Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Trading Symbol | 'MBII |
Entity Registrant Name | 'MARRONE BIO INNOVATIONS INC |
Entity Central Index Key | '0001441693 |
Entity Filer Category | 'Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $21,298 | $24,455 | $10,006 |
Restricted cash | ' | ' | 9,139 |
Short-term investments | 2,664 | 13,677 | ' |
Accounts receivable | 7,231 | 6,215 | 2,834 |
Accounts receivable from related parties | 1,230 | 903 | 136 |
Inventories, net | 12,837 | 11,666 | 4,872 |
Prepaid expenses and other current assets | 1,765 | 1,737 | 478 |
Total current assets | 47,025 | 58,653 | 27,465 |
Property, plant and equipment, net | 15,795 | 9,420 | 3,528 |
Other assets | 639 | 806 | 2,785 |
Total assets | 63,459 | 68,879 | 33,778 |
Current liabilities: | ' | ' | ' |
Accounts payable | 8,563 | 4,460 | 2,104 |
Accrued liabilities | 3,040 | 4,380 | 3,023 |
Deferred revenue, current portion | 1,017 | 1,209 | 193 |
Deferred revenue from related parties, current portion | 31 | 131 | 131 |
Capital lease obligations, current portion | 1,680 | 1,401 | 207 |
Debt, current portion | 123 | 157 | 8,572 |
Total current liabilities | 14,454 | 11,738 | 38,933 |
Convertible notes payable, current portion | ' | ' | 22,518 |
Deferred revenue, less current portion | 695 | 744 | 937 |
Deferred revenue from related parties, less current portion | 404 | 628 | 759 |
Capital lease obligations, less current portion | 1,059 | 1,134 | 195 |
Debt, less current portion | 12,312 | 12,280 | 7,766 |
Other liabilities | 574 | 571 | 481 |
Total liabilities | 29,498 | 27,095 | 68,413 |
Commitments and contingencies | ' | ' | ' |
Stockholders' equity (deficit): | ' | ' | ' |
Preferred stock value | ' | ' | ' |
Common stock | ' | ' | ' |
Additional paid in capital | 149,643 | 147,220 | 1,322 |
Accumulated deficit | -115,682 | -105,436 | -75,569 |
Total stockholders' equity (deficit) | 33,961 | 41,784 | -74,247 |
Total liabilities and stockholders' equity | 63,459 | 68,879 | 33,778 |
Convertible notes payable, less current portion | ' | ' | 19,342 |
Temporary equity | ' | ' | ' |
Preferred stock | ' | ' | ' |
Series A convertible preferred stock [Member] | ' | ' | ' |
Temporary equity | ' | ' | ' |
Preferred stock | ' | ' | 3,747 |
Series B convertible preferred stock [Member] | ' | ' | ' |
Temporary equity | ' | ' | ' |
Preferred stock | ' | ' | 10,758 |
Series C convertible preferred stock [Member] | ' | ' | ' |
Temporary equity | ' | ' | ' |
Preferred stock | ' | ' | 25,107 |
Preferred stock [Member] | ' | ' | ' |
Current liabilities: | ' | ' | ' |
Warrant liability | ' | ' | 1,884 |
Common stock [Member] | ' | ' | ' |
Current liabilities: | ' | ' | ' |
Warrant liability | ' | ' | $301 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | Series A convertible preferred stock [Member] | Series A convertible preferred stock [Member] | Series B convertible preferred stock [Member] | Series B convertible preferred stock [Member] | Series C convertible preferred stock [Member] | Series C convertible preferred stock [Member] | |||
Preferred stock, par value | ' | $0.00 | ' | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | ' | 20,000 | 0 | 0 | 1,489 | 0 | 2,252 | 0 | 5,082 |
Preferred stock, shares issued | ' | 0 | 0 | 0 | 1,484 | 0 | 2,242 | 0 | 4,778 |
Preferred stock, shares outstanding | ' | 0 | 0 | 0 | 1,484 | 0 | 2,242 | 0 | 4,778 |
Preferred stock, par value | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 20,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 250,000 | 250,000 | 12,936 | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 19,707 | 19,323 | 1,267 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 19,707 | 19,323 | 1,267 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' |
Product | $2,097 | $2,373 | $12,657 | $6,777 | $5,044 |
License | 45 | 48 | 193 | 179 | 57 |
Related party | 648 | 309 | 1,693 | 184 | 150 |
Total revenues | 2,790 | 2,730 | 14,543 | 7,140 | 5,251 |
Cost of product revenues, including cost of product revenues to related parties | 1,652 | 1,795 | 10,736 | 4,333 | 2,172 |
Gross profit | 1,138 | 935 | 3,807 | 2,807 | 3,079 |
Operating expenses: | ' | ' | ' | ' | ' |
Research, development and patent | 4,282 | 3,283 | 17,814 | 12,741 | 9,410 |
Non-cash charge associated with a convertible note | ' | ' | ' | 3,610 | ' |
Selling, general and administrative | 6,330 | 2,847 | 15,018 | 10,294 | 6,793 |
Total operating expenses | 10,612 | 6,130 | 32,832 | 26,645 | 16,203 |
Loss from operations | -9,474 | -5,195 | -29,025 | -23,838 | -13,124 |
Other income (expense): | ' | ' | ' | ' | ' |
Interest income | 10 | 1 | 49 | 16 | 22 |
Interest expense | -773 | -1,985 | -5,997 | -2,466 | -88 |
Change in estimated fair value of financial instruments | ' | -3,563 | 6,717 | -12,461 | 1 |
Gain on extinguishment of debt | ' | ' | 49 | ' | ' |
Other (expense) income, net | -9 | -7 | -282 | -45 | 9 |
Total other income (expense), net | -772 | -5,554 | 536 | -14,956 | -56 |
Loss before income taxes | -10,246 | -10,749 | -28,489 | -38,794 | -13,180 |
Income taxes | ' | ' | ' | ' | ' |
Net loss | -10,246 | -10,749 | -28,489 | -38,794 | -13,180 |
Deemed dividend on convertible notes | ' | ' | -1,378 | -2,039 | ' |
Net loss attributable to common stockholders | ' | ($10,749) | ($29,867) | ($40,833) | ($13,180) |
Net loss per common share: | ' | ' | ' | ' | ' |
Basic and diluted | ($0.52) | ($8.48) | ' | ' | ' |
Basic | ' | ($8.48) | ($3.42) | ($32.48) | ($10.64) |
Diluted | ' | ($8.48) | ($3.94) | ($32.48) | ($10.64) |
Weighted-average shares outstanding used in computing net loss per common share: | ' | ' | ' | ' | ' |
Basic and diluted | 19,518 | 1,268 | ' | ' | ' |
Basic | ' | ' | 8,731 | 1,257 | 1,239 |
Diluted | ' | ' | 8,911 | 1,257 | 1,239 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Cost of product revenues to related parties | $192 | $194 | $984 | $126 | $50 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' | ' | ' |
Net loss | ($10,246) | ($10,749) | ($28,489) | ($38,794) | ($13,180) |
Other comprehensive loss | ' | ' | ' | ' | ' |
Comprehensive loss | ($10,246) | ($10,749) | ($28,489) | ($38,794) | ($13,180) |
Consolidated_Statements_of_Con
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (USD $) | Total | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] |
In Thousands | Series A [Member] | Series B [Member] | Series C [Member] | |||||
Beginning balance at Dec. 31, 2010 | ($21,204) | $26,452 | $3,747 | $10,758 | $11,947 | ' | $352 | ($21,556) |
Beginning balance, shares at Dec. 31, 2010 | ' | 6,012 | 1,484 | 2,242 | 2,286 | 1,234 | ' | ' |
Net loss | -13,180 | ' | ' | ' | ' | ' | ' | -13,180 |
Exercise of stock options, shares | ' | ' | ' | ' | ' | 13 | ' | ' |
Exercise of stock options | 13 | ' | ' | ' | ' | ' | 13 | ' |
Share-based compensation | 271 | ' | ' | ' | ' | ' | 271 | ' |
Issuance of Series C convertible preferred stock, net of issuance costs, Shares | ' | 2,492 | ' | ' | 2,492 | ' | ' | ' |
Issuance of Series C convertible preferred stock | ' | 13,160 | ' | ' | 13,160 | ' | ' | ' |
Ending balance at Dec. 31, 2011 | -34,100 | 39,612 | 3,747 | 10,758 | 25,107 | ' | 636 | -34,736 |
Ending balance, shares at Dec. 31, 2011 | ' | 8,504 | 1,484 | 2,242 | 4,778 | 1,247 | ' | ' |
Net loss | -38,794 | ' | ' | ' | ' | ' | ' | -38,794 |
Exercise of stock options, shares | ' | ' | ' | ' | ' | 20 | ' | ' |
Exercise of stock options | 24 | ' | ' | ' | ' | ' | 24 | ' |
Share-based compensation | 662 | ' | ' | ' | ' | ' | 662 | ' |
Deemed dividend, convertible notes | -2,039 | ' | ' | ' | ' | ' | ' | -2,039 |
Ending balance at Dec. 31, 2012 | -74,247 | 39,612 | 3,747 | 10,758 | 25,107 | ' | 1,322 | -75,569 |
Ending balance, shares at Dec. 31, 2012 | ' | 8,504 | 1,484 | 2,242 | 4,778 | 1,267 | ' | ' |
Net loss | -28,489 | ' | ' | ' | ' | ' | ' | -28,489 |
Exercise of stock options, shares | 217 | ' | ' | ' | ' | 217 | ' | ' |
Exercise of stock options | 250 | ' | ' | ' | ' | ' | 250 | ' |
Share-based compensation | 2,300 | ' | ' | ' | ' | ' | 2,300 | ' |
Deemed dividend, convertible notes | -1,378 | ' | ' | ' | ' | ' | ' | -1,378 |
Cash exercise of preferred stock warrants, shares | ' | 10 | ' | 10 | ' | ' | ' | ' |
Cash exercise of preferred stock warrants | ' | 47 | ' | 47 | ' | ' | ' | ' |
Net exercise of preferred stock warrants, shares | ' | ' | ' | ' | ' | 71 | ' | ' |
Net exercise of preferred stock warrants | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock into common stock, shares | ' | -8,514 | -1,484 | -2,252 | -4,778 | 8,514 | ' | ' |
Conversion of preferred stock into common stock | 39,659 | -39,659 | -3,747 | -10,805 | -25,107 | ' | 39,659 | ' |
Convertible notes converted into common stock, shares | ' | ' | ' | ' | ' | 3,741 | ' | ' |
Convertible notes converted into common stock | 44,890 | ' | ' | ' | ' | ' | 44,890 | ' |
Cash exercise of common stock warrants, shares | ' | ' | ' | ' | ' | 3 | ' | ' |
Cash exercise of common stock warrants | 25 | ' | ' | ' | ' | ' | 25 | ' |
Net exercise of common stock warrants, shares | ' | ' | ' | ' | ' | 47 | ' | ' |
Net exercise of common stock warrants | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of warrants from liability to equity | 2,669 | ' | ' | ' | ' | ' | 2,669 | ' |
Issuance of common stock upon initial public offering, net of offering costs and underwriter commission, shares | ' | ' | ' | ' | ' | 5,463 | ' | ' |
Issuance of common stock upon initial public offering, net of offering costs and underwriter commission | 56,105 | ' | ' | ' | ' | ' | 56,105 | ' |
Ending balance at Dec. 31, 2013 | $41,784 | ' | ' | ' | ' | ' | $147,220 | ($105,436) |
Ending balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | 19,323 | ' | ' |
Consolidated_Statements_of_Con1
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Issuance of Series C convertible preferred stock, issuance costs | $91 |
Convertible preferred stock [Member] | ' |
Issuance of Series C convertible preferred stock, issuance costs | $91 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net loss | ($10,246) | ($10,749) | ($28,489) | ($38,794) | ($13,180) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' | ' |
Depreciation and amortization | 488 | 184 | 976 | 613 | 499 |
Loss on disposal of equipment | ' | ' | 231 | ' | ' |
Share-based compensation | 1,522 | 249 | 2,300 | 662 | 271 |
Non-cash interest expense | 248 | 1,467 | 4,315 | 1,224 | 4 |
Reduction of revenue associated with a convertible note (Note 9) | ' | ' | ' | 245 | ' |
Non-cash charge associated with a convertible note (Note 9) | ' | ' | ' | 3,610 | ' |
Change in estimated fair value of financial instruments | ' | 3,563 | -6,717 | 12,461 | -1 |
Gain on equipment sale leaseback | ' | ' | ' | ' | -6 |
Gain on extinguishment of debt | ' | ' | -49 | ' | ' |
Amortization of investment securities premiums/discounts, net | 9 | ' | 18 | ' | ' |
Net changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
Accounts receivable | -1,016 | 59 | -3,381 | -2,464 | 484 |
Accounts receivable from related parties | -327 | -132 | -767 | -59 | -54 |
Inventories | -1,171 | -495 | -6,794 | -1,625 | -1,703 |
Prepaid expenses and other assets | -224 | -558 | 991 | -2,097 | -663 |
Accounts payable | 2,737 | 138 | 1,682 | 1,174 | 438 |
Accrued and other liabilities | -1,337 | -1,320 | 987 | 1,381 | 710 |
Deferred revenue | -241 | -48 | 823 | 354 | 776 |
Deferred revenue from related parties | -324 | -33 | -131 | 890 | ' |
Net cash used in operating activities | -9,882 | -7,675 | -34,005 | -22,425 | -12,425 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Purchases of property, plant and equipment | -5,044 | -432 | -4,025 | -2,757 | -423 |
Proceeds from sale of equipment | ' | ' | 41 | ' | ' |
Purchase of short-term investments | -49 | ' | -17,477 | ' | -2,000 |
Maturities of short-term investments | 11,053 | ' | 3,782 | 2,000 | ' |
Net cash provided by (used in) investing activities | 5,960 | -432 | -17,679 | -757 | -2,423 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Proceeds from initial public offering, net of offering costs and underwriter commissions | ' | ' | 56,105 | ' | ' |
Proceeds from issuance of convertible preferred stock, net of issuance costs | ' | ' | ' | ' | 13,160 |
Proceeds from issuance of convertible notes payable | ' | ' | 6,529 | 24,076 | ' |
Proceeds from issuance of debt, net of financing costs | ' | ' | 3,700 | 17,375 | ' |
Proceeds from line of credit | ' | ' | ' | 500 | 500 |
Repayment of line of credit | ' | ' | ' | -500 | -500 |
Repayment of debt | -67 | -9,224 | -9,433 | -1,154 | -206 |
Repayment of capital leases | -69 | -25 | -229 | -209 | -191 |
Proceeds from secured borrowing | ' | ' | 2,880 | ' | ' |
Reductions in secured borrowing | ' | ' | -2,880 | ' | ' |
Change in restricted cash | ' | 9,139 | 9,139 | -9,139 | ' |
Proceeds from exercise of stock options | 851 | 2 | 250 | 24 | 13 |
Proceeds from exercise of preferred stock warrants | ' | ' | 47 | ' | ' |
Proceeds from exercise of common stock warrants | 50 | ' | 25 | ' | ' |
Net cash provided by (used in) financing activities | 765 | -108 | 66,133 | 30,973 | 12,776 |
Net increase (decrease) in cash and cash equivalents | -3,157 | -8,215 | 14,449 | 7,791 | -2,072 |
Cash and cash equivalents, beginning of year | 24,455 | 10,006 | 10,006 | 2,215 | 4,287 |
Cash and cash equivalents, end of period | 21,298 | 1,791 | 24,455 | 10,006 | 2,215 |
Supplemental disclosure of cash flow information | ' | ' | ' | ' | ' |
Cash paid for interest, net of capitalized interest | 525 | 518 | 1,682 | 1,136 | 84 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' | ' | ' | ' |
Property, plant and equipment included in accounts payable and accrued liabilities | 2,040 | ' | 1,009 | ' | ' |
Equipment acquired under capital leases | 453 | 77 | 2,106 | 317 | 93 |
Interest added to the principal of convertible notes | ' | 628 | 1,623 | 837 | ' |
Reclassification of warrants from liabilities to equity | ' | ' | 2,669 | ' | ' |
Conversion of convertible notes to common stock | ' | ' | 44,890 | ' | ' |
Conversion of preferred stock to common stock | ' | ' | $39,659 | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Cash paid for interest, net of capitalized interest | $469 | $113 | $695 | $106 | $0 |
Summary_of_Business
Summary of Business | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Summary of Business | ' | ' |
1. Summary of Business | 1. Summary of Business | |
Marrone Bio Innovations, Inc. (Company), formerly Marrone Organic Innovations, Inc., was incorporated under the laws of the State of Delaware on June 15, 2006, and is located in Davis, California. In July 2012, the Company formed a wholly-owned subsidiary, Marrone Michigan Manufacturing LLC (MMM LLC), which holds the assets of a manufacturing plant the Company purchased in July 2012 (See Note 2). The Company makes bio-based pest management and plant health products. The Company targets the major markets that use conventional chemical pesticides, including certain agricultural and water markets where its bio-based products are used as substitutes for, or in connection with, conventional chemical pesticides. The Company also targets new markets for which there are no available conventional chemical pesticides, the use of conventional chemical pesticides may not be desirable or permissible, or the development of pest resistance has reduced the efficacy of conventional chemical pesticides. The Company delivers EPA-approved and registered biopesticide products and other bio-based products that address the global demand for effective, safe and environmentally responsible products. | Marrone Bio Innovations, Inc. (Company), formerly Marrone Organic Innovations, Inc., was incorporated under the laws of the State of Delaware on June 15, 2006, and is located in Davis, California. In July 2012, the Company formed a wholly-owned subsidiary, Marrone Michigan Manufacturing LLC (MMM LLC), which holds the assets of a manufacturing plant the Company purchased in July 2012 as discussed in Note 3. The Company makes bio-based pest management and plant health products. The Company targets the major markets that use conventional chemical pesticides, including certain agricultural and water markets where its bio-based products are used as substitutes for, or in connection with, conventional chemical pesticides. The Company also targets new markets for which there are no available conventional chemical pesticides, the use of conventional chemical pesticides may not be desirable or permissible, or the development of pest resistance has reduced the efficacy of conventional chemical pesticides. The Company delivers EPA-approved and registered biopesticide products and other bio-based products that address the global demand for effective, safe and environmentally responsible products. | |
The Company is an early stage company with a limited operating history and has only recently begun commercializing its products. As of March 31, 2014, the Company had an accumulated deficit of $115,682,000 and expects to continue to incur losses for the foreseeable future. Until the Company’s initial public offering (IPO) in August 2013, the Company had funded operations primarily with the net proceeds from the private placements of convertible preferred stock, convertible notes, promissory notes, term loans, as well as proceeds from the sale of its products and payments under strategic collaboration agreements and government grants. The Company will need to generate significant revenue to achieve and maintain profitability. As of March 31, 2014, the Company had working capital of $32,571,000 and cash, cash equivalents and short-term investments of $23,962,000. | In August 2013, the Company closed its initial public offering of 5,462,500 shares of its common stock (inclusive of 712,500 shares of common stock sold upon the exercise of the underwriters’ option to purchase additional shares) (IPO). The public offering price of the shares sold in the offering was $12.00 per share. The total gross proceeds from the offering to the Company were $65,550,000, and after deducting underwriting discounts and commissions and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled approximately $56,105,000. Upon the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock and convertible notes automatically converted into shares of common stock and outstanding warrants to purchase convertible preferred stock and certain warrants to purchase common stock were exercised for shares of common stock (See Note 20). | |
On August 1, 2013, the Company amended and restated its certificate of incorporation to effect a reverse split of shares of its common stock at a 1-for-3.138458 ratio (See Note 13). | The Company is an early stage company with a limited operating history and has only recently begun commercializing its products. As of December 31, 2013, the Company had an accumulated deficit of $105,436,000 and expects to continue to incur losses for the foreseeable future. Until the IPO in August 2013, the Company had funded operations primarily with the net proceeds from the private placements of convertible preferred stock, convertible notes, promissory notes, term loans, as well as proceeds from the sale of its products and payments under strategic collaboration agreements and government grants. The Company will need to generate significant revenue to achieve and maintain profitability. As of December 31, 2013, the Company had working capital of $46,915,000, cash and cash equivalents of $24,455,000, and short-term investments of $13,677,000. | |
The Company participates in a heavily regulated and highly competitive crop protection industry and believes that adverse changes in any of the following areas could have a material effect on the Company’s future financial position, results of operations, or cash flows: inability to obtain regulatory approvals, increased competition in the pesticide market, market acceptance of the Company’s products, weather and other seasonal factors beyond the Company’s control, the Company’s ability to support increased growth and litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors. | On August 1, 2013, the Company amended and restated its certificate of incorporation to effect a reverse split of shares of its common stock at a 1-for-3.138458 ratio (See Note 19). | |
The Company participates in a heavily regulated and highly competitive crop protection industry and believes that adverse changes in any of the following areas could have a material effect on the Company’s future financial position, results of operations, or cash flows: inability to obtain regulatory approvals, increased competition in the pesticide market, market acceptance of the Company’s products, weather and other seasonal factors beyond the Company’s control, litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors, and the Company’s ability to support increased growth. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2. Significant Accounting Policies | 2. Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying financial information as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 have been prepared by the Company, without audit, in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the opinion of management, the condensed consolidated financial statements as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 reflect all adjustments, which are normal recurring adjustments, necessary to present a fair statement of financial position, results of operations, comprehensive loss and cash flows. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full fiscal year or any future periods. | The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conformity with GAAP requires the use of estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates. | The Company considers all highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit, money market funds and certificates of deposit accounts (CDs) with U.S. financial institutions. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash and cash equivalents balances with financial institutions are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on these deposits. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications | Restricted Cash | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no effect on previously reported net income. | The Company’s restricted cash consisted of cash that the Company was contractually obligated as of December 31, 2012 to use to pay off the entire indebtedness of the promissory note entered into in April 2012 with an original principal balance of $10,000,000. The Company paid the outstanding balance of the promissory note in January 2013, and as of December 31, 2013, had no remaining contractual obligations which restricted the use of cash. See Note 8 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Short-Term Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company considers all highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit, money market funds and certificates of deposit accounts (CDs) with U.S. financial institutions. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash and cash equivalents balances with financial institutions are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on these deposits. | The Company’s short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. Certificates of deposit are stated at their amortized cost with realized gains or losses, if any, reported as other income or expenses in the consolidated statements of operations. The Company routinely evaluates the realizability of its short-term investments and recognizes an impairment charge when a decline in the estimated fair value of a short-term investment is below the amortized cost and determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than amortized cost, any adverse changes in the investee’s financial condition, and the Company’s intent and ability to hold the short-term investment for a period of time sufficient to allow for any anticipated recovery in market value. To date, the Company has not recognized any losses on its short-term investments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | The amortized cost and estimated fair values of short-term investments are summarized in the following table (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. Certificates of deposit are stated at their amortized cost with realized gains or losses, if any, reported as other income or expenses in the condensed consolidated statements of operations. The Company routinely evaluates the realizability of its short-term investments and recognizes an impairment charge when a decline in the estimated fair value of a short-term investment is below the amortized cost and determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than amortized cost, any adverse changes in the investee’s financial condition, and the Company’s intent and ability to hold the short-term investment for a period of time sufficient to allow for any anticipated recovery in market value. To date, the Company has not recognized any losses on its short-term investments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments, accounts receivable and debt. The Company deposits its cash, cash equivalents and short-term investments with high credit quality domestic financial institutions with locations in the U.S. Such deposits may exceed federal deposit insurance limits. The Company believes the financial risks associated with these financial instruments are minimal. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s customer base is dispersed across many different geographic areas, and currently most customers are pest management distributors in the U.S. Generally, receivables are due up to 120 days from the invoice date and are considered past due after this date, although the Company may offer extended terms from time to time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, 5% and 14%, respectively, of the Company’s revenues were generated from international customers. | AMORTIZED | GROSS | GROSS | ESTIMATED | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s principal sources of revenues are its Regalia and Grandevo product lines. For the three months ended March 31, 2014 and 2013, 87% and 97%, respectively, of the Company’s revenues were generated from sales of Grandevo and Regalia. | COST | UNREALIZED | UNREALIZED | FAIR VALUE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s total revenues consist of the following: | GAINS | LOSSES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit, with maturities less than 1 year | $ | 13,677 | $ | — | $ | (4 | ) | $ | 13,673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B | C (1) | D | E | F | G | H | The short-term investments at December 31, 2013 were in inactive markets and, therefore, the estimated fair value is measured based on the Level 2 valuation hierarchy. The Company did not have any investments in securities as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, | Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 17 | % | 15 | % | 12 | % | 11 | % | 11 | % | * | * | * | ASC 820, Fair Value Measurements (ASC 820), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 13 | % | * | * | * | * | 17 | % | 15 | % | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of total revenues | n | Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents related party revenues. See Note 14 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s outstanding accounts receivable consist of the following: | n | Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
n | Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B (1) | C | D | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | 16 | % | 15 | % | 11 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | 19 | % | 13 | % | 11 | % | 12 | % | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents accounts receivable from related parties. See Note 14 for further discussion. | Money market funds | $ | 16,268 | $ | 16,268 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories are stated at the lower of cost or market value (net realizable value or replacement cost) and include the cost of material and external labor and manufacturing costs. Cost is determined on the first-in, first-out basis. The Company provides for inventory reserves when conditions indicate that the selling price may be less than cost due to physical deterioration, obsolescence, changes in price levels, or other factors. Additionally, the Company provides reserves for excess and slow-moving inventory on hand that is not expected to be sold to reduce the carrying amount of excess slow-moving inventory to its estimated net realizable value. The reserves are based upon estimates about future demand from the Company’s customers and distributors and market conditions. As of March 31, 2014 and December 31, 2013, the Company had $45,000 in reserves against its inventories. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Cost of Product Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred cost of product revenues are stated at the lower of cost or net realizable value and include product sold where title has transferred but the criteria for revenue recognition have not been met. As of March 31, 2014 and December 31, 2013, the Company had $308,000 and $418,000, respectively, of current deferred cost of product revenues, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On July 19, 2012 (Acquisition Date), the Company purchased land, a building and equipment (Manufacturing Plant) for $1,459,000, including $341,000 of transaction costs. The Manufacturing Plant is located in Bangor, Michigan. Prior to the acquisition, the Manufacturing Plant was owned by a bank and sold in a foreclosure auction. Accordingly, the purchase price for the Manufacturing Plant was less than the estimated fair value of the assets acquired by $257,000. The excess of fair value of the assets acquired over the purchase price was allocated on a relative fair value basis to all assets acquired. The acquisition of the Manufacturing Plant will allow the Company to manufacture certain products internally and improve the overall operating efficiencies and margins of the business as the production of these products historically has been outsourced. | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The acquisition was accounted for as an asset acquisition in accordance with ASC 805, Business Combinations (ASC 805). The assets acquired under the Manufacturing Plant acquisition have been included in the Company’s condensed consolidated financial statements from the Acquisition Date. The purchase price was allocated to assets acquired as of the Acquisition Date. | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to the allocation of the excess of fair value of the assets acquired over the purchase price, the assets acquired are first measured at their fair values. The Company engaged a third-party valuation firm to assist with its estimated fair value of the assets acquired. The following methods and assumptions are used to estimate the fair value of each class of asset acquired: | Money market funds | $ | 7,668 | $ | 7,668 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land—Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales are based on both the quantitative and qualitative data. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building—The cost approach, market approach and income approach were used to assess fair value. Cost approach is based on replacement cost new less depreciation adjusted for physical deterioration, functional obsolescence and external/economic obsolescence, as applicable. The market approach is based on similar, but not identical, transactions in the market using both quantitative and qualitative data. The income approach is based on the direct capitalization method using similar but not identical lease rates and making an assessment of net operating income. | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment—Both the cost approach and the market approach were used to assess fair value. Cost approach is based on replacement cost new less depreciation adjusted for physical deterioration, functional obsolescence and external/economic obsolescence, as applicable. The market approach is based on similar, but not identical, transactions in the market using both quantitative and qualitative data. | Common stock warrant liability | $ | 301 | $ | — | $ | — | $ | 301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair value of the assets acquired as of the Acquisition Date, which were determined using Level 2 and 3 inputs as described above (in thousands): | Preferred stock warrant liability | 1,884 | — | — | 1,884 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | 41,860 | — | — | 41,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 44,045 | $ | — | $ | — | $ | 44,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
