts generated from its two commercial businesses. The Company has generated product revenues from the two commercial businesses of $7,017,000 and $6,147,000 for the years ended December 31, 2014 and 2013, respectively. The Company currently has no revenue generated from its principal operations in therapeutic and clinical product development through research and development efforts. |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include the accounts of International Stem Cell Corporation and its subsidiaries after intercompany balances and transactions have been eliminated. | Principles of Consolidation The Company’s consolidated financial statements include the accounts of International Stem Cell Corporation and its subsidiaries after intercompany balances and transactions have been eliminated. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. | Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. |
Restricted Cash | Restricted Cash The Company is required to maintain $50,000 in a restricted certificate of deposit account in order to fully collateralize two revolving credit card accounts. | Restricted Cash The Company is required to maintain $50,000 in a restricted certificate of deposit account in order to fully collateralize two revolving credit card accounts. |
Inventories | Inventories Inventories are accounted for using the first-in, first-out (FIFO) method for our Lifeline Cell Technology (“LCT”) cell culture media and reagents, average cost and specific identification methods for our Lifeline Skin Care (“LSC”) products, and specific identification method for our Lifeline Cell Technology products. We state our inventory balances at the lower of cost or market. Lab supplies used in the research and development process are expensed as consumed. Inventory is reviewed periodically for product expiration and obsolescence and is adjusted accordingly. | Inventories We account for inventory using the first-in, first-out (FIFO) method for our Lifeline Cell Technology cell culture media and reagents, average cost and specific identification methods for our Lifeline Skin Care products, and specific identification method for our Lifeline Cell Technology products. We state our inventory balances at the lower of cost or market. Lab supplies used in the research and development process are expensed as consumed. Inventory is reviewed periodically for product expiration and obsolescence and is adjusted accordingly. |
Accounts Receivable | Accounts Receivable Trade accounts receivable are recorded at the net invoice value and are not interest bearing. Accounts receivable primarily consist of trade accounts receivable from the sales of LCT’s products, timing of cash receipts by the Company related to LSC credit card sales to customers, as well as LSC trade receivable amounts related to spa and distributor sales. The Company considers receivables past due based on the contractual payment terms. The Company reviews its exposure to accounts receivable and reserves specific amounts if collectability is no longer reasonably assured. As of June 30, 2015 and December 31, 2014, the Company had an allowance for doubtful accounts totaling $18,000 and $19,000, respectively. | Accounts Receivable Trade accounts receivable are recorded at the net invoice value and are not interest bearing. Accounts receivable primarily consist of trade accounts receivable from the sales of LCT’s products, timing of cash receipts by the Company related to LSC credit card sales to customers, as well as LSC trade receivable amounts related to spa and distributor sales. The Company considers receivables past due based on the contractual payment terms. The Company reviews its exposure to accounts receivable and reserves specific amounts if collectability is no longer reasonably assured. As of December 31, 2014 and 2013, the Company had an allowance for doubtful accounts of $19,000. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, generally over five years. The costs of major remodeling and leasehold improvements are capitalized and amortized over the shorter of the remaining term of the lease or the life of the asset. | Property and Equipment Property and equipment are stated at cost. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, generally over five years. The costs of major remodeling and leasehold improvements are capitalized and amortized over the shorter of the remaining term of the lease or the life of the asset. |
Intangible Assets | Intangible Assets Intangible assets consist of acquired research and development rights used in research and development, and capitalized legal fees related to the acquisition, filing, maintenance, and defense of patents. Patent or patent license amortization only begins once a patent license is acquired or a patent is issued by the appropriate authoritative bodies. In the period in which a patent application is rejected or efforts to pursue the patent are abandoned, all the related accumulated costs are expensed. Patents and patent licenses are recorded at cost of $3,604,000 and $3,367,000 at June 30, 2015 and December 31, 2014, respectively, and are amortized on a straight-line basis over the shorter of the lives of the underlying patents or the useful life of the license. | Intangible Assets Intangible assets consist of acquired research and development rights used in research and development, and capitalized legal fees related to the acquisition, filing, maintenance, and defense of patents. Patent or patent license amortization only begins once a patent license is acquired or a patent is issued by the appropriate authoritative bodies. In the period in which a patent application is rejected or efforts to pursue the patent are abandoned, all the related accumulated costs are expensed. Patents and patent licenses are recorded at cost of $3,367,000 and $2,760,000 at December 31, 2014 and 2013, respectively, and are amortized on a straight-line basis over the shorter of the lives of the underlying patents or the useful life of the license. Amortization expense for the years ended December 31, 2014 and 2013 amounted to $62,000 and $61,000, respectively, and is included in research and development expense. Accumulated amortization as of December 31, 2014 and 2013 was $572,000 and $510,000, respectively. Additional information regarding patents and patent licenses is included in Note 4. |
Long-Lived Asset Impairment | Long-Lived Asset Impairment The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered, and at least annually. The Company considers assets to be impaired and writes them down to fair value if expected associated undiscounted cash flows are less than the carrying amounts. Fair value is the present value of the associated cash flows. The Company recognized $47,000 and $0 of impairments on its long-lived assets during the three months ended June 30, 2015 and 2014, respectively. The Company recognized $99,000 and $36,000 of impairments on its long-lived assets during the six months ended June 30, 2015 and 2014, respectively. | Long-Lived Asset Impairment The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered, and at least annually. The Company considers assets to be impaired and writes them down to fair value if expected associated undiscounted cash flows are less than the carrying amounts. Fair value is the present value of the associated cash flows. The Company recognized $92,000 and $52,000 of impairment losses on its long-lived assets during the years ended December 31, 2014 and 2013, respectively. |
Product Sales | Product Sales The Company recognizes revenue from product sales at the time of shipment to the customer, provided no significant obligations remain and collection of the receivable is reasonably assured. If the customer has a right of return, the Company recognizes product revenues upon shipment, provided that future returns can be reasonably estimated. In the case where returns cannot be reasonably estimated, revenue will be deferred until such estimates can be made or the right of return has lapsed. LCT contributed 50% and 52% of total revenue during the six months ended June 30, 2015 and 2014, respectively. LSC contributed 50% and 48% of total revenue during the six months ended June 30, 2015 and 2014, respectively. | Product Sales The Company recognizes revenue from product sales at the time of shipment to the customer, provided no significant obligations remain and collection of the receivable is reasonably assured. If the customer has a right of return, the Company recognizes product revenues upon shipment, provided that future returns can be reasonably estimated. In the case where returns cannot be reasonably estimated, revenue will be deferred until such estimates can be made or the right of return has lapsed. LCT contributed 50% and 48% of total revenue in 2014 and 2013, respectively. LSC’s revenue accounted for 50% and 52% of total revenue in 2014 and 2013, respectively. |
Deferred Revenue and Allowance for Sales Returns | Deferred Revenue and Allowance for Sales Returns The Company recognizes revenue from product sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. However, the LSC products have a 30-day product return guarantee for website sales. The Company has estimated the historical rate of returns for the 30-day product return guarantee, which has remained consistent for the six months ended June 30, 2015 as compared to the years ended December 31, 2014 and 2013. At June 30, 2015 and December 31, 2014, the estimated allowance for sales returns was $10,000. At June 30, 2015 and December 31, 2014, net deferred revenue totaled $0. | Deferred Revenue and Allowance for Sales Returns The Company recognizes revenue from product sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. However, the LSC products have a 30-day product return guarantee for website sales. The Company has estimated the historical rate of returns for the 30-day product return guarantee, which has remained consistent for the year ended December 31, 2014 as compared to the years ended December 31, 2013 and 2012. At December 31, 2014 and December 31, 2013, the estimated allowance for sales returns was $10,000. At December 31, 2014 and December 31, 2013, net deferred revenue totaled $0 and $3,000, respectively. |
Cost of Sales | Cost of Sales Cost of sales consists primarily of salaries and benefits associated with employee efforts expended directly on the production of the Company’s products and include related direct materials, general laboratory supplies and allocation of overhead. Certain of the agreements under which the Company has licensed technology will require the payment of royalties based on the sale of its future products. Such royalties will be recorded as a component of cost of sales. Additionally, the amortization of license fees or milestone payments related to developed technologies used in the Company’s products will be classified as a component of cost of sales to the extent such payments become due in the future. | Cost of Sales Cost of sales consists primarily of salaries and benefits associated with employee efforts expended directly on the production of the Company’s products and include related direct materials, general laboratory supplies and allocation of overhead. Certain of the agreements under which the Company has licensed technology will require the payment of royalties based on the sale of its future products. Such royalties will be recorded as a component of cost of sales. Additionally, the amortization of license fees or milestone payments related to developed technologies used in the Company’s products will be classified as a component of cost of sales to the extent such payments become due in the future. |
Research and Development Costs | Research and Development Costs Research and development costs, which are expensed as incurred, are primarily comprised of costs and expenses for salaries and benefits associated with research and development personnel, overhead and occupancy, contract services, and amortization of license costs for technology used in research and development with alternative future uses. | Research and Development Costs Research and development costs, which are expensed as incurred, are primarily comprised of costs and expenses for salaries and benefits associated with research and development personnel, overhead and occupancy, contract services, and amortization of license costs for technology used in research and development with alternative future uses. |
Stock-Based Compensation | Stock-Based Compensation The Company recognized stock-based compensation expense associated with stock options and other stock-based awards in accordance with the authoritative guidance for stock-based compensation. The cost of a stock-based award is measured at the grant date based on the estimated fair value of the award, and is recognized as expense on a straight-line basis, net of estimated forfeitures over the requisite service period of the award. The fair value of stock options is estimated using the Black-Scholes option valuation model, which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected life of the option. The fair value of restricted stock awards is based on the market value of our common stock on the date of grant. | Stock-Based Compensation The Company recognized stock-based compensation expense associated with stock options and other stock-based awards in accordance with the authoritative guidance for stock-based compensation. The cost of a stock-based award is measured at the grant date based on the estimated fair value of the award, and is recognized as expense on a straight-line basis, net of estimated forfeitures over the requisite service period of the award. The fair value of stock options is estimated using the Black-Scholes option valuation model, which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected life of the option. The fair value of restricted stock awards is based on the market value of our common stock on the date of grant. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of June 30, 2015 (in thousands): Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 1,654 $ — $ — $ 1,654 The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2014 (in thousands): Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,216 $ — $ — $ 4,216 The following table displays the rollforward activity of liabilities with inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) (in thousands): Warrants to purchase Beginning balance at December 31, 2013 $ 4,925 Issuances of warrants 4,831 Exercise of warrants (104 ) Adjustments to estimated fair value (2,405 ) Warrants exchanged for common stock (3,031 ) Ending balance at December 31, 2014 4,216 Exercise of warrants (181 ) Adjustments to estimated fair value (2,381 ) Ending balance at June 30, 2015 $ 1,654 | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2014 (in thousands). Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,216 $ — $ — $ 4,216 The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2013 (in thousands). Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,925 $ — $ — $ 4,925 The following table displays the rollforward activity of liabilities with inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) (in thousands): Warrants to purchase Beginning balance at December 31, 2012 $ — Issuances of warrants 5,986 Exercise of warrants (1,815 ) Adjustments to estimated fair value 754 Ending balance at December 31, 2013 4,925 Issuances of warrants 4,831 Exercise of warrants (104 ) Adjustments to estimated fair value (2,405 ) Warrants exchanged for common stock (3,031 ) Ending balance at December 31, 2014 $ 4,216 |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with applicable authoritative guidance, which requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards. | Income Taxes The Company accounts for income taxes in accordance with applicable authoritative guidance, which requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements. Significant estimates include patent life (remaining legal life versus remaining useful life), inventory carrying values, allowance for sales returns and bad debt, and transactions using the Black-Scholes option pricing model, e.g., warrants and stock options, as well as the Monte-Carlo valuation method for certain warrants. Actual results could differ from those estimates. | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant estimates include patent life (remaining legal life versus remaining useful life), inventory balances (lower of cost or market), and transactions using the Black-Scholes option pricing model, e.g., warrants and stock options, as well as Monte-Carlo valuation method for certain warrants. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company believes that the carrying value of its cash and cash equivalents, receivables, accounts payable and accrued liabilities as of June 30, 2015 and December 31, 2014 approximate their fair values because of the short-term nature of those instruments. The fair value of certain warrants was determined at each quarterly reporting date as necessary using the Monte-Carlo valuation methodology. | Fair Value of Financial Instruments The Company believes that the carrying value of its cash and cash equivalents, receivables, accounts payable and accrued liabilities as of December 31, 2014 and 2013 approximate their fair values because of the short-term nature of those instruments. The fair value of certain warrants was determined at each quarterly reporting date as necessary in 2014 and 2013 using the Monte-Carlo valuation methodology. |
