Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | AIRXPANDERS INC | |
Entity Central Index Key | 1,387,156 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 186,153,283 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 14,320 | $ 4,162 |
Short-term investments | 18,428 | |
Accounts receivable, net | 813 | 1,022 |
Inventory | 9,961 | 8,132 |
Prepaid expenses and other current assets | 1,105 | 1,018 |
Total current assets | 26,199 | 32,762 |
Property and equipment, net | 3,913 | 4,435 |
Other assets | 154 | 129 |
Total assets | 30,266 | 37,326 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 3,119 | 3,345 |
Accrued expenses | 2,725 | 2,521 |
Total current liabilities | 5,844 | 5,866 |
Long-term debt, less current portion, net of discount | 14,822 | 14,624 |
Total liabilities | 20,666 | 20,490 |
Commitments and Contingencies (Note 8) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued and outstanding at September 30, 2018 and December 31, 2017 | 0 | 0 |
Additional paid-in capital | 126,154 | 112,045 |
Accumulated other comprehensive loss | 6 | |
Accumulated deficit | (116,740) | (95,311) |
Total stockholders' equity | 9,600 | 16,836 |
Total liabilities and stockholders' equity | 30,266 | 37,326 |
Common Class A [Member] | ||
Stockholders' equity | ||
Common stock | 186 | 96 |
Common Class B [Member] | ||
Stockholders' equity | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | |
Common stock, shares authorized (in shares) | 300,000,000 | |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 185,850,890 | 95,943,409 |
Common stock, shares outstanding (in shares) | 185,850,890 | 95,943,409 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net revenue | $ 2,052 | $ 1,159 | $ 5,790 | $ 2,116 |
Cost of goods sold | 4,269 | 1,638 | 9,848 | 6,363 |
Gross loss | (2,217) | (479) | (4,058) | (4,247) |
Operating expenses: | ||||
Research and development | 883 | 1,952 | 3,505 | 6,329 |
Selling, general and administrative | 3,573 | 3,371 | 12,260 | 10,586 |
Total operating expenses | 4,456 | 5,323 | 15,765 | 16,915 |
Operating loss | (6,673) | (5,802) | (19,823) | (21,162) |
Other expense (income): | ||||
Interest expense | 530 | 242 | 1,478 | 328 |
Other expense (income), net | 196 | (44) | 128 | (172) |
Total other expense (income), net | 726 | 198 | 1,606 | 156 |
Operating loss before income tax provision | (7,399) | (6,000) | (21,429) | (21,318) |
Provision for income taxes | (1) | 1 | ||
Net loss | $ (7,399) | $ (5,999) | $ (21,429) | $ (21,319) |
Net loss per common share: basic and diluted (in dollars per share) | $ (0.06) | $ (0.06) | $ (0.20) | $ (0.23) |
Weighted-average number of common shares used in computing net loss per common share: basic and diluted (in shares) | 126,327 | 95,901 | 106,199 | 93,104 |
Comprehensive Loss: | ||||
Net loss | $ (7,399) | $ (5,999) | $ (21,429) | $ (21,319) |
Unrealized loss on investments | 14 | (6) | ||
Total comprehensive loss | $ (7,399) | $ (5,985) | $ (21,429) | $ (21,319) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member]Common Stock [Member] | Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member]Additional Paid-in Capital [Member] | Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member]AOCI Attributable to Parent [Member] | Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member]Retained Earnings [Member] | Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member] | Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member]Common Stock [Member] | Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member]Additional Paid-in Capital [Member] | Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member]AOCI Attributable to Parent [Member] | Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member]Retained Earnings [Member] | Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 95,943,409 | ||||||||||||||
Balance at Dec. 31, 2017 | $ 96 | $ 112,045 | $ 6 | $ (95,311) | $ 16,836 | ||||||||||
Issuance of common stock, net of issuance costs of $1,297 (in shares) | 89,773,611 | ||||||||||||||
Issuance of common stock, net of issuance costs of $1,297 | $ 90 | 13,370 | 13,460 | ||||||||||||
Net exercise of warrants (in shares) | 116,476 | ||||||||||||||
Net exercise of warrants | |||||||||||||||
Exercise of stock options (in shares) | 174,394 | 17,394 | |||||||||||||
Exercise of stock options | 5 | $ 5 | |||||||||||||
Stock-based compensation | 538 | 538 | |||||||||||||
Issuance of warrants to in connection with amendment to debt agreement | $ 47 | $ 47 | $ 149 | $ 149 | |||||||||||
Unrealized loss on investments | (6) | (6) | |||||||||||||
Net loss | (21,429) | (21,429) | |||||||||||||
Balance (in shares) at Sep. 30, 2018 | 185,850,890 | ||||||||||||||
Balance at Sep. 30, 2018 | $ 186 | $ 126,154 | $ (116,740) | $ 9,600 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)shares | |
Additional Paid-in Capital [Member] | Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member] | |
Number of warrants issued (in shares) | 277,778 |
Additional Paid-in Capital [Member] | Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member] | |
Number of warrants issued (in shares) | 937,500 |
Additional Paid-in Capital [Member] | |
Issuance of common stock for cash, issuance costs | $ | $ 1,297 |
Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member] | |
Number of warrants issued (in shares) | 277,778 |
Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member] | |
Number of warrants issued (in shares) | 937,500 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (21,429) | $ (21,319) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 994 | 343 |
Amortization of debt discount and deferred issuance cost | 394 | 107 |
Inventory write-down and reserves | 1,445 | 3,143 |
Stock-based compensation | 538 | 533 |
Allowance for doubtful accounts | 61 | |
Sales returns reserve | 31 | |
Loss on disposal of fixed assets | 179 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 117 | (633) |