JULY 19, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ | 1 | The money market funds held as of December 31, 2013 and 2012 were in active markets and, therefore, are measured based on the Level 1 valuation hierarchy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building | 314 | The Company estimated the fair value of the common and preferred stock warrant liabilities as of December 31, 2012 using the Probability Weighted Expected Return Method (PWERM), which analyzes the returns afforded to common equity holders under multiple future scenarios. Under the PWERM, share value is based upon the probability-weighted present value of expected future net cash flows (distributions to stockholders), considering each of the possible future events and giving consideration to the rights and preferences of each share class. This method is most appropriate when the long-term outlook for an enterprise is largely known and multiple future scenarios can be reasonably estimated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 1,144 | The common and preferred stock warrant liabilities were valued by a PWERM valuation using six scenarios, which included three initial public offering scenarios, two merger scenarios and a sale of the Company’s intellectual property. An annual discount rate of 35% was applied to the PWERM valuations as of December 31, 2012. The common stock warrant liability valuation also included an 18% discount for lack of marketability as of December 31, 2012. As the PWERM estimates the fair value of the common and preferred stock warrant liabilities using unobservable inputs, it is considered to be a Level 3 fair value measurement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective on the date of the IPO, under ASC 815-40-15, Contracts in Entity’s Own Equity (ASC 815-40-15), the common and preferred stock warrant liabilities were considered to be indexed to the Company’s stock, and accordingly, the total warrants liability of $2,669,000 was reclassified and included in stockholders’ equity (deficit) as of December 31, 2013. The Company revalued the warrants immediately prior to the IPO. The fair value of the warrants which would have expired on the date of the IPO unless exercised was determined using the intrinsic method based on the IPO price of $12.00 per share, which is deemed a Level 2 fair value measurement. The fair value of the warrants that would not have expired on the date of the IPO regardless of whether or not they were exercised was determined using the Black-Scholes-Merton option-pricing model, which is deemed a Level 3 fair value measurement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets acquired | $ | 1,459 | As a result of the change in estimated fair value between December 31, 2012 or the issuance dates of the warrants issued during the year ended December 31, 2013 and the closing of the IPO, the Company recognized a net gain from the total change in estimated fair value of the common and preferred stock warrant liabilities as shown in the tables below. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the common and preferred stock warrant liabilities measured at fair value using significant unobservable inputs (Level 3). The amounts included in the “Transfers out of Level 3” represent the beginning balance in the interim quarter during which it was transferred (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As the Manufacturing Plant had not yet been placed in full service as of March 31, 2014, the assets acquired, except the land, were recorded as construction in progress as a component of property, plant and equipment in the accompanying condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013. In addition, interest expense in the amount of $1,271,000 and $801,000 was recorded in construction in progress as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and transfer of title has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured, unless contractual obligations, acceptance provisions or other contingencies exist. If such obligations or provisions exist, revenue is recognized after such obligations or provisions are fulfilled or expire. | COMMON | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product revenues consist of revenues generated from sales to distributors and from sales of the Company’s products to direct customers, net of rebates and cash discounts. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor in comparison to the Company’s historical terms are considered to be longer than normal payment terms, the distributor history of adhering to the terms of its contractual arrangements with the Company, whether the Company has a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may indicate that the sale to the distributor is not substantive. When the Company offers payment terms that are considered to be extended in comparison to the Company’s historical terms, the Company considers the arrangement not to be fixed or determinable, and accordingly, revenue is deferred until payment is due. The costs associated with such deferral are also deferred and classified in prepaid expenses and other current assets in the condensed consolidated balance sheets. The Company currently recognizes revenue primarily on the sell-in method with its distributors. Distributors generally do not have price protection or return rights. | STOCK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had current deferred product revenues of $824,000 and $1,016,000, respectively. | WARRANT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
From time to time, the Company offers certain product rebates, which are recorded as reductions to product revenues. An accrued liability for these product rebates is recorded at the time the revenues are recorded. | LIABILITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes license revenues pursuant to strategic collaboration and distribution agreements under which the Company receives payments for the achievement of testing validation, regulatory progress and commercialization events. As these activities and payments are associated with exclusive rights that the Company provides in connection with strategic collaboration and distribution agreements over the term of the agreements, revenues related to the payments received are deferred and recognized over the term of the exclusive distribution period of the respective agreement. No payments were received under these agreements during the three months ended March 31, 2014 and 2013. For the three months ended March 31, 2014 and 2013, the Company recognized $45,000 and $48,000, respectively, as license revenues in the accompanying condensed consolidated statements of operations. | Fair value at December 31, 2012 | $ | 301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the Company recognized $328,000 and $33,000 of related party revenues under these agreements, respectively, based on the terms of the Company’s agreements with Syngenta, an affiliate of one of our 5% stockholders, of which, $292,000 was recognized during the three months ended March 31, 2014 upon the termination of one of these agreements. | Warrants issued | 900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014, the Company recorded current and non-current deferred revenues of $224,000 and $1,099,000, respectively, related to payments received under these agreements, of which $31,000 and $404,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s commercial agreement with Syngenta. At December 31, 2013, the Company recorded current and non-current deferred revenues of $324,000 and $1,372,000, respectively, related to payments received under these agreements, of which $131,000 and $628,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s agreements with Syngenta. | Change in fair value recorded in change in fair value of financial instruments | 377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research, Development and Patent Expenses | Transfers out of Level 3 | (434 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenditures, which primarily consist of payroll-related expenses, toxicology costs, regulatory costs, consulting costs and lab costs, and patent expenses, which primarily consist of legal costs relating to the patents and patent filing costs, are expensed to operations as incurred. For the three months ended March 31, 2014 and 2013, research and development expenses totaled $3,985,000 and $3,064,000, respectively, and patent expenses totaled $297,000 and $219,000, respectively. | Reclassified to stockholders’ equity (deficit) | (1,144 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no new accounting pronouncements issued during the three months ended March 31, 2014 that are of significance, or potential significance, to the Company. | Fair value at December 31, 2013 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREFERRED | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 1,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | (823 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (140 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified to stockholders’ equity (deficit) | (921 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective on the date of the IPO, all of the Company’s convertible notes were converted into shares of common stock. Prior to the IPO, convertible notes were valued by a PWERM valuation utilizing inputs similar to those used for estimating fair values of the common and preferred stock warrant liabilities described above. A discount rate of 25% was used for valuing the March and October 2012 Convertible Notes, defined in Note 9, as of December 31, 2012. A discount rate of 18% was used for valuing the October 2012 Subordinated Convertible Notes and the December 2012 Convertible Note, both defined in Note 9, as of December 31, 2012. These annual discount rates were applied in the PWERM valuation as of December 31, 2012. The Company revalued the convertible notes immediately prior to the IPO. As a result of the IPO, the number of shares to be issued became known and the Company estimated the fair value of the convertible notes using the intrinsic method based on the IPO price of $12.00 per share, which is deemed a Level 2 fair value measurement. Due to the change in estimated fair values between December 31, 2012 or the issuance dates of the convertible notes issued during the year ended December 31, 2013 and the closing of the IPO, the Company recognized a gain from the change in estimated fair value of the convertible notes as shown in the table below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the convertible notes measured at fair value using significant unobservable inputs (Level 3). The amounts included in the “Transfers out of Level 3” represent the beginning balance in the interim quarter during which it was transferred (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 41,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes issued | 9,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes cancelled | (1,360 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 1,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | (2,634 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (48,234 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, as noted above, there were $574,000 of preferred and common stock warrants and $48,234,000 of convertible notes transferred from the Level 3 to Level 2 category. There were no such transfers from the Level 3 to Level 2 category during the year ended December 31, 2012. Further, there were no transfers from the Level 2 to Level 1 category during the years ended December 31, 2013 or 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments, accounts receivable and debt. The Company deposits its cash, cash equivalents and short-term investments with high credit quality domestic financial institutions with locations in the U.S. Such deposits may exceed federal deposit insurance limits. The Company believes the financial risks associated with these financial instruments are minimal. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s customer base is dispersed across many different geographic areas, and currently most customers are pest management distributors in the U.S. Generally, receivables are due up to 120 days from the invoice date and are considered past due after this date, although the Company may offer extended terms from time to time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, 8%, 20% and 7%, respectively, of the Company’s revenues were generated from international customers. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
From inception through December 31, 2012, the Company’s principal source of revenues was its Regalia product line. During the year ended December 31, 2013, Grandevo and Regalia were the principal sources of the Company’s total revenues. During the years ended December 31, 2013, 2012 and 2011, these two product lines accounted for 97%, 96% and 96%, respectively, of the Company’s total revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s total revenues consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B (1) | C | D | E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 28 | % | 10 | % | * | * | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 33 | % | * | 13 | % | 12 | % | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 39 | % | * | * | 17 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of total revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents related party revenues. See Note 18 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s outstanding accounts receivable consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B (1) | C | D | E | F | G | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | 19 | % | 13 | % | 12 | % | 11 | % | * | * | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | * | * | * | 33 | % | 17 | % | 11 | % | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of accounts receivable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents accounts receivable from related parties. See Note 18 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentrations of Supplier Dependence | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The active ingredient in the Company’s Regalia product line is derived from the giant knotweed plant, which the Company obtains from China. The Company’s single supplier acquires raw knotweed from numerous regional sources and performs an extraction process on this plant, creating a dried extract that is shipped to the Company’s third- party manufacturer in the U.S. A disruption at this supplier’s manufacturing site or a disruption in trade between the U.S. and China could negatively impact sales of Regalia. The Company currently uses one supplier and does not have a long-term supply contract with this supplier. Although the Company has identified additional sources of knotweed, there can be no assurance that the Company will continue to be able to obtain dried extract from China at a competitive price. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s receivables represents their estimated net realizable values. The Company generally does not require collateral and estimates any required allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables, and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectibility of those balances and the allowance is recorded accordingly. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. During the years ended December 31, 2013 and 2012, no receivable balances were written-off. As of December 31, 2013 and 2012, the Company had no allowance for doubtful accounts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories are stated at the lower of cost or market value (net realizable value or replacement cost) and include the cost of material and external labor and manufacturing costs. Cost is determined on the first-in, first-out basis. The Company provides for inventory reserves when conditions indicate that the selling price may be less than cost due to physical deterioration, obsolescence, changes in price levels, or other factors. Additionally, the Company provides reserves for excess and slow-moving inventory on hand that is not expected to be sold to reduce the carrying amount of excess slow-moving inventory to its estimated net realizable value. The reserves are based upon estimates about future demand from the Company’s customers and distributors and market conditions. As of December 31, 2013, the Company had $45,000 in reserves against its inventories. As of December 31, 2012, the Company had no reserves against its inventories. During the year ended December 31, 2013, the Company recorded, as a component of cost of product revenues, an inventory write-off of $205,000 primarily due to abnormal scrap and the identification of inventory that was not suitable for sale and an adjustment of $194,000 to write-down its Zequanox inventory to net realizable value. During the year ended December 31, 2012, the Company recorded, as a component of cost of product revenues, an inventory write-off of $913,000 primarily due to an early formulation of the Zequanox line of products that was not suitable for sale. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net consist of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raw materials | $ | 5,355 | $ | 3,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Work in progress | 2,917 | 607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finished goods | 3,394 | 1,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 11,666 | $ | 4,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Cost of Product Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred cost of product revenues are stated at the lower of cost or net realizable value and include product sold where title has transferred but the criteria for revenue recognition have not been met. As of December 31, 2013, the Company recorded current deferred cost of product revenues of $418,000 which is included in prepaid expenses and other current assets in the consolidated balance sheets. As of December 31, 2012, the Company had no deferred cost of product revenues. During the year ended December 31, 2013, the Company recorded an adjustment of $174,000 to write down the carrying value of deferred cost of product revenues to net realizable value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives. The Company generally uses the following estimated useful lives for each asset category: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET CATEGORY | ESTIMATED USEFUL LIFE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computer equipment | 2-3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery and equipment | 3-20 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office equipment | 3-5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture | 3-5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | Shorter of lease term or useful life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of assets under capital leases is included in depreciation expense. Maintenance, repairs and minor renewals are expensed as incurred. Expenditures that substantially increase an asset’s useful life are capitalized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon the amendment or termination of debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Debt Modifications and Extinguishments (ASC 470-50-40). As of December 31, 2013, $458,000 and $148,000 of the deferred financing costs were recorded as a component of current and non-current other assets, respectively, and are being amortized to interest expense. As of December 31, 2012, $145,000 and $261,000 of the deferred financing costs were recorded as a component of current and non-current other assets, respectively, and are being amortized to interest expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment losses related to long-lived assets are recognized in the event the net carrying value of such assets is not recoverable and exceeds fair value. The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group). If an asset is considered is not recoverable, the impairment loss is measured as the amount by which the carrying value of the asset group exceeds its estimated fair value. To date, the Company has not recognized any such impairment loss associated with its long-lived assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Warrant Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company accounted for outstanding warrants exercisable into shares of its preferred stock as liability instruments as the preferred stock into which these warrants were convertible were contingently redeemable upon the occurrence of certain events or transactions. The Company adjusted the warrant instruments to fair value at each reporting period with the change in fair value recorded as a component of change in estimated fair value of financial instruments in the consolidated statements of operations. Effective on the date of the IPO, under ASC 815-40-15, the preferred stock warrant liabilities were considered to be indexed to the Company’s stock, and accordingly, the total warrants liability was reclassified and included in stockholders’ equity (deficit) as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Warrant Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company issued detachable common stock warrants in connection with the October 2012 and April 2013 Junior Secured Promissory Notes as defined and discussed in Note 8 to purchase a variable number of the Company’s shares of common stock based on a fixed monetary amount. As the predominant settlement feature of these common stock warrants was to settle a fixed monetary amount in a variable number of shares, these common stock warrants fell within the scope of ASC 480, Distinguishing Liabilities from Equity (ASC 480). Accordingly, these common stock warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the accompanying consolidated statements of operations. Effective on the date of the IPO, under ASC 815-40-15, the common stock warrant liabilities were considered to be indexed to the Company’s stock, and accordingly, the total warrants liability was reclassified and included in stockholders’ equity (deficit) as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and transfer of title has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured, unless contractual obligations, acceptance provisions or other contingencies exist. If such obligations or provisions exist, revenue is recognized after such obligations or provisions are fulfilled or expire. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product revenues consist of revenues generated from sales to distributors and from sales of the Company’s products to direct customers, net of rebates and cash discounts. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor in comparison to the Company’s historical terms are considered to be longer than normal payment terms, the distributor history of adhering to the terms of its contractual arrangements with the Company, whether the Company has a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may indicate that the sale to the distributor is not substantive. When the Company offers payment terms that are considered to be extended in comparison to the Company’s historical terms, the Company considers the arrangement not to be fixed or determinable, and accordingly, revenue is deferred until payment is due. The costs associated with such deferral are also deferred and classified in prepaid expenses and other current assets in the consolidated balance sheets. The Company currently recognizes revenue primarily on the sell-in method with its distributors. Distributors do not have price protection or return rights. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company recorded current deferred product revenues of $1,016,000. As of December 31, 2012, the Company had no deferred product revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
From time to time, the Company offers certain product rebates, which are recorded as reductions to product revenues. An accrued liability for these product rebates is recorded at the time the revenues are recorded. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes license revenues pursuant to strategic collaboration and distribution agreements under which the Company receives payments for the achievement of testing validation, regulatory progress and commercialization events. As these activities and payments are associated with exclusive rights that the Company provides in connection with strategic collaboration and distribution agreements over the term of the agreements, revenues related to the payments received are deferred and recognized over the term of the exclusive distribution period of the respective agreement. For the years ended December 31, 2012 and 2011, the Company received payments totaling $1,533,000 and $833,000, respectively, of which $1,000,000 was received from a related party for the year ended December 31, 2012. No payments were received under these agreements during the year ended December 31, 2013. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $193,000, $179,000 and $57,000, respectively, as license revenues, excluding related party revenues, in the accompanying consolidated statements of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company recognized $131,000 of related party revenues under these agreements based on the terms of the Company’s commercial agreement with Syngenta, an affiliate of one of our 5% stockholders. In addition, in connection with the December 2012 Convertible Note issued to a related party in December 2012, which is described in Note 9, the Company recorded a reduction of license revenues included in related party revenues of $110,000 for the year ended December 31, 2012. There were no related party license revenues recognized for the years ended December 31, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company recorded current and non-current deferred revenues of $324,000 and $1,372,000, respectively, related to payments received under these agreements, of which $131,000 and $628,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s commercial agreement with Syngenta. At December 31, 2012, the Company recorded current and non-current deferred revenues of $324,000 and $1,696,000, respectively, related to payments received under these agreements, of which $131,000 and $759,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s commercial agreement with Syngenta. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research, Development and Patent Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenditures, which primarily consist of payroll-related expenses, toxicology costs, regulatory costs, consulting costs and lab costs, and patent expenses, which primarily consist of legal costs relating to the patents and patent filing costs, are expensed to operations as incurred. For the years ended December 31, 2013, 2012 and 2011, research and development expenses totaled $16,827,000, $12,140,000 and $9,133,000, respectively, and patent expenses totaled $987,000, $601,000 and $277,000, respectively. Grants received from third parties for research and development activities are recorded as reductions of expense over the term of the agreement as the related activities are conducted. For the years ended December 31, 2012 and 2011, the Company received payments under grants totaling $140,000 and $164,000, respectively. There were no grants received for the year ended December 31, 2013. Of these amounts, $31,000 was recorded in accrued liabilities as accrued grant proceeds for which the underlying grant services had not been provided as of December 31, 2011. There were no accrued grant proceeds for the years ended December 31, 2013 and 2012. For the years ended December 31, 2012 and 2011, the Company reduced research and development expenses by $171,000 and $195,000, respectively, as services were performed under the grants. There was no reduction to research and development expenses for services performed under grants for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts billed for shipping and handling are included as a component of product revenues. Related costs for shipping and handling have been included as a component of cost of product revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company expenses advertising costs as incurred. Advertising costs for the years ended December 31, 2013, 2012 and 2011, were $760,000, $609,000 and $286,000, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes share-based compensation expense for all stock options made to employees and directors based on estimated fair values. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company estimates the fair value of stock options on the date of grant using an option-pricing model. The value of the portion of the stock options that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For purposes of determining the Company’s historical share-based compensation expense, it used the Black-Scholes-Merton (BSM) option-pricing model to calculate the estimated fair value of stock options on the measurement date (generally, the grant date). This model requires inputs for the expected life of the stock options, estimated volatility factor, risk-free interest rate, and expected dividend yield. The Company’s estimates of forfeiture rates also affect the amount of aggregate compensation expense. These inputs are subjective and generally require significant judgment. For the years ended December 31, 2013, 2012 and 2011, the Company calculated the fair value of stock options granted using the following assumptions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR ENDED DECEMBER 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | 5.29-7.71 | 5.00-6.08 | 5.00-6.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated volatility factor | 0.70-0.75 | 0.72-0.76 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.27%-2.11% | 0.74%-1.16% | 0.86%-2.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend yield | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Life—The Company’s expected life represents the period that its share-based payment awards are expected to be outstanding. The Company uses the “simplified method” in accordance with Staff Accounting Bulletin (SAB) No. 107, Share-Based Payment, and SAB No. 110, Simplified Method for Plain Vanilla Share Options, to develop the expected term of options determined to be “plain vanilla.” Under this approach, the expected term is presumed to be the midpoint between the vesting date and the contractual end of the option grant. For stock options granted with an exercise price not equal to the determined fair market value, the Company estimates the expected life based on historical data and management’s expectations about exercises and post-vesting termination behavior. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Volatility Factor—The Company uses the calculated volatility based upon the trading history and calculated volatility of the common stock of comparable agricultural biotechnology companies in determining an estimated volatility factor. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-Free Interest Rate—The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury constant-maturity securities with the same or substantially equivalent remaining term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Dividend Yield—The Company has not declared dividends nor does it expect to in the foreseeable future. Therefore, a zero value was assumed for the expected dividend yield. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Forfeitures—When estimating forfeitures, the Company considers voluntary and involuntary termination behavior and actual option forfeitures. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
If in the future the Company determines that other methods are more reasonable, or other methods for calculating these assumptions are prescribed by authoritative guidance, the fair value calculated for the Company’s stock options could change significantly. Higher volatility and longer expected lives result in an increase to share-based compensation expense determined at the grant date. Share-based compensation expense affects the Company’s research, development and patent expense and selling, general and administrative expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense), Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net included net losses resulting from foreign currency transactions in the amount of $53,000 and $54,000 for the years ended December 31, 2013 and 2012, respectively. There were no losses from foreign currency transactions for the year ended December 31, 2011. In addition, in 2013, other income (expense), net included a loss on disposal of fixed assets totaling $231,000. There were no losses on disposals of fixed assets during the years ended December 31, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent deferred tax assets cannot be recognized under the preceding criteria, the Company establishes valuation allowances as necessary to reduce deferred tax assets to the amounts expected to be realized. As of December 31, 2013 and 2012, all deferred tax assets were fully offset by a valuation allowance. Realization of deferred tax assets is dependent upon future federal, state, and foreign taxable income. The Company’s judgments regarding deferred tax assets may change as the Company expands into international jurisdictions, due to future market conditions, changes in U.S. or international tax laws, and other factors. These changes, if any, may require possible material adjustments to these deferred tax assets, resulting in a reduction in net income or an increase in net loss in the period when such determinations are made. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes liabilities for uncertain tax positions based upon a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty; no benefit is recognized in the consolidated financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company’s policy is to analyze the Company’s tax positions taken with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction). As of December 31, 2013 and 2012, the Company has concluded that no uncertain tax positions were required to be recognized in its consolidated financial statements. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense. No amounts were recognized for interest and penalties during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss represents the net loss for the period plus the results of certain changes to stockholders’ equity (deficit) that are not reflected in the consolidated statements of operations, if applicable. The only component of the Company’s comprehensive loss for the periods presented is net loss. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net loss per share, which excludes dilution, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, convertible notes, convertible preferred stock and warrants, result in the issuance of common stock which share in the losses of the Company. Certain potential shares of common stock have been excluded from the computation of diluted net loss per share for certain periods as their effect would be anti-dilutive. Such potentially dilutive shares are excluded when the effect would be to reduce the loss per share. The treasury stock method has been applied to determine the dilutive effect of warrants. See Note 4 for further discussion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is organized as a single operating segment, whereby its chief operating decision maker assesses the performance of and allocates resources to the business as a whole. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no new accounting pronouncements issued during the year ended December 31, 2013 that are of significance, or potential significance, to the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain amounts in 2012 and 2011 have been reclassified to conform with the 2013 financial statement presentations. These reclassifications have no effect on previously reported net income. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