Income (Loss) Per Common Share | Income (Loss) Per Common Share The computation of net loss per common share is based on the weighted average number of shares outstanding during each period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents, which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. At June 30, 2015, there were 667 non-vested restricted stock awards, 151,858 vested and 43,848 non-vested stock options outstanding, and 579,130 warrants outstanding; and at June 30, 2014, there were 3,150 non-vested restricted stock awards, 51,750 shares issuable upon exercise of warrants, and 134,908 vested and 47,216 non-vested stock options outstanding. These restricted stock awards, stock options and warrants, other than certain in-the-money warrants at June 30, 2015, were not included in the diluted loss per share calculation because the effect would have been anti-dilutive. Warrants exercisable into 527,379 common shares were considered dilutive at June 30, 2015 and were included in the diluted loss per share calculation. | Income (Loss) Per Common Share The computation of net loss per common share is based on the weighted average number of shares outstanding during each period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents, which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. At December 31, 2014, there were 145,000 non-vested restricted stock awards, 21,102,855 vested and 7,826,075 non-vested stock options outstanding, and 127,508,118 warrants outstanding, which were convertible into 127,508,118 shares of common stock; and at December 31, 2013, there were 145,000 non-vested restricted stock awards, 44,983,988 warrants, which were convertible into 45,650,654 shares of common stock and 18,958,403 vested and 4,679,290 non-vested stock options outstanding. These restricted stock awards, stock options and warrants were not included in the diluted loss per share calculation because the effect would have been anti-dilutive. |
Comprehensive Income | Comprehensive Income Comprehensive income or loss includes all changes in equity except those resulting from investments by owners and distributions to owners. The Company did not have any items of comprehensive income or loss other than net income or loss from operations for the three and six months ended June 30, 2015 and 2014. | Comprehensive Income Comprehensive income or loss includes all changes in equity except those resulting from investments by owners and distributions to owners. The Company did not have any items of comprehensive income or loss other than net loss from operations for the years ended December 31, 2014 and 2013 |
Registration Payment Arrangements | Registration Payment Arrangements In accordance with applicable authoritative guidance, the Company is required to separately recognize and measure registration payment arrangements, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement. Such payments include penalties for failure to effect a registration of securities. | Registration Payment Arrangements In accordance with applicable authoritative guidance, the Company is required to separately recognize and measure registration payment arrangements, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement. Such payments include penalties for failure to effect a registration of securities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers | Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Organization and Significant 21
Organization and Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Fair Values of Assets and Liabilities | Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of June 30, 2015 (in thousands): Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 1,654 $ — $ — $ 1,654 The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2014 (in thousands): Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,216 $ — $ — $ 4,216 | The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2014 (in thousands). Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,216 $ — $ — $ 4,216 The table below sets forth a summary of the fair values of the Company’s assets and liabilities as of December 31, 2013 (in thousands). Total Level 1 Level 2 Level 3 ASSETS: Cash equivalents $ 5 $ 5 $ — $ — LIABILITIES: Warrants to purchase common stock $ 4,925 $ — $ — $ 4,925 |
Fair Value Measurement and Unobservable Rollforward Activity of Liabilities | The following table displays the rollforward activity of liabilities with inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) (in thousands): Warrants to purchase Beginning balance at December 31, 2013 $ 4,925 Issuances of warrants 4,831 Exercise of warrants (104 ) Adjustments to estimated fair value (2,405 ) Warrants exchanged for common stock (3,031 ) Ending balance at December 31, 2014 4,216 Exercise of warrants (181 ) Adjustments to estimated fair value (2,381 ) Ending balance at June 30, 2015 $ 1,654 | The following table displays the rollforward activity of liabilities with inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) (in thousands): Warrants to purchase Beginning balance at December 31, 2012 $ — Issuances of warrants 5,986 Exercise of warrants (1,815 ) Adjustments to estimated fair value 754 Ending balance at December 31, 2013 4,925 Issuances of warrants 4,831 Exercise of warrants (104 ) Adjustments to estimated fair value (2,405 ) Warrants exchanged for common stock (3,031 ) Ending balance at December 31, 2014 $ 4,216 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Summary of the Components of Inventories | The components of inventories are as follows (in thousands): June 30, December 31, Raw materials $ 234 $ 191 Work in process 586 507 Finished goods 1,008 1,012 Total 1,828 1,710 Less: allowance for inventory obsolescence (69 ) (193 ) Inventory, net $ 1,759 $ 1,517 | The components of inventories are as follows (in thousands): December 31, December 31, Raw materials $ 191 $ 147 Work in process 507 446 Finished goods 1,012 902 Total 1,710 1,495 Less: allowance for inventory obsolescence (193 ) (126 ) Inventory, net $ 1,517 $ 1,369 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Summary of Property and Equipment | Property and equipment consists of the following (in thousands): June 30, December 31, Machinery and equipment $ 1,361 $ 1,357 Computer equipment 305 294 Office equipment 203 203 Leasehold improvements 756 756 Construction in progress 6 — 2,631 2,610 Less: accumulated depreciation and amortization (2,085 ) (1,896 ) Property and equipment, net $ 546 $ 714 | Property and equipment consists of the following (in thousands): December 31, December 31, Machinery and equipment $ 1,357 $ 1,170 Computer equipment 294 246 Office equipment 203 203 Leasehold improvements 756 745 2,610 2,364 Less: accumulated depreciation and amortization (1,896 ) (1,534 ) Property and equipment, net $ 714 $ 830 |
Patent Licenses (Tables)
Patent Licenses (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Summary of Future Amortization Expense Related to Intangible Assets Subject to Amortization | At June 30, 2015, future amortization expense related to intangible assets subject to amortization is expected to be as follows (in thousands): Amount 2015 (remaining six months) $ 47 2016 83 2017 83 2018 83 2019 50 Thereafter 2,589 Total $ 2,935 | At December 31, 2014, future amortization expense related to the intangible assets subject to amortization is expected to be as follows (in thousands): Amount 2015 $ 62 2016 62 2017 62 2018 62 2019 29 Thereafter 2,473 Total $ 2,750 |
Advances (Tables)
Advances (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Text Block [Abstract] | ||
Schedule of Advances from Nonaffiliated Collaboration | As of June 30, 2015, no revenues were realized from this agreement. June 30, December 31, BioTime, Inc. (in thousands) $ 250 $ 250 | As of December 31, 2014, no revenues were realized from this agreement. December 31, December 31, BioTime, Inc. (in thousands) $ 250 $ 250 |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Summary of Shares of Common Stock Reserved for Future Issuance | At June 30, 2015, the Company had shares of common stock reserved for future issuance as follows: Options outstanding 195,706 Options available for future grant 1,113,560 Convertible preferred stock 983,388 Warrants 579,130 2,871,784 | At December 31, 2014, the Company had shares of common stock reserved for future issuance as follows: Options outstanding 28,928,930 Options available for future grant 6,405,980 Convertible preferred stock 173,895,796 Warrants 127,508,118 336,738,824 |
Stock Options and Warrants (Tab
Stock Options and Warrants (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Text Block [Abstract] | ||
Schedule of Total Stock-Based Compensation Expense | Total stock-based compensation expense for the three and six months ended June 30, 201 5 and 2014 was comprised of the following (in thousands): Three Months Ended Three Months Ended Six Months Ended Six Months Ended Cost of sales $ 7 $ 15 $ 14 $ 30 Research and development 31 73 91 143 Selling and marketing 8 12 17 23 General and administrative 46 274 220 525 $ 92 $ 374 $ 342 $ 721 | |
Fair Value of Stock Option Award | The fair value of options granted is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the three and six months ended June 30, 2015 and 2014: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Significant assumptions (weighted average): Risk-free interest rate at grant date 0.00 % 1.91 % 1.75 % 1.91 % Expected stock price volatility 0.00 % 99.72 % 93.54 % 99.72 % Expected dividend payout 0 % 0 % 0 % 0 % Expected option life based on management’s estimate 0.0 years 6.1 years 6.1 years 6.1 years | The fair value of options granted is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for the years ended December 31, 2014 and 2013: Year Ended Year Ended Significant assumptions (weighted average): Risk-free interest rate at grant date 1.90 % 1.02 % Expected stock price volatility 100.75 % 116.53 % Expected dividend payout 0 % 0 % Expected option life based on management’s estimate 6.08 yrs 6.08 yrs |
Summary of Changes in Options Outstanding and Related Exercise Prices for Shares of Company's Common Stock Options Issued | Transactions involving stock options issued to employees, directors and consultants under the 2006 Plan, the 2010 Plan and outside the plans are summarized below. Options issued have a maximum life of 10 years. The following tables summarize the changes in options outstanding and the related exercise prices for the Company’s common stock options issued: Number of Weighted Share Weighted Aggregate Outstanding at December 31, 2013 106,856 $ 168.00 Granted 42,160 $ 21.00 Exercised — $ — Canceled or expired (6,886 ) $ 79.50 Outstanding at December 31, 2014 142,130 $ 129.00 Granted 10,160 $ 9.00 Exercised — $ — Canceled or expired (7,315 ) $ 22.50 Outstanding at June 30, 2015 144,975 $ 126.00 6.16 years $ — Vested and expected to vest at June 30, 2015 138,818 $ 130.50 6.03 years $ — Exercisable at June 30, 2015 101,130 $ 171.00 4.94 years $ — Number of Weighted Share Weighted Aggregate Outstanding at December 31, 2013 50,729 $ 93.00 Granted — $ — Exercised — $ — Canceled or expired — — Outstanding at December 31, 2014 50,729 $ 93.00 Granted — $ — Exercised — $ — Canceled or expired — $ — Outstanding, vested and exercisable at June 30, 2015 50,729 $ 93.00 4.37 years $ — | The following table summarizes the changes in options outstanding and the related exercise prices for the Company’s common stock options issued: Number of Options Issued Under 2006 Plan and 2010 Plan Weighted Share Weighted Aggregate Outstanding at December 31, 2012 15,122,900 $ 1.18 Granted 1,491,500 $ 0.26 Exercised — $ — Canceled or expired (586,000 ) $ 0.61 Outstanding at December 31, 2013 16,028,400 $ 1.12 Granted 6,324,000 $ 0.14 Exercised — $ — Canceled or expired (1,032,763 ) $ 0.53 Outstanding at December 31, 2014 21,319,637 $ 0.86 6.55 years $ — Vested and expected to vest at December 31, 2014 20,194,202 $ 0.90 6.39 years $ — Exercisable at December 31, 2014 13,493,562 $ 1.21 5.07 years $ — Number of Options Issued Outside the Plan Weighted Share Weighted Aggregate Outstanding at December 31, 2012 8,254,232 $ 0.65 Granted — $ — Exercised — $ — Canceled or expired (644,939 ) $ 1.00 Outstanding at December 31, 2013 7,609,293 $ 0.62 Granted — $ — Exercised — $ — Canceled or expired — $ — Outstanding, vested and exercisable at December 31, 2014 7,609,293 $ 0.62 4.86 years $ — |
Summary of Changes in Restricted Stock Award Activity | The following table summarizes the changes in restricted stock award activity and the related weighted average exercise prices for the Company’s awards issued: Restricted Weighted Unvested at December 31, 2013 967 $ 34.50 Granted 7,309 $ 25.50 Vested (7,309 ) $ 27.00 Forfeited — $ — Unvested at December 31, 2014 967 $ 24.00 Granted 6,301 $ 7.50 Vested (6,601 ) $ 6.00 Forfeited — $ — Unvested at June 30, 2015 667 $ 9.00 | The following table summarizes restricted stock award activity during the years ended December 31, 2014 and 2013: Restricted Weighted Average Grant Date Fair Value Unvested at December 31, 2012 335,000 $ 0.32 Granted 961,000 $ 0.24 Vested (1,029,750 ) $ 0.27 Forfeited (121,250 ) $ 0.25 Unvested at December 31, 2013 145,000 $ 0.23 Granted 1,096,333 $ 0.17 Vested (1,096,333 ) $ 0.18 Forfeited — $ — Unvested at December 31, 2014 145,000 $ 0.16 |
Summary of Outstanding Warrants Related to Warrant Transactions | Share data related to warrant transactions through June 30, 2015 were as follows: Common Units Common Stock Common Stock Price per Warrant July 2013 October 2014 Financing Weighted Placement Placement Skin Care Jan 2013 Mar 2013 Total Average Exercise Series A Agent Series A Series B Series C Agent Marketing Financing Financing Warrants Range Price Outstanding, December 31, 2013 243,699 4,445 — — — — 1,334 33,750 16,667 299,895 $ 22.50-300.00 $ 25.00 2014 Issued 258,519 258,519 258,519 62,045 837,602 $ 8.00 $ 9.00 Exchanged (243,699 ) (4,445 ) (248,144 ) $ 22.00 $ 22.00 Exercised (39,295 ) (39,295 ) $ 8.00 $ 8.00 Forfeited/Cancelled — — — Outstanding, December 31, 2014 — — 258,519 219,224 258,519 62,045 1,334 33,750 16,667 850,058 $ 9.00-300.00 $ 10.00 2015 Issued — $ — $ — Exchanged — $ — $ — Exercised (12,409 ) (51,704 ) (64,113 ) $ 6.00-9.00 $ 6.00 Forfeited/Cancelled (206,815 ) (206,815 ) $ 12.00 $ 12.00 Outstanding, June 30, 2015 — — 258,519 — 206,815 62,045 1,334 33,750 16,667 579,130 $ 6.00-300.00 $ 9.00 | Share data related to warrant transactions as of December 31, 2014 were as follows: Preferred Stock Common Stock Units Common Stock Common Stock July 2013 Financing October 2014 Financing Series A Series B Series A Series B Placement Series A Series B Series C Placement YKA Skin Care Jan 2013 Mar 2013 Total Outstanding, December 31, 2012 1,600,000 300,000 — — — — — — — 1,400,000 200,000 — — 3,500,000 2013 Issued 36,754,822 20,000,000 666,666 5,062,500 2,500,000 64,983,988 Exercised (200,000 ) (16,754,822 ) (16,954,822 ) Forfeited/Cancelled (1,600,000 ) (300,000 ) (3,245,178 ) (1,400,000 ) (6,545,178 ) Outstanding, December 31, 2013 — — 36,554,822 — 666,666 — — — — — 200,000 5,062,500 2,500,000 44,983,988 2014 Issued 38,777,726 38,777,726 38,777,726 9,306,654 125,639,832 Exchanged (36,554,822 ) (666,666 ) (37,221,488 ) Exercised (5,894,214 ) (5,894,214 ) Forfeited/Cancelled — Outstanding, December 31, 2014 — — — — — 38,777,726 32,883,512 38,777,726 9,306,654 — 200,000 5,062,500 2,500,000 127,508,118 Price per Warrant Range Weighted Outstanding, December 31, 2012 $ 0.25-2.00 $ 0.34 2013 Issued $ 0.15-0.20 $ 0.16 Exercised $ 0.15-0.15 $ 0.15 Forfeited/Cancelled $ 0.15-0.25 $ 0.20 Outstanding, December 31, 2013 $ 0.15-2.00 $ 0.17 2014 Issued $ 0.06 $ 0.06 Exchanged $ 0.15 $ 0.15 Exercised $ 0.06 $ 0.06 Forfeited/Cancelled $ — $ — Outstanding, December 31, 2014 $ 0.06-2.00 $ 0.07 |