Inventory | (3,274) | (7,934) |
Prepaid expenses and other assets | (118) | (991) |
Accounts payable | (226) | 1,032 |
Accrued expenses | 204 | 909 |
Net cash used in operating activities | (21,084) | (24,810) |
Cash flows from investing activities | ||
Purchases of short-term investments | (24,953) | |
Maturities of short-term investments | 18,428 | 3,992 |
Purchase of property and equipment | (651) | (1,978) |
Net cash provided by (used in) investing activities | 17,777 | (22,939) |
Cash flows from financing activities | ||
Proceeds from debt issuance, net of issuance costs | 14,717 | |
Principal payments on notes payable | (1,272) | |
Proceeds from issuance of common stock, net of issuance costs | 13,460 | 32,649 |
Proceeds from exercise of stock options | 5 | 53 |
Net cash provided by financing activities | 13,465 | 46,147 |
Net increase (decrease) in cash and cash equivalents | 10,158 | (1,602) |
Cash and cash equivalents — beginning of period | 4,162 | 11,477 |
Cash and cash equivalents — end of period | 14,320 | 9,875 |
Supplemental disclosure: | ||
Cash paid for interest | 1,040 | 28 |
Cash paid for taxes | 1 | |
Warrants to Purchase Common Stock in Connection with August 2017 Loan Agreement [Member] | ||
Supplemental disclosure: | ||
Issuance of warrants to purchase common stock | 227 | |
Warrants to Purchase Common Stock in Connection with April 2018 Loan Agreement [Member] | ||
Supplemental disclosure: | ||
Issuance of warrants to purchase common stock | 47 | |
Warrants to Purchase Common Stock in Connection with July 2018 Loan Agreement [Member] | ||
Supplemental disclosure: | ||
Issuance of warrants to purchase common stock | $ 149 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2017shares | |
Warrants to Purchase Common Stock in Connection with August 2017 Loan Agreement [Member] | |
Number of warrants issued (in shares) | 277,778 |
Note 1 - Description of Busines
Note 1 - Description of Business | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 – DESCRIPTION OF BUSINESS AirXpanders, Inc. and its Australian branch (“AirXpanders” or the “Company”) is a Delaware corporation formed on March 17, 2005, two two first October 2012, October 2013, January 2015, December 2016 ( |
Note 2 - Liquidity and Going Co
Note 2 - Liquidity and Going Concern | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 – LIQUIDITY AND GOING CONCERN The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business for the foreseeable future. The Company has incurred net losses and cash flow deficits from operations since its inception and has an accumulated deficit of $116.7 September 30, 2018. 2015, 2017. no not may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The condensed consolidated financial statements include the accounts of AirXpanders, Inc. and its Australian branch office. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2017 not three nine September 30, 2018 not December 31, 2018 no Foreign Currency The Company transacts business in Australia. The functional currency of its branch office in Australia is the U.S. dollar. Monetary assets and liabilities are translated at the year-end exchange rate and non-monetary assets and liabilities are translated at historical rates and items in the statement of operations are translated at average rates with gains and losses from remeasurement being recorded in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss. Foreign currency translation and remeasurement gains or losses included in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss was a loss of $8,000 $9,000 three September 30, 2018 2017, $28,000 $35,000 nine September 30, 2018 2017, Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. The Company’s most significant estimates relate to revenue recognition, including estimates of sales returns, valuation of stock options, valuation of its inventory at the lower of cost or market and going concern evaluation. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company maintains all of its U.S. cash balances at one may $250,000 September 30, 2018 December 31, 2017, $13.0 $3.7 Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three September 30, 2018, may September 30, 2018 December 31, 2017, $14.3 $22.4 one $12,000 $0.2 one Inventory Inventory is valued at the lower of cost or market value, with cost determined by the first first Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives of the assets: Machinery and equipment 5 Computer equipment 3 Furniture and fixtures 5 Software licenses 1 3 Office equipment 3 Leasehold improvements and property and equipment under capital leases are amortized over the shorter of the estimated useful lives of the assets or the lease terms. Construction in process assets are stated at cost and will be depreciated over their estimated useful lives once placed in service. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in the condensed consolidated statement of operations. Impairment of Long-Lived Assets The Company's long-lived assets and other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not As of September 30, 2018 December 31, 2017, not Fair Value of Financial Instruments The Company follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic No. 820, 820" 820 As defined in ASC 820, 820 three Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 not Level 3 – Unobservable inputs that are supported by little or no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth by level, within the fair value hierarchy, the Company ’s assets measured at fair value on a recurring basis in the balance sheet as of the following dates (in thousands): September 30, 2018 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 14,320 $ — $ — $ 14,320 Total assets at fair value $ 14,320 $ — $ — $ 14,320 December 31, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,162 $ — $ — $ 4,162 Short-term investments 18,428 — — 18,428 Total assets at fair value $ 22,590 $ - $ — $ 22,590 Long-term debt is valued at carrying value which is considered to be representative of its fair value based on current market rates available to the Company for comparable borrowing facilities (Level 2 Revenue Recognition The Company recognizes revenue from sales of its products in accordance with the Revenue Recognition Topic ASC 605. four no thirty may The Company has established an allowance for sales returns of $0.2 September 30, 2018 December 31, 2017, Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at cost, net of allowance for doubtful accounts. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company does not not The Company estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates that customers may may ’s customer analysis, the Company had an allowance for doubtful accounts of $0.1 September 30, 2018 no December 31, 2017. Concentration No 10% three nine September 30, 2018, December 31, 2017. September 30, 2018, 11% 23% 25%, three nine September 30, 2017. 89% 85% three September 30, 2018 2017, 89% 74% nine September 30, 2018 2017, three September 30, 2018, three September 30, 2018, Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The expense recognized for the portion of the award that is expected to vest has been reduced by an estimated forfeiture rate. The forfeiture rate is determined at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company uses the Black-Scholes option-pricing model (the "Black-Scholes model") as the method for determining the estimated fair value of stock options. Expected Term The Company's expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method, which essentially equates to a weighted average of the vesting periods and total term of the award. Expected Volatility Expected volatility is estimated using comparable public company ’s volatility for similar terms as the Company does not Expected Dividend The Black-Scholes model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no Risk-Free Interest Rate The risk-free interest rate used in the Black-Scholes model is based on the U.S. Treasury zero The Company recognizes the fair value of stock options granted to nonemployees as stock-based compensation expense over the period in which the related services are received. Research and Development Costs incurred in research and development activities (including clinical trials) are expensed as incurred. Research and development costs include, but are not Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of assets and liabilities. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating loss and tax credit carryovers. Deferred tax assets and liabilities are measured using the enacted tax rates applied to taxable income. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided against the Company ’s deferred income tax assets when it is more likely than not not Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that are more likely than not The Company follows authoritative guidance regarding uncertain tax positions. This guidance requires that realization of an uncertain income tax position must be more likely than not 50% Segments The Company has determined the chief executive officer is the chief operating decision maker. The Company ’s chief executive officer reviews financial information presented for purposes of assessing performance and making decisions on how to allocate resources. The Company has determined that it operates in a single reporting segment. Basic and Diluted Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, resulting from the conversion or exercise of stock options, stock warrants, convertible debt and convertible preferred stock to the extent dilutive. For the periods presented, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive. Following is a table summarizing the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding as their effects would be antidilutive as of September 30 2018 2017 Shares of common stock issuable upon exercise of warrants 1,711 615 Shares of common stock options 4,805 6,404 Potential common shares excluded from diluted net loss per share 6,516 7,019 Recent Accounting Pronouncements The Company assesses the adoption impact of recently issued accounting standards by the Financial Accounting Standards Board on our financial statements. There have been no 10 February 28, 2018. |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 – INVENTORY Inventory consisted of the following at (in thousands): September 30, December 31, 2018 2017 Raw materials $ 1,958 $ 1,777 Work in progress 5,140 4,863 Finished goods 2,863 1,492 Inventory $ 9,961 $ 8,132 The Company had recorded inventory provisions and write-downs to inven tory to market value by $0.1 $0.6 three September 30, 2018 2017, $1.4 $3.1 nine September 30, 2018 2017, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following at (in thousands): September 30, December 31, 2018 2017 Machinery and equipment $ 3,169 $ 3,356 Computer equipment 327 284 Furniture and fixtures 239 386 Leasehold improvements 468 810 Software licenses 321 284 Office equipment 2 23 Construction in progress 1,139 651 Property and equipment, gross 5,665 5,794 Accumulated depreciation and amortization (1,752 ) (1,359 ) Property and equipment, net $ 3,913 $ 4,435 Depreciation and a mortization expense amounted to $0.3 $0.2 three September 30, 2018 2017, $1.0 $0.3 nine September 30, 2018 2017, |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6 – ACCRUED EXPENSES Accrued expenses consisted of the following at (in thousands): September 30, December 31, 2018 2017 Accrued compensation and benefits $ 924 $ 967 Accrued rent payable 134 204 Purchase commitments 138 75 Customer deposits 561 391 Accrued other 968 884 Total accrued expenses $ 2,725 $ 2,521 |
Note 7 - Debt Financing