3. Property, Plant and Equipment | |||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||
31-Dec | |||||||||
2013 | 2012 | ||||||||
Land | $ | 1 | $ | 1 | |||||
Buildings | — | — | |||||||
Computer equipment and software | 459 | 355 | |||||||
Furniture, fixtures and office equipment | 293 | 192 | |||||||
Machinery and equipment | 4,624 | 2,446 | |||||||
Leasehold improvements | 497 | 472 | |||||||
Construction in progress | 6,503 | 2,103 | |||||||
12,377 | 5,569 | ||||||||
Less accumulated depreciation | (2,957 | ) | (2,041 | ) | |||||
$ | 9,420 | $ | 3,528 | ||||||
The Company has granted to third parties interests in specific property and equipment as part of certain financing arrangements (see Note 8). | |||||||||
Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011, was $976,000, $613,000 and $499,000, respectively, which included amortization expense related to capital leases for those periods (see Note 14). | |||||||||
On July 19, 2012 (Acquisition Date), the Company purchased land, building and equipment (Manufacturing Plant) for $1,459,000, including $341,000 of transaction costs. The Manufacturing Plant is located in Bangor, Michigan. Prior to the acquisition, the Manufacturing Plant was owned by a bank and sold in a foreclosure auction. Accordingly, the purchase price for the Manufacturing Plant was less than the estimated fair value of the assets acquired by $257,000. The excess of fair value of the assets acquired over the purchase price was allocated on a relative fair value basis to all assets acquired. The acquisition of the Manufacturing Plant will allow the Company to manufacture certain products internally and improve the overall operating efficiencies and margins of the business as the production of these products historically has been outsourced. | |||||||||
The acquisition was accounted for as an asset acquisition in accordance with ASC 805, Business Combinations (ASC 805). The assets acquired under the Manufacturing Plant acquisition have been included in the Company’s consolidated financial statements from the Acquisition Date. The purchase price was allocated to assets acquired as of the Acquisition Date. | |||||||||
Prior to the allocation of the excess of fair value of the assets acquired over the purchase price, the assets acquired are first measured at their fair values. The Company engaged a third-party valuation firm to assist with its estimated fair value of the assets acquired. The following methods and assumptions are used to estimate the fair value of each class of asset acquired: | |||||||||
Land—Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales are based on both the quantitative and qualitative data. | |||||||||
Building—The cost approach, market approach and income approach were used to assess fair value. Cost approach is based on replacement cost new less depreciation adjusted for physical deterioration, functional obsolescence and external/economic obsolescence, as applicable. The market approach is based on similar, but not identical, transactions in the market using both quantitative and qualitative data. The income approach is based on the direct capitalization method using similar but not identical lease rates and making an assessment of net operating income. | |||||||||
Equipment—Both the cost approach and the market approach were used to assess fair value. Cost approach is based on replacement cost new less depreciation adjusted for physical deterioration, functional obsolescence and external/economic obsolescence, as applicable. The market approach is based on similar, but not identical, transactions in the market using both quantitative and qualitative data. | |||||||||
The following table summarizes the estimated fair value of the assets acquired as of the Acquisition Date, which were determined using Level 2 and 3 inputs as described above (in thousands): | |||||||||
JULY 19, | |||||||||
2012 | |||||||||
Land | $ | 1 | |||||||
Building | 314 | ||||||||
Equipment | 1,144 | ||||||||
Assets acquired | $ | 1,459 | |||||||
As the Manufacturing Plant had not yet been placed in service as of December 31, 2013, the assets acquired, except the land, were recorded as construction in progress as a component of property, plant and equipment in the accompanying consolidated balance sheets as of December 31, 2013 and 2012. In addition, interest expense in the amount of $801,000 and $106,000 was recorded in construction in progress as of December 31, 2013 and 2012, respectively. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||
Net Loss Per Share | ' | ' | ||||||||||||||||||||
6. Net Loss Per Share | 4. Net Loss Per Share | |||||||||||||||||||||
Basic net loss per share, which excludes dilution, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, convertible notes, convertible preferred stock and warrants, result in the issuance of common stock which share in the losses of the Company. | Basic net loss per share, which excludes dilution, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, convertible notes, convertible preferred stock and warrants, result in the issuance of common stock which share in the losses of the Company. | |||||||||||||||||||||
The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented (in thousands). Such potentially dilutive shares are excluded when the effect would be to reduce the loss per share. The treasury stock method has been applied to determine the dilutive effect of warrants. | The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented (in thousands). Such potentially dilutive shares are excluded when the effect would be to reduce the loss per share. The treasury stock method has been applied to determine the dilutive effect of warrants. | |||||||||||||||||||||
DECEMBER 31 | ||||||||||||||||||||||
31-Mar | 2013 | 2012 | 2011 | |||||||||||||||||||
2014 | 2013 | Convertible preferred stock | — | 8,504 | 8,504 | |||||||||||||||||
Convertible preferred stock | — | 8,504 | Convertible notes(1) | — | — | — | ||||||||||||||||
Convertible notes(1) | — | — | Stock options outstanding | 2,608 | 2,067 | 1,384 | ||||||||||||||||
Stock options outstanding | 2,974 | 2,040 | Warrants to purchase convertible preferred stock | — | 207 | 36 | ||||||||||||||||
Warrants to purchase convertible preferred stock | — | 207 | Warrants to purchase common stock (2) | 151 | — | 5 | ||||||||||||||||
Warrants to purchase common stock (2) | 145 | — | ||||||||||||||||||||
(1) | As of December 31, 2012, the Company had approximately $41,860,000, in contingently convertible notes payable and related accrued interest for which the contingencies related to conversion had not been met as of December 31, 2012. Therefore, it would have no dilutive or anti-dilutive impact until the contingency had been met effective upon the IPO in August 2013. All convertible notes converted to common stock in connection with the IPO. See Note 9 for further discussion. | |||||||||||||||||||||
(2) | In October 2012 and April 2013, the Company issued warrants to purchase a number of shares of common stock equal to 15% of the funded principal amount of the October 2012 and April 2013 Junior Secured Promissory Notes as defined in Note 8, divided by 70% of the value of common stock in a sale of the Company or a qualified initial public offering (Qualified IPO), with an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. In June 2013, the Company issued warrants to purchase a number of shares of common stock equal to 10% of the total committed amount of the June 2013 Credit Facility as defined in Note 8, divided by 70% of the value of common stock in a sale of the Company or a Qualified IPO, with an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. These warrants were contingently exercisable for which the contingencies related to exercise had not been met until the IPO in August 2013. Therefore, they would have no dilutive or anti-dilutive impact until the contingency had been met in August 2013. See Note 8 for further discussion. | |||||||||||||||||||||
(1) | As of March 31, 2013, the Company had approximately $46,037,000 in contingently convertible notes payable and related accrued interest for which the contingencies related to conversion had not been met until the IPO in August 2013. Therefore, it would have no dilutive or anti-dilutive impact until the contingency had been met in August 2013. | |||||||||||||||||||||
(2) | In October 2012, the Company issued warrants to purchase a number of shares of common stock equal to 15% of the funded principal amount of the October 2012 Junior Secured Promissory Notes as defined in Note 10, divided by 70% of the value of common stock in a sale of the Company or a qualified initial public offering (qualified IPO), with an exercise price of 70% of the value of common stock in a sale of the Company or a qualified IPO. These warrants were contingently exercisable for which the contingencies related to exercise had not been met until the IPO in August 2013. Therefore, they would have no dilutive or anti-dilutive impact until the contingency had been met in August 2013. | The numbers of shares of common stock issuable upon the exercise of warrants to purchase convertible preferred stock and upon the conversion of convertible preferred stock were at a ratio of one-to-one. | ||||||||||||||||||||
The numbers of shares of common stock issuable upon the exercise of warrants to purchase convertible preferred stock and upon the conversion of convertible preferred stock were at a ratio of one-to-one. | ||||||||||||||||||||||
YEAR ENDED DECEMBER 31 | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
THREE MONTHS ENDED | (In thousands, except per share data) | |||||||||||||||||||||
MARCH 31 | Numerator: | |||||||||||||||||||||
2014 | 2013 | Net loss | $ | (28,489 | ) | $ | (38,794 | ) | $ | (13,180 | ) | |||||||||||
(In thousands, except per share data) | Deemed dividend on convertible notes | (1,378 | ) | (2,039 | ) | — | ||||||||||||||||
Numerator: | ||||||||||||||||||||||
Net loss for basic and diluted net loss per share | $ | (10,246 | ) | $ | (10,749 | ) | Net loss attributable to common stockholders | $ | (29,867 | ) | $ | (40,833 | ) | $ | (13,180 | ) | ||||||
Denominator | Effect of potentially dilutive securities: | |||||||||||||||||||||
Weighted average shares outstanding for basic and diluted net loss per share | 19,518 | 1,268 | Convertible notes | (4,392 | ) | — | — | |||||||||||||||
Warrants to purchase preferred stock | (840 | ) | — | — | ||||||||||||||||||
Basic and diluted net loss per share: | $ | (0.52 | ) | $ | (8.48 | ) | ||||||||||||||||
Net loss for diluted net loss per share | $ | (35,099 | ) | $ | (40,833 | ) | $ | (13,180 | ) | |||||||||||||
Denominator | ||||||||||||||||||||||
Weighted average shares used for basic net loss per share | 8,731 | 1,257 | 1,239 | |||||||||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||||||||
Convertible notes | 127 | — | — | |||||||||||||||||||
Warrants to purchase preferred stock | 53 | — | — | |||||||||||||||||||
Weighted average shares outstanding for diluted net loss per share | 8,911 | 1,257 | 1,239 | |||||||||||||||||||
Basic net loss per share: | $ | (3.42 | ) | $ | (32.48 | ) | $ | (10.64 | ) | |||||||||||||
Diluted net loss per share: | $ | (3.94 | ) | $ | (32.48 | ) | $ | (10.64 | ) | |||||||||||||
Other_Assets
Other Assets | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ||||||||||||||||
Other Assets | ' | ' | ||||||||||||||||
7. Other Assets | 5. Other Assets | |||||||||||||||||
Other assets consist of the following (in thousands): | Other assets consist of the following (in thousands): | |||||||||||||||||
DECEMBER 31 | ||||||||||||||||||
MARCH 31, | DECEMBER 31, | 2013 | 2012 | |||||||||||||||
2014 | 2013 | Prepaid initial public offering costs | $ | — | $ | 2,257 | ||||||||||||
Prepaid distribution fees | $ | 122 | $ | 125 | Prepaid distribution fees | 125 | 134 | |||||||||||
Deferred financing costs, less current portion | 102 | 148 | Deferred financing costs, less current portion | 148 | 261 | |||||||||||||
Deposits for equipment | 76 | 256 | Deposits for equipment | 256 | — | |||||||||||||
Deposits on equipment leases | 177 | 177 | Deposits on equipment leases | 177 | 43 | |||||||||||||
Other assets | 162 | 100 | Other assets | 100 | 90 | |||||||||||||
$ | 639 | $ | 806 | $ | 806 | $ | 2,785 | |||||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Payables And Accruals [Abstract] | ' | ' | ||||||||||||||||
Accrued Liabilities | ' | ' | ||||||||||||||||
8. Accrued Liabilities | 6. Accrued Liabilities | |||||||||||||||||
Accrued liabilities consist of the following (in thousands): | Accrued liabilities consist of the following (in thousands): | |||||||||||||||||
DECEMBER 31 | ||||||||||||||||||
MARCH 31, | DECEMBER 31, | 2013 | 2012 | |||||||||||||||
2014 | 2013 | Accrued compensation | $ | 2,040 | $ | 1,342 | ||||||||||||
Accrued compensation | $ | 1,300 | $ | 2,040 | Accrued severance | 100 | — | |||||||||||
Accrued severance | 125 | 100 | Accrued expenses | 1,630 | 1,295 | |||||||||||||
Accrued expenses | 1,462 | 1,570 | Accrued inventory costs | 610 | — | |||||||||||||
Accrued warranty costs | 135 | 60 | Accrued product rebates | — | 386 | |||||||||||||
Accrued inventory costs | 18 | 610 | ||||||||||||||||
$ | 4,380 | $ | 3,023 | |||||||||||||||
$ | 3,040 | $ | 4,380 | |||||||||||||||
On November 7, 2013, the Company announced that its Chief Financial Officer, Donald Glidewell, had decided to retire from the Company. To facilitate the transition, Mr. Glidewell agreed to remain as the Company’s Chief Financial Officer for up to five months while the Company searched for a successor Chief Financial Officer, and the Company entered into a transition agreement with Mr. Glidewell that provides, among other things, for continued vesting of his outstanding equity awards through his retirement date and that upon his separation from the Company, Mr. Glidewell is eligible to receive: | ||||||||||||||||||
n | an amount equal to six months of his then-current annual base salary payable monthly for a period of six months from his retirement date in the form of salary continuation; | |||||||||||||||||
On November 7, 2013, the Company announced that its Chief Financial Officer, Donald Glidewell, had decided to retire from the Company. To facilitate the transition, Mr. Glidewell agreed to remain as the Company’s Chief Financial Officer for up to five months while the Company searched for a successor Chief Financial Officer, and the Company entered into a transition agreement with Mr. Glidewell that provided, among other things, for continued vesting of his outstanding equity awards through his retirement date, which was March 25, 2014, and that upon his separation from the Company, Mr. Glidewell would be eligible to receive: | n | medical and dental coverage, plus disability and life insurance premiums, for a period of six months following his retirement; and | ||||||||||||||||
n | an amount equal to six months of his then-current annual base salary payable monthly for a period of six months from his retirement date in the form of salary continuation; | n | full acceleration of vesting of his outstanding equity awards that are unvested as of his retirement date. | |||||||||||||||
The Company recorded accrued severance expenses in the amount of $100,000 based on the terms of the transition agreement for salary, COBRA, and transition service related costs. See Note 13 for further discussion regarding the acceleration of vesting of Mr. Glidewell’s outstanding equity awards. | ||||||||||||||||||
n | medical and dental coverage, plus disability and life insurance premiums, for a period of six months following his retirement; and | |||||||||||||||||
n | full acceleration of vesting of his outstanding equity awards that are unvested as of his retirement date. | |||||||||||||||||
The Company recorded accrued severance expenses in the amount of $125,000 and $100,000 as of March 31, 2014 and December 31, 2013, respectively, based on the terms of the transition agreement for salary, COBRA, and transition service related costs. See Note 11 for further discussion regarding the acceleration of vesting of Mr. Glidewell’s outstanding equity awards. | ||||||||||||||||||
The Company warrants the specifications and/or performance of its products through implied product warranties and has extended product warranties to qualifying customers on a contractual basis. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based on historical experience and estimates of future warranty costs as a result of increasing usage of the Company’s products. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Changes in the Company’s accrued warranty costs during the period are as follows (in thousands): | ||||||||||||||||||
Balance at December 31, 2013 | $ | 60 | ||||||||||||||||
Warranties issued during the period | 88 | |||||||||||||||||
Settlements made during the period | (13 | ) | ||||||||||||||||
Balance at March 31, 2014 | $ | 135 |
Factoring_and_Security_Agreeme
Factoring and Security Agreement | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ' | ' |
Factoring and Security Agreement | ' | ' |
9. Factoring and Security Agreement | 7. Factoring and Security Agreement | |
On June 13, 2013, the Company entered into a factoring and security agreement (Factoring and Security Agreement) with a third-party that enabled the Company to sell its entire interest in certain accounts receivable up to $5,000,000. Under the Factoring and Security Agreement, 15% of the sales proceeds were to be held back by the purchaser until collection of such receivables. Such holdbacks were not considered legal securities, nor were they certificated. Upon the sale of the receivable, the Company did not maintain servicing. The purchaser may have required the Company to repurchase accounts receivable if (i) the payment was disputed by the account debtor, with the purchaser being under no obligation to determine the bona fides of such dispute; (ii) the account debtor had become insolvent or (iii) upon the effective date of the termination of the Factoring and Security Agreement. The purchaser would retain its security interest in any accounts repurchased by the Company. The Factoring and Security Agreement was secured by all of the Company’s personal property and fixtures, and proceeds thereof, including accounts receivable, inventory, equipment and general intangibles other than intellectual property. Upon sale of the receivable, the Company may have elected to set up a reserve where upon the cash for the sale remained with the third-party and the Company could draw on the available amount on the reserve account at any time. The Company elected to utilize the reserve account. On November 11, 2013, the Company terminated the Factoring and Security Agreement effective January 10, 2014. | On June 13, 2013, the Company entered into a factoring and security agreement (Factoring and Security Agreement) with a third-party that would enable the Company to sell the entire interest in certain accounts receivable up to $5,000,000. Under the Factoring and Security Agreement, 15% of the sales proceeds will be held back by the purchaser until collection of such receivables. Such holdbacks are not considered legal securities, nor are they certificated. Upon the sale of the receivable, the Company will not maintain servicing. The purchaser may require the Company to repurchase accounts receivable if (i) the payment is disputed by the account debtor, with the purchaser being under no obligation to determine the bona fides of such dispute; (ii) the account debtor has become insolvent or (iii) upon the effective date of the termination of the Factoring and Security Agreement. The purchaser will retain its security interest in any accounts repurchased by the Company. The Factoring and Security Agreement is secured by all of the Company’s personal property and fixtures, and proceeds thereof, including accounts receivable, inventory, equipment and general intangibles other than intellectual property. Upon sale of the receivable, the Company may elect to set up a reserve where upon the cash for the sale remains with the third-party and the Company can draw on the available amount on the reserve account at any time. The Company elected to utilize the reserve account. On November 11, 2013, the Company terminated the Factoring and Security Agreement effective January 10, 2014. | |
The Company accounted for sales of accounts receivable under the Factoring and Security Agreement as a secured borrowing in accordance with ASC 860, Transfers and Servicing (ASC 860). As of March 31, 2014, there was no balance in accounts receivable that was transferred under this arrangement. As of December 31, 2013, the Company had $479,000 included in accounts receivable that were transferred under this arrangement. As of March 31, 2014 and December 31, 2013, the Company did not have excess funds available on the reserve account and did not have secured borrowings outstanding under the arrangement. | The Company accounted for sales of accounts receivable under the Factoring and Security Agreement as a secured borrowing in accordance with ASC 860, Transfers and Servicing (ASC 860). As of December 31, 2013, the Company had $479,000 included in accounts receivable that were transferred under this arrangement. As of December 31, 2013, the Company did not have excess funds available on the reserve account and did not have secured borrowings outstanding under the arrangement. |
Debt
Debt | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt | ' | ' | ||||||||||||||||||||||||||||||||||||||||
10. Debt | 8. Debt | |||||||||||||||||||||||||||||||||||||||||
Debt consists of the following (in thousands): | Debt consists of the following (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||||||||||||||||||||||
MARCH 31, | DECEMBER 31, | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | Promissory note bearing interest at 6.25% per annum, which is payable monthly through May 2013, collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property). The Promissory Note was repaid in May 2013 (1) | $ | — | $ | 35 | ||||||||||||||||||||||||||||||||||||
Term Loan (Term Loan) bearing interest at 7.00% per annum which is payable monthly through April 2016. The Term Loan is collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property) pledged as collateral under the Term Loan, subordinated | 279 | 309 | Term Loan (Term Loan) bearing interest at 7.00% per annum which is payable monthly through April 2016. The Term Loan is collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property) pledged as collateral under the Term Loan, subordinated (1) | 309 | 426 | |||||||||||||||||||||||||||||||||||||
Promissory note bearing interest at 7.00% per annum which is payable monthly through November 2014, collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property), net of unamortized debt discount at March 31, 2014 of $1, subordinated | 87 | 123 | Promissory note bearing interest at 7.00% per annum which is payable monthly through November 2014, collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property), net of unamortized debt discount at December 31, 2013 of $2, subordinated (1) | 123 | 261 | |||||||||||||||||||||||||||||||||||||
Junior secured promissory notes (October 2012 and April 2013 Junior Secured Promissory Notes) bearing interest at 12.00% per annum which are payable monthly through October 2015, collateralized by substantially all of the Company’s assets, net of unamortized debt discount at March 31, 2014 of $381 | 12,069 | 12,005 | Senior secured promissory note (April 2012 Senior Secured Promissory Note) bearing interest at 15.00% per annum which is payable monthly through April 2017, collateralized by substantially all of the Company’s assets. The April 2012 Senior Secured Promissory Note was repaid in January 2013 | — | 8,374 | |||||||||||||||||||||||||||||||||||||
Junior secured promissory notes (October 2012 and April 2013 Junior Secured Promissory Notes) bearing interest at 12.00% per annum which are payable monthly through October 2015, collateralized by substantially all of the Company’s assets, net of unamortized debt discount at December 31, 2013 of $445 (1) | 12,005 | 7,242 | ||||||||||||||||||||||||||||||||||||||||
Debt | 12,435 | 12,437 | ||||||||||||||||||||||||||||||||||||||||
Less current portion | (123 | ) | (157 | ) | Debt | 12,437 | 16,338 | |||||||||||||||||||||||||||||||||||
Less current portion | (157 | ) | (8,572 | ) | ||||||||||||||||||||||||||||||||||||||
$ | 12,312 | $ | 12,280 | |||||||||||||||||||||||||||||||||||||||
$ | 12,280 | $ | 7,766 | |||||||||||||||||||||||||||||||||||||||
The fair value of the Company’s outstanding debt obligations was $13,746,000 and $13,950,000 as of March 31, 2014 and December 31, 2013, respectively, which was estimated based on a discounted cash flow model using an estimated market rate of interest of 7.0% and is classified as Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||||
Promissory Notes, Term Loan, Revolving Line of Credit and Credit Facility | (1) | The lender’s security interest was subordinate to the holders of the April 2012 Senior Secured Promissory Note with the exception of its interest in equipment. | ||||||||||||||||||||||||||||||||||||||||
In March 2009, October 2010 and October 2011, the Company and the bank agreed to modify the terms of its existing revolving line of credit (Revolver). Under the modified terms of the Revolver, the Company’s borrowings under the Revolver were limited to 75% of qualifying accounts receivable with a maximum borrowing limit of $500,000. In March 2012, the Company entered into a change in terms agreement with the bank under which the existing Revolver was replaced by the Term Loan in the amount of $500,000 with a rate of 7.00% per annum, maturing April 1, 2016. The Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property) have been pledged as collateral under the Term Loan. The Revolver was terminated in March 2012. | As of December 31, 2013, aggregate contractual future principal payments on the Company’s debt, by year, are due as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
In March 2009, the Company borrowed $650,000 pursuant to a promissory note with a bank which bears interest at the rate of 7.00% per annum and is repayable in six monthly interest only payments starting May 1, 2009, followed by 60 equal monthly installments of $13,000 commencing November 1, 2009, with the final payment due on November 1, 2014. All of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and any intellectual property) have been pledged as collateral for the promissory notes. | ||||||||||||||||||||||||||||||||||||||||||
On October 2, 2012, the Company borrowed $7,500,000 pursuant to senior notes (October 2012 Junior Secured Promissory Notes) with a group of lenders. The October 2012 Junior Secured Promissory Notes have an initial term of three years and can be extended for an additional two years in one year increments. During the initial three-year term, the October 2012 Junior Secured Promissory Notes bear interest at 12% per annum. If the term of the October 2012 Junior Secured Promissory Notes is extended an additional year, the interest rate increases to 13% during the fourth year. If the term of the October 2012 Junior Secured Promissory Notes is extended for an additional two years, the interest rate is 14% during the fifth year. Interest on the October 2012 Junior Secured Promissory Notes is payable monthly through the initial maturity date of the loan which is October 2, 2015 or through any extension period. The principal and all unpaid interest are due on the maturity date, as may be extended. | ||||||||||||||||||||||||||||||||||||||||||
As part of the terms of the October 2012 Junior Secured Promissory Notes, the Company is required to pay a fee of 5% of the funded principal amount to the agent that facilitated the borrowing and provides management of the relationship with the group of lenders (Agent Fee). This Agent Fee is payable within 30 days after all interest and principal have been paid. For each year the Company extends the maturity date of the October 2012 Junior Secured Promissory Notes beyond the initial term, the agent will receive an additional 1% fee based on the funded principal amount. The present value of the unpaid Agent Fee, based on 5% of the funded principal amount, or $261,000, as of the closing date of the October 2012 Junior Secured Promissory Notes was recorded as both deferred financing costs as a component of current and non-current other assets and non-current other liabilities. The amortization of the deferred financing costs and the accretion of the Agent Fee are recorded to interest expense over the term of the arrangement. As of March 31, 2014 and December 31, 2013, $519,000 and $502,000, respectively, of the Agent Fee, including the amounts relating to the additional funds received from the issuance of the April 2013 Junior Secured Promissory Notes discussed below, was recorded under non-current other liabilities. In addition, the Company incurred an additional $66,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current and non-current other assets and are being amortized to interest expense over the term of the arrangement. The October 2012 Junior Secured Promissory Notes are secured by the Company’s ownership interest in MMM LLC, a security interest in the assets of the Manufacturing Plant, and all of the Company’s other assets, subject to certain permitted liens. | ||||||||||||||||||||||||||||||||||||||||||
The Company also issued warrants (Common Stock Warrants) to the group of lenders to purchase a number of shares of common stock equal to 15% of the funded principal amount of the October 2012 Junior Secured Promissory Notes divided by 70% of the value of common stock in a sale of the Company or a qualified IPO, with such Common Stock Warrants having an exercise price of 70% of the value of common stock in a sale of the Company or a qualified IPO. The Common Stock Warrants would be automatically exercised immediately prior to expiration on the earlier to occur of a qualified IPO or a sale of the Company or the maturity of the October 2012 Junior Secured Promissory Notes. The October 2012 Junior Secured Promissory Notes could be prepaid six months after the initial funding date or earlier if a qualified IPO or a sale of the Company occurs. As the predominant settlement feature of the Common Stock Warrants is to settle a fixed monetary amount with a variable number of shares, the Common Stock Warrants were accounted for under ASC 480, Distinguishing Liabilities from Equity (ASC 480). Accordingly, the Common Stock Warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. The fair value of the Common Stock Warrants at the date of issuance of $282,000 was recorded as a discount to the October 2012 Junior Secured Promissory Notes and is being amortized to interest expense over the term of the arrangement. Until the effective date of our IPO in August 2013, the Company estimated the fair value of the Common Stock Warrants using a PWERM valuation based on unobservable inputs, and, therefore, the Common Stock Warrants were considered to be Level 3 liabilities. Upon closing of the IPO, the exercise price of the Common Stock Warrants was determined to be $8.40 per share and the number of shares to be issued upon exercise of the warrants was no longer variable. As a result of the IPO, the Common Stock Warrants were considered to be indexed to the Company’s stock, and accordingly, the common stock warrants liability was reclassified and included in stockholders’ equity during the year ended December 31, 2013. In connection with the IPO, the Common Stock Warrants were exercised and accordingly, as of March 31, 2014, these warrants were no longer outstanding. | Years ending December 31: | |||||||||||||||||||||||||||||||||||||||||