Summary of Changes in Options Outstanding and Related Exercise Prices | Options Outstanding Options Exercisable and Vested Exercise Prices Number Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Contractual Life (Years) Weighted Average $0.09-$0.17 6,109,000 9.53 $ 0.14 — — — $0.18-$0.54 4,856,037 6.00 $ 0.37 3,496,512 5.27 $ 0.39 $0.55-$0.69 8,901,543 4.87 $ 0.61 8,901,543 4.87 $ 0.61 $0.70-$1.76 3,732,350 3.87 $ 1.16 3,673,600 3.83 $ 1.17 $1.77-$3.20 5,330,000 5.90 $ 1.97 5,031,200 5.89 $ 1.98 28,928,930 6.10 $ 0.79 21,102,855 5.00 $ 1.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments Required under Operating Leases that Have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year | Future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2015, are as follows (in thousands): Amount 2015 (remaining six months) $ 184 2016 104 2017 5 Total $ 293 |
Segments and Geographic Infor29
Segments and Geographic Information (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||
Revenues, Expenses and Operating Income (Loss) by Market Segment | The Company does not measure the performance of its segments on any asset-based metrics. Therefore, segment information is presented only for operating income (loss). Revenues, expenses and operating income (loss) by market segment were as follows (in thousands): For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 Revenues: Cosmeceutical market $ 884 $ 746 $ 1,725 $ 1,549 Biomedical market 931 842 1,712 1,688 Total revenues 1,815 1,588 3,437 3,237 Operating expenses: Therapeutic market 1,316 2,388 3,552 4,608 Cosmeceutical market 777 785 1,489 1,573 Biomedical market 659 658 1,299 1,364 Total operating expenses 2,752 3,831 6,340 7,545 Operating income (loss): Therapeutic market (1,316 ) (2,388 ) (3,552 ) (4,608 ) Cosmeceutical market 107 (39 ) 236 (24 ) Biomedical market 272 184 413 324 Total operating loss $ (937 ) $ (2,243 ) $ (2,903 ) $ (4,308 ) | Revenues, expenses and operating income (loss) by market segment were as follows (in thousands): For the Years Ended 2014 2013 Revenues: Cosmeceutical market $ 3,507 $ 3,204 Biomedical market 3,510 2,943 Total revenues 7,017 6,147 Operating expenses: Therapeutic market 9,695 8,200 Cosmeceutical market 3,253 2,914 Biomedical market 2,749 2,579 Total operating expenses 15,697 13,693 Operating income (loss): Therapeutic market (9,695 ) (8,200 ) Cosmeceutical market 254 290 Biomedical market 761 364 Total operating loss $ (8,680 ) $ (7,546 ) |
Summary of Significant Revenues in Following Regions | Significant revenues in the following regions are those that are attributable to the individual countries within the region to which the product was shipped (in thousands): For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 North America $ 1,470 $ 1,318 $ 2,770 $ 2,667 Asia 269 162 482 340 Europe 70 101 160 210 All other regions 6 7 25 20 Total $ 1,815 $ 1,588 $ 3,437 $ 3,237 | Significant revenues in the following regions are those that are attributable to the individual country within the region to which the product was shipped (in thousands): For the Years Ended 2014 2013 North America $ 5,632 $ 4,779 Asia 943 905 Europe 393 355 All other regions 49 108 Total $ 7,017 $ 6,147 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate | A reconciliation of the statutory Federal income tax rate and the effective income tax rate for the year ended December 31, 2014 and 2013 follows: December 31, December 31, Statutory federal income tax rate 35 % 35 % Permanent items (12 )% (12 )% State income taxes, net of federal taxes 4 % 4 % Change in valuation allowance (29 )% (30 )% Tax credits claimed 1 % 2 % Other 1 % 1 % Effective income tax rate 0 % 0 % |
Summary of Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, December 31, Deferred tax assets (liabilities) Current deferred tax assets (liabilities) $ 187 $ 298 Deferred revenues — — Current deferred tax assets 187 298 Valuation allowances (187 ) (298 ) Net current deferred tax assets — — Net operating loss carryforwards 22,332 19,224 Stock based compensation 3,359 2,987 Research and development tax credit 1,842 1,627 Other 72 51 Non-current deferred tax assets 27,605 23,889 Valuation allowances (27,582 ) (23,884 ) Net non-current deferred tax assets 23 5 Non-current deferred tax liabilities (23 ) (5 ) Net deferred tax assets — — |
Summary of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows: December 31, December 31, Current $ — $ — Deferred — — Total $ — $ — |
Organization and Significant 31
Organization and Significant Accounting Policies - Additional Information (Detail) | Sep. 10, 2014shares | Aug. 06, 2014shares | Jun. 26, 2014shares | May. 29, 2014shares | Dec. 11, 2013USD ($)shares | Mar. 12, 2013shares | Jan. 22, 2013shares | Jul. 01, 2006shares | Dec. 31, 2013USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)Subsidiaryshares | Jun. 30, 2014USD ($)shares | Dec. 31, 2014USD ($)Subsidiaryshares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012shares |
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of ownership in issued and outstanding shares of common stock parent Company | 93.70% | 93.70% | 93.70% | |||||||||||||
Common stock in subsidiary Company | 133,334 | |||||||||||||||
Reverse stock split ratio description | Effective July 29, 2015 and pursuant to the reverse stock split approved by the Company's Board of Directors, each 150 shares of issued and outstanding common stock were combined into and became one share of common stock and no fractional shares were issued. | |||||||||||||||
Burn rate | $ | $ 481,000 | $ 535,000 | ||||||||||||||
Capital expenditures and patent costs | $ | $ 60,000 | $ 82,000 | ||||||||||||||
Revenue-generating subsidiaries | Subsidiary | 2 | 2 | ||||||||||||||
Original maturities period, maximum | 3 months | 3 months | ||||||||||||||
Restricted cash | $ | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | |||||||||||
Allowance for doubtful accounts receivable | $ | 19,000 | 18,000 | $ 18,000 | $ 19,000 | 19,000 | |||||||||||
Estimated useful life of property and equipment | 5 years | 5 years | ||||||||||||||
Patents and patent licenses | $ | 2,760,000 | 3,604,000 | $ 3,604,000 | $ 3,367,000 | 2,760,000 | |||||||||||
Impairment losses on long-lived assets | $ | 47,000 | $ 0 | $ 99,000 | $ 36,000 | $ 92,000 | 52,000 | ||||||||||
Period of right of return guarantee | 30 days | 30 days | ||||||||||||||
Allowance for sales returns | $ | 10,000 | |||||||||||||||
Net deferred revenue | $ | $ 3,000 | $ 0 | $ 0 | $ 0 | $ 3,000 | |||||||||||
Vested stock options outstanding | 151,858 | 134,908 | 21,102,855 | 18,958,403 | ||||||||||||
Stock options outstanding, non-vested | 4,679,290 | 43,848 | 47,216 | 43,848 | 47,216 | 7,826,075 | 4,679,290 | |||||||||
Number of shares issuable upon exercise of warrants | 51,750 | |||||||||||||||
Warrants outstanding | 299,895 | 579,130 | 579,130 | 850,058 | 299,895 | 3,500,000 | ||||||||||
Number of common shares considered dilutive | 527,379 | |||||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | ||||||||||
Revenues | $ | $ 1,815,000 | $ 1,588,000 | $ 3,437,000 | $ 3,237,000 | $ 7,017,000 | $ 6,147,000 | ||||||||||
Amortization expense | $ | 20,000 | $ 16,000 | 52,000 | $ 32,000 | ||||||||||||
Accumulated amortization | $ | $ 510,000 | $ 624,000 | 624,000 | $ 572,000 | $ 510,000 | |||||||||||
Warrants outstanding converted into common stock | 16,667 | 33,750 | 45,650,654 | 127,508,118 | 45,650,654 | |||||||||||
Allowance for Sales Returns [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Allowance for sales returns | $ | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||||||
Cell Technology [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of revenue contributed | 50.00% | 52.00% | 50.00% | 48.00% | ||||||||||||
Skin Care [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of revenue contributed | 50.00% | 48.00% | 50.00% | 52.00% | ||||||||||||
Warrants outstanding | 1,334 | 1,334 | 1,334 | 1,334 | 1,334 | 200,000 | ||||||||||
Research and Development [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Amortization expense | $ | $ 62,000 | $ 61,000 | ||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Non-vested restricted stock awards | 145,000 | 667 | 3,150 | 667 | 3,150 | 145,000 | 145,000 | |||||||||
Previously Reported [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Common stock in subsidiary Company | 20,000,000 | |||||||||||||||
Warrants outstanding | 44,983,988 | 127,508,118 | 44,983,988 | |||||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | ||||||||||
Warrants outstanding converted into common stock | 2,500,000 | 5,062,500 | ||||||||||||||
Previously Reported [Member] | Skin Care [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Warrants outstanding | 200,000 | 200,000 | 200,000 | |||||||||||||
Therapeutic [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Revenues | $ | $ 0 | |||||||||||||||
Clinical [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Revenues | $ | $ 0 | |||||||||||||||
Lincoln Park Capital Fund, LLC [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of shares of common stock sold | 65,778 | 9,866,666 | ||||||||||||||
Common stock sold | $ | $ 1,838,000 | $ 1,838,000 | ||||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Potential common stock value to be sold | $ | $ 10,250,000 | $ 10,250,000 | $ 10,250,000 | |||||||||||||
Number of shares of common stock sold | 11,112 | 0 | 8,200,000 | 1,666,666 | ||||||||||||
Common stock sold | $ | $ 250,000 | $ 1,588,000 | ||||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Previously Reported [Member] | Common Stock Purchase Agreement [Member] | ||||||||||||||||
Organization And Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of shares of common stock sold | 1,666,666 |
Organization and Significant 32
Organization and Significant Accounting Policies - Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS: | |||
Cash equivalents | $ 5 | $ 5 | $ 5 |
Level 1 [Member] | |||
ASSETS: | |||
Cash equivalents | 5 | 5 | 5 |
Warrants [Member] | |||
LIABILITIES: | |||
Warrants to purchase common stock | 1,654 | 4,216 | 4,925 |
Warrants [Member] | Level 3 [Member] | |||
LIABILITIES: | |||
Warrants to purchase common stock | $ 1,654 | $ 4,216 | $ 4,925 |
Organization and Significant 33
Organization and Significant Accounting Policies - Fair Value Measurement and Unobservable Rollforward Activity of Liabilities (Detail) - USD ($) $ in Thousands | Apr. 14, 2015 | Jun. 16, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||||||||
Adjustments to estimated fair value | $ (388) | $ 1,271 | $ 1,702 | $ 1,271 | $ 2,381 | $ 1,894 | $ 2,405 | $ (754) |
Warrants [Member] | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Beginning balance | 4,216 | $ 4,925 | 4,925 | |||||
Issuances of warrants | 4,831 | 5,986 | ||||||
Exercise of warrants | (181) | (104) | (1,815) | |||||
Adjustments to estimated fair value | (2,381) | (2,405) | 754 | |||||
Warrants exchanged for common stock | (3,031) | |||||||
Ending balance | $ 1,654 | $ 1,654 | $ 4,216 | $ 4,925 |
Inventory - Summary of the Comp
Inventory - Summary of the Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 234 | $ 191 | $ 147 |
Work in process | 586 | 507 | 446 |
Finished goods | 1,008 | 1,012 | 902 |
Total | 1,828 | 1,710 | 1,495 |
Less: allowance for inventory obsolescence | (69) | (193) | (126) |
Inventory, net | $ 1,759 | $ 1,517 | $ 1,369 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | $ 2,631 | $ 2,610 | $ 2,364 |
Less: accumulated depreciation and amortization | (2,085) | (1,896) | (1,534) |
Property and equipment, net | 546 | 714 | 830 |
Machinery and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 1,361 | 1,357 | 1,170 |
Computer Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 305 | 294 | 246 |
Office Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 203 | 203 | 203 |
Leasehold Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 756 | $ 756 | $ 745 |
Construction in Progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | $ 6 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ||||||
Depreciation expense | $ 95 | $ 101 | $ 194 | $ 202 | $ 396 | $ 403 |
Patent Licenses - Additional In
Patent Licenses - Additional Information (Detail) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 07, 2013Installments | May. 14, 2004USD ($) | Feb. 13, 2004USD ($) | Dec. 31, 2003USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Option and license fees | $ 3,604,000 | $ 3,367,000 | $ 400,000 | $ 22,500 | $ 340,000 | |||||||
Patent acquisition costs | 2,857,000 | 2,576,000 | $ 2,857,000 | $ 2,857,000 | $ 2,576,000 | |||||||
Amortization expense | 20,000 | $ 16,000 | 52,000 | $ 32,000 | ||||||||
Accumulated amortization | 624,000 | 572,000 | 624,000 | 624,000 | 572,000 | $ 510,000 | ||||||
UMass IP [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Option and license fees | 75,000 | 75,000 | ||||||||||
Obligation to pay royalties (Ranged) | 0.25% | |||||||||||
Minimum annual license fee | 150,000 | 150,000 | $ 75,000 | |||||||||
Number of installments | Installments | 2 | |||||||||||
UMass IP [Member] | Minimum [Member] | Previously Reported [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Obligation to pay royalties (Ranged) | 6.00% | |||||||||||
UMass IP [Member] | Maximum [Member] | Previously Reported [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Obligation to pay royalties (Ranged) | 12.00% | |||||||||||
ACT IP [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Patent acquisition costs | $ 747,000 | $ 747,000 | $ 747,000 | $ 747,000 | $ 747,000 |
Patent Licenses - Summary of Fu
Patent Licenses - Summary of Future Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 (remaining six months) | $ 47 | |
2,015 | $ 62 | |
2,016 | 83 | 62 |
2,017 | 83 | 62 |
2,018 | 83 | 62 |
2,019 | 50 | 29 |
Thereafter | 2,589 | 2,473 |
Total | $ 2,935 | $ 2,750 |
Advances - Additional Informati
Advances - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2008 |
Advances [Abstract] | ||||
Advances from nonaffiliated collaboration | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 |
Specified amount of revenue to be utilized for advances | $ 250,000 | |||
Revenue realized from agreement | $ 0 | $ 0 |
Advances - Schedule of Advances
Advances - Schedule of Advances from Nonaffiliated Collaboration (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2008 |
Advances [Abstract] | ||||
Advances from nonaffiliated collaboration | $ 250 | $ 250 | $ 250 | $ 250 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 19, 2013 |
Equity [Abstract] | ||||
Common stock, shares authorized | 720,000,000 | 720,000,000 | 300,000,000 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Capital Stock - Series B Prefer
Capital Stock - Series B Preferred Stock Transactions - Additional Information (Detail) | Jul. 24, 2013$ / sharesshares | Mar. 09, 2012$ / shares | May. 12, 2008USD ($)Investor$ / sharesshares | Nov. 30, 2014$ / shares | Oct. 31, 2014$ / shares | May. 31, 2008 | Jun. 30, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013shares | Dec. 31, 2008shares | Feb. 28, 2014$ / shares | Aug. 31, 2013$ / shares | Mar. 12, 2013$ / shares | Jan. 22, 2013$ / shares |
Class of Stock [Line Items] | ||||||||||||||
Number of accredited investors | Investor | 5 | |||||||||||||
Conversion ratio for each share | 0.0167 | |||||||||||||
Warrants exercisable price | $ / shares | $ 0.25 | $ 30 | $ 30 | |||||||||||
Convertible preferred stock, conversion price | $ / shares | $ 60 | |||||||||||||
Previously Reported [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Warrants exercisable price | $ / shares | $ 0.20 | $ 0.20 | ||||||||||||
Series B Warrants [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of warrants to purchase common stock | 2 | |||||||||||||
Number of units issued | 133,334 | 16,754,822 | ||||||||||||
Series B Warrants [Member] | Previously Reported [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of units issued | 20,000,000 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of units issued | 16,754,822 | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of units issued | 133,334 | 400,000 | ||||||||||||
Number of Series B Preferred Stock for each Series B unit | 1 | 1 | ||||||||||||
Common stock purchase price, per share | $ / shares | $ 1 | |||||||||||||
Proceeds from issuance of preferred stock and warrants | $ | $ 400,000 | |||||||||||||
Initial conversion price | $ / shares | $ 75 | $ 0.05670 | $ 0.06447 | |||||||||||
Warrants exercisable price | $ / shares | $ 22.50 | $ 75 | 8.6400 | 9.6705 | $ 6.7200 | |||||||||
Number of years from issuance of warrants to convert as common stock | 5 years | |||||||||||||
Convertible preferred stock, conversion price | $ / shares | $ 6.72 | $ 0.0576 | ||||||||||||