Note 7 - Debt Financing | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 – DEBT FINANCING January 2014 In January 2014, $3,500,000 July 2017. 7.34% $271,250 July 2017. No The Company recorded $4,000 three September 30, 2017, $31,000 nine September 30, 2017. $30,000 three September 30, 2017, $0.1 nine September 30, 2017. August 2017 In August 2017, $15,000,000 August 2022. thirty 0.99%, 7.26% April 26, 2018, July 30, 2018, December 2019, January 2020, 32 $1,200,000 0.5% 2.0% five Under the loan and security agreement, as amended in July 2018, six 2018, September 30, 2017, March 31, 2018 June 30, 2018, November 9, 2017, first September 30, 2017 April 26, 2018, second March 31, 2018 July 30, 2018, fourth June 30, 2018 September 30, 2018. In connection with the loan and security agreement, the Company issued warrants to the financial institution for the purchase of 277,778 $1.62 $227,000 second 277,778 $0.32 $48,000 fourth 937,500 $0.16 $149,000 The Company recorded $0.2 $9,000 three September 30, 2018 2017, $0.4 $9,000 nine September 30, 2018 2017, September 30, 2018, $0.6 The Company recorded $0.4 $0.2 three September 30, 2018 2017, $1.2 $0.2 nine September 30, 2018 2017, September 30, 2018, $15.0 As of September 30, 2018, Year ending December 31, 2018 (remaining 3 months) $ - 2019 469 2020 5,625 2021 5,625 2022 4,481 Total $ 16,200 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 – COMMITMENTS AND CONTINGENCIES The Company signed a non-cancelable operating sublease for an approximate 24,000 August 2019. 5,000 September 2019. 9,000 August 2018 April 2020. August 2018 The terms of the current leases provide for rental payments on a graduated scale. The Company recognizes rent expense on a straight-line basis over the lease term. As of September 30, 2018, Year ending December 31, 2018 (remaining 3 months) $ 148 2019 429 2020 - 2021 - 2022 and beyond - Total $ 577 The Company maintains an inventory purchase agreements with its third three September 30, 2018 $1.8 $0.2 Indemnifications The Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officers or directors serving in such capacity. The Company has a directors and officers ’ liability insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts paid resulting from the indemnification of its officers and directors. In addition, the Company enters into indemnification agreements with other parties in the ordinary course of business. The Company has not not September 30, 2018 December 31, 2017. Royalties The Company uses AeroForm technology in the products it is developing. AeroForm embodies inventions that have been patented in certain key jurisdictions. Certain of those patents are held by Shalon Ventures (either alone or jointly with AirXpanders). Shalon Ventures and AirXpanders have entered into a License Agreement dated March 9, 2005 ( March 9, 2009 January 9, 2012) one In consideration for the license, AirXpanders pays Shalon Ventures a running royalty of 3% $10,000, ’ out of pocket costs for prosecuting and maintaining the relevant patents. Each party indemnifies the other for any liability arising out of its material breach of the license, or its gross negligence, intentional misconduct and illegal actions. AirXpanders also indemnifies Shalon Ventures for any liability arising out of the commercialization of products using the license. For the three September 30, 2018 2017, $0.1 $35,000 nine September 30, 2018 2017, $0.2 $0.1 58%, 8%, Mr. Shalon was a director of the Company through May 2017, |
Note 9 - Common Stock
Note 9 - Common Stock | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 – COMMON STOCK The Company's Certificate of Incorporation, as amended, authorizes the Company to issue 300,000,000 $0.001 200,000,000 100,000,000 not one not September 30, 2018 December 31, 2017, no September 30, 2018, 185,850,890 no In October 2018 ( 12 200,000,000 600,000,000 In August 2018, 89,773,611 $14.8 $1.3 October 2018, 299,060 $50,000 second 12 |
Note 10 - Convertible Preferred
Note 10 - Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 10 – CONVERTIBLE PREFERRED STOCK The Company's Certificate of Incorporation, as amended, authorizes the Company to issue 10,000,000 ’s Board of Directors before issuing preferred shares. At September 30, 2018 December 31, 2017, no |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 1 – STOCK-BASED COMPENSATION The fair value of stock options is estimated on the grant date using the Black-Scholes valuation model and the assumptions noted in the following table. Nine Months Ended September 30, 2018 2017 Expected terms (years) 5.7 - 6.2 5.3 - 10.0 Volatility 32.1 - 33.1% 31.9 - 40.7% Risk-free rate 2.6 - 3.0% 1.8 - 2.4% Activity under the Plan is set forth below: Weighted Weighted Average Average Options Number of Exercise Remaining Available Options Price Contractual for Grant Outstanding per Share Life in Years Balance — December 31, 2017 1,601,202 6,521,146 $ 1.19 6.9 Additional shares reserved (net of released) 1,918,868 — Options granted (2,604,889 ) 2,604,889 $ 0.98 Options exercised — (17,394 ) $ 0.31 Options forfeited/cancelled/repurchase 4,303,214 (4,303,214 ) $ 0.99 Balance — September 30, 2018 5,218,395 4,805,427 $ 1.27 7.9 Vested or expected to vest at September 30, 2018 4,805,427 $ 1.27 7.9 Exercisable at September 30, 2018 2,098,505 $ 1.28 6.2 In connection with the grant of stock options to employees and non-employees, the Company recorded stock compensation expense as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Cost of goods sold $ 18 $ 29 $ 78 $ 73 Research and development 35 13 92 38 Selling, general and administrative 105 133 368 422 Total $ 158 $ 175 $ 538 $ 533 |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 – SUBSEQUENT EVENTS In October 2018, 200,000,000 600,000,000 In October 2018, 299,060 US$0.167 second In October 2018, 9,617,127 US$0.14 four 4 twenty five 25% one one forty-eighth 1/48th thirty-six 36 ten 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The condensed consolidated financial statements include the accounts of AirXpanders, Inc. and its Australian branch office. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2017 not three nine September 30, 2018 not December 31, 2018 no |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company transacts business in Australia. The functional currency of its branch office in Australia is the U.S. dollar. Monetary assets and liabilities are translated at the year-end exchange rate and non-monetary assets and liabilities are translated at historical rates and items in the statement of operations are translated at average rates with gains and losses from remeasurement being recorded in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss. Foreign currency translation and remeasurement gains or losses included in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss was a loss of $8,000 $9,000 three September 30, 2018 2017, $28,000 $35,000 nine September 30, 2018 2017, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. The Company’s most significant estimates relate to revenue recognition, including estimates of sales returns, valuation of stock options, valuation of its inventory at the lower of cost or market and going concern evaluation. |
Cash, Cash Equivalents, and Short-term Investments, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company maintains all of its U.S. cash balances at one may $250,000 September 30, 2018 December 31, 2017, $13.0 $3.7 Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three September 30, 2018, may September 30, 2018 December 31, 2017, $14.3 $22.4 one $12,000 $0.2 one |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost or market value, with cost determined by the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the following estimated useful lives of the assets: Machinery and equipment 5 Computer equipment 3 Furniture and fixtures 5 Software licenses 1 3 Office equipment 3 Leasehold improvements and property and equipment under capital leases are amortized over the shorter of the estimated useful lives of the assets or the lease terms. Construction in process assets are stated at cost and will be depreciated over their estimated useful lives once placed in service. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in the condensed consolidated statement of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company's long-lived assets and other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not As of September 30, 2018 December 31, 2017, not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic No. 820, 820" 820 As defined in ASC 820, 820 three Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 not Level 3 – Unobservable inputs that are supported by little or no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth by level, within the fair value hierarchy, the Company ’s assets measured at fair value on a recurring basis in the balance sheet as of the following dates (in thousands): September 30, 2018 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 14,320 $ — $ — $ 14,320 Total assets at fair value $ 14,320 $ — $ — $ 14,320 December 31, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,162 $ — $ — $ 4,162 Short-term investments 18,428 — — 18,428 Total assets at fair value $ 22,590 $ - $ — $ 22,590 Long-term debt is valued at carrying value which is considered to be representative of its fair value based on current market rates available to the Company for comparable borrowing facilities (Level 2 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue from sales of its products in accordance with the Revenue Recognition Topic ASC 605. four no thirty may The Company has established an allowance for sales returns of $0.2 September 30, 2018 December 31, 2017, |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at cost, net of allowance for doubtful accounts. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company does not not The Company estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates that customers may may ’s customer analysis, the Company had an allowance for doubtful accounts of $0.1 September 30, 2018 no December 31, 2017. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration No 10% three nine September 30, 2018, December 31, 2017. September 30, 2018, 11% 23% 25%, three nine September 30, 2017. 89% 85% three September 30, 2018 2017, 89% 74% nine September 30, 2018 2017, three September 30, 2018, three September 30, 2018, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The expense recognized for the portion of the award that is expected to vest has been reduced by an estimated forfeiture rate. The forfeiture rate is determined at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company uses the Black-Scholes option-pricing model (the "Black-Scholes model") as the method for determining the estimated fair value of stock options. Expected Term The Company's expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method, which essentially equates to a weighted average of the vesting periods and total term of the award. Expected Volatility Expected volatility is estimated using comparable public company ’s volatility for similar terms as the Company does not Expected Dividend The Black-Scholes model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no Risk-Free Interest Rate The risk-free interest rate used in the Black-Scholes model is based on the U.S. Treasury zero The Company recognizes the fair value of stock options granted to nonemployees as stock-based compensation expense over the period in which the related services are received. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs incurred in research and development activities (including clinical trials) are expensed as incurred. Research and development costs include, but are not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of assets and liabilities. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating loss and tax credit carryovers. Deferred tax assets and liabilities are measured using the enacted tax rates applied to taxable income. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided against the Company ’s deferred income tax assets when it is more likely than not not Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that are more likely than not The Company follows authoritative guidance regarding uncertain tax positions. This guidance requires that realization of an uncertain income tax position must be more likely than not 50% |