The October 2012 Junior Secured Promissory Notes contained certain covenant requirements which included a requirement to maintain a minimum cash balance of the lesser of the April 2012 Senior Secured Promissory Note indebtedness or $5,000,000. The April 2012 Senior Secured Promissory Note was fully paid off in January 2013. The Company was also precluded from adding additional debt without lender approval unless such debt is subordinated to the October 2012 Junior Secured Promissory Notes and not more than $2,000,000. In the event of default on the October 2012 Junior Secured Promissory Notes, the lenders could declare the entire unpaid principal and interest immediately due and payable. | 2014 | $ | 251 | |||||||||||||||||||||||||||||||||||||||
On April 10, 2013 (Conversion Date), the Company entered an amendment to increase, by up to $5,000,000, the amount available under the terms of the October 2012 Junior Secured Promissory Notes. Under this amendment, an additional $4,950,000 in Notes were issued for $3,700,000 in cash consideration received and for the cancellation of $1,250,000 of the total principal balance of the October 2012 Subordinated Convertible Note (collectively, April 2013 Junior Secured Promissory Notes). The total amount borrowed under the amended loan agreement for the October 2012 Junior Secured Promissory Notes and the April 2013 Junior Secured Promissory Notes increased from $7,500,000 to $12,450,000 as of the Conversion Date. The accrued interest of $74,000 for the partially converted October 2012 Subordinated Convertible Note as of the Conversion Date would be repaid or converted on the applicable maturity date of the October 2012 Subordinated Convertible Note. | 2015 | 12,585 | ||||||||||||||||||||||||||||||||||||||||
In connection with the issuance of the April 2013 Junior Secured Promissory Notes, the Company issued additional warrants (Additional Common Stock Warrants) to purchase a number of shares of common stock equal to 20% of the funded principal amount of the April 2013 Junior Secured Promissory Notes divided by 70% of the value of common stock in a sale of the Company or a qualified IPO, with such Additional Common Stock Warrants to have an exercise price of 70% of the value of common stock in a sale of the Company or a qualified IPO. As the predominant settlement feature of the Additional Common Stock Warrants was to settle a fixed monetary amount with a variable number of shares, the Common Stock Warrants were accounted for under ASC 480. Accordingly, the Additional Common Stock Warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. The fair value of the Additional Common Stock Warrants at the date of issuance was estimated to be $465,000. The Company estimated the fair value of the Additional Common Stock Warrants using a PWERM valuation based on unobservable inputs and, therefore, the Additional Common Stock Warrants were considered to be Level 3 liabilities. Upon closing of the IPO, the exercise price of the Common Stock Warrants was determined to be $8.40 per share and the number of shares to be issued upon exercise of the warrants was no longer variable. As a result of the IPO, the Common Stock Warrants were considered to be indexed to the Company’s stock, and accordingly, the common stock warrants liability was reclassified and included in stockholders’ equity during the year ended December 31, 2013. | 2016 | 48 | ||||||||||||||||||||||||||||||||||||||||
The debt holder who converted $1,250,000 principal balance of the October 2012 Subordinated Convertible Note (with a fair value of $1,360,000 on the date of conversion) also loaned an additional $2,500,000 in cash as part of the April 2013 Junior Secured Promissory Notes (collectively, the $3,750,000 Notes). The Company accounted for the conversion as an extinguishment of debt in accordance with ASC 470-50-40. The $1,360,000 fair value of the partially converted October 2012 Subordinated Convertible Note on the Conversion Date was derecognized and the fair value of the $3,750,000 Notes with the portion of the fair value of the Additional Common Stock Warrants issued to this debt holder on the date of issuance was recorded. The Company recorded the $49,000 excess of the total fair value of the $3,750,000 Notes and the related Additional Common Stock Warrants on the issuance date over total consideration received as a gain on extinguishment of debt in the accompanying consolidated statements of operations for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||
Total future principal payments | $ | 12,884 | ||||||||||||||||||||||||||||||||||||||||
The following table shows the consideration received, fair values of the notes and common stock warrants issued and calculation of the gain on extinguishment of debt for the $3,750,000 Notes (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
The fair value of the Company’s outstanding debt obligations was $13,950,000 as of December 31, 2013, which was estimated based on a discounted cash flow model using an estimated market rate of interest of 7.0% and is classified as Level 3 within the fair value hierarchy. The Company believes the carrying values of its debt approximate their fair values at December 31, 2012 based on the interest rates as of those dates compared to similar debt instruments. | ||||||||||||||||||||||||||||||||||||||||||
Promissory Notes, Term Loan, Revolving Line of Credit and Credit Facility | ||||||||||||||||||||||||||||||||||||||||||
Consideration received | In May 2008, the Company borrowed $400,000 pursuant to a promissory note with a bank which had an interest rate of 6.25% per annum and was payable in 60 equal monthly installments of $7,785 commencing June 1, 2008. This promissory note was repaid in May 2013. | |||||||||||||||||||||||||||||||||||||||||
Fair Value of October 2012 Subordinated Convertible Note | $ | 1,360 | In March 2009, October 2010 and October 2011, the Company and the bank agreed to modify the terms of its existing revolving line of credit (Revolver). Under the modified terms of the Revolver, the Company’s borrowings under the Revolver were limited to 75% of qualifying accounts receivable with a maximum borrowing limit of $500,000. In March 2012, the Company entered into a change in terms agreement with the bank under which the existing Revolver was replaced by the Term Loan in the amount of $500,000 with a rate of 7.00% per annum, maturing April 1, 2016. The Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property) have been pledged as collateral under the Term Loan. The Revolver was terminated in March 2012. | |||||||||||||||||||||||||||||||||||||||
Cash | 2,500 | In March 2009, the Company borrowed $650,000 pursuant to a promissory note with the bank which bears interest at the rate of 7.00% per annum and is repayable in six monthly interest only payments starting May 1, 2009, followed by 60 equal monthly installments of $13,000 commencing November 1, 2009, with the final payment due on November 1, 2014. All of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and any intellectual property) have been pledged as collateral for the promissory notes. | ||||||||||||||||||||||||||||||||||||||||
On April 13, 2012, the Company borrowed $10,000,000 pursuant to a senior secured promissory note (April 2012 Senior Secured Promissory Note) which had an interest rate of 15.00% per annum and required the Company to pay the lender non-refundable loan fees of $625,000. The April 2012 Senior Secured Promissory Note was payable in 59 monthly installments of $238,000 beginning in May 2012 with all unpaid principal and interest due in April 2017. The April 2012 Senior Secured Promissory Note was secured by a first priority security interest in substantially all of the Company’s present and future assets. The Company also issued a warrant (Series C Warrant) to the lender to purchase 191,000 shares of the Company’s Series C convertible preferred stock with an exercise price of $7.846 per share. Under its terms, the Series C Warrant would expire, unless exercised, on the earlier to occur of April 2022 or one year after the Company successfully completes a Qualified IPO, however the Series C Warrant was exercised effective upon the completion of the IPO (See Note 20). Until the effective date of the IPO, the Company estimated the fair value of the Series C Warrant using a PWERM valuation based on unobservable inputs and, therefore, the Series C Warrant was considered to be a Level 3 liability. | ||||||||||||||||||||||||||||||||||||||||||
Total Consideration Received (a) | $ | 3,860 | The loan fees and the fair value of the Series C Warrant at the date of issuance of $625,000 and $306,000, respectively, were recorded as a debt discount to the April 2012 Senior Secured Promissory Note and were being amortized to interest expense over the term of the arrangement. | |||||||||||||||||||||||||||||||||||||||
Notes and Warrants Issued | Under the terms of the April 2012 Senior Secured Promissory Note, the Company could have elected to prepay the entire outstanding principal balance upon thirty days written notice to the lender. In the event the Company decided to prepay the entire loan balance, the Company would incur a termination fee that would be calculated based on the April 2012 Senior Secured Promissory Note’s outstanding principal balance as of the effective date of termination notice. The termination fee is 0% to 3% of the April 2012 Senior Secured Promissory Note’s outstanding balance as of the effective date of the termination notice, depending on the timing of the termination. | |||||||||||||||||||||||||||||||||||||||||
Principal Balance of Notes Issued | $ | 3,750 | Under the terms of the December 2012 Convertible Note issued in December 2012 (Note 9), the Company was required to use the proceeds from this convertible note to repay all outstanding balance of the April 2012 Senior Secured Promissory Note within 35 days of closing. The Company repaid the outstanding balance of the April 2012 Senior Secured Promissory Note in January 2013 and classified the outstanding balance of the April 2012 Senior Secured Promissory Note as of December 31, 2012 as a current liability. The total amount of the payout was $9,451,000 which consisted of $9,139,000 in principal, $34,000 in accrued interest, and an early termination fee of $278,000. The termination fee was recorded as incremental interest expense in the accompanying consolidated statements of operations for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
Debt Discount (1) | (291 | ) | ||||||||||||||||||||||||||||||||||||||||
Activity related to the April 2012 Senior Secured Promissory Note from December 31, 2012 through December 31, 2013 consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Fair Value of Notes Issued | 3,459 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Additional Common Stock Warrants Issued | 352 | |||||||||||||||||||||||||||||||||||||||||
Total Fair Value of Notes and Warrants Issued (b) | $ | 3,811 | DECEMBER 31, | AMORTIZATION | PRINCIPAL | DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
2012 | OF DEBT | PAYMENTS | 2013 | |||||||||||||||||||||||||||||||||||||||
Gain on Extinguishment of Debt (a - b) | $ | 49 | DISCOUNT | |||||||||||||||||||||||||||||||||||||||
Principal | $ | 9,139 | $ | — | $ | (9,139 | ) | $ | — | |||||||||||||||||||||||||||||||||
Discount related to Series C Warrant (1) | (251 | ) | 251 | — | — | |||||||||||||||||||||||||||||||||||||
Discount related to financing costs (1) | (514 | ) | 514 | — | — | |||||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is being recorded in interest expense in the consolidated statements of operations over the term of the arrangement. | |||||||||||||||||||||||||||||||||||||||||
The remaining fair value to the Additional Common Stock Warrants of $113,000, net of the fair value of the Additional Common Stock Warrants issued of $352,000 related to the $3,750,000 Notes discussed above, was recorded as a debt discount to the April 2013 Junior Secured Promissory Notes and is being amortized to interest expense over the term of the arrangement. | $ | 8,374 | $ | 765 | $ | (9,139 | ) | $ | — | |||||||||||||||||||||||||||||||||
As a result of the amendment described above, the Company is also required to pay the Agent Fee, 5% of the $3,700,000 in cash received from the April 2013 Junior Secured Promissory Notes, under the same terms as the October 2012 Junior Secured Promissory Notes. In addition, the portion of the Agent Fee relating to the converted October 2012 Subordinated Convertible Note that would be due under the terms of the October 2012 Subordinated Convertible Note will be paid under the terms of the October 2012 and April 2013 Junior Secured Promissory Notes. The present value of the unpaid Agent Fee of $172,000, based on 5% of the funded principal amount of $4,950,000, as of the closing date of the April 2013 Junior Secured Promissory Notes was recorded as both deferred financing costs as a component of current and non-current other assets and non-current other liabilities. The amortization of the deferred financing costs and the accretion of the Agent Fee are being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
In addition, the Company incurred an additional $24,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current and non-current other assets and are being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
The amendment to the loan agreement also amended the interest provision applicable to the October 2012 and April 2013 Junior Secured Promissory Notes to allow any holder of the October 2012 and April 2013 Junior Secured Promissory Notes to request the Company to defer all interest due monthly to the applicable maturity date, and the optional prepayment provision applicable to the October 2012 and April 2013 Junior Secured Promissory Notes to allow the Company to repay the outstanding amount of the October 2012 and April 2013 Junior Secured Promissory Notes, either (i) with the written consent of the lender or the agent on such lenders’ behalf or (ii) without such consent provided that the Company pays the interest that would have been due from the prepayment date to the initial maturity date. | ||||||||||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is included in interest expense in the consolidated statements of operations and non-cash interest expense in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||
Activity related to the October 2012 and April 2013 Junior Secured Promissory Notes from December 31, 2013 through March 31, 2014 consisted of the following (in thousands): | On October 2, 2012, the Company borrowed $7,500,000 pursuant to senior notes (October 2012 Junior Secured Promissory Notes) with a group of lenders. The October 2012 Junior Secured Promissory Notes have an initial term of three years and can be extended for an additional two years in one year increments. During the initial three-year term, the October 2012 Junior Secured Promissory Notes bear interest at 12% per annum. If the term of the October 2012 Junior Secured Promissory Notes is extended an additional year, the interest rate increases to 13% during the fourth year. If the term of the October 2012 Junior Secured Promissory Notes is extended for an additional two years, the interest rate is 14% during the fifth year. Interest on the October 2012 Junior Secured Promissory Notes is payable monthly through the initial maturity date of the loan which is October 2, 2015 or through any extension period. The principal and all unpaid interest are due on the maturity date, as may be extended. | |||||||||||||||||||||||||||||||||||||||||
As part of the terms of the October 2012 Junior Secured Promissory Notes, the Company is required to pay a fee of 5% of the funded principal amount to the agent that facilitated the borrowing and provides management of the relationship with the group of lenders (Agent Fee). This Agent Fee is payable within 30 days after all interest and principal have been paid. For each year the Company extends the maturity date of the October 2012 Junior Secured Promissory Notes beyond the initial term, the agent will receive an additional 1% fee based on the funded principal amount. The present value of the unpaid Agent Fee, based on 5% of the funded principal amount, or $261,000, as of the closing date of the October 2012 Junior Secured Promissory Notes was recorded as both deferred financing costs as a component of current and non-current other assets and non-current other liabilities. The amortization of the deferred financing costs and the accretion of the Agent Fee are recorded to interest expense over the term of the arrangement. As of December 31, 2013 and 2012, $502,000 and $270,000, respectively, of the Agent Fee, including the amounts relating to the additional funds received from the issuance of the April 2013 Junior Secured Promissory Notes discussed below, was recorded under non-current other liabilities. In addition, the Company incurred an additional $66,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current and non-current other assets and are being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
The October 2012 Junior Secured Promissory Notes are secured by the Company’s ownership interest in MMM LLC, a security interest in the assets of the Manufacturing Plant, and all of the Company’s other assets, subject to certain permitted liens. This security interest was subordinate to the security interest held by the holders of the April 2012 Senior Secured Promissory Note as described above, which also had a security interest in MMM LLC. | ||||||||||||||||||||||||||||||||||||||||||
The Company also issued warrants (Common Stock Warrants) to the group of lenders to purchase a number of shares of common stock equal to 15% of the funded principal amount of the October 2012 Junior Secured Promissory Notes divided by 70% of the value of common stock in a sale of the Company or a Qualified IPO, with such Common Stock Warrants having an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. The Common Stock Warrants would be automatically exercised immediately prior to expiration on the earlier to occur of a Qualified IPO or a sale of the Company or the maturity of the October 2012 Junior Secured Promissory Notes. The October 2012 Junior Secured Promissory Notes could be prepaid six months after the initial funding date or earlier if a Qualified IPO or a sale of the Company occurs. As the predominant settlement feature of the Common Stock Warrants is to settle a fixed monetary amount in a variable number of shares, the Common Stock Warrants were accounted for under ASC 480. Accordingly, the Common Stock Warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. The fair value of the Common Stock Warrants at the date of issuance of $282,000 was recorded as a discount to the October 2012 Junior Secured Promissory Notes and is being amortized to interest expense over the term of the arrangement. Until the effective date of the IPO, the Company estimated the fair value of the Common Stock Warrants using a PWERM valuation based on unobservable inputs, and, therefore, the Common Stock Warrants were considered to be Level 3 liabilities. Upon closing of the IPO, the exercise price of the Common Stock Warrants was determined to be $8.40 per share and the number of shares to be issued upon exercise of the warrants was no longer variable. As a result of the IPO, the Common Stock Warrants were considered to be indexed to the Company’s stock, and accordingly, the common stock warrants liability was reclassified and included in stockholders’ equity (deficit) during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||
The October 2012 Junior Secured Promissory Notes contain certain covenant requirements which include a requirement to maintain a minimum cash balance of the lesser of the April 2012 Senior Secured Promissory Note indebtedness described above or $5,000,000. As discussed above, the April 2012 Senior Secured Promissory Note was fully paid off in January 2013. The Company is also precluded from adding additional debt without lender approval unless such debt is subordinated to the October 2012 Junior Secured Promissory Notes and not more than $2,000,000. In the event of default on the October 2012 Junior Secured Promissory Notes, the lenders may declare the entire unpaid principal and interest immediately due and payable. | ||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, | ADDITIONS | AMORTIZATION | PRINCIPAL | MARCH 31, | On April 10, 2013 (Conversion Date), the Company entered an amendment to increase, by up to $5,000,000, the amount available under the terms of the loan agreement with respect to the October 2012 Junior Secured Promissory Notes. Under this amendment, an additional $4,950,000 was issued in partial consideration for $3,700,000 in cash received and in partial conversion for the cancellation of $1,250,000 of the total principal balance of the October 2012 Subordinated Convertible Note described below (collectively, April 2013 Junior Secured Promissory Notes). The total amount borrowed under the amended loan agreement for the October 2012 Junior Secured Promissory Notes and the April 2013 Junior Secured Promissory Notes increased from $7,500,000 to $12,450,000 as of the Conversion Date. The accrued interest of $74,000 for the partially converted October 2012 Subordinated Convertible Note as of the Conversion Date shall be repaid or converted on the applicable maturity date of the October 2012 Subordinated Convertible Note. | |||||||||||||||||||||||||||||||||||||
2013 | OF DEBT | PAYMENTS | 2014 | In connection with the issuance of the April 2013 Junior Secured Promissory Notes, the Company issued additional warrants (Additional Common Stock Warrants) to purchase a number of shares of common stock equal to 20% of the funded principal amount of the April 2013 Junior Secured Promissory Notes divided by 70% of the value of common stock in a sale of the Company or a Qualified IPO, with such Additional Common Stock Warrants to have an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. As the predominant settlement feature of the Additional Common Stock Warrants was to settle a fixed monetary amount in a variable number of shares, the Common Stock Warrants were accounted for under ASC 480. Accordingly, the Additional Common Stock Warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. The fair value of the Additional Common Stock Warrants at the date of issuance was estimated to be $465,000. The Company estimated the fair value of the Additional Common Stock Warrants using a PWERM valuation based on unobservable inputs and, therefore, the Additional Common Stock Warrants were considered to be Level 3 liabilities. Upon closing of the IPO, the exercise price of the Common Stock Warrants was determined to be $8.40 per share and the number of shares to be issued upon exercise of the warrants was no longer variable. As a result of the IPO, the Common Stock Warrants were considered to be indexed to the Company’s stock, and accordingly, the common stock warrants liability was reclassified and included in stockholders’ equity (deficit) during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||
DISCOUNT | The debt holder who converted $1,250,000 principal balance of the October 2012 Subordinated Convertible Note (with a fair value of $1,360,000 on the date of conversion) also loaned an additional $2,500,000 in cash as part of the April 2013 Junior Secured Promissory Notes (collectively, the $3,750,000 Notes). The Company accounted for the conversion as an extinguishment of debt in accordance with ASC 470-50-40. The $1,360,000 fair value of the partially converted October 2012 Subordinated Convertible Note on the Conversion Date was derecognized and the fair value of the $3,750,000 Notes with the portion of the fair value of the Additional Common Stock Warrants issued to this debt holder on the date of issuance was recorded. The Company recorded the $49,000 excess of the total fair value of the $3,750,000 Notes and the related Additional Common Stock Warrants on the issuance date over total consideration received as a gain on extinguishment of debt in the accompanying consolidated statements of operations for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Principal | $ | 12,450 | $ | — | $ | — | $ | — | $ | 12,450 | The following table shows the consideration received, fair values of the notes and common stock warrants issued and calculation of the gain on extinguishment of debt for the $3,750,000 Notes (in thousands): | |||||||||||||||||||||||||||||||
Debt discount related to issuance of common stock warrants (1) | (241 | ) | — | 35 | — | (206 | ) | |||||||||||||||||||||||||||||||||||
Discount related to the $3,750,000 Notes (1) | (204 | ) | — | 29 | — | (175 | ) | |||||||||||||||||||||||||||||||||||
$ | 12,005 | $ | — | $ | 64 | $ | — | $ | 12,069 | Consideration received | ||||||||||||||||||||||||||||||||
Fair Value of October 2012 Subordinated Convertible Note | $ | 1,360 | ||||||||||||||||||||||||||||||||||||||||
Cash | 2,500 | |||||||||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is included in interest expense in the consolidated statements of operations and as non-cash interest expense in the consolidated statements of cash flows. | Total Consideration Received (a) | $ | 3,860 | ||||||||||||||||||||||||||||||||||||||
On June 14, 2013, the Company entered into a credit facility agreement (June 2013 Credit Facility) with a group of lenders that were, or that were affiliated with, existing investors in the Company. Under the June 2013 Credit Facility, the lenders have committed to permit the Company to draw an aggregate of up to $5,000,000, and, subject to the Company’s obtaining additional commitments from lenders, such amount may be increased to up to $7,000,000. The June 2013 Credit Facility expires on June 30, 2014. During the term of the June 2013 Credit Facility, the Company could request from the lenders up to four advances, with each advance equal to one-quarter of each lender’s aggregate commitment amount. The Company would issue a promissory note in the principal amount of each such advance that would accrue interest at a rate of 10% per annum. The principal and all unpaid interest under the promissory notes would be due on the maturity date, and the Company could not prepay the promissory notes prior to the maturity date without consent of at least a majority in interest of the aggregate principal amount of the promissory notes then outstanding under the credit facility. In connection with the June 2013 Credit Facility, the Company paid a fee of 2% of the total commitment amount to the lenders. In addition, the Company incurred an additional $10,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current other assets and are being amortized to interest expense over the term of the arrangement. | Notes and Warrants Issued | |||||||||||||||||||||||||||||||||||||||||
In connection with the June 2013 Credit Facility, the Company issued warrants (June 2013 Warrants) to purchase a number of shares of common stock equal to 10% of the total committed amount of the June 2013 Credit Facility divided by 70% of the value of common stock in a sale of the Company or a qualified IPO, with such June 2013 Warrants to have an exercise price of 70% of the value of common stock in a sale of the Company or a qualified IPO. The June 2013 Warrants expire upon the earlier of June 14, 2023 or the sale of the Company. As the predominant settlement feature of the June 2013 Warrants was to settle a fixed monetary amount with a variable number of shares, the June 2013 Warrants were accounted for under ASC 480. Accordingly, the June 2013 Warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. The fair value of the June 2013 Warrants at the date of issuance of $435,000 was recorded as a deferred financing cost as a current other asset and is being amortized to interest expense over the term of the arrangement. Until the effective date of the IPO in August 2013, the Company estimated the fair value of the June 2013 Warrants using a PWERM valuation based on unobservable inputs and, therefore, the June 2013 Warrants were considered to be Level 3 liabilities. Upon closing of the IPO, the exercise price of the June 2013 Warrants was determined to be $8.40 per share and the number of shares to be issued upon exercise of the warrants was no longer variable. As a result of the IPO, the June 2013 Warrants were considered to be indexed to the Company’s stock, and accordingly, the common stock warrants liability was reclassified and included in stockholders’ equity during the year ended December 31, 2013. | Principal Balance of Notes Issued | $ | 3,750 | |||||||||||||||||||||||||||||||||||||||
During the three months ended and as of March 31, 2014 and the year ended December 31, 2013, there were no amounts outstanding under the June 2013 Credit Facility. | Debt Discount (1) | (291 | ) | |||||||||||||||||||||||||||||||||||||||
The Company is also required to comply with certain affirmative and negative covenants under the debt agreements discussed above. In the event of default on the debt, the lender(s) may declare the entire unpaid principal and interest immediately due and payable. As of March 31, 2014, the Company was in compliance with all of the affirmative and negative covenants, and there were no events of default, as defined in the agreements, related to the debt. | Fair Value of Notes Issued | 3,459 | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Additional Common Stock Warrants Issued | 352 | |||||||||||||||||||||||||||||||||||||||||
Total Fair Value of Notes and Warrants Issued (b) | $ | 3,811 | ||||||||||||||||||||||||||||||||||||||||
Gain on Extinguishment of Debt (a—b) | $ | 49 | ||||||||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is being recorded in interest expense in the consolidated statements of operations over the term of the arrangement. | |||||||||||||||||||||||||||||||||||||||||
The remaining fair value to the Additional Common Stock Warrants of $113,000, net of the fair value of the Additional Common Stock Warrants issued of $352,000 related to the $3,750,000 Notes discussed above, was recorded as a debt discount to the April 2013 Junior Secured Promissory Notes and is being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
As a result of the amendment described above, the Company is also required to pay the Agent Fee, 5% of the $3,700,000 in cash received from the April 2013 Junior Secured Promissory Notes, under the same terms as the October 2012 Junior Secured Promissory Notes. In addition, the portion of the Agent Fee relating to the converted October 2012 Subordinated Convertible Note that would be due under the terms of the October 2012 Subordinated Convertible Note will be paid under the terms of the October 2012 and April 2013 Junior Secured Promissory Notes. The present value of the unpaid Agent Fee of $172,000, based on 5% of the funded principal amount of $4,950,000, as of the closing date of the April 2013 Junior Secured Promissory Notes was recorded as both deferred financing costs as a component of current and non-current other assets and non-current other liabilities. The amortization of the deferred financing costs and the accretion of the Agent Fee are being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
In addition, the Company incurred an additional $24,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current and non-current other assets and are being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
The amendment to the loan agreement also amended the interest provision applicable to the October 2012 and April 2013 Junior Secured Promissory Notes to allow any holder of the October 2012 and April 2013 Junior Secured Promissory Notes to request the Company to defer all interest due monthly to the applicable maturity date, and the optional prepayment provision applicable to the October 2012 and April 2013 Junior Secured Promissory Notes to allow the Company to repay the outstanding amount of the October 2012 and April 2013 Junior Secured Promissory Notes, either (i) with the written consent of the lender or the agent on such lenders’ behalf or (ii) without such consent provided that the Company pays the interest that would have been due from the prepayment date to the initial maturity date. | ||||||||||||||||||||||||||||||||||||||||||
Activity related to the October 2012 and April 2013 Junior Secured Promissory Notes from December 31, 2012 through December 31, 2013 consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, | ADDITIONS | AMORTIZATION | PRINCIPAL | DECEMBER 31, | ||||||||||||||||||||||||||||||||||||||
2012 | OF DEBT | PAYMENTS | 2013 | |||||||||||||||||||||||||||||||||||||||
DISCOUNT | ||||||||||||||||||||||||||||||||||||||||||
Principal | $ | 7,500 | $ | 4,950 | $ | — | $ | — | $ | 12,450 | ||||||||||||||||||||||||||||||||
Debt discount related to issuance of common stock warrants (1) | (258 | ) | (113 | ) | 130 | — | (241 | ) | ||||||||||||||||||||||||||||||||||
Discount related to the $3,750,000 Notes (1) | — | (291 | ) | 87 | — | (204 | ) | |||||||||||||||||||||||||||||||||||
$ | 7,242 | $ | 4,546 | $ | 217 | $ | — | $ | 12,005 | |||||||||||||||||||||||||||||||||
(1) | The amortization of this account is included in interest expense in the consolidated statements of operations and as non-cash interest expense in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||