Liquidation premium | 6.00% | |||||||||||||
Preferred stock, shares issued | 300,000 | 300,000 | 300,000 | |||||||||||
Preferred stock, shares outstanding | 300,000 | 300,000 | 300,000 | |||||||||||
Series B Preferred Stock [Member] | Previously Reported [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of units issued | 20,000,000 | |||||||||||||
Initial conversion price | $ / shares | $ 0.5 | |||||||||||||
Warrants exercisable price | $ / shares | $ 0.15 | $ 0.50000 | $ 0.05760 | $ 0.06447 | $ 0.05670 | |||||||||
Series B Preferred Stock [Member] | Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Conversion ratio for each share | 0.0134 | |||||||||||||
Conversion ratio for each share | 2.00% |
Capital Stock - Series D Prefer
Capital Stock - Series D Preferred Stock Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Mar. 12, 2013 | Jan. 22, 2013 | Mar. 09, 2012 | Dec. 30, 2008 | May. 12, 2008 | Feb. 28, 2015 | Nov. 30, 2014 | Oct. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||||||||
Convertible preferred stock, conversion price | $ 60 | ||||||||||||||
Previously Reported [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | |||||||||
Series D Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 47 | ||||||||||||||
Total proceeds | $ 4,700 | ||||||||||||||
Preferred stock, price per share | $ 100,000 | ||||||||||||||
Preferred stock, shares issued | 43 | 43 | 43 | ||||||||||||
Preferred stock, shares outstanding | 43 | 43 | 43 | ||||||||||||
Initial conversion price | $ 37.50 | $ 6.7200 | $ 8.6400 | $ 9.6705 | |||||||||||
Issuance of common stock from conversion of preferred stock, shares | 2,667 | ||||||||||||||
Convertible preferred stock, conversion price | $ 6.72 | ||||||||||||||
Series D Preferred Stock [Member] | Previously Reported [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 43 | ||||||||||||||
Initial conversion price | $ 0.25 | ||||||||||||||
Issuance of common stock from conversion of preferred stock, shares | 400,000 | ||||||||||||||
Series D Preferred Stock [Member] | X-Master Inc. [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 10 | ||||||||||||||
Series D Preferred Stock [Member] | Co-Chairman and Chief Executive Officer [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 33 | ||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares issued | 300,000 | 300,000 | 300,000 | ||||||||||||
Preferred stock, shares outstanding | 300,000 | 300,000 | 300,000 | ||||||||||||
Initial conversion price | $ 75 | $ 0.05670 | $ 0.06447 | ||||||||||||
Convertible preferred stock, conversion price | $ 6.72 | $ 0.0576 | |||||||||||||
Series B Preferred Stock [Member] | Previously Reported [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Initial conversion price | $ 0.5 |
Capital Stock - Series G Prefer
Capital Stock - Series G Preferred Stock Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 10, 2014$ / sharesshares | Aug. 06, 2014$ / sharesshares | Jun. 26, 2014shares | May. 29, 2014shares | Mar. 12, 2013$ / sharesshares | Jan. 22, 2013$ / sharesshares | Mar. 09, 2012USD ($)Directors$ / sharesshares | Feb. 28, 2015$ / shares | Nov. 30, 2014$ / shares | Oct. 31, 2014$ / shares | Jun. 30, 2015$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares |
Class of Stock [Line Items] | |||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||||||
Issuance price per share | $ / shares | $ 0.09 | $ 0.10 | |||||||||||
Convertible preferred stock, conversion price | $ / shares | $ 60 | ||||||||||||
Conversion ratio for each share | 0.0167 | ||||||||||||
Legal costs | $ | $ 169 | $ 178 | |||||||||||
Previously Reported [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | |||||||
Issuance price per share | $ / shares | $ 0.20 | $ 0.20 | |||||||||||
Series G Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Convertible preferred stock, conversion price | $ / shares | $ 0.40 | $ 29.6925 | $ 0.1981 | ||||||||||
Conversion ratio for each share | 0.025 | ||||||||||||
Number of directors to be nominated by preferred shareholders | Directors | 2 | ||||||||||||
Number of independent directors out of directors to be nominated by preferred shareholders | Directors | 1 | ||||||||||||
Legal costs | $ | $ 59 | ||||||||||||
Preferred stock, shares issued | 5,000,000 | 5,000,000 | 0 | ||||||||||
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | 0 | ||||||||||
Initial conversion price | $ / shares | $ 6.7200 | $ 8.6400 | $ 9.6705 | ||||||||||
Conversion ratio for each share | 3.37% | 5.048% | |||||||||||
Series G Preferred Stock [Member] | AR Partners, LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares of common stock sold | 5,000,000 | ||||||||||||
Issuance price per share | $ / shares | $ 1 | ||||||||||||
Total proceeds | $ | $ 5,000 | ||||||||||||
Series G Preferred Stock [Member] | Previously Reported [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Initial conversion price | $ / shares | $ 0.05670 | $ 0.06447 | |||||||||||
Series G Preferred Stock [Member] | Minimum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Convertible Redeemable Preferred stock, shares outstanding | 1,000,000 | ||||||||||||
Convertible Redeemable Series G Preferred stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Convertible Redeemable Preferred stock, shares outstanding | 0 | 5,000,000 | |||||||||||
Convertible Redeemable Preferred stock, shares issued | 0 | 5,000,000 |
Capital Stock - Series H Prefer
Capital Stock - Series H Preferred Stock Transactions - Additional Information (Detail) - USD ($) | Apr. 14, 2015 | Oct. 31, 2014 | Oct. 14, 2014 | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Mar. 12, 2013 | Jan. 22, 2013 | Mar. 09, 2012 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | |||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 16,667 | 33,750 | 127,508,118 | 45,650,654 | ||||||||||||||
Warrants exercisable price | $ 30 | $ 30 | $ 0.25 | |||||||||||||||
Warrant term | 5 years | 5 years | ||||||||||||||||
Convertible preferred stock, conversion price | $ 60 | |||||||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | ||||||||||||
Common stock, shares authorized | 720,000,000 | 720,000,000 | 720,000,000 | 300,000,000 | ||||||||||||||
From exercises of warrants, amount | $ 612,000 | $ 444,000 | ||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of shares of common stock sold | 184,000 | [1] | 37,991,000 | |||||||||||||||
Issuance of common stock from conversion of preferred stock, shares | 8,000,000 | 162,000 | 162,000 | [1] | 60,000 | [1] | 8,000,000 | |||||||||||
Placement Agent [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants exercisable price | $ 13.815 | $ 13.815 | $ 0.0921 | |||||||||||||||
Warrant term | 5 years 6 months | 5 years 6 months | ||||||||||||||||
Date of placement agency engagement letter | Sep. 23, 2014 | Sep. 23, 2014 | ||||||||||||||||
Placement agent fee | $ 200,000 | $ 200,000 | ||||||||||||||||
From exercises of warrants, amount | 62,045 | 9,306,654 | ||||||||||||||||
Reimbursement of fees and expenses | $ 50,000 | $ 50,000 | ||||||||||||||||
Securities Purchase Agreement [Member] | Series A Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants exercisable price | $ 0.0576 | $ 6.72 | ||||||||||||||||
Securities Purchase Agreement [Member] | Series B Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants exercisable price | 0.0576 | 6.72 | ||||||||||||||||
Securities Purchase Agreement [Member] | Series C warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants exercisable price | 0.0576 | 6.72 | ||||||||||||||||
Previously Reported [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 2,500,000 | 5,062,500 | ||||||||||||||||
Warrants exercisable price | $ 0.20 | $ 0.20 | ||||||||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | ||||||||||||
Previously Reported [Member] | Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of shares of common stock sold | [1] | 27,598,000 | ||||||||||||||||
From exercises of warrants, amount | $ 6,000 | |||||||||||||||||
Issuance of common stock from conversion of preferred stock, shares | [1] | 9,000,000 | ||||||||||||||||
Series H Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Conversion of stock, shares converted | 1,104.84 | 518.40 | ||||||||||||||||
Series H Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Convertible preferred stock, conversion price | $ 0.0576 | $ 6.72 | ||||||||||||||||
Purchasers [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock, shares authorized | 720,000,000 | 720,000,000 | 720,000,000 | |||||||||||||||
Percentage of common stock resale | 100.00% | 100.00% | ||||||||||||||||
Purchasers [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Aggregate initial gross proceeds | $ 2,500,000 | |||||||||||||||||
Purchasers [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series A Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 258,519 | |||||||||||||||||
Warrants exercisable price | $ 13.8150 | |||||||||||||||||
Warrant term | 5 years 6 months | |||||||||||||||||
Purchasers [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series B Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 258,519 | |||||||||||||||||
Warrants exercisable price | $ 11.2500 | $ 9.6705 | ||||||||||||||||
Warrant term | 6 months | |||||||||||||||||
Warrants, termination date | Jun. 20, 2015 | |||||||||||||||||
Purchasers [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series C warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 258,519 | |||||||||||||||||
Warrants exercisable price | $ 9.6705 | |||||||||||||||||
Warrant term | 12 months | |||||||||||||||||
Purchasers [Member] | Previously Reported [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series A Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 38,777,726 | |||||||||||||||||
Warrants exercisable price | $ 0.0921 | |||||||||||||||||
Purchasers [Member] | Previously Reported [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series B Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 38,777,726 | |||||||||||||||||
Warrants exercisable price | $ 0.06447 | |||||||||||||||||
Purchasers [Member] | Previously Reported [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series C warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Warrants outstanding converted into common stock | 38,777,726 | |||||||||||||||||
Warrants exercisable price | $ 0.06447 | |||||||||||||||||
Purchasers [Member] | Series H Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Percentage of common stock resale | 200.00% | 200.00% | ||||||||||||||||
Purchasers [Member] | Series H Preferred Stock [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred stock, par value per share | 0.001 | |||||||||||||||||
Preferred stock, stated value per share | $ 1,000 | |||||||||||||||||
Convertible preferred stock, common stock shares issuable upon conversion | 258,519 | |||||||||||||||||
Convertible preferred stock, conversion price | $ 9.6705 | |||||||||||||||||
Purchasers [Member] | Series H Preferred Stock [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series H One [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of shares of common stock sold | 2,000 | |||||||||||||||||
Purchasers [Member] | Series H Preferred Stock [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | Series H Two [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Number of shares of common stock sold | 500 | |||||||||||||||||
Purchasers [Member] | Series H Preferred Stock [Member] | Previously Reported [Member] | Securities Purchase Agreement [Member] | Private placement [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Convertible preferred stock, common stock shares issuable upon conversion | 38,777,726 | |||||||||||||||||
Convertible preferred stock, conversion price | $ 0.06447 | |||||||||||||||||
[1] | See Note 1, "Reverse Stock Split" |
Capital Stock - 2014 Securities
Capital Stock - 2014 Securities Purchase Agreements for Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Jul. 19, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Changes In Equity And Comprehensive Income Line Items [Line Items] | ||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | ||||
Common stock value per share | $ 13.50 | $ 15 | $ 15 | $ 22.50 | ||||||
Proceeds from issuance of common stock | $ 400 | $ 600 | $ 550 | $ 500 | $ 2,377 | $ 1,000 | $ 2,025 | $ 2,638 | $ 3,649 | $ 6,538 |
Common stock value per share | $ 0.10 | $ 0.15 | ||||||||
Sales price per share | $ 0.09 | $ 0.10 | ||||||||
Previously Reported [Member] | ||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | ||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | ||||
Sales price per share | $ 0.20 | $ 0.20 |
Capital Stock - 2014 Warrant Ex
Capital Stock - 2014 Warrant Exchange Agreements - Additional Information (Detail) - shares | Jun. 16, 2014 | Jun. 11, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2013 | Oct. 24, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 243,699 | 248,144 | |||||
Warrants outstanding | 850,058 | 579,130 | 299,895 | 3,500,000 | |||
Number of shares of common stock issued for warrant exchange | 297,772 | ||||||
Placement Agent Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 4,445 | ||||||
Warrants outstanding | 0 | 0 | 666,666 | 666,666 | |||
Series A Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 243,699 | ||||||
Warrants outstanding | 0 | 0 | 36,554,822 | 36,554,822 | |||
Series A Warrants [Member] | Placement Agent Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 4,445 | ||||||
Series A Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants outstanding | 67,255 | 67,255 | |||||
Number of shares of common stock issued for warrant exchange | 80,706 | 80,706 | |||||
Previously Reported [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 36,554,822 | 37,221,488 | |||||
Warrants outstanding | 127,508,118 | 44,983,988 | |||||
Number of shares of common stock issued for warrant exchange | 44,665,783 | ||||||
Previously Reported [Member] | Placement Agent Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 666,666 | ||||||
Previously Reported [Member] | Series A Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 36,554,822 | ||||||
Previously Reported [Member] | Series A Warrants [Member] | Placement Agent Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants, Exchanged | 666,666 | ||||||
Previously Reported [Member] | Series A Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||
Class of Stock [Line Items] | |||||||
Warrants outstanding | 10,088,154 | 10,088,154 | |||||
Number of shares of common stock issued for warrant exchange | 12,105,784 | 12,105,784 |
Capital Stock - 2013 Lincoln Pa
Capital Stock - 2013 Lincoln Park Capital Fund, LLC Stock Purchase Agreement - Additional Information (Detail) - USD ($) | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Dec. 11, 2013 | Jul. 19, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Dec. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Class of Stock [Line Items] | ||||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | ||||||||
Closing price of common stock | $ 0.21 | $ 0.21 | ||||||||||||
Proceeds from issuance of common stock | $ 400,000 | $ 600,000 | $ 550,000 | $ 500,000 | $ 2,377,000 | $ 1,000,000 | $ 2,025,000 | $ 2,638,000 | $ 3,649,000 | $ 6,538,000 | ||||
Previously Reported [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | ||||||||
Common Stock Purchase Agreement [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Potential number of shares of common stock to be sold | 67,556 | 10,133,334 | ||||||||||||
Number of shares of common stock sold | $ 8,412,000 | $ 8,412,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares of common stock sold | 65,778 | 9,866,666 | ||||||||||||
Common stock sold | $ 1,838,000 | $ 1,838,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Potential common stock value to be sold | $ 10,250,000 | $ 10,250,000 | $ 10,250,000 | |||||||||||
Number of shares of common stock sold | 11,112 | 0 | 8,200,000 | 1,666,666 | ||||||||||
Common stock sold | $ 250,000 | $ 1,588,000 | ||||||||||||
Cash fee paid for commitment to purchase additional shares | $ 155,000 | |||||||||||||
Proceeds from issuance of common stock | $ 1,588,000 | $ 250,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | Limit One [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common shares authorized to purchase | 1,334 | 200,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | Limit Two [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common shares authorized to purchase | 2,000 | 300,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | Limit Three [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common shares authorized to purchase | 2,667 | 400,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Closing price of common stock | $ 7.50 | $ 0.05 | ||||||||||||