Segment Reporting, Policy [Policy Text Block] | Segments The Company has determined the chief executive officer is the chief operating decision maker. The Company ’s chief executive officer reviews financial information presented for purposes of assessing performance and making decisions on how to allocate resources. The Company has determined that it operates in a single reporting segment. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, resulting from the conversion or exercise of stock options, stock warrants, convertible debt and convertible preferred stock to the extent dilutive. For the periods presented, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive. Following is a table summarizing the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding as their effects would be antidilutive as of September 30 2018 2017 Shares of common stock issuable upon exercise of warrants 1,711 615 Shares of common stock options 4,805 6,404 Potential common shares excluded from diluted net loss per share 6,516 7,019 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company assesses the adoption impact of recently issued accounting standards by the Financial Accounting Standards Board on our financial statements. There have been no 10 February 28, 2018. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2018 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 14,320 $ — $ — $ 14,320 Total assets at fair value $ 14,320 $ — $ — $ 14,320 December 31, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,162 $ — $ — $ 4,162 Short-term investments 18,428 — — 18,428 Total assets at fair value $ 22,590 $ - $ — $ 22,590 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2018 2017 Shares of common stock issuable upon exercise of warrants 1,711 615 Shares of common stock options 4,805 6,404 Potential common shares excluded from diluted net loss per share 6,516 7,019 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2018 2017 Raw materials $ 1,958 $ 1,777 Work in progress 5,140 4,863 Finished goods 2,863 1,492 Inventory $ 9,961 $ 8,132 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2018 2017 Machinery and equipment $ 3,169 $ 3,356 Computer equipment 327 284 Furniture and fixtures 239 386 Leasehold improvements 468 810 Software licenses 321 284 Office equipment 2 23 Construction in progress 1,139 651 Property and equipment, gross 5,665 5,794 Accumulated depreciation and amortization (1,752 ) (1,359 ) Property and equipment, net $ 3,913 $ 4,435 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2018 2017 Accrued compensation and benefits $ 924 $ 967 Accrued rent payable 134 204 Purchase commitments 138 75 Customer deposits 561 391 Accrued other 968 884 Total accrued expenses $ 2,725 $ 2,521 |
Note 7 - Debt Financing (Tables
Note 7 - Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Year ending December 31, 2018 (remaining 3 months) $ - 2019 469 2020 5,625 2021 5,625 2022 4,481 Total $ 16,200 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, 2018 (remaining 3 months) $ 148 2019 429 2020 - 2021 - 2022 and beyond - Total $ 577 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2018 2017 Expected terms (years) 5.7 - 6.2 5.3 - 10.0 Volatility 32.1 - 33.1% 31.9 - 40.7% Risk-free rate 2.6 - 3.0% 1.8 - 2.4% |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Options Number of Exercise Remaining Available Options Price Contractual for Grant Outstanding per Share Life in Years Balance — December 31, 2017 1,601,202 6,521,146 $ 1.19 6.9 Additional shares reserved (net of released) 1,918,868 — Options granted (2,604,889 ) 2,604,889 $ 0.98 Options exercised — (17,394 ) $ 0.31 Options forfeited/cancelled/repurchase 4,303,214 (4,303,214 ) $ 0.99 Balance — September 30, 2018 5,218,395 4,805,427 $ 1.27 7.9 Vested or expected to vest at September 30, 2018 4,805,427 $ 1.27 7.9 Exercisable at September 30, 2018 2,098,505 $ 1.28 6.2 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Cost of goods sold $ 18 $ 29 $ 78 $ 73 Research and development 35 13 92 38 Selling, general and administrative 105 133 368 422 Total $ 158 $ 175 $ 538 $ 533 |
Note 2 - Liquidity and Going _2
Note 2 - Liquidity and Going Concern (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (116,740) | $ (95,311) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (8,000) | $ (9,000) | $ (28,000) | $ 35,000 | |
Impairment of Long-Lived Assets Held-for-use | 0 | $ 0 | |||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | 200,000 | 200,000 | |||
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 100,000 | $ 100,000 | 0 | ||
Number of Reportable Segments | 1 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | |||
Number of Major Customers | 5 | 5 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Five Customers [Member] | |||||
Concentration Risk, Percentage | 23.00% | 25.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 11.00% | ||||
Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Computer Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Software Licenses [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 1 year | ||||
Software Licenses [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Office Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
UNITED STATES | |||||
Cash, Uninsured Amount | $ 13,000,000 | $ 13,000,000 | 3,700,000 | ||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 14,300,000 | $ 14,300,000 | 22,400,000 | ||