On June 14, 2013, the Company entered into a credit facility agreement (June 2013 Credit Facility) with a group of lenders that are, or that are affiliated with, existing investors in the Company. Under the June 2013 Credit Facility, the lenders have committed to permit the Company to draw an aggregate of up to $5,000,000, and, subject to the Company’s obtaining additional commitments from lenders, such amount may be increased to up to $7,000,000. The June 2013 Credit Facility expires on June 30, 2014. During the term of the June 2013 Credit Facility, the Company may request from the lenders up to four advances, with each advance equal to one-quarter of each lender’s aggregate commitment amount. The Company will issue a promissory note in the principal amount of each such advance that will accrue interest at a rate of 10% per annum. The principal and all unpaid interest under the promissory notes are due on the maturity date, and the Company may not prepay the promissory notes prior to the maturity date without consent of at least a majority in interest of the aggregate principal amount of the promissory notes then outstanding under the credit facility. In connection with the June 2013 Credit Facility, the Company agreed to pay a fee of 2% of the total commitment amount to the lenders. In addition, the Company incurred an additional $10,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current other assets and are being amortized to interest expense over the term of the arrangement. | ||||||||||||||||||||||||||||||||||||||||||
In connection with the June 2013 Credit Facility, the Company issued warrants (June 2013 Warrants) to purchase a number of shares of common stock equal to 10% of the total committed amount of the June 2013 Credit Facility divided by 70% of the value of common stock in a sale of the Company or a Qualified IPO, with such June 2013 Warrants to have an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. The June 2013 Warrants expire upon the earlier of June 14, 2023 or the sale of the Company. As the predominant settlement feature of the June 2013 Warrants was to settle a fixed monetary amount in a variable number of shares, the June 2013 Warrants were accounted for under ASC 480. Accordingly, the June 2013 Warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. The fair value of the June 2013 Warrants at the date of issuance of $435,000 was recorded as a deferred financing cost as a current other asset and is being amortized to interest expense over the term of the arrangement. Until the effective date of the IPO, the Company estimated the fair value of the June 2013 Warrants using a PWERM valuation based on unobservable inputs and, therefore, the June 2013 Warrants were considered to be Level 3 liabilities. Upon closing of the IPO, the exercise price of the June 2013 Warrants was determined to be $8.40 per share and the number of shares to be issued upon exercise of the warrants was no longer variable. As a result of the IPO, the June 2013 Warrants were considered to be indexed to the Company’s stock, and accordingly, the common stock warrants liability was reclassified and included in stockholders’ equity (deficit) during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||
During the year ended and as of December 31, 2013, there were no amounts outstanding under the June 2013 Credit Facility. | ||||||||||||||||||||||||||||||||||||||||||
The Company is also required to comply with certain affirmative and negative covenants under the debt agreements discussed above. In the event of default on the debt, the lender(s) may declare the entire unpaid principal and interest immediately due and payable. As of December 31, 2013, the Company was in compliance with all of the affirmative and negative covenants, and there were no events of default, as defined in the agreements, related to the debt. |
Convertible_Notes_Payable
Convertible Notes Payable | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Convertible Notes Payable | ' | ||||||||||
9. Convertible Notes Payable | |||||||||||
Convertible notes payable consists of the following (in thousands): | |||||||||||
MATURITY | DECEMBER 31 | ||||||||||
DATE | 2013 | 2012 | |||||||||
Convertible notes (March 2012 Convertible Notes) bearing interest at 10.00% per annum issued in March and April 2012. The convertible notes were converted to common stock in August 2013 | September 2013 | $ | — | $ | 20,204 | ||||||
Convertible note (October 2012 Convertible Note) bearing interest at 10.00% per annum issued in October 2012. The convertible note was converted to common stock in August 2013 | September 2013 | — | 2,314 | ||||||||
Convertible notes payable, current portion | — | 22,518 | |||||||||
Convertible note (October 2012 Subordinated Convertible Note) bearing interest at 12.00% per annum issued in October 2012. The convertible note was converted to common stock in August 2013 | Oct-15 | — | 2,797 | ||||||||
Convertible note (December 2012 Convertible Note) bearing interest at 10.00% per annum issued in December 2012. The convertible note was converted to common stock in August 2013 | Oct-15 | — | 16,545 | ||||||||
Convertible notes (First May 2013 Convertible Notes) bearing interest at 10.00% per annum issued in May 2013. The convertible notes were converted to common stock in August 2013 | May-16 | — | — | ||||||||
Convertible note (Second May 2013 Convertible Note) bearing interest at 10.00% per annum issued in May 2013. The convertible note was converted to common stock in August 2013 | May-16 | — | — | ||||||||
Total convertible notes payable | $ | — | $ | 41,860 | |||||||
March 2012 and October 2012 Convertible Notes | |||||||||||
During March 2012 through April 2012, the Company issued and sold in a series of closings $8,076,000 of convertible notes (March 2012 Convertible Notes) to existing preferred stockholders. During October 2012, the Company issued an additional $1,000,000 convertible note (October 2012 Convertible Note) to another existing preferred stockholder. Collectively, the March 2012 Convertible Notes and the October 2012 Convertible Note are referred to as the “March and October 2012 Convertible Notes,” and they accrued interest at 10% per annum. The principal and accrued interest then outstanding under the March and October 2012 Convertible Notes (Outstanding Balance) would mature on September 30, 2013 (Maturity Date) or earlier, at which time all such Outstanding Balance would automatically convert into a new series of preferred stock to be authorized immediately prior to the Maturity Date. | |||||||||||
Under the terms of the notes, if the Company closed an initial public offering in which the Company received gross cash proceeds, before underwriting discounts, commissions and fees, of at least $30,000,000 (a Qualified IPO) or a sale of substantially all of the Company’s assets or a series of transactions that result in the transfer of more than 50% of the Company’s outstanding voting power (an Acquisition), the Outstanding Balance of the March 2012 Convertible Notes would automatically convert into shares of the Company’s common stock at a rate of 70% of the per share price of the Company’s common stock sold in the Qualified IPO or the Acquisition. In the event of a Qualified IPO or Acquisition, the Outstanding Balance of the October 2012 Convertible Note would automatically convert into shares of the Company’s common stock at a rate of 80% of the per share price of the Company’s common stock sold in the Qualified IPO or the Acquisition. Upon the closing of the IPO on August 7, 2013, all outstanding principal and accrued interest of the March and October 2012 Convertible Notes converted into shares of the Company’s common stock at a rate of 70% and 80% of the per share price, respectively (See Note 20). | |||||||||||
Alternatively, the Outstanding Balance would have been automatically converted into other new securities, as follows, if prior to closing the Qualified IPO or the Acquisition, the Company had closed an equity financing for an aggregate consideration of at least $5,000,000 (a Qualified Equity Financing). If prior to closing the Qualified IPO or the Acquisition, the Company had closed a Qualified Equity Financing, the Outstanding Balance of the March 2012 Convertible Notes would have converted into the equity securities issued in the equity financing at 80% of the purchase price of such securities. In the event of a Qualified Equity Financing, the Outstanding Balance of the October 2012 Convertible Note would have converted into the equity securities issued in the equity financing at 85% of the purchase price of such securities. | |||||||||||
On the issuance date and at each reporting date prior to the conversion, the Company assessed the probability of the potential conversion scenarios under the terms of the March and October 2012 Convertible Notes and determined that the predominant settlement feature of the March and October 2012 Convertible Notes would have been the conversion of the March and October 2012 Convertible Notes into shares of the Company’s common stock issuable at a 30% or 20% discount to the per share price payable in connection with the completion of the Qualified IPO or Acquisition during the term of the arrangement. As the predominant settlement feature of the March and October 2012 Convertible Notes was to settle a fixed monetary amount in a variable number of shares, the March and October 2012 Convertible Notes fell within the scope of ASC 480. Accordingly, the March and October 2012 Convertible Notes were recorded at estimated fair value on their respective issuance dates and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. As a result of the IPO, the number of shares to be issued became known and the Company estimated the fair value of the convertible notes immediately prior to the conversion using the intrinsic method based on the IPO price of $12.00 per share. | |||||||||||
The Company estimated the fair value of the March and October 2012 Convertible Notes as of the issuance dates to be $9,343,000 and $1,772,000, respectively. As the Company received total cash proceeds of $9,076,000 through the issuance of the March and October 2012 Convertible Notes, the Company determined that $2,039,000 of the excess of the estimated fair value of the March and October 2012 Convertible Notes on the issuance dates over cash proceeds to the Company represented a deemed dividend to preferred stockholders, and this amount was reflected in the net loss attributable to common stockholders for the year ended December 31, 2012 in the Company’s consolidated statements of operations. | |||||||||||
As of December 31, 2012 and immediately prior to the closing of the IPO on August 7, 2013, the estimated fair value of the March and October 2012 Convertible Notes was $22,518,000 and $14,599,000, respectively. Between December 31, 2012 and August 7, 2013, the estimated fair value of the March and October 2012 Convertible Notes decreased by $8,516,000, which was recognized as additional income in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December 31, 2013. | |||||||||||
For the year ended December 31, 2012, due to changes in the probability and timing of the completion of a Qualified IPO or an Acquisition between the dates of issuance and December 31, 2012, the estimated fair value of the March and October 2012 Convertible Notes increased by $10,721,000, which was recognized as additional expense in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December 31, 2012. | |||||||||||
As discussed above, the Company was not required to pay interest on the March and October 2012 Convertible Notes, but interest accrued as part of the principal balance under the March and October 2012 Convertible Notes and was converted, along with the initial principal, into common stock upon closing of the IPO in August 2013. | |||||||||||
October 2012 Subordinated Convertible Note | |||||||||||
On October 16, 2012, the Company borrowed $2,500,000 pursuant to a convertible note (October 2012 Subordinated Convertible Note) from a lender. The October 2012 Subordinated Convertible Note had an initial term of three years. During the initial three-year term, the October 2012 Subordinated Convertible Note accrued interest at 12% per annum. | |||||||||||
In April 2013, the Company entered an amendment to convert $1,250,000 of the outstanding principal balance of the October 2012 Subordinated Convertible Note to the April 2013 Junior Secured Promissory Notes, as defined and further discussed in Note 8. The accrued interest of $74,000 for the partially converted October 2012 Subordinated Convertible Note as of the Conversion Date was to be repaid or converted on the applicable maturity date of the October 2012 Subordinated Convertible Note. The Company accounted for the conversion as an extinguishment of debt in accordance with ASC 470-50-40 and derecognized the $1,360,000 fair value of the October 2012 Subordinated Convertible Note and recorded a $49,000 gain on extinguishment of debt which was reflected in the Company’s consolidated statements of operations. In addition, the portion of the Agent Fee relating to the converted October 2012 Subordinated Convertible Note that would be due under the terms of the October 2012 Subordinated Convertible Note will be paid under the terms of the October 2012 and April 2013 Junior Secured Promissory Notes. The amount of the unamortized converted Agent Fee on the date of conversion recorded under non-current other liabilities of $48,000 and the amount recorded as a component of current and non-current other assets of $39,000 was written-off and recorded as an adjustment to interest expense (See Note 8). | |||||||||||
As part of the terms of the October 2012 Subordinated Convertible Note, the Company was required to pay the Agent Fee of 5% of the funded principal amount to the agent that facilitated the borrowing and provided management of the relationship with the lender and who also facilitated the October 2012 Junior Secured Promissory Notes discussed in Note 8 above. This Agent Fee was payable within 30 days after all interest and principal had been paid. For each year the Company extended the maturity date of the October 2012 Subordinated Convertible Note beyond the initial term, the agent would have received an additional 1% fee based on the funded principal amount. The present value of the unpaid Agent Fee, based on 5% of the funded principal amount, or $87,000, as of the closing date of the October 2012 Subordinated Convertible Note was recorded as both deferred financing costs as a component of current and non-current other assets and non-current other liabilities. The amortization of the deferred financing costs and the accretion of the Agent Fee were being amortized to interest expense over the term of the arrangement. As of December 31, 2013, the Agent Fee was fully amortized and paid. As of December 31, 2012, $89,000 of the Agent Fee, including the effect of the amendment of the October 2012 Subordinated Convertible Note discussed above, was recorded in current and non-current other liabilities, respectively. In addition, the Company incurred an additional $22,000 in financing-related costs, primarily legal fees. These costs were recorded as deferred financing costs as a component of current and non-current other assets and were amortized to interest expense over the term of the arrangement. As of December 31, 2013, these deferred financing costs were fully amortized. | |||||||||||
Under the terms of the note, if the Company closed a Qualified IPO or an Acquisition, the October 2012 Subordinated Convertible Note and any accrued interest would automatically convert into shares of the Company’s common stock at a rate of 85% of the purchase price of common stock sold, provided the closing occurred on or prior to eighteen months from the issuance date of the October 2012 Subordinated Convertible Note. The conversion rate would have adjusted to 80% of the purchase price of such securities, if the closing had occurred on or after eighteen months from the issuance date of the October 2012 Subordinated Convertible Note through the date of maturity. Upon the closing of the IPO in August 2013, all outstanding principal and accrued interest of the October 2012 Subordinated Convertible Note were converted into shares of the Company’s common stock at a rate of 85% of the per share price (See Note 20). | |||||||||||
On the issuance date and at each reporting date prior to the conversion, the Company assessed the probability of potential conversion under its terms of the October 2012 Subordinated Convertible Note and determined that the predominate settlement feature of the October 2012 Subordinated Convertible Note would have been the conversion of the October 2012 Subordinated Convertible Note into shares of the Company’s common stock issuable at a 15% or 20% discount to the per share price payable upon the completion of a Qualified IPO, an Acquisition, or Qualified Equity Financing. As the predominant settlement feature of the October 2012 Subordinated Convertible Note was to settle a fixed monetary amount into a variable number of shares, the October 2012 Subordinated Convertible Note fell within the scope of ASC 480. Accordingly, the October 2012 Subordinated Convertible Note was recorded at estimated fair value on its issuance date and was adjusted to its estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. As a result of the IPO, the number of shares to be issued became known and the Company estimated the fair value of the convertible notes immediately prior to the conversion using the intrinsic method based on the IPO price of $12.00 per share. | |||||||||||
The Company estimated the fair value of the October 2012 Subordinated Convertible Note as of the issuance date to be $2,662,000. As the Company received cash proceeds of $2,500,000 through the issuance of the October 2012 Subordinated Convertible Note, $162,000 of the excess of the estimated fair value of the October 2012 Subordinated Convertible Note on the issuance date over cash proceeds was recorded as additional interest expense for the year ended December 31, 2012 in the Company’s consolidated statements of operations. | |||||||||||
As of December 31, 2012, the principal balance and the estimated fair value of the October 2012 Subordinated Convertible Note was $2,500,000 and $2,797,000, respectively. Immediately prior to the closing of the IPO in August 2013, the principal balance and the estimated fair value of the October 2012 Subordinated Convertible Note was $1,250,000 and $1,703,000, respectively. Between December 31, 2012 and August 7, 2013, the estimated fair value of the October 2012 Subordinated Convertible Note increased by $133,000, which was recognized as additional expense in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December 31, 2013. | |||||||||||
December 2012 Convertible Note | |||||||||||
On December 6, 2012, the Company borrowed $12,500,000 pursuant to a convertible note (December 2012 Convertible Note) from an existing preferred stockholder that also is an affiliate of one of the Company’s distributors. The December 2012 Convertible Note had an initial maturity date of October 16, 2015. During the initial approximately three-year (two-year and ten-month) term, the December 2012 Convertible Note accrued interest at 10% per annum. | |||||||||||
Under the terms of the note, the December 2012 Convertible Note could not have been pre-paid unless such prepayment was mandated by a sale event. A sale event as defined in the agreement was the transfer of substantially all of the Company’s assets, a transaction or series of transactions that result in the transfer of more than 50% voting power of the Company, or transactions that result in gross proceeds of at least $120,000,000 (Sale Event). In the case of a Sale Event, the holder could have elected to either convert all outstanding principal and accrued interest into shares of common stock in accordance with the conversion terms of this agreement or receive cash equal to the principal and accrued interest then outstanding multiplied by 133.33% if the Sale Event occurred prior to or as of June 30, 2013 or multiplied by 142.86% if the Sale Event occurred after June 30, 2013. | |||||||||||
Under the terms of the note, a Qualified Financing meant an equity financing for which the gross proceeds were at least $20,000,000 and at least 50% of the amount invested comes from sources other than holders of the Company’s equity, strategic investors, or affiliates (Qualified Financing). In the event of a Qualified Financing, all outstanding principal and unpaid interest on the December 2012 Convertible Note would automatically convert into new securities issued and sold in such qualified financing at a rate of 75% of the purchase price of such new securities provided the closing occurred on or prior to June 30, 2013. The conversion rate would adjust to 70% of the purchase price of such new securities, if the closing occurred after June 30, 2013. Upon the closing of the IPO on August 7, 2013, all outstanding principal and accrued interest of the December 2012 Convertible Note was converted into shares of the Company’s common stock at a rate of 70% of the per share price (See Note 20). | |||||||||||
In the event of a non-qualified financing (Non-Qualified Financing) or the Sale Event, the holder of the December 2012 Convertible Note would have had the right, but not the obligation, to convert all or a part of the outstanding principal and unpaid interest on the December 2012 Convertible Note into the same type of securities issued in the Non-Qualified Financing. A Non-Qualified Financing included either a convertible note financing or an equity transaction that did not qualify as a Qualified Financing. | |||||||||||
If the Non-Qualified Financing related to an equity financing or Sale Event, the number of shares of common stock or common stock equivalents to be received by the holder of the December 2012 Convertible Note would have been calculated by dividing the principal and unpaid accrued interest elected to be converted by the holder by a price per share equal to the price per share paid in the Non-Qualified Financing multiplied by a conversion discount. | |||||||||||
If the Non-Qualified Financing related to a debt financing, the December 2012 Convertible Note holder would have received new convertible notes convertible into shares of common stock or common stock equivalents at a per share price equal to the conversion price per share applicable to the other convertible debt issued in the Non-Qualified Financing multiplied by a conversion discount. In each case, if the Non-Qualified Financing had occurred on or before June 30, 2013, the conversion rate would have been equal to 75%, and thereafter the conversion rate would have been equal to 70%. | |||||||||||
On the issuance date and at each reporting date prior to the conversion, the Company assessed the probability of the potential conversion scenarios under the terms of the December 2012 Convertible Note and determined that the predominant settlement feature of the December 2012 Convertible Note was the conversion of the December 2012 Convertible Note into shares of the Company’s common stock issuable at a 25% or 30% discount to the per share price payable in connection with the completion of a Qualified Financing or a Sale Event during the term of the arrangement. As the predominant settlement feature of the December 2012 Convertible Note was to settle a fixed monetary amount into a variable number of shares, the December 2012 Convertible Note fell within the scope of ASC 480. Accordingly, the Company determined that the December 2012 Convertible Note should be recorded at estimated fair value on its issuance date and adjusted to its estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. As a result of the IPO, the number of shares to be issued became known and the Company estimated the fair value of the convertible notes immediately prior to the conversion using the intrinsic method based on the IPO price of $12.00 per share. | |||||||||||
Following the issuance of the December 2012 Convertible Note, the Company estimated the fair value of the December 2012 Convertible Note as of the issuance date using a PWERM valuation consisting of six scenarios. This valuation included three initial public offering scenarios, two merger scenarios and a sale of the Company’s intellectual property along with the applicable conversion ratios based on the estimated timing of each scenario. Based on this valuation, the Company estimated the fair value of the December 2012 Convertible Note to be $16,355,000 as of the issuance date. As the holder of the December 2012 Convertible Note was an affiliate of one of the Company’s distributors, the $3,855,000 excess of the estimated fair value of the December 2012 Convertible Note on the date of issuance over gross cash proceeds was recorded as a reduction of related party revenues to the extent of revenue recognized from the distributor totaling $245,000 ($110,000 related to license revenues and $135,000 related to product revenues), and the remaining excess of $3,610,000 was recorded separately to an operating expense in accordance with ASC 605-50, Customer Payments and Incentives (ASC 605-50), in the Company’s consolidated statements of operations for the year ended December 31, 2012. | |||||||||||
As of December 31, 2012 and immediately prior to conversion on August 7, 2013, the estimated fair value of the December 2012 Convertible Note was $16,545,000 and $19,072,000, respectively. Between December 31, 2012 and August 7, 2013, the estimated fair value of the December 2012 Convertible Note increased by $1,767,000, which was recognized as additional expense in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December 31, 2013. | |||||||||||
For the year ended December 31, 2012, due to changes in the probability and timing of the completion of a Qualified IPO or an Acquisition between the dates of issuance and December 31, 2012, the estimated fair value of the December 2012 Convertible Note increased by $100,000, which was recognized as additional expense in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December 31, 2012. | |||||||||||
The December 2012 Convertible Note purchase agreement also required the Company to use the proceeds from this note to repay all outstanding obligations under the April 2012 Senior Secured Promissory Note within 35 days of closing as discussed in Note 8. | |||||||||||
First and Second May 2013 Convertible Notes | |||||||||||
On May 22, 2013, the Company completed the sale of convertible notes under a convertible note purchase agreement in the amount of $3,529,000 in a private placement to 22 investors (First May 2013 Convertible Notes). The First May 2013 Convertible Notes accrued interest at a rate of 10% per annum and would have matured on May 22, 2016. | |||||||||||
In addition, on May 28, 2013, the Company completed the sale of a convertible note under a separate convertible note purchase agreement in the amount of $3,000,000 in a private placement (Second May 2013 Convertible Note). The Second May 2013 Convertible Note accrued interest at a rate of 10% per annum and would have matured on May 30, 2016. | |||||||||||
Under the terms of the notes, no payments were due under the First and Second May 2013 Convertible Notes until maturity. In an event of a Qualified Financing, all outstanding principal and accrued interest due under the First and Second May 2013 Convertible Notes would automatically convert into the number of shares of the Company’s common stock determined by dividing such unpaid amounts by 70% of the per share price of the Company’s common stock sold in such qualified financing. Upon the closing of the IPO in August 2013, all outstanding principal and accrued interest of the First and Second May 2013 Convertible Notes were converted into shares of the Company’s common stock at a rate of 70% of the per share price (See Note 20). | |||||||||||
Alternatively, in the earlier event of a Non-Qualified Financing of equity or debt securities, the First and Second May 2013 Convertible Notes could have been converted, at the option of the holder, into the same type of securities issued in such financing, and in the earlier of a Sale Event, the First and Second May 2013 Convertible Notes would have been either, at the option of the holder, repaid in the amount of the principal and accrued interest then outstanding multiplied by 142.86% or converted at a discount into shares of the Company’s common stock. | |||||||||||
If the Qualified Financing, Non-Qualified Financing, or Sale Event had not occurred from the date of issuance of the convertible note through January 14, 2014, the holder of the Second May 2013 Convertible Note would have been able to elect to convert all outstanding principal and accrued interest into a number of shares of common stock determined by dividing this amount by the greater of (i) the per share price into which the Outstanding Balance under the Second May Convertible Note would be converted at their maturity in the event a Qualified Financing had not occurred as of September 30, 2013 or (ii) the purchase price paid per share for the most recent Non-Qualified Financing that occurred prior to a Sale Event, provided such Non-Qualified Financing would have been at least $2,000,000 and at least 50% of the proceeds of such Non-Qualified Financing would have been from persons or entities who were not common stockholders, or common share equivalents or affiliates of the Company. | |||||||||||
On the issuance date and at each reporting date prior to the conversion, the Company assessed the probability of potential conversion under its terms of the First and Second May 2013 Convertible Notes and determined that the predominate settlement feature of the First and Second May 2013 Convertible Notes was the conversion of the First and Second May 2013 Convertible Notes into shares of the Company’s common stock issuable at a 30% discount to the per share price payable upon the completion of a Qualified IPO, an Acquisition, or Qualified Equity Financing. As the predominant settlement feature of the First and Second May 2013 Convertible Notes was to settle a fixed monetary amount in a variable number of shares, the First and Second May 2013 Convertible Notes fell within the scope of ASC 480. Accordingly, the First and Second May 2013 Convertible Notes were recorded at estimated fair value on their issuance dates and were adjusted to estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the Company’s consolidated statements of operations. As a result of the IPO, the number of shares to be issued became known and the Company estimated the fair value of the convertible notes immediately prior to the conversion using the intrinsic method based on the IPO price of $12.00 per share. | |||||||||||
The Company estimated the fair value of the First May 2013 Convertible Notes as of the issuance date to be $4,907,000. As the Company received cash proceeds of $3,529,000 through the issuance of the First May 2013 Convertible Notes, the Company determined that $1,378,000 of the excess of the estimated fair value of the First May 2013 Convertible Notes on the issuance date over cash proceeds to the Company represented a deemed dividend to preferred stockholders, and this amount was reflected in the net loss attributable to common stockholders for the year ended December 31, 2013 in the Company’s consolidated statements of operations. | |||||||||||
Immediately prior to conversion in connection with the closing of the IPO on August 7, 2013, the estimated fair value of the First May 2013 Convertible Notes was $5,147,000. The estimated fair value of the First May 2013 Convertible Notes increased by $166,000 from the issuance date, which was recognized as additional expense in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December 31, 2013. | |||||||||||
The Company estimated the fair value of the Second May 2013 Convertible Note as of the issuance date to be $4,162,000. As the Company received cash proceeds of $3,000,000 through the issuance of the Second May 2013 Convertible Note, $1,162,000 of the excess of the estimated fair value of the Second May 2013 Convertible Note on the issuance date over cash proceeds to the Company was recorded as additional interest expense for the year ended December 31, 2013 in the Company’s consolidated statements of operations. | |||||||||||
Immediately prior to conversion in connection with the closing of the IPO on August 7, 2013, the estimated fair value of the Second May 2013 Convertible Note was $4,369,000. The estimated fair value of the Second May 2013 Convertible Note increased by $149,000 from the issuance date, which was recognized as additional expense in change in estimated fair value of financial instruments in the Company’s consolidated statements of operations for the year ended December, 2013. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Preferred Stock | ' |
10. Preferred Stock | |
The Company sold 1,484,000 shares of its Series A convertible preferred stock in private placements in April 2007 for $2.608 per share, including conversion of certain convertible notes payable, 2,242,000 shares of its Series B convertible preferred stock in August 2008 for $4.849 per share, including conversion of convertible notes payable, and 4,778,000 shares of its Series C convertible preferred stock from March 2010 to June 2011 for $5.317 per share, including conversion of the $514,000 of convertible notes payable plus accrued interest of $5,000. The Company recorded the issuance of its Series A, B, and C convertible preferred stock, net of issuance costs. | |
In May 2012, in connection with the issuance of the Series C Warrant, the Company amended certificate of incorporation to increase the number of shares of common stock the Company is authorized to issue from 12,745,000 shares to 12,936,000 shares and to increase the number of shares of convertible preferred stock the Company is authorized to issue from 8,632,000 shares to 8,823,000, of which 1,489,000 shares were designated as Series A convertible preferred stock, 2,252,000 shares were designated as Series B convertible preferred stock, and 5,082,000 shares were designated as Series C convertible preferred stock. | |