Common stock value under stock purchase agreement | $ 500,000 | $ 500,000 | ||||||||||||
Lincoln Park Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | Previously Reported [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares of common stock sold | 1,666,666 |
Capital Stock - Summary of Shar
Capital Stock - Summary of Shares of Common Stock Reserved for Future Issuance (Detail) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance net | 2,871,784 | 336,738,824 |
Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance net | 579,130 | 127,508,118 |
Convertible Preferred Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance net | 983,388 | 173,895,796 |
Options Outstanding [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance net | 195,706 | 28,928,930 |
Options Available for Future Grant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance net | 1,113,560 | 6,405,980 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | May. 12, 2015 | May. 06, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ||||||
Related party rent expense | $ 35,000 | $ 69,000 | $ 139,000 | $ 139,000 | ||
Related party payable | $ 2,285,000 | $ 2,285,000 | $ 11,000 | $ 21,000 | ||
Co-Chairman and Chief Executive Officer [Member] | ||||||
Related Party Transactions [Abstract] | ||||||
Related party payable | $ 2,000,000 | $ 262,000 | ||||
Maturity date | Aug. 10, 2015 | May 15, 2015 | ||||
Annual interest rate | 0.50% | 0.45% | ||||
Related Party Transaction, Description | The principal amount under the Note accrues interest at a rate of One Half of One Percent (0.50%) per annum. The Note is due and payable August 10, 2015, but may be pre-paid by the Company without penalty at any time. See Note 12, Subsequent Events. | The Loan accrues interest at the annual rate of Forty-Five One-Hundredths Percent (0.45%) from the date the Loan was made until the Loan is paid in full, whether at maturity, by prepayment, or otherwise. | ||||
Co-Chairman and Chief Executive Officer [Member] | Unsecured Non Convertible Promissory Note [Member] | ||||||
Related Party Transactions [Abstract] | ||||||
Non-convertible promissory note, principal amount | $ 2,262,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Increase in operating loss carryforwards | 7,170,000 | |||||
Operating loss carryforwards | $ 56,083,000 | 48,913,000 | ||||
Operating loss carryforwards, latest expiration year | 2,033 | |||||
Operating loss carryforwards, expiration date | various years through 2033 | |||||
Net deferred tax asset recognized | $ 0 | $ 0 | ||||
Change period for unrecognized tax benefits | 12 months |
Stock Options and Warrants - St
Stock Options and Warrants - Stock Options - Additional Information (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2009 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2006 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation expense related to stock options | $ 618 | $ 618 | $ 977 | $ 1,864 | |||||
Unrecognized compensation cost related to unvested shares expected to be recognized, weighted-average period | 2 years 4 months 6 days | 2 years 2 months 12 days | 1 year 7 months 6 days | ||||||
Stock-based compensation expense | $ 92 | $ 374 | $ 342 | $ 721 | $ 1,418 | $ 1,693 | |||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expiry of options | 10 years | 10 years | |||||||
2006 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options that may be granted | 100,000 | ||||||||
Expiry of options | 10 years | 10 years | |||||||
2006 Plan [Member] | Previously Reported [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options that may be granted | 15,000,000 | ||||||||
2010 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options that may be granted | 120,000 | ||||||||
Expiry of options | 10 years | 10 years | |||||||
2010 Plan [Member] | Previously Reported [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options that may be granted | 18,000,000 | ||||||||
Outside Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expiry of options | 10 years | 10 years | |||||||
Options granted to employees, directors and consultants | 68,384 | ||||||||
Award vesting terms | 50 months | 50 months | |||||||
Outside Plan [Member] | Previously Reported [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options granted to employees, directors and consultants | 10,257,593 |
Stock Options and Warrants - Sc
Stock Options and Warrants - Schedule of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 92 | $ 374 | $ 342 | $ 721 | $ 1,418 | $ 1,693 |
Cost of Sales [Member] | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | 7 | 15 | 14 | 30 | ||
Research and Development [Member] | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | 31 | 73 | 91 | 143 | ||
Selling and Marketing [Member] | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | 8 | 12 | 17 | 23 | ||
General and Administrative [Member] | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 46 | $ 274 | $ 220 | $ 525 |
Stock Options and Warrants - Fa
Stock Options and Warrants - Fair Value of Stock Option Award (Detail) - Options Available for Future Grant [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant assumptions (weighted average): | ||||||
Risk-free interest rate at grant date | 0.00% | 1.91% | 1.75% | 1.91% | 1.90% | 1.02% |
Expected stock price volatility | 0.00% | 99.72% | 93.54% | 99.72% | 100.75% | 116.53% |
Expected dividend payout | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Expected option life based on management's estimate | 0 years | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 29 days | 6 years 29 days |
Stock Options and Warrants - Su
Stock Options and Warrants - Summary of Changes in Options Outstanding and Related Exercise Prices for Shares of Company's Common Stock Options Issued (Detail) - $ / shares | 2 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2009 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2006 Plan and 2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 129 | $ 168 | $ 1.18 | |
Number of Options, Outstanding, Beginning balance | 142,130 | 106,856 | 15,122,900 | |
Number of Options, Granted | 10,160 | 42,160 | 1,491,500 | |
Number of Options, Exercised | 0 | 0 | 0 | |
Number of Options, Canceled or expired | (7,315) | (6,886) | (586,000) | |
Number of Options, Outstanding, Ending balance | 144,975 | 142,130 | 106,856 | |
Number of Options, Options vested and expected to vest Ending Balance | 138,818 | 20,194,202 | ||
Exercisable at June 30, 2015 | 101,130 | 13,493,562 | ||
Weighted Average Exercise Price Per Share, Granted | $ 9 | $ 21 | $ 0.26 | |
Weighted Average Exercise Price Per Share, Exercised | 0 | 0 | ||
Weighted Average Exercise Price Per Share, Canceled or expired | 22.50 | 79.50 | 0.61 | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | 126 | 129 | $ 168 | |
Vested and expected to vest at June 30, 2015 | 130.50 | 0.90 | ||
Weighted Average exercisable Price Per Share, Outstanding, Ending balance | $ 171 | $ 1.21 | ||
Weighted Average Remaining Contractual Term, Options Outstanding Ending Balance | 6 years 1 month 28 days | 6 years 6 months 18 days | ||
Weighted Average Remaining Contractual Term, Options vested or expected to vest Ending Balance | 6 years 11 days | 6 years 4 months 21 days | ||
Weighted Average Remaining Contractual Term, Options exercisable Ending Balance | 4 years 11 months 9 days | 5 years 26 days | ||
2006 Plan and 2010 Plan [Member] | Previously Reported [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 0.86 | $ 1.12 | ||
Number of Options, Outstanding, Beginning balance | 21,319,637 | 16,028,400 | ||
Number of Options, Granted | 6,324,000 | |||
Number of Options, Canceled or expired | (1,032,763) | |||
Number of Options, Outstanding, Ending balance | 21,319,637 | 16,028,400 | ||
Weighted Average Exercise Price Per Share, Granted | $ 0.14 | |||
Weighted Average Exercise Price Per Share, Canceled or expired | 0.53 | |||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | 0.86 | $ 1.12 | ||
Outside Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 93 | $ 93 | $ 0.65 | |
Number of Options, Outstanding, Beginning balance | 50,729 | 50,729 | 8,254,232 | |
Number of Options, Granted | 68,384 | |||
Number of Options, Exercised | 0 | 0 | ||
Number of Options, Canceled or expired | (644,939) | |||
Number of Options, Outstanding, Ending balance | 50,729 | 50,729 | 50,729 | |
Weighted Average Exercise Price Per Share, Exercised | $ 0 | $ 0 | ||
Weighted Average Exercise Price Per Share, Canceled or expired | 1 | |||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 93 | $ 93 | $ 93 | |
Weighted Average Remaining Contractual Term, Options exercisable Ending Balance | 4 years 4 months 13 days | 4 years 10 months 10 days | ||
Outside Plan [Member] | Previously Reported [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 0.62 | $ 0.62 | ||
Number of Options, Outstanding, Beginning balance | 7,609,293 | 7,609,293 | ||
Number of Options, Granted | 10,257,593 | |||
Number of Options, Outstanding, Ending balance | 7,609,293 | 7,609,293 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 0.62 | $ 0.62 |
Stock Options and Warrants - Re
Stock Options and Warrants - Restricted Stock Awards - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 92 | $ 374 | $ 342 | $ 721 | $ 1,418 | $ 1,693 |
Unrecognized compensation cost related to unvested shares expected to be recognized, weighted-average period | 2 years 4 months 6 days | 2 years 2 months 12 days | 1 year 7 months 6 days | |||
Under 2006 Plan and 2010 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant-date fair value of restricted stock awards | $ 64 | 91 | $ 194 | $ 273 | ||
Stock-based compensation expense | 30 | $ 46 | 55 | $ 85 | 191 | 240 |
Unrecognized compensation costs | $ 1 | $ 1 | $ 8 | $ 16 | ||
Unrecognized compensation cost related to unvested shares expected to be recognized, weighted-average period | 4 months 10 days | 7 months 6 days | 6 months | |||
Maximum [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting terms | 1 year | 1 year |
Stock Options and Warrants - 57
Stock Options and Warrants - Summary of Changes in Restricted Stock Award Activity (Detail) - Under 2006 Plan and 2010 Plan [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Unvested, Beginning balance | 967 | 967 | 335,000 |
Number of Shares, Granted | 6,301 | 7,309 | 961,000 |
Number of Shares, Vested | (6,601) | (7,309) | (1,029,750) |
Number of Shares, Unvested, Ending balance | 667 | 967 | 967 |
Weighted Average Grant Date Fair Value, Unvested, Beginning balance | $ 24 | $ 34.50 | $ 0.32 |
Weighted Average Grant Date Fair Value, Granted | 7.50 | 25.50 | 0.24 |
Weighted Average Grant Date Fair Value, Vested | 6 | 27 | 0.27 |
Unvested at June 30, 2015 | $ 9 | $ 24 | $ 34.50 |
Number of Shares, Forfeited | (121,250) | ||
Weighted Average Grant Date Fair Value, Forfeited | $ 0.25 | ||
Previously Reported [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Unvested, Beginning balance | 145,000 | 145,000 | |
Number of Shares, Granted | 1,096,333 | ||
Number of Shares, Vested | (1,096,333) | ||
Number of Shares, Unvested, Ending balance | 145,000 | 145,000 | |
Weighted Average Grant Date Fair Value, Unvested, Beginning balance | $ 0.16 | $ 0.23 | |
Weighted Average Grant Date Fair Value, Granted | 0.17 | ||
Weighted Average Grant Date Fair Value, Vested | 0.18 | ||
Unvested at June 30, 2015 | $ 0.16 | $ 0.23 |
Stock Options and Warrants - Wa
Stock Options and Warrants - Warrants Issued in Connection with October 2014 Financing - Additional Information (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 14, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing price of common stock | $ 0.21 | |||
Warrant exercise price | $ 0.15 | |||
Stock price volatility | 84.30% | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing price of common stock | $ 0.15 | |||
U.S. Treasury Notes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.55% | |||
Series-A and Placement Agent Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing price of common stock | $ 6.45 | $ 0.069 | ||
Warrant exercise price | $ 6.72 | $ 0.0576 | ||
Stock price volatility | 81.90% | 83.00% | ||
Options and warrant expected term | 4 years 9 months 15 days | 5 years 3 months 15 days | 4 years 6 months 22 days | |
Dividend rate | 0.00% | 0.00% | ||
Series-A and Placement Agent Warrants [Member] | U.S. Treasury Notes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.55% | 1.63% | ||
Series B Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing price of common stock | $ 0.069 | |||
Warrant exercise price | $ 0.0576 | $ 11.25 | ||
Stock price volatility | 33.40% | |||
Options and warrant expected term | 3 months 11 days | |||
Dividend rate | 0.00% | |||
Series B Warrants [Member] | U.S. Treasury Notes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 0.02% | |||
Series C warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing price of common stock | $ 6.45 | $ 0.069 | ||
Warrant exercise price | $ 6.72 | $ 0.0576 | ||
Stock price volatility | 81.90% | 33.40% | ||
Options and warrant expected term | 3 months 15 days | 9 months 15 days | ||
Dividend rate | 0.00% | 0.00% | ||
Series C warrants [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing price of common stock | $ 6.72 | $ 0.0576 | ||
Series C warrants [Member] | U.S. Treasury Notes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 0.01% | 0.02% |
Stock Options and Warrants - 59
Stock Options and Warrants - Fair Value of the Warrant Liabilities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 14, 2015 | Oct. 14, 2014 | Jun. 16, 2014 | Jul. 24, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair value of warrant liability in excess of proceeds | $ 1,779 | $ 1,390 | $ 1,780 | $ 1,390 | ||||||
Fair Value of Warrant Issued | 4,831 | 4,485 | $ 1,654 | $ 1,654 | 4,216 | $ 4,925 | ||||
Warrant exercise price | $ 0.15 | |||||||||
Change in fair value of warrant liability | $ 388 | $ (1,271) | $ (1,702) | $ (1,271) | $ (2,381) | $ (1,894) | $ (2,405) | $ 754 | ||
Series A Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair Value of Warrant Issued | 2,299 | 1,725 | ||||||||
Series B Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair Value of Warrant Issued | 841 | 2,645 | ||||||||
Warrant exercise price | $ 11.25 | $ 0.0576 | ||||||||
Series C warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair Value of Warrant Issued | 1,139 | |||||||||
Warrant exercise price | $ 6.72 | $ 6.72 | $ 0.0576 | |||||||
Warrant Exchange Transaction [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Change in fair value of warrant liability | $ (1,894) | |||||||||
Placement Agent Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair Value of Warrant Issued | $ 552 | $ 115 |
Stock Options and Warrants - Se
Stock Options and Warrants - Series B Warrant Exercises - Additional Information (Detail) - USD ($) | Jun. 20, 2015 | Oct. 24, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from exercise of warrants | $ 431,000 | $ 339,000 | $ 2,386,000 | ||
Number of warrants exercised | 64,113 | 39,295 | 16,954,822 | ||
Unexercised outstanding shares expired | 206,815 | 6,545,178 | |||
Series B Warrants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from exercise of warrants | $ 83,388 | $ 339,506 | $ 2,356,000 | ||
Number of warrants exercised | 12,409 | 39,295 | 16,754,822 | ||
Unexercised outstanding shares expired | 206,815 | 3,245,178 | |||
Previously Reported [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of warrants exercised | 5,894,214 | ||||
Previously Reported [Member] | Series B Warrants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from exercise of warrants | $ 634,000 | ||||
Number of warrants exercised | 5,894,214 | 4,450,000 |
Stock Options and Warrants - 61
Stock Options and Warrants - Series C Warrant Exercises - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from exercise of warrants | $ 431,000 | $ 339,000 | $ 2,386,000 |
Number of warrants exercised | 64,113 | 39,295 | 16,954,822 |
Series C warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from exercise of warrants | $ 347,448 | ||
Number of warrants exercised | 51,704 |
Stock Options and Warrants - 62
Stock Options and Warrants - Series A, B, and C Warrants Price Adjustment - Additional Information (Detail) - $ / shares | Oct. 31, 2014 | Oct. 14, 2014 | Mar. 09, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Convertible preferred stock, conversion price | $ 60 | ||
Securities Purchase Agreement [Member] | Series H Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Convertible preferred stock, conversion price | $ 0.0576 | $ 6.72 |
Stock Options and Warrants - 63