UNITED STATES | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Concentration Risk, Percentage | 89.00% | 85.00% | 89.00% | 74.00% | |
AUSTRALIA | |||||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 12,000 | $ 12,000 | $ 200,000 | ||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | $ 0 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Fair Value of Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 14,320 | $ 4,162 |
Total assets at fair value | 14,320 | 22,590 |
Short-term investments | 18,428 | |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 14,320 | 4,162 |
Total assets at fair value | 14,320 | 22,590 |
Short-term investments | 18,428 | |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Total assets at fair value | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Total assets at fair value | ||
Short-term investments |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Summary of Potentially Dilutive Shares Excluded From Weighted Average Diluted Shares Outstanding (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive securities (in shares) | 6,516 | 7,019 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 1,711 | 615 |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 4,805 | 6,404 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Inventory Write-down | $ 100 | $ 600 | $ 1,445 | $ 3,143 |
Note 4 - Inventory - Summary of
Note 4 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Raw materials | $ 1,958 | $ 1,777 |
Work in progress | 5,140 | 4,863 |
Finished goods | 2,863 | 1,492 |
Inventory | $ 9,961 | $ 8,132 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation, Depletion and Amortization, Total | $ 300 | $ 200 | $ 994 | $ 343 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 5,665 | $ 5,794 |
Accumulated depreciation and amortization | (1,752) | (1,359) |
Property and equipment, net | 3,913 | 4,435 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 3,169 | 3,356 |
Computer Equipment [Member] | ||
Property and equipment, gross | 327 | 284 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 239 | 386 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 468 | 810 |
Software and Software Development Costs [Member] | ||
Property and equipment, gross | 321 | 284 |
Office Equipment [Member] | ||
Property and equipment, gross | 2 | 23 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 1,139 | $ 651 |
Note 6 - Accrued Expenses - Sum
Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued compensation and benefits | $ 924 | $ 967 |
Accrued rent payable | 134 | 204 |
Purchase commitments | 138 | 75 |
Customer deposits | 561 | 391 |
Accrued other | 968 | 884 |
Total accrued expenses | $ 2,725 | $ 2,521 |
Note 7 - Debt Financing (Detail
Note 7 - Debt Financing (Details Textual) | Apr. 26, 2018USD ($)$ / sharesshares | Aug. 31, 2017USD ($)$ / sharesshares | Jan. 31, 2014USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jul. 30, 2018USD ($)$ / sharesshares |
Amortization of Debt Issuance Costs and Discounts, Total | $ 394,000 | $ 107,000 | ||||||
Long-term Debt, Total | $ 16,200,000 | 16,200,000 | ||||||
Warrants Issued in Connection with Loan and Security Agreement 2 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 277,778 | 277,778 | 937,500 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.32 | $ 1.62 | $ 0.16 | |||||
Warrants and Rights Outstanding | $ 48,000 | $ 227,000 | $ 149,000 | |||||
Loan and Security Agreement [Member] | ||||||||
Proceeds from Issuance of Debt | $ 3,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.34% | |||||||
Debt Instrument, Fee Amount | $ 271,250 | |||||||
Amortization of Debt Issuance Costs and Discounts, Total | $ 4,000 | 31,000 | ||||||
Interest Expense, Debt, Total | 30,000 | 100,000 | ||||||
Loan and Security Agreement 2 [Member] | ||||||||
Proceeds from Issuance of Debt | $ 15,000,000 | |||||||
Debt Instrument, Fee Amount | $ 1,200,000 | |||||||
Amortization of Debt Issuance Costs and Discounts, Total | 200,000 | 9,000 | 400,000 | 9,000 | ||||
Interest Expense, Debt, Total | 400,000 | $ 200,000 | 1,200,000 | $ 200,000 | ||||
Debt Instrument, Variable Rate | 0.99% | |||||||
Debt Instrument, Basis Spread on Variable Rate | 7.26% | |||||||
Debt Instrument, Number of Equal Monthly Installments When Compliant with Certain Financial Milestones | 32 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total | 600,000 | 600,000 | ||||||
Long-term Debt, Total | $ 15,000,000 | $ 15,000,000 | ||||||
Loan and Security Agreement 2 [Member] | Minimum [Member] | ||||||||
Debt Instrument, Prepayment Fee, Percentage | 0.50% | |||||||
Loan and Security Agreement 2 [Member] | Maximum [Member] | ||||||||
Debt Instrument, Prepayment Fee, Percentage | 2.00% |
Note 7 - Debt Financing - Futur
Note 7 - Debt Financing - Future Principal Payments (Details) $ in Thousands | Sep. 30, 2018USD ($) |
2018 (remaining 3 months) | |
2,019 | 469 |
2,020 | 5,625 |
2,021 | 5,625 |
2,022 | 4,481 |
Total | $ 16,200 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)ft² | Sep. 30, 2017USD ($) | Dec. 31, 2017ft² | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,800,000 | $ 1,800,000 | |||
Inventory Write-down | 100,000 | $ 600,000 | $ 1,445,000 | $ 3,143,000 | |
Shalon Ventures License Agreement [Member] | Board of Directors Chairman [Member] | Shalon Ventures [Member] | |||||
Royalty Revenue, Percentage | 8.00% | ||||
Shalon Ventures [Member] | Shalon Ventures License Agreement [Member] | Former Director [Member] | |||||
Royalty Revenue, Percentage | 58.00% | ||||
Shalon Ventures License Agreement [Member] | |||||
Royalty Expense, Percentage of Net Sales | 3.00% | ||||
Royalty Expense, Threshold Amount for Additional Costs | $ 10,000 | ||||
Shalon Ventures License Agreement [Member] | Cost of Sales [Member] | |||||
Royalty Expense | $ 100,000 | $ 35,000 | 200,000 | $ 100,000 | |
Purchase Commitment [Member] | Accrued Expenses [Member] | |||||
Inventory Write-down | $ 200,000 | ||||