Upon the closing of the IPO, all shares of the Company’s outstanding convertible preferred stock automatically converted into shares of common stock. Further, in August 2013, the Company amended and restated its certificate of incorporation to effect the conversion of its outstanding convertible preferred stock into common stock on a 1-for-1 basis. The amendment also increased the number of shares of preferred stock authorized for issuance to 20,000,000. | |
Investors in the Company’s Series C convertible preferred stock were entitled to receive noncumulative dividends, before and in preference to any amounts paid to Series A and Series B convertible preferred stockholders and common stockholders, and investors in the Company’s Series A and B convertible preferred stock were entitled to receive noncumulative dividends, on a pari passu basis, before and in preference to any amounts paid to common stockholders. Dividends would be paid only when and if declared by the board of directors. In addition, these investors were entitled to voting rights equal to the number of shares of the Company’s common stock into which the Series A, B and C convertible preferred stock were convertible as of the close of business on the record date fixed for each stockholder’s meeting. No dividends were declared during the years ended December 31, 2013 and 2012. | |
As the Company’s Series A, B and C convertible preferred stock contained redemption features that were outside of the Company’s control, all shares of Series A, B and C convertible preferred stock were presented outside of permanent equity as of December 31, 2012. |
Warrants
Warrants | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Warrants | ' | ||||||||||||||||
11. Warrants | |||||||||||||||||
The following table summarizes information about the Company’s common stock warrants outstanding as of December 31, 2013 (in thousands, except exercise price data): | |||||||||||||||||
DESCRIPTION | ISSUE DATE | EXPIRATION | NUMBER OF | EXERCISE | |||||||||||||
DATE (1) | SHARES | PRICE | |||||||||||||||
SUBJECT TO | |||||||||||||||||
WARRANTS | |||||||||||||||||
ISSUED | |||||||||||||||||
In connection with April 2013 Junior Secured Promissory Note (Additional Common Stock Warrants) | April 2013 | October 2015 | 118 | $ | 8.4 | ||||||||||||
In connection with June 2013 Credit Facility (June 2013 Warrants) | Jun-13 | Jun-23 | 33 | $ | 8.4 | ||||||||||||
151 | |||||||||||||||||
(1) | Both the common stock warrants expire upon the earlier to occur of (i) the date listed above; (ii) the acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any transfer of more than 50% of the voting power of the Company, reorganization, merger or consolidation, but excluding any merger effected exclusively for the purpose of changing the domicile of the Company) or (iii) a sale of all or substantially all of the assets of the Company; unless the Company’s stockholders of record as constituted immediately prior to such acquisition or sale will, immediately after such acquisition or sale (by virtue of securities issued as consideration for the Company’s acquisition or sale or otherwise) hold at least fifty percent (50%) of the voting power of the surviving or acquiring entity. | ||||||||||||||||
The Additional Common Stock Warrants are exercisable 18 months after the consummation of the IPO and the June 2013 Warrants became exercisable on the date of the IPO. | |||||||||||||||||
The following table summarizes information about the Company’s convertible preferred stock and common stock warrants outstanding as of December 31, 2012 (in thousands, except exercise price data): | |||||||||||||||||
DESCRIPTION | ISSUE DATE | EXPIRATION | NUMBER OF | EXERCISE | ESTIMATED | ||||||||||||
DATE | SHARES | PRICE | FAIR VALUE | ||||||||||||||
SUBJECT TO | AS OF | ||||||||||||||||
WARRANTS | DECEMBER 31, | ||||||||||||||||
ISSUED | 2012 (2) | ||||||||||||||||
In connection with loan agreement (Series A convertible preferred stock) | April 2007 | April 2014 | 6 | $ | 2.608 | $ | 68 | ||||||||||
In connection with promissory note and revolving line of credit (Series B convertible preferred stock) | August 2008 | May 2013 | 3 | $ | 4.849 | 34 | |||||||||||
In connection with promissory note (Series B convertible preferred stock) | March 2009 | March 2014 | 7 | $ | 4.849 | 72 | |||||||||||
In connection with April 2012 Senior Secured Promissory Note (Series C convertible preferred stock) | Apr-12 | Apr-22 | 191 | $ | 7.846 | 1,710 | |||||||||||
In connection with October 2012 Junior Secured Promissory Note (Common stock) (1) | October 2012 | October 2015 | — | $ | — | 301 | |||||||||||
207 | $ | 2,185 | |||||||||||||||
(1) | As of December 31, 2012, the Company had issued warrants to purchase shares of common stock equal to 15% of the funded principal amount of the October 2012 Junior Secured Promissory Notes (See Note 8) divided by 70% of the value of common stock in a sale of the Company or an IPO, with an exercise price of 70% of the value of common stock in a sale of the Company or IPO. These warrants were contingently exercisable for which the contingencies related to exercise had not been met as of December 31, 2012. | ||||||||||||||||
(2) | See Note 2 for discussion of the methods used to determine the estimated fair values of the preferred stock warrants and common stock warrants. | ||||||||||||||||
All of the preferred stock warrants and the common stock warrants issued in connection with the October 2012 Junior Secured Promissory Notes were exercised in 2013 in connection with the IPO. In addition, a portion of the warrants issued in connection with the June 2013 Warrants were exercised in 2013 in connection with the IPO (See Note 20). |
Common_Stock
Common Stock | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Common Stock | ' | ||||
12. Common Stock | |||||
In August 2013, the Company amended and restated its certificate of incorporation to increase the number of shares of common stock authorized for issuance to 250,000,000 shares with $0.00001 par value. As of December 31, 2013, the Company had reserved shares of common stock for future issuances as follows (in thousands): | |||||
SHARES | |||||
Stock options available for future grant | 1,194 | ||||
Stock options outstanding | 2,608 | ||||
Warrants to purchase common stock | 151 | ||||
3,953 | |||||
ShareBased_Plans
Share-Based Plans | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ||||||||||||||||||||
Share-Based Plans | ' | ' | ||||||||||||||||||||
11. Share-Based Plans | 13. Stock Option Plans | |||||||||||||||||||||
As of March 31, 2014, there were 2,974,000 options outstanding and 1,128,000 share-based awards available for grant under the outstanding equity incentive plans. | In July 2006, the Company authorized the 2006 Equity Incentive Plan, as amended, (2006 Plan). The 2006 Plan provided for the issuance of up to 1,434,000 shares of common stock underlying awards. The 2006 Plan was terminated in December 2011. As of December 31, 2013 and 2012, there were no shares available to be granted under the 2006 Equity Incentive Plan. | |||||||||||||||||||||
For the three months ended March 31, 2014, the Company recognized share-based compensation of $1,522,000, of which $444,000 related to the accelerated vesting of Donald Glidewell’s option awards. In connection with Mr. Glidewell’s retirement, the Company entered into a transition agreement with Mr. Glidewell (See Note 8) which provided, among other things, for the vesting of his outstanding equity awards through the retirement date. For the three months ended March 31, 2013, the Company recognized share-based compensation of $249,000. | The 2006 Plan allowed holders to exercise stock options prior to their vesting. The common stock received by the employee is restricted and follows the same vesting schedule as the originally granted option. In the event the employee terminates employment from the Company (whether voluntary or involuntary), the Company retains a right to repurchase the unvested common stock at the original option exercise price. As of December 31, 2013 and 2012, no options had been exercised that would be subject to repurchase. | |||||||||||||||||||||
During the three months ended March 31, 2014, the Company granted 769,000 options at a weighted-average exercise price of $14.87 per share. During the three months ended March 31, 2014, 378,000 options were exercised at a weighted-average exercise price of $2.49 per share. | As of December 31, 2013, options to purchase 705,000 shares of the Company’s common stock at a weighted-average exercise price of $1.04 per share were outstanding under the 2006 Plan, of which 624,000 were vested at December 31, 2013. During the year ended December 31, 2013, 204,000 and 116,000 options were exercised and canceled, respectively, under the 2006 Plan. | |||||||||||||||||||||
In July 2011 and as amended in September 2012, the Company authorized the 2011 Stock Plan (2011 Plan). The 2011 Plan provided for the issuance of up to 1,167,000 shares of common stock underlying awards, plus any shares of common stock underlying awards previously issued under the 2006 Plan that terminate or expire after the date of authorization of the 2011 Plan, subject to certain adjustments. In addition, the 2011 Plan provided that the Company not deliver more than 2,446,000 shares upon the exercise of incentive stock options issued under both the 2006 Plan and 2011 Plan. The 2011 Plan was terminated in August 2013 and no new stock awards may be granted under the 2011 Plan. As of December 31, 2013, there were no shares available to be granted under the 2011 Plan. | ||||||||||||||||||||||
As of December 31, 2013, options to purchase 1,131,000 shares of the Company’s common stock at a weighted-average exercise price of $7.67 per share were outstanding under the 2011 Plan, of which 420,000 were vested at December 31, 2013. During the year ended December 31, 2013, 13,000 and 120,000 options were exercised and canceled, respectively, under the 2011 Plan. | ||||||||||||||||||||||
In August 2013, the Company’s Board of Directors adopted the 2013 Stock Incentive Plan (2013 Plan) covering officers, employees, directors of, and consultants to, the Company. The 2013 Plan allows for the granting of the following types of “stock awards”: incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalent rights. At the time the 2013 Plan was established, the maximum aggregate number of shares of the Company’s common stock that could be issued pursuant to the 2013 Plan was 1,600,000 plus the number of shares of common stock reserved for issuance pursuant to future grants under the 2011 Plan. The number of shares authorized for issuance pursuant to the 2013 Plan is automatically increased by any additional shares that would have otherwise returned to the 2011 Plan as a result of the forfeiture, termination or expiration of awards previously granted under the 2011 Plan. In addition, the number of shares authorized for issuance pursuant to the 2013 Plan will increase by a number equal to the least of (i) 3.5% of the number of shares of the Company’s common stock outstanding on the last day of the immediately preceding fiscal year or (ii) a lesser number of shares determined by the administrator. | ||||||||||||||||||||||
As of December 31, 2013, options to purchase 772,000 shares of the Company’s common stock at a weighted-average exercise price of $16.74 per share were outstanding under the 2013 Plan, of which 11,000 were vested at December 31, 2013. During the year ended December 31, 2013, no options were exercised and 42,000 options were canceled under the 2013 Plan. | ||||||||||||||||||||||
Generally, options vest 25% on the first anniversary from the date of grant and 1/48 per month thereafter; however, options may be granted with different vesting terms as determined by the Company’s Board of Directors. | ||||||||||||||||||||||
The following table summarizes the activity under the Company’s stock option plans for the year ended December 31, 2013 (in thousands, except exercise price and remaining contractual life data): | ||||||||||||||||||||||
SHARES | SHARES | WEIGHTED- | WEIGHTED- | AGGREGATE | ||||||||||||||||||
AVAILABLE FOR | OUTSTANDING | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||||||
GRANT | EXERCISE | REMAINING | VALUE | |||||||||||||||||||
PRICE | CONTRACTUAL | |||||||||||||||||||||
LIFE | ||||||||||||||||||||||
(IN YEARS) | ||||||||||||||||||||||
Balances at December 31, 2012 | 352 | 2,067 | $ | 3.86 | 7.7 | $ | 14,380 | |||||||||||||||
Options authorized | 1,600 | — | ||||||||||||||||||||
Options granted | (1,036 | ) | 1,036 | $ | 15.76 | |||||||||||||||||
Options exercised | — | (217 | ) | $ | 1.18 | |||||||||||||||||
Options canceled | 278 | (278 | ) | $ | 6.24 | |||||||||||||||||
Balances at December 31, 2013 | 1,194 | 2,608 | $ | 8.56 | 8.1 | $ | 24,158 | |||||||||||||||
Vested and expected to vest at December 31, 2013 | 2,409 | $ | 8.25 | 8 | $ | 23,061 | ||||||||||||||||
Exercisable at December 31, 2013 | 1,054 | $ | 2.97 | 6.5 | $ | 15,610 | ||||||||||||||||
The total intrinsic value of options exercised for the years ended December 31, 2013, 2012 and 2011 were $2,801,000, $93,000 and $7,000, respectively. | ||||||||||||||||||||||
The estimated fair value of options vested during the years ended December 31, 2013, 2012 and 2011, was $1,314,000, $489,000 and $228,000, respectively. The weighted-average estimated fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $10.35 per share, $4.24 per share and $0.78 per share, respectively. | ||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded share-based compensation expense of $2,300,000, $662,000 and $271,000, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company did not realize any tax benefit associated with its share-based compensation expense. No tax benefit was recognized because a portion of the option grants were ISOs for which stock-based compensation expense is not deductible and also due to the full valuation allowance on the Company’s deferred tax asset that is further discussed in Note 16. | ||||||||||||||||||||||
As of December 31, 2013, with the exception of unvested options granted to Donald Glidewell for which the vesting will be accelerated through his retirement date of March 31, 2013 (see below), the total share-based compensation expense related to unvested options granted to employees under the Company’s stock option plans but not yet recognized was $10,454,000. These costs will be amortized to expense on a straight-line basis over a weighted-average remaining term of 3.3 years. | ||||||||||||||||||||||
In connection with Mr. Glidewell’s retirement, the Company entered into a transition agreement with Mr. Glidewell (See Note 6) which provides, among other things, for the vesting of his outstanding equity awards through the retirement date. For the year ended December 31, 2013, the Company recorded share-based compensation expense of $266,000 relating to the acceleration of vesting of Mr. Glidewell’s option awards. The total share-based compensation expense related to unvested options granted to Mr. Glidewell under the Company’s stock option plans but not yet recognized was $444,000. These costs will be amortized to expense on a straight-line basis over a weighted-average remaining term of 0.3 years. |
Capital_Leases
Capital Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Capital Leases | ' | ||||
14. Capital Leases | |||||
The Company accounts for certain equipment acquired under financing arrangements as capital leases. This equipment is included in property, plant and equipment and related amortization is included in depreciation expense. | |||||
As of December 31, 2013 and 2012, the cost of this equipment was $3,046,000 and $939,000, respectively, and the related accumulated amortization was $935,000 and $465,000, respectively. | |||||
Amortization of capital leases for the years ended December 31, 2013, 2012 and 2011 was $470,000, $175,000 and $143,000, respectively. | |||||
As of December 31, 2013, aggregate contractual future minimum lease payments on the capital leases are due as follows (in thousands): | |||||
CAPITAL | |||||
LEASES | |||||
Years ending December 31: | |||||
2014 | $ | 1,520 | |||
2015 | 1,120 | ||||
2016 | 54 | ||||
Total minimum payments required | 2,694 | ||||
Less: amount representing interest | (159 | ) | |||
Present value of future payments | 2,535 | ||||
Less: current portion | (1,401 | ) | |||
$ | 1,134 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ||||
Commitments and Contingencies | ' | ' | ||||
12. Commitments and Contingencies | 15. Commitments and Contingencies | |||||
Commitments | Operating Leases | |||||
On September 9, 2013, the Company entered into a lease agreement for a new 28,700 square foot office and laboratory facility located in Davis, California. The initial term of the lease is for a period of 60 months commencing on the later of the date of substantial completion of initial improvements to the leased property, or May 1, 2014. The monthly base rent is $46,000 for the first 12 months with a 3% increase each year thereafter. The Company has the option to extend the lease term twice for a period of five years each. This agreement was subsequently amended in April 2014 (See Note 15). | The Company has a non-cancelable lease for an aggregate of approximately 24,500 square feet of non-contiguous office space in an office complex in Davis, California under which a portion of the covered space terminates between February 2014 and October 2016. A portion of the lease that terminates in February 2015 provides for an option to extend the term for five years at the then prevailing market rent. The lease includes negotiated annual increases in the monthly rental payments. | |||||
Contingencies | On September 9, 2013, the Company entered into a lease agreement for a new 28,700 square foot office and laboratory facility located in Davis, California. The initial term of the lease is for a period of 60 months commencing on the later of the date of substantial completion of initial improvements to the leased property, or May 1, 2014. The monthly base rent is $46,000 for the first 12 months with a 3% increase each year thereafter. The Company will have the option to extend the lease term twice for a period of five years each. | |||||
The Company is subject to legal proceedings and claims that arise in the normal course of business. As of March 31, 2014, there were no current proceedings or litigation involving the Company that management believes would have a material adverse impact on its business, financial position, results of operations or cash flows. | ||||||
The Company recognizes expense under its leases on a straight-line basis over the lease terms. At December 31, 2013, the Company’s aggregate commitment under non-cancelable lease agreements is as follows (in thousands): | ||||||
OPERATING | ||||||
LEASES | ||||||
Years ending December 31: | ||||||
2014 | $ | 965 | ||||
2015 | 753 | |||||
2016 | 666 | |||||
2017 | 606 | |||||
2018 and beyond | 822 | |||||
Total minimum payments required | $ | 3,812 | ||||
Rental expense charged to operations for all operating leases was $691,000, $484,000 and $412,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||
Contingencies | ||||||
The Company is subject to legal proceedings and claims that arise in the normal course of business. As of December 31, 2013, there were no current proceedings or litigation involving the Company that management believes would have a material adverse impact on its business, financial position, results of operations or cash flows. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
16. Income Taxes | |||||||||
As of December 31, 2013, the Company had net operating loss carry-forwards for federal income tax reporting purposes of $77,682,000, which begin to expire in 2026, and California and various other state net operating loss carry-forwards of $59,829,000 and $13,656,000, respectively, which begin to expire in 2016 and 2031, respectively. Additionally, as of December 31, 2013, the Company had federal research and development tax credit carry-forwards of $1,414,000, which begin to expire in 2026, and state research and development tax credit carry-forwards of $1,274,000, which have no expiration date. | |||||||||
As of December 31, 2013, deferred tax assets of $34,250,000, arising principally as a result of the Company’s net operating loss carry-forwards, tax credits, and certain costs capitalized for tax purposes during the Company’s development stage, were fully offset by a valuation allowance. The valuation allowance increased by $11,850,000, $8,134,000 and $5,211,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Federal and state laws impose substantial restrictions on the utilization of net operating loss and tax credit carry-forwards in the event of an “ownership change,” as defined in Section 382 of the U.S. Internal Revenue Code of 1986, as amended. The Company completed a Section 382 analysis as of December 31, 2013 and concluded that $493,000 in federal net operating losses and $151,000 in federal research and development credits are expected to expire prior to utilization as a result of the Company’s previous ownership changes and corresponding annual limitations. | |||||||||
The temporary timing differences that give rise to the deferred tax assets are as follows (in thousands): | |||||||||
31-Dec | |||||||||
2013 | 2012 | ||||||||
Components of deferred taxes: | |||||||||
Net operating loss carryforwards | $ | 30,258 | $ | 19,966 | |||||
Research and development tax credit | 1,577 | 1,002 | |||||||
Other, net | 2,415 | 1,432 | |||||||
Net deferred tax assets | 34,250 | 22,400 | |||||||
Less: valuation allowance | (34,250 | ) | (22,400 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
The Company had no deferred tax liabilities at December 31, 2013 and 2012. | |||||||||
The Company recognized no income tax expense, and did not receive a benefit from income taxes for the years ended December 31, 2013, 2012 and 2011. | |||||||||
The provision for income taxes is different than the amount computed using the applicable statutory federal income tax rate with the difference for each year summarized below: | |||||||||
DECEMBER 31 | |||||||||
2013 | 2012 | ||||||||
Federal tax benefit at statutory rate | 34 | % | 34 | % | |||||
State tax benefit, net of federal benefit | 5 | 5 | |||||||
Interest expense | (5 | ) | — | ||||||
Mark-to-market accounting | 9 | (12 | ) | ||||||
Deemed dividend | (2 | ) | (6 | ) | |||||
Share-based compensation expense | (2 | ) | — | ||||||
Other | 1 | (1 | ) | ||||||
Adjustment due to change in valuation allowance | (40 | ) | (20 | ) | |||||
Provision for income taxes | — | % | — | % | |||||
As of December 31, 2013, the Company had unrecognized tax benefits of $525,000. The unrecognized tax benefits, if recognized, would not impact the Company’s effective tax rate as the recognition of these tax benefits would be offset by changes in the Company’s valuation allowance. The Company does not believe there will be any material changes in its unrecognized tax position over the next twelve months. | |||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance at January 1 | $ | 340 | $ | 305 | |||||
Increase related to prior year tax positions | 79 | — | |||||||
Increase related to current year tax positions | 106 | 35 | |||||||
Balance at December 31 | $ | 525 | $ | 340 | |||||
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is subject to U.S. federal and state income tax examination for 2006 through 2013 due to unutilized net operating losses and research credits. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Benefit Plan | ' |
17. Employee Benefit Plan | |
The Company has a defined contribution plan offered to all eligible employees, which is qualified under Section 401(k) of the Internal Revenue Code. The Company currently provides a matching contribution. Matching contributions are based on a formula which provides for a dollar-for-dollar matching contribution of the employee’s 401(k) contribution up to 3% of eligible pay plus a 50% matching contribution on the employee’s 401(k) contribution between 3% and 5% of eligible pay. Each participant is 100% vested in elective contributions and the Company’s matching contribution. The Company provided 401(k) matching contributions for the years ended December 31, 2013, 2012 and 2011 were $294,000, $229,000 and $190,000, respectively. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Related Party Transactions | ' | ' |
14. Related Party Transactions | 18. Related Party Transactions | |
Les Lyman, a member of the Company’s board of directors, is the chairman and significant indirect shareholder of The Tremont Group, Inc. During the three months ended March 31, 2014, The Tremont Group, Inc. purchased $320,000 of the Company’s products for further distribution and resale. As of March 31, 2014, the Company had outstanding accounts receivable due from The Tremont Group, Inc. of $1,230,000. Although the Company anticipates sales of its products to The Tremont Group, Inc. to continue through 2014, the Company cannot estimate the amount of those sales. | Les Lyman, a member of the Company’s board of directors, is the chairman and significant indirect shareholder of The Tremont Group, Inc. During the year ended December 31, 2013, The Tremont Group, Inc. purchased $1,446,000 of the Company’s products for further distribution and resale. As of December 31, 2013, the Company had outstanding accounts receivable due from The Tremont Group, Inc. of $903,000, all of which are due in April 2014. Although the Company anticipates sales of its products to The Tremont Group, Inc. to continue through 2014, the Company cannot estimate the amount of those sales. | |
During the three months ended March 31, 2014, the Company recorded revenue of $328,000 relating to license revenue recognized based on the terms of the Company’s agreements with Syngenta, an affiliate of one of our 5% stockholders. As of March 31, 2014, the Company had no outstanding accounts receivable due from Syngenta. | In December 2012, the Company issued a $12,500,000 convertible note to Syngenta Ventures Pte. LTD. (Syngenta), an affiliate of one of the Company’s distributors (See Note 9), for which there was no outstanding balance as of December 31, 2013 as the convertible note converted into shares of the Company’s common stock immediately following the completion of the IPO in August 2013. During the year ended December 31, 2013, the Company recorded revenue of $116,000 relating to sales of product to Syngenta and $131,000 relating to license revenue recognized based on the terms of the Company’s commercial agreement with Syngenta. As of December 31, 2013, the Company had no outstanding accounts receivable due from Syngenta. |
Reverse_Stock_Split
Reverse Stock Split | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Text Block [Abstract] | ' | ' |
Reverse Stock Split | ' | ' |
13. Reverse Stock Split | 19. Reverse Stock Split | |
On August 1, 2013, the Company amended and restated its certificate of incorporation to effect the conversion of its outstanding convertible preferred stock into common stock on a 1-for-1 basis followed immediately by a reverse split of shares of its common stock (including the common stock issued upon conversion of the convertible preferred stock) at a 1-for-3.138458 ratio (the “Reverse Stock Split”). The amendment also increased the number of shares of common stock authorized for issuance to 250,000,000 shares and the number of shares of preferred stock authorized for issuance to 20,000,000. The par value of the common stock and preferred stock was not adjusted as a result of the Reverse Stock Split. | On August 1, 2013, the Company amended and restated its certificate of incorporation to effect the conversion of its outstanding convertible preferred stock into common stock on a 1-for-1 basis followed immediately by a reverse split of shares of its common stock (including the common stock issued upon conversion of the convertible preferred stock) at a 1-for-3.138458 ratio (the “Reverse Stock Split”). The amendment also increased the number of shares of common stock authorized for issuance to 250,000,000 shares and the number of shares of preferred stock authorized for issuance to 20,000,000. The par value of the common stock and preferred stock was not adjusted as a result of the Reverse Stock Split. | |
All issued and outstanding common stock, preferred stock, and warrants for common stock or preferred stock, and the related per share amounts contained in the condensed consolidated financial statements, have been retroactively adjusted to give effect to this Reverse Stock Split for all periods presented. | All issued and outstanding common stock, preferred stock, and warrants for common stock or preferred stock, and the related per share amounts contained in the consolidated financial statements, have been retroactively adjusted to give effect to this Reverse Stock Split for all periods presented. |
Initial_Public_Offering
Initial Public Offering | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Text Block [Abstract] | ' | |||
Initial Public Offering | ' | |||
20. Initial Public Offering | ||||
In August 2013, the Company closed its initial public offering of 5,462,500 shares of its common stock (inclusive of 712,500 shares of common stock sold upon the exercise of the underwriters’ option to purchase additional shares). The public offering price of the shares sold in the offering was $12.00 per share. The total gross proceeds from the offering to the Company were $65,550,000, and after deducting underwriting discounts and commissions and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled approximately $56,105,000. In connection with the IPO: | ||||
n | all outstanding shares of convertible preferred stock were converted into 8,514,000 shares of common stock, including 10,000 shares issued upon the cash exercise of Series B convertible preferred stock warrants; | |||
n | all outstanding principal and accrued interest of the convertible notes were converted into 3,741,000 shares of common stock; | |||
n | 47,000 shares of common stock were issued upon the net exercise of common stock warrants; | |||
n | 3,000 shares of common stock were issued upon the cash exercise of common stock warrants; and | |||
n | the Series A and Series C convertible preferred stock warrants were net exercised for 71,000 shares of common stock. | |||
After the closing of the IPO, the Company had 19,133,000 shares of common stock and 151,000 warrants to purchase common stock outstanding and there were no shares of convertible preferred stock, preferred stock warrants or balances related to convertible notes outstanding. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||
21. Quarterly Financial Information (Unaudited) | |||||||||||||||||||||||||
MARCH 31 | JUNE 30 | SEPTEMBER 30 | DECEMBER 31 | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Total revenues | $ | 2,730 | $ | 4,500 | $ | 1,346 | $ | 5,967 | |||||||||||||||||
Gross profit | 935 | 1,102 | 269 | 1,501 | |||||||||||||||||||||
Net loss | (10,749 | ) | (1,639 | ) | (6,110 | ) | (9,991 | ) | |||||||||||||||||
Deemed dividend on convertible notes | — | (1,378 | ) | — | — | ||||||||||||||||||||
Net loss attributable to common stockholders | (10,749 | ) | (3,017 | ) | (6,110 | ) | (9,991 | ) | |||||||||||||||||
Net loss per common share: | |||||||||||||||||||||||||
Basic | (8.48 | ) | (2.36 | ) | (0.47 | ) | (0.52 | ) | |||||||||||||||||
Diluted | (8.48 | ) | (2.67 | ) | (0.80 | ) | (0.52 | ) | |||||||||||||||||
2012 | |||||||||||||||||||||||||
Total revenues | $ | 1,999 | $ | 1,509 | $ | 738 | $ | 2,894 | |||||||||||||||||
Gross profit | 1,139 | 825 | 217 | 626 | |||||||||||||||||||||
Net loss | (3,984 | ) | (3,912 | ) | (13,802 | ) | (17,096 | ) | |||||||||||||||||
Deemed dividend on convertible notes | (1,253 | ) | — | — | (786 | ) | |||||||||||||||||||
Net loss attributable to common stockholders | (5,237 | ) | (3,912 | ) | (13,802 | ) | (17,882 | ) | |||||||||||||||||
Net loss per common share: | |||||||||||||||||||||||||
Basic | (4.20 | ) | (3.13 | ) | (10.94 | ) | (14.11 | ) | |||||||||||||||||
Diluted | (4.20 | ) | (3.13 | ) | (10.94 | ) | (14.11 | ) | |||||||||||||||||
In connection with the preparation of the consolidated financial statements for the year ended December 31, 2013, errors in the computation and disclosure of diluted net loss per share were identified for the three and nine months ended September 30, 2013 and for the three months ended June 30, 2013. This resulted from errors in the computation of how adjustments to the net loss attributable to common stockholders from the potentially dilutive securities were reflected in the diluted net loss per share computations and when identifying which potentially dilutive securities were determined to be dilutive or anti-dilutive. The errors affected both the net loss used in the numerator and the weighted average shares outstanding used in the denominator for diluted net loss per share. The Company evaluated the materiality of these errors in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and concluded that these errors, individually and in the aggregate, were immaterial to all prior periods impacted. While the adjustments were immaterial, the Company has elected to revise its previously reported diluted earnings per share as shown in the following table: | |||||||||||||||||||||||||
THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||||||
30-Jun-13 | 30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||
AS | AS | AS | AS | AS | AS | ||||||||||||||||||||
REPORTED | REVISED | REPORTED | REVISED | REPORTED | REVISED | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net loss | $ | (1,639 | ) | $ | (1,639 | ) | $ | (6,110 | ) | $ | (6,110 | ) | $ | (18,498 | ) | $ | (18,498 | ) | |||||||