Stock Options and Warrants - Warrants Issued with Common Stock - Additional Information (Detail) - $ / shares | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Mar. 12, 2013 | Jan. 22, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||
Warrant term | 16,667 | 33,750 | 127,508,118 | 45,650,654 | |||||
Warrants exercisable price | $ 30 | $ 30 | $ 0.25 | ||||||
Warrant term | 5 years | 5 years | |||||||
Previously Reported [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | |||
Warrant term | 2,500,000 | 5,062,500 | |||||||
Warrants exercisable price | $ 0.20 | $ 0.20 | |||||||
Co-Chairman and Chief Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant term | 1,667 | ||||||||
Warrant term | 5 years | ||||||||
Co-Chairman and Chief Executive Officer [Member] | Previously Reported [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrant term | 250,000 |
Stock Options and Warrants - 20
Stock Options and Warrants - 2013 S-1 July Registered Offering - Additional Information (Detail) - $ / shares | Jul. 24, 2013 | May. 12, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | Oct. 31, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | Mar. 12, 2013 | Jan. 22, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Warrants exercisable price | $ 0.25 | $ 30 | $ 30 | |||||||
Expiration date of warrants | Oct. 24, 2013 | |||||||||
Series A Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration date of warrants | Jul. 24, 2018 | |||||||||
Previously Reported [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Warrants exercisable price | $ 0.20 | $ 0.20 | ||||||||
Series B Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units issued | 133,334 | 16,754,822 | ||||||||
Expiration date of warrants | Oct. 24, 2013 | Oct. 24, 2013 | ||||||||
Series B Warrants [Member] | Previously Reported [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units issued | 20,000,000 | |||||||||
Common Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units issued | 16,754,822 | |||||||||
Number of shares/warrants included in units | 133,334 | |||||||||
Common Stock [Member] | Previously Reported [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares/warrants included in units | 20,000,000 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units issued | 20,000,000 | |||||||||
Warrants exercisable price | $ 22.50 | |||||||||
Series A Preferred Stock [Member] | Previously Reported [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Warrants exercisable price | $ 0.15 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units issued | 133,334 | 400,000 | ||||||||
Warrants exercisable price | $ 22.50 | $ 75 | $ 8.6400 | $ 9.6705 | $ 6.7200 | |||||
Series B Preferred Stock [Member] | Previously Reported [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units issued | 20,000,000 | |||||||||
Warrants exercisable price | $ 0.15 | $ 0.50000 | $ 0.05760 | $ 0.06447 | $ 0.05670 |
Stock Options and Warrants - 65
Stock Options and Warrants - 2013 S-1 July Registered Offering - July 19, 2013 - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 24, 2013 | Jul. 19, 2013 | Jul. 09, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of warrants issued | 837,602 | 64,983,988 | |||||
Percentage of agent fee on gross proceeds from Offering | 5.00% | 5.00% | |||||
Warrant term | 5 years | 5 years | |||||
Previously Reported [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of warrants issued | 125,639,832 | ||||||
Placement Agent Warrants [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of agent warrants to purchase on units issued in offering | 5.00% | ||||||
Number of warrants issued | 4,445 | ||||||
Warrants initial exercise price | $ 22.50 | ||||||
Warrant term | 5 years | ||||||
Percentage of Agent cash solicitation fee on gross proceeds | 5.00% | ||||||
Placement Agent Warrants [Member] | Previously Reported [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of warrants issued | 666,666 | ||||||
Warrants initial exercise price | $ 0.15 | ||||||
Series B Warrants [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum amount of reimbursement payable to agent | $ 75 | ||||||
Warrants initial exercise price | $ 0.15 | $ 0.15 | |||||
Warrant term | 65 days | ||||||
Series B Warrants [Member] | Previously Reported [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrants initial exercise price | $ 0.15 |
Stock Options and Warrants - 66
Stock Options and Warrants - Series A and B Warrant Exercises - Additional Information (Detail) - USD ($) | Jul. 24, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Mar. 12, 2013 | Jan. 22, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 64,113 | 39,295 | 16,954,822 | |||||
Proceeds from exercise of warrants | $ 431,000 | $ 339,000 | $ 2,386,000 | |||||
Expiration date of warrants | Oct. 24, 2013 | |||||||
Warrants exercisable price | $ 0.25 | $ 30 | $ 30 | |||||
Series A and B Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 0 | |||||||
Series A Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 200,000 | |||||||
Proceeds from exercise of warrants | $ 30,000 | |||||||
Warrants exercisable price | $ 0.15 | $ 0.15 | ||||||
Warrants issued | 200,000 | |||||||
Series B Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 12,409 | 39,295 | 16,754,822 | |||||
Proceeds from exercise of warrants | $ 83,388 | $ 339,506 | $ 2,356,000 | |||||
Expiration date of warrants | Oct. 24, 2013 | Oct. 24, 2013 | ||||||
Number of units issued | 133,334 | 16,754,822 | ||||||
Series B Warrants [Member] | Co-Chairman and Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 2,754,821 | |||||||
Series B Warrants [Member] | Company's Chief Scientific Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 667,667 | |||||||
Series B Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Proceeds from exercise of warrants | $ 497,000 |
Stock Options and Warrants - 67
Stock Options and Warrants - 2014 Warrant Exchange Agreements - Additional Information (Detail) - USD ($) | Apr. 14, 2015 | Jun. 16, 2014 | Jun. 11, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 24, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares of common stock issued for warrant exchange | 297,772 | ||||||||||
Warrants, Exchanged | 243,699 | 248,144 | |||||||||
Warrants outstanding | 579,130 | 579,130 | 850,058 | 299,895 | 3,500,000 | ||||||
Change in fair value of warrant liability | $ (388,000) | $ 1,271,000 | $ 1,702,000 | $ 1,271,000 | $ 2,381,000 | $ 1,894,000 | $ 2,405,000 | $ (754,000) | |||
Warrant exchange inducement expense | 3,445,000 | $ 3,445,000 | 3,445,000 | 3,445,000 | |||||||
Warrant liability reclassified to equity upon warrant exchange | 3,031,000 | $ 3,031,000 | 3,031,000 | ||||||||
Value of common stock issued for warrant exchange | $ 6,428,000 | $ 6,428,000 | |||||||||
Common stock reserved for future issuance | 0 | 37,888,154 | |||||||||
Previously Reported [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares of common stock issued for warrant exchange | 44,665,783 | ||||||||||
Warrants, Exchanged | 36,554,822 | 37,221,488 | |||||||||
Warrants outstanding | 127,508,118 | 44,983,988 | |||||||||
Placement Agent Warrants [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrants, Exchanged | 4,445 | ||||||||||
Warrants outstanding | 0 | 0 | 0 | 666,666 | 666,666 | ||||||
Placement Agent Warrants [Member] | Previously Reported [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrants, Exchanged | 666,666 | ||||||||||
Series A Warrants [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrants, Exchanged | 243,699 | ||||||||||
Warrants outstanding | 0 | 0 | 0 | 36,554,822 | 36,554,822 | ||||||
Series A Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares of common stock issued for warrant exchange | 80,706 | 80,706 | |||||||||
Warrants outstanding | 67,255 | 67,255 | |||||||||
Series A Warrants [Member] | Previously Reported [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrants, Exchanged | 36,554,822 | ||||||||||
Series A Warrants [Member] | Previously Reported [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares of common stock issued for warrant exchange | 12,105,784 | 12,105,784 | |||||||||
Warrants outstanding | 10,088,154 | 10,088,154 | |||||||||
Series A Warrants [Member] | Placement Agent Warrants [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrants, Exchanged | 4,445 | ||||||||||
Series A Warrants [Member] | Placement Agent Warrants [Member] | Previously Reported [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Warrants, Exchanged | 666,666 |
Stock Options and Warrants - 68
Stock Options and Warrants - Warrants Issued with Other Financings - Additional Information (Detail) | Mar. 12, 2013$ / shares | Jan. 22, 2013$ / shares | Sep. 30, 2011Tranches$ / sharesshares | Jun. 30, 2015shares | Dec. 31, 2014shares | Dec. 31, 2013shares | Aug. 31, 2013$ / shares | Dec. 31, 2012shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Warrant term | 5 years | 5 years | ||||||
Warrants outstanding | 579,130 | 850,058 | 299,895 | 3,500,000 | ||||
Expiration date of warrants | Oct. 24, 2013 | |||||||
Number of warrants issued | 837,602 | 64,983,988 | ||||||
Warrants exercisable price | $ / shares | $ 30 | $ 30 | $ 0.25 | |||||
Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants issued | 1,400,000 | |||||||
Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Warrants outstanding | 127,508,118 | 44,983,988 | ||||||
Number of warrants issued | 125,639,832 | |||||||
Warrants exercisable price | $ / shares | $ 0.20 | $ 0.20 | ||||||
Skin Care [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of tranches of common stock warrants issuable | Tranches | 2 | |||||||
Number of shares which can be purchased by the exercise of warrants | 667 | |||||||
Strike prices | $ / shares | $ 225 | |||||||
Vesting over four quarters | Four quarters | Four quarters | ||||||
Warrant term | 5 years | |||||||
Warrants outstanding | 1,334 | 1,334 | 1,334 | 200,000 | ||||
Expiration date of warrants | Sep. 30, 2016 | Sep. 30, 2016 | ||||||
Skin Care [Member] | Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares which can be purchased by the exercise of warrants | 100,000 | |||||||
Strike prices | $ / shares | $ 1.50 | |||||||
Warrants outstanding | 200,000 | 200,000 | ||||||
Share-based Compensation Award, Tranche One [Member] | Skin Care [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares which can be purchased by the exercise of warrants | 667 | |||||||
Strike prices | $ / shares | $ 225 | |||||||
Share-based Compensation Award, Tranche One [Member] | Skin Care [Member] | Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares which can be purchased by the exercise of warrants | 100,000 | |||||||
Strike prices | $ / shares | $ 1.50 | |||||||
Share-based Compensation Award, Tranche Two [Member] | Skin Care [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares which can be purchased by the exercise of warrants | 667 | |||||||
Strike prices | $ / shares | $ 300 | |||||||
Share-based Compensation Award, Tranche Two [Member] | Skin Care [Member] | Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares which can be purchased by the exercise of warrants | 100,000 | |||||||
Strike prices | $ / shares | $ 2 |
Stock Options and Warrants - 69
Stock Options and Warrants - Summary of Outstanding Warrants Related to Warrant Transactions (Detail) - $ / shares | Jun. 11, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 850,058 | 299,895 | 3,500,000 | |
Warrants, Issued | 837,602 | 64,983,988 | ||
Warrants, Exchanged | (243,699) | (248,144) | ||
Warrants, Exercised | (64,113) | (39,295) | (16,954,822) | |
Warrants, Forfeited/Cancelled | (206,815) | (6,545,178) | ||
Number of Shares, Outstanding, Ending balance | 579,130 | 850,058 | 299,895 | |
Weighted Average Exercise Price, Issued | $ 8 | |||
Weighted Average Exercise Price, Exchanged | 22 | |||
Weighted Average Exercise Price, Exercised | $ 8 | |||
Weighted Average Exercise Price, Forfeited/Cancelled | $ 12 | |||
Skin Care [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 1,334 | 1,334 | 200,000 | |
Number of Shares, Outstanding, Ending balance | 1,334 | 1,334 | 1,334 | |
January Two Thousand Thirteen Financing | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 33,750 | 33,750 | ||
Warrants, Issued | 5,062,500 | |||
Number of Shares, Outstanding, Ending balance | 33,750 | 33,750 | 33,750 | |
March Two Thousand Thirteen Financing | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 16,667 | 16,667 | ||
Warrants, Issued | 2,500,000 | |||
Number of Shares, Outstanding, Ending balance | 16,667 | 16,667 | 16,667 | |
Series A Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 1,600,000 | |||
Warrants, Forfeited/Cancelled | (1,600,000) | |||
Series B Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 300,000 | |||
Warrants, Forfeited/Cancelled | (300,000) | |||
YKA Loan [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 1,400,000 | |||
Warrants, Forfeited/Cancelled | (1,400,000) | |||
Previously Reported [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 127,508,118 | 44,983,988 | ||
Warrants, Issued | 125,639,832 | |||
Warrants, Exchanged | (36,554,822) | (37,221,488) | ||
Warrants, Exercised | (5,894,214) | |||
Number of Shares, Outstanding, Ending balance | 127,508,118 | 44,983,988 | ||
Weighted Average Exercise Price, Issued | $ 0.06 | |||
Weighted Average Exercise Price, Exchanged | 0.15 | |||
Weighted Average Exercise Price, Exercised | $ 0.06 | |||
Previously Reported [Member] | Skin Care [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 200,000 | 200,000 | ||
Number of Shares, Outstanding, Ending balance | 200,000 | 200,000 | ||
Previously Reported [Member] | January Two Thousand Thirteen Financing | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 5,062,500 | 5,062,500 | ||
Number of Shares, Outstanding, Ending balance | 5,062,500 | 5,062,500 | ||
Previously Reported [Member] | March Two Thousand Thirteen Financing | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 2,500,000 | 2,500,000 | ||
Number of Shares, Outstanding, Ending balance | 2,500,000 | 2,500,000 | ||
October 2014 Financing [Member] | Series A Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 258,519 | |||
Warrants, Issued | 258,519 | |||
Number of Shares, Outstanding, Ending balance | 258,519 | 258,519 | ||
October 2014 Financing [Member] | Series B Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 219,224 | |||
Warrants, Issued | 258,519 | |||
Warrants, Exercised | (12,409) | (39,295) | ||
Warrants, Forfeited/Cancelled | (206,815) | |||
Number of Shares, Outstanding, Ending balance | 219,224 | |||
October 2014 Financing [Member] | Series C Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 258,519 | |||
Warrants, Issued | 258,519 | |||
Warrants, Exercised | (51,704) | |||
Number of Shares, Outstanding, Ending balance | 206,815 | 258,519 | ||
October 2014 Financing [Member] | Placement Agent [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 62,045 | |||
Warrants, Issued | 62,045 | |||
Number of Shares, Outstanding, Ending balance | 62,045 | 62,045 | ||
October 2014 Financing [Member] | Previously Reported [Member] | Series A Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 38,777,726 | |||
Warrants, Issued | 38,777,726 | |||
Number of Shares, Outstanding, Ending balance | 38,777,726 | |||
October 2014 Financing [Member] | Previously Reported [Member] | Series B Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 32,883,512 | |||
Warrants, Issued | 38,777,726 | |||
Warrants, Exercised | (5,894,214) | |||
Number of Shares, Outstanding, Ending balance | 32,883,512 | |||
October 2014 Financing [Member] | Previously Reported [Member] | Placement Agent [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 9,306,654 | |||
Warrants, Issued | 9,306,654 | |||
Number of Shares, Outstanding, Ending balance | 9,306,654 | |||
October 2014 Financing [Member] | Previously Reported [Member] | Series C warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 38,777,726 | |||
Warrants, Issued | 38,777,726 | |||
Number of Shares, Outstanding, Ending balance | 38,777,726 | |||
July 2013 Financing [Member] | Series A Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 243,699 | |||
Warrants, Issued | 36,754,822 | |||
Warrants, Exchanged | (243,699) | |||
Warrants, Exercised | (200,000) | |||
Number of Shares, Outstanding, Ending balance | 243,699 | |||
July 2013 Financing [Member] | Series B Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants, Issued | 20,000,000 | |||
Warrants, Exercised | (16,754,822) | |||
Warrants, Forfeited/Cancelled | (3,245,178) | |||
July 2013 Financing [Member] | Placement Agent [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 4,445 | |||
Warrants, Issued | 666,666 | |||
Warrants, Exchanged | (4,445) | |||
Number of Shares, Outstanding, Ending balance | 4,445 | |||