Facility in San Jose, California [Member] | |||||
Area of Real Estate Property | ft² | 24,000 | 24,000 | |||
Office in Palo Alto, California [Member] | |||||
Area of Real Estate Property | ft² | 5,000 | 5,000 | 9,000 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Future Rental Commitments (Details) $ in Thousands | Sep. 30, 2018USD ($) |
2018 (remaining 3 months) | $ 148 |
2,019 | 429 |
2,020 | |
2,021 | |
2022 and beyond | |
Total | $ 577 |
Note 9 - Common Stock (Details
Note 9 - Common Stock (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2018 | Aug. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Common Stock, Shares Authorized | 300,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||
Dividends, Common Stock, Total | $ 0 | $ 0 | ||
Stock Issued During Period, Value, New Issues | $ 13,460,000 | |||
Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues | 89,773,611 | |||
Stock Issued During Period, Value, New Issues | $ 14,800,000 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,300,000 | |||
Subsequent Event [Member] | ||||
Common Stock, Shares Authorized | 600,000,000 | |||
Subsequent Event [Member] | Private Placement [Member] | Board of Directors Chairman [Member] | ||||
Stock Issued During Period, Shares, New Issues | 299,060 | |||
Stock Issued During Period, Value, New Issues | $ 50,000 | |||
Common Class A [Member] | ||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Outstanding, Ending Balance | 185,850,890 | 95,943,409 | ||
Common Stock, Shares, Issued, Total | 185,850,890 | 95,943,409 | ||
Common Class A [Member] | Subsequent Event [Member] | ||||
Common Stock, Shares Authorized | 600,000,000 | |||
Common Class A [Member] | Subsequent Event [Member] | Private Placement [Member] | Board of Directors Chairman [Member] | ||||
Stock Issued During Period, Shares, New Issues | 299,060 | |||
Common Class B [Member] | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Outstanding, Ending Balance | 0 | 0 | ||
Common Stock, Shares, Issued, Total | 0 | 0 |
Note 10 - Convertible Preferr_2
Note 10 - Convertible Preferred Stock (Details Textual) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation - Fair Value Assumption for Stock Options (Details) - Employee Stock Option [Member] | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Minimum [Member] | ||
Expected terms (Year) | 5 years 255 days | 5 years 109 days |
Volatility | 32.10% | 31.90% |
Risk-free rate | 2.60% | 1.80% |
Maximum [Member] | ||
Expected terms (Year) | 6 years 73 days | 10 years |
Volatility | 33.10% | 40.70% |
Risk-free rate | 3.00% | 2.40% |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Options available for grant (in shares) | 1,601,202 | |
Number of options outstanding (in shares) | 6,521,146 | |
Weighted average exercise price per share (in dollars per share) | $ 1.27 | $ 1.19 |
Weighted average remaining contractual life (Year) | 7 years 328 days | 6 years 328 days |
Additional shares reserved (net of released) (in shares) | 1,918,868 | |
Options available for grant, options granted (in shares) | (2,604,889) | |
Number of options outstanding, options granted (in shares) | 2,604,889 | |
Weighted average exercise price per share, options granted (in dollars per share) | $ 0.98 | |
Number of options outstanding, options exercised (in shares) | (17,394) | |
Weighted average exercise price per share, options exercised (in dollars per share) | $ 0.31 | |
Options available for grant, options forfeited/cancelled/repurchase (in shares) | 4,303,214 | |
Number of options outstanding, options forfeited/cancelled/repurchase (in shares) | (4,303,214) | |
Weighted average exercise price per share, options forfeited/cancelled/repurchase (in dollars per share) | $ 0.99 | |
Options available for grant (in shares) | 5,218,395 | 1,601,202 |
Number of options outstanding (in shares) | 4,805,427 | 6,521,146 |
Number of options outstanding, vested or expected to vest (in shares) | 4,805,427 | |
Weighted average exercise price per share, vested or expected to vest (in dollars per share) | $ 1.27 | |
Weighted average remaining contractual life, vested or expected to vest (Year) | 7 years 328 days | |
Number of options outstanding, exercisable (in shares) | 2,098,505 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 1.28 | |
Weighted average remaining contractual life, exercisable (Year) | 6 years 73 days |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | |
Stock-based compensation expense | $ 158 | $ 175 | $ 533 | $ 538 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 18 | 29 | 73 | 78 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 35 | 13 | 38 | 92 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 105 | $ 133 | $ 422 | $ 368 |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) - $ / shares | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Aug. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Common Stock, Shares Authorized | 300,000,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.98 | |||
Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues | 89,773,611 | |||
Subsequent Event [Member] | ||||
Common Stock, Shares Authorized | 600,000,000 | |||
Subsequent Event [Member] | Board of Directors Chairman [Member] | Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues | 299,060 | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||
Shares Issued, Price Per Share | $ 0.14 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9,617,127 | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.021% | |||
Common Class A [Member] | ||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||
Common Class A [Member] | Subsequent Event [Member] | ||||
Common Stock, Shares Authorized | 600,000,000 | |||
Common Class A [Member] | Subsequent Event [Member] | Board of Directors Chairman [Member] | Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues | 299,060 | |||
Shares Issued, Price Per Share | $ 0.167 |