Deemed dividend on convertible notes | (1,378 | ) | (1,378 | ) | — | — | (1,378 | ) | (1,378 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (3,017 | ) | $ | (3,017 | ) | $ | (6,110 | ) | $ | (6,110 | ) | $ | (19,876 | ) | $ | (19,876 | ) | |||||||
Effect of potentially dilutive securities: | |||||||||||||||||||||||||
Convertible notes | — | — | (1,089 | ) | (4,392 | ) | (118 | ) | (4,392 | ) | |||||||||||||||
Warrants to purchase convertible preferred stock | — | (575 | ) | — | (264 | ) | — | (841 | ) | ||||||||||||||||
Warrants to purchase common stock | — | — | (201 | ) | — | (201 | ) | — | |||||||||||||||||
Net loss for diluted net loss per share | $ | (3,017 | ) | $ | (3,592 | ) | $ | (7,400 | ) | $ | (10,766 | ) | $ | (20,195 | ) | $ | (25,109 | ) | |||||||
Denominator: | |||||||||||||||||||||||||
Shares used for basic net loss per share | 1,277 | 1,277 | 12,888 | 12,888 | 5,187 | 5,187 | |||||||||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||||||||||
Convertible notes | — | — | 1,043 | 503 | 20 | 169 | |||||||||||||||||||
Warrants to purchase convertible preferred stock | — | 70 | — | 31 | — | 61 | |||||||||||||||||||
Warrants to purchase common stock | — | — | 86 | — | 22 | — | |||||||||||||||||||
Weighted average shares outstanding for diluted net loss per share | 1,277 | 1,347 | 14,017 | 13,422 | 5,229 | 5,417 | |||||||||||||||||||
Diluted net loss per share: | $ | (2.36 | ) | $ | (2.67 | ) | $ | (0.53 | ) | $ | (0.80 | ) | $ | (3.86 | ) | $ | (4.63 | ) | |||||||
The corrections have no impact on the Company’s consolidated balance sheets, net loss, net loss attributable to common stockholders, basic net loss per share, or the consolidated statements of comprehensive loss, convertible preferred stock and stockholders’ equity (deficit), and cash flows for any of the above mentioned periods. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||
ASC 820, Fair Value Measurements (ASC 820), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||
ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: | |||||||||||||||||
n | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
n | Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||
n | Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 5,069 | $ | 5,069 | $ | — | $ | — | |||||||||
DECEMBER 31, 2013 | |||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 16,268 | $ | 16,268 | $ | — | $ | — | |||||||||
The money market funds held as of March 31, 2014, and December 31, 2013, were in active markets and, therefore, are measured based on the Level 1 valuation hierarchy. |
ShortTerm_Investments
Short-Term Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Short-Term Investments | ' | ||||||||||||||||
4. Short-Term Investments | |||||||||||||||||
The Company’s short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. Certificates of deposit are stated at their amortized cost with realized gains or losses, if any, reported as other income or expenses in the consolidated statements of operations. The Company routinely evaluates the realizability of its short-term investments and recognizes an impairment charge when a decline in the estimated fair value of a short-term investment is below the amortized cost and determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than amortized cost, any adverse changes in the investee’s financial condition, and the Company’s intent and ability to hold the short-term investment for a period of time sufficient to allow for any anticipated recovery in market value. To date, the Company has not recognized any losses on its short-term investments. | |||||||||||||||||
The amortized cost and estimated fair values of short-term investments are summarized in the following table (in thousands): | |||||||||||||||||
MARCH 31, 2014 | |||||||||||||||||
AMORTIZED | GROSS | GROSS | ESTIMATED | ||||||||||||||
COST | UNREALIZED | UNREALIZED | FAIR VALUE | ||||||||||||||
GAINS | LOSSES | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||
Certificates of deposit, with maturities less than 1 year | $ | 2,664 | $ | — | $ | — | $ | 2,664 | |||||||||
DECEMBER 31, 2013 | |||||||||||||||||
AMORTIZED | GROSS | GROSS | ESTIMATED | ||||||||||||||
COST | UNREALIZED | UNREALIZED | FAIR VALUE | ||||||||||||||
GAINS | LOSSES | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||
Certificates of deposit, with maturities less than 1 year | $ | 13,677 | $ | — | $ | (4 | ) | $ | 13,673 | ||||||||
The short-term investments as of March 31, 2014 and December 31, 2013 were in inactive markets and, therefore, the estimated fair value is measured based on the Level 2 valuation hierarchy. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
5. Inventories | |||||||||
Inventories, net consist of the following (in thousands): | |||||||||
MARCH 31, | DECEMBER 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 5,913 | $ | 5,355 | |||||
Work in progress | 2,640 | 2,917 | |||||||
Finished goods | 4,284 | 3,394 | |||||||
$ | 12,837 | $ | 11,666 |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
15. Subsequent Events | |
In April 2014, the Company entered into an agreement with a bank for a revolving line of credit, which allows the Company to borrow up to $5,000,000 with an interest rate of 1.5%. The line of credit is payable in full upon the bank’s demand, if no demand is made, it is payable in full in April 2015. Interest is payable monthly beginning in May 2014. In accordance with the terms of the agreement, the Company deposited $5,000,000 into a restricted deposit account with the bank as collateral. | |
In April 2014, the Company entered into an agreement to amend the lease agreement for the new office and laboratory facility located in Davis, California. The amendment extends the commencement date to the later of August 1, 2014 or substantial completion of initial improvements. In addition, the square footage leased was reduced to 27,303 square feet and the monthly base rent was reduced to $44,000 per month for the first 12 months, with a 3% increase each year thereafter. | |
Concurrent with this amendment in April 2014, the Company entered into a lease agreement with an affiliate of the landlord to lease 17,438 square feet of office and laboratory space in the same building complex in Davis, California. The initial term of the lease is for a period of 60 months commencing on the date of substantial completion of initial improvements. If the premises are not delivered by September 1, 2014, then the Company can terminate the lease at any time prior to January 1, 2015. The monthly base rent is $28,000 with a 3% increase each year thereafter. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying financial information as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 have been prepared by the Company, without audit, in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the opinion of management, the condensed consolidated financial statements as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 reflect all adjustments, which are normal recurring adjustments, necessary to present a fair statement of financial position, results of operations, comprehensive loss and cash flows. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full fiscal year or any future periods. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conformity with GAAP requires the use of estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates. | The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company considers all highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit, money market funds and certificates of deposit accounts (CDs) with U.S. financial institutions. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash and cash equivalents balances with financial institutions are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on these deposits. | The Company considers all highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit, money market funds and certificates of deposit accounts (CDs) with U.S. financial institutions. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash and cash equivalents balances with financial institutions are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on these deposits. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s restricted cash consisted of cash that the Company was contractually obligated as of December 31, 2012 to use to pay off the entire indebtedness of the promissory note entered into in April 2012 with an original principal balance of $10,000,000. The Company paid the outstanding balance of the promissory note in January 2013, and as of December 31, 2013, had no remaining contractual obligations which restricted the use of cash. See Note 8 for further discussion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | Short-Term Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. Certificates of deposit are stated at their amortized cost with realized gains or losses, if any, reported as other income or expenses in the condensed consolidated statements of operations. The Company routinely evaluates the realizability of its short-term investments and recognizes an impairment charge when a decline in the estimated fair value of a short-term investment is below the amortized cost and determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than amortized cost, any adverse changes in the investee’s financial condition, and the Company’s intent and ability to hold the short-term investment for a period of time sufficient to allow for any anticipated recovery in market value. To date, the Company has not recognized any losses on its short-term investments. | The Company’s short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. Certificates of deposit are stated at their amortized cost with realized gains or losses, if any, reported as other income or expenses in the consolidated statements of operations. The Company routinely evaluates the realizability of its short-term investments and recognizes an impairment charge when a decline in the estimated fair value of a short-term investment is below the amortized cost and determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than amortized cost, any adverse changes in the investee’s financial condition, and the Company’s intent and ability to hold the short-term investment for a period of time sufficient to allow for any anticipated recovery in market value. To date, the Company has not recognized any losses on its short-term investments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair values of short-term investments are summarized in the following table (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMORTIZED | GROSS | GROSS | ESTIMATED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COST | UNREALIZED | UNREALIZED | FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAINS | LOSSES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit, with maturities less than 1 year | $ | 13,677 | $ | — | $ | (4 | ) | $ | 13,673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The short-term investments at December 31, 2013 were in inactive markets and, therefore, the estimated fair value is measured based on the Level 2 valuation hierarchy. The Company did not have any investments in securities as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 820, Fair Value Measurements (ASC 820), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three tier value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
n | Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
n | Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
n | Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 16,268 | $ | 16,268 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 7,668 | $ | 7,668 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrant liability | $ | 301 | $ | — | $ | — | $ | 301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock warrant liability | 1,884 | — | — | 1,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | 41,860 | — | — | 41,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 44,045 | $ | — | $ | — | $ | 44,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The money market funds held as of December 31, 2013 and 2012 were in active markets and, therefore, are measured based on the Level 1 valuation hierarchy. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company estimated the fair value of the common and preferred stock warrant liabilities as of December 31, 2012 using the Probability Weighted Expected Return Method (PWERM), which analyzes the returns afforded to common equity holders under multiple future scenarios. Under the PWERM, share value is based upon the probability-weighted present value of expected future net cash flows (distributions to stockholders), considering each of the possible future events and giving consideration to the rights and preferences of each share class. This method is most appropriate when the long-term outlook for an enterprise is largely known and multiple future scenarios can be reasonably estimated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The common and preferred stock warrant liabilities were valued by a PWERM valuation using six scenarios, which included three initial public offering scenarios, two merger scenarios and a sale of the Company’s intellectual property. An annual discount rate of 35% was applied to the PWERM valuations as of December 31, 2012. The common stock warrant liability valuation also included an 18% discount for lack of marketability as of December 31, 2012. As the PWERM estimates the fair value of the common and preferred stock warrant liabilities using unobservable inputs, it is considered to be a Level 3 fair value measurement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective on the date of the IPO, under ASC 815-40-15, Contracts in Entity’s Own Equity (ASC 815-40-15), the common and preferred stock warrant liabilities were considered to be indexed to the Company’s stock, and accordingly, the total warrants liability of $2,669,000 was reclassified and included in stockholders’ equity (deficit) as of December 31, 2013. The Company revalued the warrants immediately prior to the IPO. The fair value of the warrants which would have expired on the date of the IPO unless exercised was determined using the intrinsic method based on the IPO price of $12.00 per share, which is deemed a Level 2 fair value measurement. The fair value of the warrants that would not have expired on the date of the IPO regardless of whether or not they were exercised was determined using the Black-Scholes-Merton option-pricing model, which is deemed a Level 3 fair value measurement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a result of the change in estimated fair value between December 31, 2012 or the issuance dates of the warrants issued during the year ended December 31, 2013 and the closing of the IPO, the Company recognized a net gain from the total change in estimated fair value of the common and preferred stock warrant liabilities as shown in the tables below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the common and preferred stock warrant liabilities measured at fair value using significant unobservable inputs (Level 3). The amounts included in the “Transfers out of Level 3” represent the beginning balance in the interim quarter during which it was transferred (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued | 900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | 377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (434 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified to stockholders’ equity (deficit) | (1,144 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREFERRED | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 1,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | (823 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (140 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified to stockholders’ equity (deficit) | (921 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective on the date of the IPO, all of the Company’s convertible notes were converted into shares of common stock. Prior to the IPO, convertible notes were valued by a PWERM valuation utilizing inputs similar to those used for estimating fair values of the common and preferred stock warrant liabilities described above. A discount rate of 25% was used for valuing the March and October 2012 Convertible Notes, defined in Note 9, as of December 31, 2012. A discount rate of 18% was used for valuing the October 2012 Subordinated Convertible Notes and the December 2012 Convertible Note, both defined in Note 9, as of December 31, 2012. These annual discount rates were applied in the PWERM valuation as of December 31, 2012. The Company revalued the convertible notes immediately prior to the IPO. As a result of the IPO, the number of shares to be issued became known and the Company estimated the fair value of the convertible notes using the intrinsic method based on the IPO price of $12.00 per share, which is deemed a Level 2 fair value measurement. Due to the change in estimated fair values between December 31, 2012 or the issuance dates of the convertible notes issued during the year ended December 31, 2013 and the closing of the IPO, the Company recognized a gain from the change in estimated fair value of the convertible notes as shown in the table below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the convertible notes measured at fair value using significant unobservable inputs (Level 3). The amounts included in the “Transfers out of Level 3” represent the beginning balance in the interim quarter during which it was transferred (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 41,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes issued | 9,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes cancelled | (1,360 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 1,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | (2,634 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (48,234 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, as noted above, there were $574,000 of preferred and common stock warrants and $48,234,000 of convertible notes transferred from the Level 3 to Level 2 category. There were no such transfers from the Level 3 to Level 2 category during the year ended December 31, 2012. Further, there were no transfers from the Level 2 to Level 1 category during the years ended December 31, 2013 or 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments, accounts receivable and debt. The Company deposits its cash, cash equivalents and short-term investments with high credit quality domestic financial institutions with locations in the U.S. Such deposits may exceed federal deposit insurance limits. The Company believes the financial risks associated with these financial instruments are minimal. | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments, accounts receivable and debt. The Company deposits its cash, cash equivalents and short-term investments with high credit quality domestic financial institutions with locations in the U.S. Such deposits may exceed federal deposit insurance limits. The Company believes the financial risks associated with these financial instruments are minimal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s customer base is dispersed across many different geographic areas, and currently most customers are pest management distributors in the U.S. Generally, receivables are due up to 120 days from the invoice date and are considered past due after this date, although the Company may offer extended terms from time to time. | The Company’s customer base is dispersed across many different geographic areas, and currently most customers are pest management distributors in the U.S. Generally, receivables are due up to 120 days from the invoice date and are considered past due after this date, although the Company may offer extended terms from time to time. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, 8%, 20% and 7%, respectively, of the Company’s revenues were generated from international customers. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, 5% and 14%, respectively, of the Company’s revenues were generated from international customers. | From inception through December 31, 2012, the Company’s principal source of revenues was its Regalia product line. During the year ended December 31, 2013, Grandevo and Regalia were the principal sources of the Company’s total revenues. During the years ended December 31, 2013, 2012 and 2011, these two product lines accounted for 97%, 96% and 96%, respectively, of the Company’s total revenues. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s principal sources of revenues are its Regalia and Grandevo product lines. For the three months ended March 31, 2014 and 2013, 87% and 97%, respectively, of the Company’s revenues were generated from sales of Grandevo and Regalia. | Customers with 10% or more of the Company’s total revenues consist of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s total revenues consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | A | B (1) | C | D | E | ||||||||||||||||||||||||||||||||||||||||||||||||||
A | B | C (1) | D | E | F | G | H | For the years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, | 2013 | 28 | % | 10 | % | * | * | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 17 | % | 15 | % | 12 | % | 11 | % | 11 | % | * | * | * | 2012 | 33 | % | * | 13 | % | 12 | % | * | ||||||||||||||||||||||||||||||||||||||||
2013 | 13 | % | * | * | * | * | 17 | % | 15 | % | 11 | % | 2011 | 39 | % | * | * | 17 | % | 10 | % | |||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of total revenues | * | Represents less than 10% of total revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents related party revenues. See Note 14 for further discussion. | (1) | Represents related party revenues. See Note 18 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s outstanding accounts receivable consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s outstanding accounts receivable consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B (1) | C | D | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | 16 | % | 15 | % | 11 | % | 10 | % | A | B (1) | C | D | E | F | G | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | 19 | % | 13 | % | 11 | % | 12 | % | December 31, 2013 | 19 | % | 13 | % | 12 | % | 11 | % | * | * | * | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | * | * | * | 33 | % | 17 | % | 11 | % | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents accounts receivable from related parties. See Note 14 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of accounts receivable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents accounts receivable from related parties. See Note 18 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentrations of Supplier Dependence | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentrations of Supplier Dependence | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The active ingredient in the Company’s Regalia product line is derived from the giant knotweed plant, which the Company obtains from China. The Company’s single supplier acquires raw knotweed from numerous regional sources and performs an extraction process on this plant, creating a dried extract that is shipped to the Company’s third- party manufacturer in the U.S. A disruption at this supplier’s manufacturing site or a disruption in trade between the U.S. and China could negatively impact sales of Regalia. The Company currently uses one supplier and does not have a long-term supply contract with this supplier. Although the Company has identified additional sources of knotweed, there can be no assurance that the Company will continue to be able to obtain dried extract from China at a competitive price. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s receivables represents their estimated net realizable values. The Company generally does not require collateral and estimates any required allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables, and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectibility of those balances and the allowance is recorded accordingly. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. During the years ended December 31, 2013 and 2012, no receivable balances were written-off. As of December 31, 2013 and 2012, the Company had no allowance for doubtful accounts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories are stated at the lower of cost or market value (net realizable value or replacement cost) and include the cost of material and external labor and manufacturing costs. Cost is determined on the first-in, first-out basis. The Company provides for inventory reserves when conditions indicate that the selling price may be less than cost due to physical deterioration, obsolescence, changes in price levels, or other factors. Additionally, the Company provides reserves for excess and slow-moving inventory on hand that is not expected to be sold to reduce the carrying amount of excess slow-moving inventory to its estimated net realizable value. The reserves are based upon estimates about future demand from the Company’s customers and distributors and market conditions. As of March 31, 2014 and December 31, 2013, the Company had $45,000 in reserves against its inventories. | Inventories are stated at the lower of cost or market value (net realizable value or replacement cost) and include the cost of material and external labor and manufacturing costs. Cost is determined on the first-in, first-out basis. The Company provides for inventory reserves when conditions indicate that the selling price may be less than cost due to physical deterioration, obsolescence, changes in price levels, or other factors. Additionally, the Company provides reserves for excess and slow-moving inventory on hand that is not expected to be sold to reduce the carrying amount of excess slow-moving inventory to its estimated net realizable value. The reserves are based upon estimates about future demand from the Company’s customers and distributors and market conditions. As of December 31, 2013, the Company had $45,000 in reserves against its inventories. As of December 31, 2012, the Company had no reserves against its inventories. During the year ended December 31, 2013, the Company recorded, as a component of cost of product revenues, an inventory write-off of $205,000 primarily due to abnormal scrap and the identification of inventory that was not suitable for sale and an adjustment of $194,000 to write-down its Zequanox inventory to net realizable value. During the year ended December 31, 2012, the Company recorded, as a component of cost of product revenues, an inventory write-off of $913,000 primarily due to an early formulation of the Zequanox line of products that was not suitable for sale. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net consist of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raw materials | $ | 5,355 | $ | 3,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Work in progress | 2,917 | 607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finished goods | 3,394 | 1,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 11,666 | $ | 4,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Cost of Product Revenues | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Cost of Product Revenues | Deferred Cost of Product Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred cost of product revenues are stated at the lower of cost or net realizable value and include product sold where title has transferred but the criteria for revenue recognition have not been met. As of March 31, 2014 and December 31, 2013, the Company had $308,000 and $418,000, respectively, of current deferred cost of product revenues, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets. | Deferred cost of product revenues are stated at the lower of cost or net realizable value and include product sold where title has transferred but the criteria for revenue recognition have not been met. As of December 31, 2013, the Company recorded current deferred cost of product revenues of $418,000 which is included in prepaid expenses and other current assets in the consolidated balance sheets. As of December 31, 2012, the Company had no deferred cost of product revenues. During the year ended December 31, 2013, the Company recorded an adjustment of $174,000 to write down the carrying value of deferred cost of product revenues to net realizable value. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives. The Company generally uses the following estimated useful lives for each asset category: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET CATEGORY | ESTIMATED USEFUL LIFE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computer equipment | 2-3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery and equipment | 3-20 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office equipment | 3-5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture | 3-5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | Shorter of lease term or useful life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of assets under capital leases is included in depreciation expense. Maintenance, repairs and minor renewals are expensed as incurred. Expenditures that substantially increase an asset’s useful life are capitalized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon the amendment or termination of debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Debt Modifications and Extinguishments (ASC 470-50-40). As of December 31, 2013, $458,000 and $148,000 of the deferred financing costs were recorded as a component of current and non-current other assets, respectively, and are being amortized to interest expense. As of December 31, 2012, $145,000 and $261,000 of the deferred financing costs were recorded as a component of current and non-current other assets, respectively, and are being amortized to interest expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment losses related to long-lived assets are recognized in the event the net carrying value of such assets is not recoverable and exceeds fair value. The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset (asset group). If an asset is considered is not recoverable, the impairment loss is measured as the amount by which the carrying value of the asset group exceeds its estimated fair value. To date, the Company has not recognized any such impairment loss associated with its long-lived assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Warrant Liability | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Warrant Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company accounted for outstanding warrants exercisable into shares of its preferred stock as liability instruments as the preferred stock into which these warrants were convertible were contingently redeemable upon the occurrence of certain events or transactions. The Company adjusted the warrant instruments to fair value at each reporting period with the change in fair value recorded as a component of change in estimated fair value of financial instruments in the consolidated statements of operations. Effective on the date of the IPO, under ASC 815-40-15, the preferred stock warrant liabilities were considered to be indexed to the Company’s stock, and accordingly, the total warrants liability was reclassified and included in stockholders’ equity (deficit) as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Warrant Liability | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Warrant Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company issued detachable common stock warrants in connection with the October 2012 and April 2013 Junior Secured Promissory Notes as defined and discussed in Note 8 to purchase a variable number of the Company’s shares of common stock based on a fixed monetary amount. As the predominant settlement feature of these common stock warrants was to settle a fixed monetary amount in a variable number of shares, these common stock warrants fell within the scope of ASC 480, Distinguishing Liabilities from Equity (ASC 480). Accordingly, these common stock warrants were recorded at estimated fair value on their issuance date and were adjusted to their estimated fair value as of each reporting date with the change in estimated fair value recorded as a component of change in estimated fair value of financial instruments in the accompanying consolidated statements of operations. Effective on the date of the IPO, under ASC 815-40-15, the common stock warrant liabilities were considered to be indexed to the Company’s stock, and accordingly, the total warrants liability was reclassified and included in stockholders’ equity (deficit) as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and transfer of title has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured, unless contractual obligations, acceptance provisions or other contingencies exist. If such obligations or provisions exist, revenue is recognized after such obligations or provisions are fulfilled or expire. | The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and transfer of title has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured, unless contractual obligations, acceptance provisions or other contingencies exist. If such obligations or provisions exist, revenue is recognized after such obligations or provisions are fulfilled or expire. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product revenues consist of revenues generated from sales to distributors and from sales of the Company’s products to direct customers, net of rebates and cash discounts. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor in comparison to the Company’s historical terms are considered to be longer than normal payment terms, the distributor history of adhering to the terms of its contractual arrangements with the Company, whether the Company has a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may indicate that the sale to the distributor is not substantive. When the Company offers payment terms that are considered to be extended in comparison to the Company’s historical terms, the Company considers the arrangement not to be fixed or determinable, and accordingly, revenue is deferred until payment is due. The costs associated with such deferral are also deferred and classified in prepaid expenses and other current assets in the condensed consolidated balance sheets. The Company currently recognizes revenue primarily on the sell-in method with its distributors. Distributors generally do not have price protection or return rights. | Product revenues consist of revenues generated from sales to distributors and from sales of the Company’s products to direct customers, net of rebates and cash discounts. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor in comparison to the Company’s historical terms are considered to be longer than normal payment terms, the distributor history of adhering to the terms of its contractual arrangements with the Company, whether the Company has a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may indicate that the sale to the distributor is not substantive. When the Company offers payment terms that are considered to be extended in comparison to the Company’s historical terms, the Company considers the arrangement not to be fixed or determinable, and accordingly, revenue is deferred until payment is due. The costs associated with such deferral are also deferred and classified in prepaid expenses and other current assets in the consolidated balance sheets. The Company currently recognizes revenue primarily on the sell-in method with its distributors. Distributors do not have price protection or return rights. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had current deferred product revenues of $824,000 and $1,016,000, respectively. | As of December 31, 2013, the Company recorded current deferred product revenues of $1,016,000. As of December 31, 2012, the Company had no deferred product revenues. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