July 2013 Financing [Member] | Previously Reported [Member] | Series A Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 36,554,822 | |||
Warrants, Exchanged | (36,554,822) | |||
Number of Shares, Outstanding, Ending balance | 36,554,822 | |||
July 2013 Financing [Member] | Previously Reported [Member] | Placement Agent [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning balance | 666,666 | |||
Warrants, Exchanged | 666,666 | |||
Number of Shares, Outstanding, Ending balance | 666,666 | |||
Weighted Average [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 10 | $ 25 | $ 0.34 | |
Weighted Average Exercise Price, Issued | 9 | 0.16 | ||
Weighted Average Exercise Price, Exchanged | 22 | |||
Weighted Average Exercise Price, Exercised | 6 | 8 | 0.15 | |
Weighted Average Exercise Price, Forfeited/Cancelled | 12 | 0.20 | ||
Weighted Average Exercise Price, Outstanding, Ending balance | 9 | 10 | 25 | |
Weighted Average [Member] | Previously Reported [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price, Outstanding, Beginning balance | 0.07 | 0.17 | ||
Weighted Average Exercise Price, Issued | 0.06 | |||
Weighted Average Exercise Price, Exchanged | 0.15 | |||
Weighted Average Exercise Price, Exercised | 0.06 | |||
Weighted Average Exercise Price, Outstanding, Ending balance | 0.07 | 0.17 | ||
Minimum [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price, Outstanding, Beginning balance | 9 | 22.5 | 0.25 | |
Weighted Average Exercise Price, Issued | 0.15 | |||
Weighted Average Exercise Price, Exercised | 6 | 0.15 | ||
Weighted Average Exercise Price, Forfeited/Cancelled | 0.15 | |||
Weighted Average Exercise Price, Outstanding, Ending balance | 6 | 9 | 22.5 | |
Minimum [Member] | Previously Reported [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price, Outstanding, Beginning balance | 0.06 | 0.15 | ||
Weighted Average Exercise Price, Outstanding, Ending balance | 0.06 | 0.15 | ||
Maximum [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price, Outstanding, Beginning balance | 300 | 300 | 2 | |
Weighted Average Exercise Price, Issued | 0.20 | |||
Weighted Average Exercise Price, Exercised | 9 | 0.15 | ||
Weighted Average Exercise Price, Forfeited/Cancelled | 0.25 | |||
Weighted Average Exercise Price, Outstanding, Ending balance | 300 | 300 | 300 | |
Maximum [Member] | Previously Reported [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 2 | 2 | ||
Weighted Average Exercise Price, Outstanding, Ending balance | $ 2 | $ 2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 12, 2013 | Jan. 22, 2013 | Jul. 31, 2012 | Sep. 30, 2011Tranches$ / sharesshares | Jun. 30, 2015USD ($)ft² | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)ft² | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($) | Jan. 01, 2013ft² | Jul. 01, 2011ft² | Mar. 01, 2011ft² |
Commitments And Contingencies [Line Items] | |||||||||||||
Rent expense | $ 69,000 | $ 79,000 | $ 142,000 | $ 158,000 | $ 315,000 | $ 310,000 | |||||||
Warrant term | 5 years | 5 years | |||||||||||
Oceanside [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Current square feet of leased office and laboratory | ft² | 8,215 | 8,215 | 8,215 | ||||||||||
Lease expiration period | 2016-08 | 2016-08 | |||||||||||
Current base rent | $ 8,846 | $ 8,846 | |||||||||||
Percentage of increase in monthly base rent | 3.00% | 3.00% | |||||||||||
Frederick [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Current square feet of leased office and laboratory | ft² | 5,520 | 5,520 | 5,520 | ||||||||||
Current base rent | $ 8,865 | $ 8,865 | $ 11,105 | ||||||||||
Expiry of Lease | Dec. 31, 2015 | Dec. 31, 2015 | |||||||||||
Expiry of lease additional | 5 years | 5 years | |||||||||||
Priestly Drive [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Current square feet of leased office and laboratory | ft² | 4,653 | 9,848 | 8,199 | 4,653 | |||||||||
Current base rent | 12,192 | $ 12,192 | $ 11,837 | ||||||||||
Percentage of increase in monthly base rent | 3.00% | 3.00% | |||||||||||
Expiry of Lease | Feb. 29, 2016 | Feb. 29, 2016 | |||||||||||
Expiry of lease additional | 5 years | 5 years | |||||||||||
Initial monthly base rent | $ 5,118 | $ 5,118 | |||||||||||
Skin Care [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Percentage of net revenues for Direct Sales generated from the proprietary mailings | 20.00% | ||||||||||||
Percentage of net revenues for Referral Sales | 9.00% | 10.00% | |||||||||||
Termination of the agreement | 30 days | ||||||||||||
Number of tranches of common stock warrants issuable | Tranches | 2 | ||||||||||||
Number of shares which can be purchased by the exercise of warrants | shares | 667 | ||||||||||||
Strike prices, tranche one | $ / shares | $ 225 | ||||||||||||
Strike prices, tranche two | $ / shares | $ 300 | ||||||||||||
Commission percentage on direct sale | 18.00% | ||||||||||||
Commission expenses | $ 3,000 | $ 10,000 | $ 8,000 | $ 23,000 | $ 51,000 | $ 80,000 | |||||||
Warrant term | 5 years | ||||||||||||
Previously Reported [Member] | Skin Care [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Number of shares which can be purchased by the exercise of warrants | shares | 100,000 | ||||||||||||
Strike prices, tranche one | $ / shares | $ 1.50 | ||||||||||||
Strike prices, tranche two | $ / shares | $ 2 | ||||||||||||
Customer Concentration Risk [Member] | Major customer 1 [Member] | Sales [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Percentage of revenue | 17.00% | 21.00% | |||||||||||
Customer Concentration Risk [Member] | Another Major Customer [Member] | Sales [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Percentage of revenue | 10.00% | ||||||||||||
Customer Concentration Risk [Member] | Other Customer [Member] | Sales [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Percentage of revenue | 10.00% | 10.00% | |||||||||||
Customer Concentration Risk [Member] | Customer One [Member] | Sales [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Percentage of revenue | 22.00% | 19.00% | 18.00% | 20.00% |
Commitments and Contingencies71
Commitments and Contingencies - Summary of Future Minimum Lease Payments Required under Operating Leases that Have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2015 (remaining six months) | $ 184 | |
2,015 | 104 | $ 399 |
2,016 | 5 | 103 |
2,017 | 5 | |
Total | $ 293 | $ 507 |
Segments and Geographic Infor72
Segments and Geographic Information - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015SegmentSubsidiaryProduct | Dec. 31, 2014SegmentSubsidiaryProduct | |
Segment Reporting [Abstract] | ||
Number reporting segments | Segment | 3 | 3 |
Number of wholly-owned subsidiaries | Subsidiary | 2 | 2 |
Human cell culture products | 160 | 130 |
Segments and Geographic Infor73
Segments and Geographic Information - Revenues, Expenses and Operating Income (Loss) by Market Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | ||||||
Total revenues | $ 1,815 | $ 1,588 | $ 3,437 | $ 3,237 | $ 7,017 | $ 6,147 |
Operating expenses: | ||||||
Total operating expenses | 2,752 | 3,831 | 6,340 | 7,545 | 15,697 | 13,693 |
Operating income (loss): | ||||||
Total operating income (loss) | (937) | (2,243) | (2,903) | (4,308) | (8,680) | (7,546) |
Cosmeceutical Market [Member] | ||||||
Revenues: | ||||||
Total revenues | 884 | 746 | 1,725 | 1,549 | 3,507 | 3,204 |
Operating expenses: | ||||||
Total operating expenses | 777 | 785 | 1,489 | 1,573 | 3,253 | 2,914 |
Operating income (loss): | ||||||
Total operating income (loss) | 107 | (39) | 236 | (24) | 254 | 290 |
Biomedical Market [Member] | ||||||
Revenues: | ||||||
Total revenues | 931 | 842 | 1,712 | 1,688 | 3,510 | 2,943 |
Operating expenses: | ||||||
Total operating expenses | 659 | 658 | 1,299 | 1,364 | 2,749 | 2,579 |
Operating income (loss): | ||||||
Total operating income (loss) | 272 | 184 | 413 | 324 | 761 | 364 |
Therapeutic Market [Member] | ||||||
Operating expenses: | ||||||
Total operating expenses | 1,316 | 2,388 | 3,552 | 4,608 | 9,695 | 8,200 |
Operating income (loss): | ||||||
Total operating income (loss) | $ (1,316) | $ (2,388) | $ (3,552) | $ (4,608) | $ (9,695) | $ (8,200) |
Segments and Geographic Infor74
Segments and Geographic Information - Summary of Significant Revenues in Following Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Total revenues | $ 1,815 | $ 1,588 | $ 3,437 | $ 3,237 | $ 7,017 | $ 6,147 |
North America [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Total revenues | 1,470 | 1,318 | 2,770 | 2,667 | 5,632 | 4,779 |
Asia [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Total revenues | 269 | 162 | 482 | 340 | 943 | 905 |
Europe [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Total revenues | 70 | 101 | 160 | 210 | 393 | 355 |
All Other Regions [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Total revenues | $ 6 | $ 7 | $ 25 | $ 20 | $ 49 | $ 108 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) | Aug. 10, 2015USD ($) | Jul. 29, 2015$ / shares | May. 12, 2015USD ($) | May. 06, 2015USD ($) | Mar. 09, 2012$ / shares | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Subsequent Event [Line Items] | ||||||||
Convertible preferred stock, conversion price | $ / shares | $ 60 | |||||||
Related party payable | $ 2,285,000 | $ 11,000 | $ 21,000 | |||||
Co-Chairman and Chief Executive Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Annual interest rate | 0.50% | 0.45% | ||||||
Maturity date | Aug. 10, 2015 | May 15, 2015 | ||||||
Related party payable | $ 2,000,000 | $ 262,000 | ||||||
Related Party Transaction, Description | The principal amount under the Note accrues interest at a rate of One Half of One Percent (0.50%) per annum. The Note is due and payable August 10, 2015, but may be pre-paid by the Company without penalty at any time. See Note 12, Subsequent Events. | The Loan accrues interest at the annual rate of Forty-Five One-Hundredths Percent (0.45%) from the date the Loan was made until the Loan is paid in full, whether at maturity, by prepayment, or otherwise. | ||||||
Co-Chairman and Chief Executive Officer [Member] | Unsecured Non Convertible Promissory Note [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Non-convertible promissory note, principal amount | $ 2,262,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Reverse stock split ratio | 0.0067 | |||||||
Subsequent Event [Member] | Co-Chairman and Chief Executive Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Related party payable | $ 300,000 | |||||||
Related Party Transaction, Description | The principal amount under the Note accrues interest at a rate of One Half of One Percent (0.50%) per annum. The Note is due and payable September 10, 2015, but may be pre-paid by the Company without penalty at any time | |||||||
Subsequent Event [Member] | Co-Chairman and Chief Executive Officer [Member] | Unsecured Non Convertible Promissory Note [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Non-convertible promissory note, principal amount | $ 2,562,000 | |||||||
Annual interest rate | 50.00% | |||||||
Maturity date | Sep. 10, 2015 | |||||||
Subsequent Event [Member] | Series H Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Convertible preferred stock, conversion price | $ / shares | $ 1.7933 |
Capital Stock - Series C Prefer
Capital Stock - Series C Preferred Stock Transactions - Additional Information (Detail) - $ / shares | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Mar. 12, 2013 | Jan. 22, 2013 | Mar. 09, 2012 | Sep. 23, 2008 | Aug. 20, 2008 | Jun. 30, 2015 | Jun. 30, 2015 | [1] | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||||||||
Sales price per share | $ 0.09 | $ 0.10 | |||||||||||||
Convertible preferred stock, conversion price | $ 60 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 184,000 | [1] | 37,991,000 | ||||||||||||
Issuance of common stock from conversion of Series C preferred stock, shares | 8,000,000 | 162,000 | 162,000 | 60,000 | [1] | 8,000,000 | |||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares of common stock sold | 1,300,000 | 700,000 | |||||||||||||
Sales price per share | $ 1 | ||||||||||||||
Convertible preferred stock, conversion price | $ 0.25 | ||||||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||||||
Convertible shares of common stock | $ 0.25 | ||||||||||||||
[1] | See Note 1, "Reverse Stock Split" |
Capital Stock - 2013 Securities
Capital Stock - 2013 Securities Purchase Agreements for Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Jul. 19, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 |
Class of Stock [Line Items] | |||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||||
Common stock value per share | $ 0.09 | $ 0.10 | |||||||||
Proceeds from issuance of common stock | $ 400 | $ 600 | $ 550 | $ 500 | $ 2,377 | $ 1,000 | $ 2,025 | $ 2,638 | $ 3,649 | $ 6,538 | |
Warrant term | 5 years | 5 years | |||||||||
Percentage of Warrants to common stock purchased | 50.00% | 50.00% | |||||||||
Warrants outstanding convertible into common stock | 16,667 | 33,750 | 127,508,118 | 45,650,654 | |||||||
Warrants exercisable price | $ 30 | $ 30 | $ 0.25 | ||||||||
Co-Chairman and Chief Executive Officer [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Proceeds from issuance of common stock | $ 100 | ||||||||||
Warrant term | 5 years | ||||||||||
Warrants outstanding convertible into common stock | 1,667 | ||||||||||
Previously Reported [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | |||||
Common stock value per share | $ 0.20 | $ 0.20 | |||||||||
Warrants outstanding convertible into common stock | 2,500,000 | 5,062,500 | |||||||||
Warrants exercisable price | $ 0.20 | $ 0.20 | |||||||||
Previously Reported [Member] | Co-Chairman and Chief Executive Officer [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Warrants outstanding convertible into common stock | 250,000 |
Capital Stock - 2013 S-1 July R
Capital Stock - 2013 S-1 July Registered Offering - Additional Information (Detail) - USD ($) | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Oct. 24, 2013 | Jul. 31, 2013 | Jul. 24, 2013 | Jul. 19, 2013 | Jul. 09, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 16, 2014 | Jun. 11, 2014 | Aug. 31, 2013 | Dec. 31, 2012 | ||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrants exercisable price | $ 30 | $ 30 | $ 0.25 | ||||||||||||||||||
Number of warrants issued | 837,602 | 64,983,988 | |||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Warrant term | 5 years | 5 years | |||||||||||||||||||
Percentage of agent fee on gross proceeds from Offering | 5.00% | 5.00% | |||||||||||||||||||
Expiration date of warrants | Oct. 24, 2013 | ||||||||||||||||||||
Proceeds from issuance of common stock | $ 400,000 | $ 600,000 | $ 550,000 | $ 500,000 | $ 2,377,000 | $ 1,000,000 | $ 2,025,000 | $ 2,638,000 | $ 3,649,000 | $ 6,538,000 | |||||||||||
Proceeds from exercise of warrants | $ 431,000 | $ 339,000 | $ 2,386,000 | ||||||||||||||||||
Number of warrants exercised | 64,113 | 39,295 | 16,954,822 | ||||||||||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||||||||||||||
Warrants outstanding | 579,130 | 850,058 | 299,895 | 3,500,000 | |||||||||||||||||
Co-Chairman and Chief Executive Officer [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||
Proceeds from issuance of common stock | $ 100,000 | ||||||||||||||||||||
Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Proceeds from sale of units and warrants | $ 1,000,000 | ||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of shares/warrants included in units | 133,334 | ||||||||||||||||||||
Number of units issued | 16,754,822 | ||||||||||||||||||||
Number of shares of common stock sold | 184,000 | [1] | 37,991,000 | ||||||||||||||||||
Series A Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of shares/warrants included in units | 16,754,822 | ||||||||||||||||||||
Warrants exercisable price | $ 0.15 | $ 0.15 | |||||||||||||||||||
Warrants exercise price | $ 0.15 | $ 0.15 | |||||||||||||||||||
Proceeds from exercise of warrants | $ 30,000 | ||||||||||||||||||||
Number of warrants exercised | 200,000 | ||||||||||||||||||||
Number of shares of common stock sold | 200,000 | ||||||||||||||||||||
Warrants outstanding | 36,554,822 | 0 | 0 | 36,554,822 | |||||||||||||||||
Series A Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrants outstanding | 67,255 | 67,255 | |||||||||||||||||||
Series B Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of units issued | 133,334 | 16,754,822 | |||||||||||||||||||
Warrants exercise price | $ 0.15 | $ 0.15 | |||||||||||||||||||
Warrant term | 65 days | ||||||||||||||||||||
Maximum amount of reimbursement payable to agent | $ 75,000 | ||||||||||||||||||||
Expiration date of warrants | Oct. 24, 2013 | Oct. 24, 2013 | |||||||||||||||||||
Proceeds from exercise of warrants | $ 83,388 | $ 339,506 | $ 2,356,000 | ||||||||||||||||||
Number of warrants exercised | 12,409 | 39,295 | 16,754,822 | ||||||||||||||||||
Adjusted exercise price | $ 0.1452 | ||||||||||||||||||||
Warrants expired unexercised | 3,245,178 | ||||||||||||||||||||
Series B Warrants [Member] | Co-Chairman and Chief Executive Officer [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants exercised | 2,754,821 | ||||||||||||||||||||
Series B Warrants [Member] | Company's Chief Scientific Officer [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants exercised | 667,667 | ||||||||||||||||||||
Series B Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Proceeds from exercise of warrants | $ 497,000 | ||||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrants exercisable price | $ 0.20 | $ 0.20 | |||||||||||||||||||
Number of warrants issued | 125,639,832 | ||||||||||||||||||||
Number of warrants exercised | 5,894,214 | ||||||||||||||||||||
Number of shares of common stock sold | 4,444,445 | 6,000,000 | 5,500,000 | 3,333,333 | 5,000,000 | 10,125,000 | |||||||||||||||
Warrants outstanding | 127,508,118 | 44,983,988 | |||||||||||||||||||
Previously Reported [Member] | Common Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of shares/warrants included in units | 20,000,000 | ||||||||||||||||||||
Number of shares of common stock sold | [1] | 27,598,000 | |||||||||||||||||||
Previously Reported [Member] | Series A Warrants [Member] | Dr. Andrey Semechkin and Ruslan Semechkin [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrants outstanding | 10,088,154 | 10,088,154 | |||||||||||||||||||
Previously Reported [Member] | Series B Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of units issued | 20,000,000 | ||||||||||||||||||||
Warrants exercise price | $ 0.15 | ||||||||||||||||||||
Proceeds from exercise of warrants | $ 634,000 | ||||||||||||||||||||
Number of warrants exercised | 5,894,214 | 4,450,000 | |||||||||||||||||||
Adjusted [Member] | Series B Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Proceeds from exercise of warrants | $ 1,722,000 | ||||||||||||||||||||
Number of warrants exercised | 12,304,822 | 16,754,822 | |||||||||||||||||||
Before Adjustment [Member] | Series B Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrants exercise price | $ 0.15 | ||||||||||||||||||||
Proceeds from exercise of warrants | $ 634,000 | ||||||||||||||||||||
Number of warrants exercised | 4,450,000 | ||||||||||||||||||||
Placement Agent Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants issued | 4,445 | ||||||||||||||||||||
Percentage of agent warrants to purchase on units issued in offering | 5.00% | ||||||||||||||||||||
Warrants exercise price | $ 22.50 | ||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||
Percentage of Agent cash solicitation fee on gross proceeds | 5.00% | ||||||||||||||||||||
Warrants outstanding | 666,666 | 0 | 0 | 666,666 | |||||||||||||||||
Placement Agent Warrants [Member] | Previously Reported [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants issued | 666,666 | ||||||||||||||||||||
Warrants exercise price | $ 0.15 | ||||||||||||||||||||
Subscription Agreements [Member] | Common Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of shares/warrants included in units | 20,000,000 | ||||||||||||||||||||
Subscription Agreements [Member] | Common Stock [Member] | Co-Chairman and Chief Executive Officer [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of units issued | 5,998,999 | ||||||||||||||||||||
Subscription Agreements [Member] | Series A Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Warrants exercisable price | $ 0.15 | ||||||||||||||||||||
Subscription Agreements [Member] | Series B Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants issued | 20,000,000 | ||||||||||||||||||||
Subscription Agreements [Member] | Series B Warrants [Member] | Co-Chairman and Chief Executive Officer [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants issued | 5,998,999 | ||||||||||||||||||||
Subscription Agreements [Member] | Series B Warrants [Member] | Company's Chief Scientific Officer [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Number of warrants issued | 667,667 | ||||||||||||||||||||
Number of units issued | 667,667 | ||||||||||||||||||||
Subscription Agreements [Member] | Units and Series B Warrants [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Proceeds from sale of units and warrants | $ 3,000,000 | ||||||||||||||||||||
[1] | See Note 1, "Reverse Stock Split" |
Capital Stock - Aspire Common S
Capital Stock - Aspire Common Stock Purchase Agreement - Additional Information (Detail) - USD ($) | Sep. 10, 2014 | Aug. 06, 2014 | Jun. 26, 2014 | May. 29, 2014 | Jul. 19, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Dec. 09, 2010 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||||||||||
Number of shares of common stock sold | 29,630 | 40,000 | 36,667 | 22,223 | 33,334 | 67,500 | |||||
Proceeds from issuance of common stock | $ 400,000 | $ 600,000 | $ 550,000 | $ 500,000 | $ 2,377,000 | $ 1,000,000 | $ 2,025,000 | $ 2,638,000 | $ 3,649,000 | $ 6,538,000 | |
Aspire Capital Fund, LLC [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock purchase agreement period | 3 years | ||||||||||
Common stock purchase price, description | The Company may, from time to time and in its sole discretion, direct Lincoln Park to purchase shares of common stock in amounts up to 200,000 shares on any single business day so long as at least one business day has passed since the most recent purchase, which amounts may be increased to up to 300,000 shares and up to 400,000 shares, provided the closing price of the common stock exceeds a certain threshold, with a maximum limit of up to $500,000 per purchase, plus an additional “accelerated amount” under certain circumstances. There are no trading volume requirements or restrictions under the Purchase Agreement, and the Company will control the timing and amount of any sales of common stock to Lincoln Park. The purchase price of the shares that may be sold to Lincoln Park under the Purchase Agreement will be based on the market price of the common stock immediately preceding the time of sale as computed under the Purchase Agreement without any fixed discount; provided that in no event will such shares be sold to Lincoln Park when the closing sale price is less than $0.05 per share, subject to adjustment as provided in the Purchase Agreement. | ||||||||||
Aspire Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Maximum commitment under stock purchase agreement | $ 25,000,000 | ||||||||||
Purchase agreement expired | 2013-12 | ||||||||||
Aspire Capital Fund, LLC [Member] | Registration Rights [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares of common stock sold | 1,200,000 | ||||||||||
Proceeds from issuance of common stock | $ 264,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Statutory federal income tax rate | 35.00% | 35.00% |
Permanent items | (12.00%) | (12.00%) |
State income taxes, net of federal taxes | 4.00% | 4.00% |
Change in valuation allowance | (29.00%) | (30.00%) |
Tax credits claimed | 1.00% | 2.00% |
Other | 1.00% | 1.00% |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets (liabilities) | ||
Current deferred tax assets (liabilities) | $ 187 | $ 298 |
Deferred revenues | 0 | 0 |
Current deferred tax assets | 187 | 298 |
Valuation allowances | (187) | (298) |
Net current deferred tax assets | 0 | 0 |
Net operating loss carryforwards | 22,332 | 19,224 |
Stock based compensation | 3,359 | 2,987 |
Research and development tax credit | 1,842 | 1,627 |
Other | 72 | 51 |
Non-current deferred tax assets | 27,605 | 23,889 |
Valuation allowances | (27,582) | (23,884) |
Net non-current deferred tax assets | 23 | 5 |
Non-current deferred tax liabilities | (23) | (5) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||
Current | $ 0 | $ 0 | ||||
Deferred | 0 | 0 | ||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Options and Warrants - 83
Stock Options and Warrants - Fair Value of Stock Option Award, Weighted Average Assumptions (Detail) - Options Available for Future Grant [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant assumptions (weighted average): | ||||||
Risk-free interest rate at grant date | 0.00% | 1.91% | 1.75% | 1.91% | 1.90% | 1.02% |
Expected stock price volatility | 0.00% | 99.72% | 93.54% | 99.72% | 100.75% | 116.53% |
Expected dividend payout | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Expected option life based on management's estimate | 0 years | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 29 days | 6 years 29 days |
Stock Options and Warrants - 84
Stock Options and Warrants - Summary of Changes in Options Outstanding and Related Exercise Prices (Detail) | 12 Months Ended |
Dec. 31, 2014$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 28,928,930 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 0.79 |
Options Exercisable and vested, Number Exercisable | shares | 21,102,855 |
Options Exercisable and vested, Weighted Average Remaining Contractual Life (Years) | 5 years |
Options Exercisable and vested, Weighted Average Exercise Price | $ 1 |
$0.09-$0.17 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding Exercise Prices, Lower Range Limit | 0.09 |
Options Outstanding Exercise Prices, Upper Range Limit | $ 0.17 |
Options Outstanding, Number Outstanding | shares | 6,109,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 years 6 months 11 days |
Options Outstanding, Weighted Average Exercise Price | $ 0.14 |
$0.18-$0.54 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding Exercise Prices, Lower Range Limit | 0.18 |
Options Outstanding Exercise Prices, Upper Range Limit | $ 0.54 |
Options Outstanding, Number Outstanding | shares | 4,856,037 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years |
Options Outstanding, Weighted Average Exercise Price | $ 0.37 |
Options Exercisable and vested, Number Exercisable | shares | 3,496,512 |
Options Exercisable and vested, Weighted Average Remaining Contractual Life (Years) | 5 years 3 months 7 days |
Options Exercisable and vested, Weighted Average Exercise Price | $ 0.39 |
$0.55-$0.69 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding Exercise Prices, Lower Range Limit | 0.55 |
Options Outstanding Exercise Prices, Upper Range Limit | $ 0.69 |
Options Outstanding, Number Outstanding | shares | 8,901,543 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 10 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 0.61 |
Options Exercisable and vested, Number Exercisable | shares | 8,901,543 |
Options Exercisable and vested, Weighted Average Remaining Contractual Life (Years) | 4 years 10 months 13 days |
Options Exercisable and vested, Weighted Average Exercise Price | $ 0.61 |
$0.70-$1.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding Exercise Prices, Lower Range Limit | 0.70 |
Options Outstanding Exercise Prices, Upper Range Limit | $ 1.76 |
Options Outstanding, Number Outstanding | shares | 3,732,350 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 10 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.16 |
Options Exercisable and vested, Number Exercisable | shares | 3,673,600 |
Options Exercisable and vested, Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 29 days |
Options Exercisable and vested, Weighted Average Exercise Price | $ 1.17 |
$1.77-$3.20 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding Exercise Prices, Lower Range Limit | 1.77 |
Options Outstanding Exercise Prices, Upper Range Limit | $ 3.20 |
Options Outstanding, Number Outstanding | shares | 5,330,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.97 |
Options Exercisable and vested, Number Exercisable | shares | 5,031,200 |
Options Exercisable and vested, Weighted Average Remaining Contractual Life (Years) | 5 years 10 months 21 days |
Options Exercisable and vested, Weighted Average Exercise Price | $ 1.98 |
Stock Options and Warrants - 85
Stock Options and Warrants - Warrants Issued with Preferred Stock - Additional Information (Detail) - $ / shares | May. 12, 2008 | Dec. 31, 2014 | Dec. 31, 2008 | Jun. 30, 2015 | Nov. 30, 2014 | Oct. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Jul. 24, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants outstanding | 850,058 | 579,130 | 299,895 | 3,500,000 | |||||||||
Warrants exercisable price | $ 0.25 | $ 30 | $ 30 | ||||||||||
Skin Care [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants outstanding | 1,334 | 1,334 | 1,334 | 200,000 | |||||||||
Series A Preferred Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares in each unit | 1 | ||||||||||||
Warrants exercisable price | $ 22.50 | ||||||||||||
Expiration date of warrants | 2013-01 | ||||||||||||
Series A Preferred Stock [Member] | Warrants Issued with Preferred Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants outstanding | 0 | 2,000,000 | |||||||||||
Series A Preferred Stock [Member] | Warrants Issued with Preferred Stock [Member] | Skin Care [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares in each unit | 2 | ||||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares in each unit | 1 | 1 | |||||||||||
Warrants exercisable price | $ 75 | $ 8.6400 | $ 9.6705 | $ 6.7200 | $ 22.50 | ||||||||
Series B Preferred Stock [Member] | Warrants Issued with Preferred Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants outstanding | 0 | 1,100,000 | |||||||||||
Warrants exercisable price | $ 0.25 |
Stock Options and Warrants - 86
Stock Options and Warrants - 2013 S-1 July Registered Offering - Series B Warrants - Additional Information (Detail) - $ / shares | Jul. 24, 2013 | Jul. 19, 2013 | Mar. 12, 2013 | Jan. 22, 2013 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration date of warrants | Oct. 24, 2013 | ||||
Warrant term | 5 years | 5 years | |||
Series B Warrants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Warrants initial exercise price | $ 0.15 | $ 0.15 | |||
Closing bid price of common stock | 80.00% | ||||
Expiration date of warrants | Oct. 24, 2013 | Oct. 24, 2013 | |||
Warrant term | 65 days |
Stock Options and Warrants - 87
Stock Options and Warrants - 2013 S-1 July Registered Offering - Series A Warrants - Additional Information (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price of common stock | $ 0.21 | ||
Warrant exercise price | $ 0.15 | ||
Stock price volatility | 84.30% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price of common stock | $ 0.15 | ||
U.S. Treasury Notes [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 1.55% | ||
Placement Agent [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend rate | 0.00% | ||
Series-A and Placement Agent Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price of common stock | $ 6.45 | $ 0.069 | |
Warrant exercise price | $ 6.72 | $ 0.0576 | |
Stock price volatility | 81.90% | 83.00% | |
Options and warrant expected term | 4 years 9 months 15 days | 5 years 3 months 15 days | 4 years 6 months 22 days |
Dividend rate | 0.00% | 0.00% | |
Series-A and Placement Agent Warrants [Member] | U.S. Treasury Notes [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 1.55% | 1.63% | |
Series A Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend rate | 0.00% |
Stock Options and Warrants - 88
Stock Options and Warrants - Series B Price Adjustment - Additional Information (Detail) - USD ($) | Jun. 20, 2015 | Oct. 24, 2013 | Oct. 17, 2013 | Jul. 24, 2013 | Jul. 19, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 64,113 | 39,295 | 16,954,822 | |||||
Proceeds from exercise of warrants | $ 431,000 | $ 339,000 | $ 2,386,000 | |||||
Warrants expired unexercised | 206,815 | 6,545,178 | ||||||
Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 5,894,214 | |||||||
Series B Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of closing bid price for calculation of exercise price of warrants | 20.00% | |||||||
Closing bid price | $ 0.1815 | |||||||
Adjusted exercise price | $ 0.1452 | |||||||
Number of warrants exercised | 12,409 | 39,295 | 16,754,822 | |||||
Proceeds from exercise of warrants | $ 83,388 | $ 339,506 | $ 2,356,000 | |||||
Warrants initial exercise price | $ 0.15 | $ 0.15 | ||||||
Warrants expired unexercised | 206,815 | 3,245,178 | ||||||
Series B Warrants [Member] | Adjustments [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 16,754,822 | |||||||
Series B Warrants [Member] | Adjusted Warrants [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 12,304,822 | |||||||
Proceeds from exercise of warrants | $ 1,722,000 | |||||||
Series B Warrants [Member] | Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of warrants exercised | 5,894,214 | 4,450,000 | ||||||
Proceeds from exercise of warrants | $ 634,000 | |||||||
Warrants initial exercise price | $ 0.15 |