From time to time, the Company offers certain product rebates, which are recorded as reductions to product revenues. An accrued liability for these product rebates is recorded at the time the revenues are recorded. | From time to time, the Company offers certain product rebates, which are recorded as reductions to product revenues. An accrued liability for these product rebates is recorded at the time the revenues are recorded. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes license revenues pursuant to strategic collaboration and distribution agreements under which the Company receives payments for the achievement of testing validation, regulatory progress and commercialization events. As these activities and payments are associated with exclusive rights that the Company provides in connection with strategic collaboration and distribution agreements over the term of the agreements, revenues related to the payments received are deferred and recognized over the term of the exclusive distribution period of the respective agreement. No payments were received under these agreements during the three months ended March 31, 2014 and 2013. For the three months ended March 31, 2014 and 2013, the Company recognized $45,000 and $48,000, respectively, as license revenues in the accompanying condensed consolidated statements of operations. | The Company recognizes license revenues pursuant to strategic collaboration and distribution agreements under which the Company receives payments for the achievement of testing validation, regulatory progress and commercialization events. As these activities and payments are associated with exclusive rights that the Company provides in connection with strategic collaboration and distribution agreements over the term of the agreements, revenues related to the payments received are deferred and recognized over the term of the exclusive distribution period of the respective agreement. For the years ended December 31, 2012 and 2011, the Company received payments totaling $1,533,000 and $833,000, respectively, of which $1,000,000 was received from a related party for the year ended December 31, 2012. No payments were received under these agreements during the year ended December 31, 2013. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $193,000, $179,000 and $57,000, respectively, as license revenues, excluding related party revenues, in the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the Company recognized $328,000 and $33,000 of related party revenues under these agreements, respectively, based on the terms of the Company’s agreements with Syngenta, an affiliate of one of our 5% stockholders, of which, $292,000 was recognized during the three months ended March 31, 2014 upon the termination of one of these agreements. | For the year ended December 31, 2013, the Company recognized $131,000 of related party revenues under these agreements based on the terms of the Company’s commercial agreement with Syngenta, an affiliate of one of our 5% stockholders. In addition, in connection with the December 2012 Convertible Note issued to a related party in December 2012, which is described in Note 9, the Company recorded a reduction of license revenues included in related party revenues of $110,000 for the year ended December 31, 2012. There were no related party license revenues recognized for the years ended December 31, 2012 and 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014, the Company recorded current and non-current deferred revenues of $224,000 and $1,099,000, respectively, related to payments received under these agreements, of which $31,000 and $404,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s commercial agreement with Syngenta. At December 31, 2013, the Company recorded current and non-current deferred revenues of $324,000 and $1,372,000, respectively, related to payments received under these agreements, of which $131,000 and $628,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s agreements with Syngenta. | At December 31, 2013, the Company recorded current and non-current deferred revenues of $324,000 and $1,372,000, respectively, related to payments received under these agreements, of which $131,000 and $628,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s commercial agreement with Syngenta. At December 31, 2012, the Company recorded current and non-current deferred revenues of $324,000 and $1,696,000, respectively, related to payments received under these agreements, of which $131,000 and $759,000, respectively, related to deferred revenues from related parties based on the terms of the Company’s commercial agreement with Syngenta. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research, Development and Patent Expenses | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research, Development and Patent Expenses | Research, Development and Patent Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenditures, which primarily consist of payroll-related expenses, toxicology costs, regulatory costs, consulting costs and lab costs, and patent expenses, which primarily consist of legal costs relating to the patents and patent filing costs, are expensed to operations as incurred. For the three months ended March 31, 2014 and 2013, research and development expenses totaled $3,985,000 and $3,064,000, respectively, and patent expenses totaled $297,000 and $219,000, respectively. | Research and development expenditures, which primarily consist of payroll-related expenses, toxicology costs, regulatory costs, consulting costs and lab costs, and patent expenses, which primarily consist of legal costs relating to the patents and patent filing costs, are expensed to operations as incurred. For the years ended December 31, 2013, 2012 and 2011, research and development expenses totaled $16,827,000, $12,140,000 and $9,133,000, respectively, and patent expenses totaled $987,000, $601,000 and $277,000, respectively. Grants received from third parties for research and development activities are recorded as reductions of expense over the term of the agreement as the related activities are conducted. For the years ended December 31, 2012 and 2011, the Company received payments under grants totaling $140,000 and $164,000, respectively. There were no grants received for the year ended December 31, 2013. Of these amounts, $31,000 was recorded in accrued liabilities as accrued grant proceeds for which the underlying grant services had not been provided as of December 31, 2011. There were no accrued grant proceeds for the years ended December 31, 2013 and 2012. For the years ended December 31, 2012 and 2011, the Company reduced research and development expenses by $171,000 and $195,000, respectively, as services were performed under the grants. There was no reduction to research and development expenses for services performed under grants for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts billed for shipping and handling are included as a component of product revenues. Related costs for shipping and handling have been included as a component of cost of product revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company expenses advertising costs as incurred. Advertising costs for the years ended December 31, 2013, 2012 and 2011, were $760,000, $609,000 and $286,000, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes share-based compensation expense for all stock options made to employees and directors based on estimated fair values. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company estimates the fair value of stock options on the date of grant using an option-pricing model. The value of the portion of the stock options that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For purposes of determining the Company’s historical share-based compensation expense, it used the Black-Scholes-Merton (BSM) option-pricing model to calculate the estimated fair value of stock options on the measurement date (generally, the grant date). This model requires inputs for the expected life of the stock options, estimated volatility factor, risk-free interest rate, and expected dividend yield. The Company’s estimates of forfeiture rates also affect the amount of aggregate compensation expense. These inputs are subjective and generally require significant judgment. For the years ended December 31, 2013, 2012 and 2011, the Company calculated the fair value of stock options granted using the following assumptions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR ENDED DECEMBER 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | 5.29-7.71 | 5.00-6.08 | 5.00-6.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated volatility factor | 0.70-0.75 | 0.72-0.76 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.27%-2.11% | 0.74%-1.16% | 0.86%-2.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend yield | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Life—The Company’s expected life represents the period that its share-based payment awards are expected to be outstanding. The Company uses the “simplified method” in accordance with Staff Accounting Bulletin (SAB) No. 107, Share-Based Payment, and SAB No. 110, Simplified Method for Plain Vanilla Share Options, to develop the expected term of options determined to be “plain vanilla.” Under this approach, the expected term is presumed to be the midpoint between the vesting date and the contractual end of the option grant. For stock options granted with an exercise price not equal to the determined fair market value, the Company estimates the expected life based on historical data and management’s expectations about exercises and post-vesting termination behavior. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Volatility Factor—The Company uses the calculated volatility based upon the trading history and calculated volatility of the common stock of comparable agricultural biotechnology companies in determining an estimated volatility factor. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-Free Interest Rate—The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury constant-maturity securities with the same or substantially equivalent remaining term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Dividend Yield—The Company has not declared dividends nor does it expect to in the foreseeable future. Therefore, a zero value was assumed for the expected dividend yield. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Forfeitures—When estimating forfeitures, the Company considers voluntary and involuntary termination behavior and actual option forfeitures. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
If in the future the Company determines that other methods are more reasonable, or other methods for calculating these assumptions are prescribed by authoritative guidance, the fair value calculated for the Company’s stock options could change significantly. Higher volatility and longer expected lives result in an increase to share-based compensation expense determined at the grant date. Share-based compensation expense affects the Company’s research, development and patent expense and selling, general and administrative expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense), Net | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense), Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net included net losses resulting from foreign currency transactions in the amount of $53,000 and $54,000 for the years ended December 31, 2013 and 2012, respectively. There were no losses from foreign currency transactions for the year ended December 31, 2011. In addition, in 2013, other income (expense), net included a loss on disposal of fixed assets totaling $231,000. There were no losses on disposals of fixed assets during the years ended December 31, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent deferred tax assets cannot be recognized under the preceding criteria, the Company establishes valuation allowances as necessary to reduce deferred tax assets to the amounts expected to be realized. As of December 31, 2013 and 2012, all deferred tax assets were fully offset by a valuation allowance. Realization of deferred tax assets is dependent upon future federal, state, and foreign taxable income. The Company’s judgments regarding deferred tax assets may change as the Company expands into international jurisdictions, due to future market conditions, changes in U.S. or international tax laws, and other factors. These changes, if any, may require possible material adjustments to these deferred tax assets, resulting in a reduction in net income or an increase in net loss in the period when such determinations are made. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognizes liabilities for uncertain tax positions based upon a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty; no benefit is recognized in the consolidated financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company’s policy is to analyze the Company’s tax positions taken with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction). As of December 31, 2013 and 2012, the Company has concluded that no uncertain tax positions were required to be recognized in its consolidated financial statements. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense. No amounts were recognized for interest and penalties during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Loss | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss represents the net loss for the period plus the results of certain changes to stockholders’ equity (deficit) that are not reflected in the consolidated statements of operations, if applicable. The only component of the Company’s comprehensive loss for the periods presented is net loss. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net loss per share, which excludes dilution, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, convertible notes, convertible preferred stock and warrants, result in the issuance of common stock which share in the losses of the Company. Certain potential shares of common stock have been excluded from the computation of diluted net loss per share for certain periods as their effect would be anti-dilutive. Such potentially dilutive shares are excluded when the effect would be to reduce the loss per share. The treasury stock method has been applied to determine the dilutive effect of warrants. See Note 4 for further discussion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is organized as a single operating segment, whereby its chief operating decision maker assesses the performance of and allocates resources to the business as a whole. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no new accounting pronouncements issued during the three months ended March 31, 2014 that are of significance, or potential significance, to the Company. | There have been no new accounting pronouncements issued during the year ended December 31, 2013 that are of significance, or potential significance, to the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications | Reclassifications | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no effect on previously reported net income. | Certain amounts in 2012 and 2011 have been reclassified to conform with the 2013 financial statement presentations. These reclassifications have no effect on previously reported net income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On July 19, 2012 (Acquisition Date), the Company purchased land, a building and equipment (Manufacturing Plant) for $1,459,000, including $341,000 of transaction costs. The Manufacturing Plant is located in Bangor, Michigan. Prior to the acquisition, the Manufacturing Plant was owned by a bank and sold in a foreclosure auction. Accordingly, the purchase price for the Manufacturing Plant was less than the estimated fair value of the assets acquired by $257,000. The excess of fair value of the assets acquired over the purchase price was allocated on a relative fair value basis to all assets acquired. The acquisition of the Manufacturing Plant will allow the Company to manufacture certain products internally and improve the overall operating efficiencies and margins of the business as the production of these products historically has been outsourced. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The acquisition was accounted for as an asset acquisition in accordance with ASC 805, Business Combinations (ASC 805). The assets acquired under the Manufacturing Plant acquisition have been included in the Company’s condensed consolidated financial statements from the Acquisition Date. The purchase price was allocated to assets acquired as of the Acquisition Date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to the allocation of the excess of fair value of the assets acquired over the purchase price, the assets acquired are first measured at their fair values. The Company engaged a third-party valuation firm to assist with its estimated fair value of the assets acquired. The following methods and assumptions are used to estimate the fair value of each class of asset acquired: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land—Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales are based on both the quantitative and qualitative data. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building—The cost approach, market approach and income approach were used to assess fair value. Cost approach is based on replacement cost new less depreciation adjusted for physical deterioration, functional obsolescence and external/economic obsolescence, as applicable. The market approach is based on similar, but not identical, transactions in the market using both quantitative and qualitative data. The income approach is based on the direct capitalization method using similar but not identical lease rates and making an assessment of net operating income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment—Both the cost approach and the market approach were used to assess fair value. Cost approach is based on replacement cost new less depreciation adjusted for physical deterioration, functional obsolescence and external/economic obsolescence, as applicable. The market approach is based on similar, but not identical, transactions in the market using both quantitative and qualitative data. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair value of the assets acquired as of the Acquisition Date, which were determined using Level 2 and 3 inputs as described above (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JULY 19, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building | 314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 1,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets acquired | $ | 1,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As the Manufacturing Plant had not yet been placed in full service as of March 31, 2014, the assets acquired, except the land, were recorded as construction in progress as a component of property, plant and equipment in the accompanying condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013. In addition, interest expense in the amount of $1,271,000 and $801,000 was recorded in construction in progress as of March 31, 2014 and December 31, 2013, respectively. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Values of Short-Term Investments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair values of short-term investments are summarized in the following table (in thousands): | The amortized cost and estimated fair values of short-term investments are summarized in the following table (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARCH 31, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMORTIZED | GROSS | GROSS | ESTIMATED | AMORTIZED | GROSS | GROSS | ESTIMATED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
COST | UNREALIZED | UNREALIZED | FAIR VALUE | COST | UNREALIZED | UNREALIZED | FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAINS | LOSSES | GAINS | LOSSES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit, with maturities less than 1 year | $ | 2,664 | $ | — | $ | — | $ | 2,664 | Certificates of deposit, with maturities less than 1 year | $ | 13,677 | $ | — | $ | (4 | ) | $ | 13,673 | ||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMORTIZED | GROSS | GROSS | ESTIMATED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COST | UNREALIZED | UNREALIZED | FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAINS | LOSSES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit, with maturities less than 1 year | $ | 13,677 | $ | — | $ | (4 | ) | $ | 13,673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the common and preferred stock warrant liabilities measured at fair value using significant unobservable inputs (Level 3). The amounts included in the “Transfers out of Level 3” represent the beginning balance in the interim quarter during which it was transferred (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued | 900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | 377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (434 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified to stockholders’ equity (deficit) | (1,144 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREFERRED | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WARRANT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 1,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | (823 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (140 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified to stockholders’ equity (deficit) | (921 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending balances for the convertible notes measured at fair value using significant unobservable inputs (Level 3). The amounts included in the “Transfers out of Level 3” represent the beginning balance in the interim quarter during which it was transferred (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2012 | $ | 41,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes issued | 9,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes cancelled | (1,360 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 1,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in change in fair value of financial instruments | (2,634 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (48,234 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Concentration of Credit Risk Percentage | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s total revenues consist of the following: | Customers with 10% or more of the Company’s total revenues consist of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | ||||||||||||||||||||||||||||||||||||||||||||||||||
A | B | C (1) | D | E | F | G | H | A | B (1) | C | D | E | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 17 | % | 15 | % | 12 | % | 11 | % | 11 | % | * | * | * | 2013 | 28 | % | 10 | % | * | * | * | |||||||||||||||||||||||||||||||||||||||||
2013 | 13 | % | * | * | * | * | 17 | % | 15 | % | 11 | % | 2012 | 33 | % | * | 13 | % | 12 | % | * | |||||||||||||||||||||||||||||||||||||||||
2011 | 39 | % | * | * | 17 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of total revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents related party revenues. See Note 14 for further discussion. | * | Represents less than 10% of total revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s outstanding accounts receivable consist of the following: | (1) | Represents related party revenues. See Note 18 for further discussion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers with 10% or more of the Company’s outstanding accounts receivable consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B (1) | C | D | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | 16 | % | 15 | % | 11 | % | 10 | % | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | CUSTOMER | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | 19 | % | 13 | % | 11 | % | 12 | % | A | B (1) | C | D | E | F | G | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | 19 | % | 13 | % | 12 | % | 11 | % | * | * | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | * | * | * | 33 | % | 17 | % | 11 | % | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents accounts receivable from related parties. See Note 14 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Represents less than 10% of accounts receivable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents accounts receivable from related parties. See Note 18 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment Estimated Useful Lives | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company generally uses the following estimated useful lives for each asset category: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET CATEGORY | ESTIMATED USEFUL LIFE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building | 30 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computer equipment | 2-3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery and equipment | 3-20 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office equipment | 3-5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture | 3-5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements | Shorter of lease term or useful life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions of Stock Options Granted | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company calculated the fair value of stock options granted using the following assumptions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR ENDED DECEMBER 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | 5.29-7.71 | 5.00-6.08 | 5.00-6.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated volatility factor | 0.70-0.75 | 0.72-0.76 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.27%-2.11% | 0.74%-1.16% | 0.86%-2.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected dividend yield | — | — | — |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 (in thousands): | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||
Money market funds | $ | 5,069 | $ | 5,069 | $ | — | $ | — | Money market funds | $ | 16,268 | $ | 16,268 | $ | — | $ | — | |||||||||||||||||
DECEMBER 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||
Money market funds | $ | 16,268 | $ | 16,268 | $ | — | $ | — | Money market funds | $ | 7,668 | $ | 7,668 | $ | — | $ | — | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Common stock warrant liability | $ | 301 | $ | — | $ | — | $ | 301 | ||||||||||||||||||||||||||
Preferred stock warrant liability | 1,884 | — | — | 1,884 | ||||||||||||||||||||||||||||||
Convertible notes payable | 41,860 | — | — | 41,860 | ||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 44,045 | $ | — | $ | — | $ | 44,045 | ||||||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ' | ||||||||||||||||
Schedule of Inventories | ' | ' | ||||||||||||||||
Inventories, net consist of the following (in thousands): | Inventories, net consist of the following (in thousands): | |||||||||||||||||
MARCH 31, | DECEMBER 31, | DECEMBER 31 | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Raw materials | $ | 5,913 | $ | 5,355 | Raw materials | $ | 5,355 | $ | 3,204 | |||||||||
Work in progress | 2,640 | 2,917 | Work in progress | 2,917 | 607 | |||||||||||||
Finished goods | 4,284 | 3,394 | Finished goods | 3,394 | 1,061 | |||||||||||||
$ | 12,837 | $ | 11,666 | $ | 11,666 | $ | 4,872 | |||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ' | ||||||||||||
Schedule of Property, Plant and Equipment | ' | ' | ||||||||||||
Property, plant and equipment consist of the following (in thousands): | ||||||||||||||
31-Dec | ||||||||||||||
2013 | 2012 | |||||||||||||
Land | $ | 1 | $ | 1 | ||||||||||
Buildings | — | — | ||||||||||||
Computer equipment and software | 459 | 355 | ||||||||||||
Furniture, fixtures and office equipment | 293 | 192 | ||||||||||||
Machinery and equipment | 4,624 | 2,446 | ||||||||||||
Leasehold improvements | 497 | 472 | ||||||||||||
Construction in progress | 6,503 | 2,103 | ||||||||||||
12,377 | 5,569 | |||||||||||||
Less accumulated depreciation | (2,957 | ) | (2,041 | ) | ||||||||||
$ | 9,420 | $ | 3,528 | |||||||||||
Summary of Estimated Fair Value of Assets Acquired | ' | ' | ||||||||||||
The following table summarizes the estimated fair value of the assets acquired as of the Acquisition Date, which were determined using Level 2 and 3 inputs as described above (in thousands): | The following table summarizes the estimated fair value of the assets acquired as of the Acquisition Date, which were determined using Level 2 and 3 inputs as described above (in thousands): | |||||||||||||
JULY 19, | ||||||||||||||
JULY 19, | 2012 | |||||||||||||
2012 | Land | $ | 1 | |||||||||||
Land | $ | 1 | Building | 314 | ||||||||||
Building | 314 | Equipment | 1,144 | |||||||||||
Equipment | 1,144 | |||||||||||||
Assets acquired | $ | 1,459 | ||||||||||||
Assets acquired | $ | 1,459 | ||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | ' | ' | ||||||||||||||||||||
The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented (in thousands). Such potentially dilutive shares are excluded when the effect would be to reduce the loss per share. The treasury stock method has been applied to determine the dilutive effect of warrants. | The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented (in thousands). Such potentially dilutive shares are excluded when the effect would be to reduce the loss per share. The treasury stock method has been applied to determine the dilutive effect of warrants. | |||||||||||||||||||||
DECEMBER 31 | ||||||||||||||||||||||
31-Mar | 2013 | 2012 | 2011 | |||||||||||||||||||
2014 | 2013 | Convertible preferred stock | — | 8,504 | 8,504 | |||||||||||||||||
Convertible preferred stock | — | 8,504 | Convertible notes(1) | — | — | — | ||||||||||||||||
Convertible notes(1) | — | — | Stock options outstanding | 2,608 | 2,067 | 1,384 | ||||||||||||||||
Stock options outstanding | 2,974 | 2,040 | Warrants to purchase convertible preferred stock | — | 207 | 36 | ||||||||||||||||
Warrants to purchase convertible preferred stock | — | 207 | Warrants to purchase common stock (2) | 151 | — | 5 | ||||||||||||||||
Warrants to purchase common stock (2) | 145 | — | ||||||||||||||||||||
(1) | As of December 31, 2012, the Company had approximately $41,860,000, in contingently convertible notes payable and related accrued interest for which the contingencies related to conversion had not been met as of December 31, 2012. Therefore, it would have no dilutive or anti-dilutive impact until the contingency had been met effective upon the IPO in August 2013. All convertible notes converted to common stock in connection with the IPO. See Note 9 for further discussion. | |||||||||||||||||||||
(2) | In October 2012 and April 2013, the Company issued warrants to purchase a number of shares of common stock equal to 15% of the funded principal amount of the October 2012 and April 2013 Junior Secured Promissory Notes as defined in Note 8, divided by 70% of the value of common stock in a sale of the Company or a qualified initial public offering (Qualified IPO), with an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. In June 2013, the Company issued warrants to purchase a number of shares of common stock equal to 10% of the total committed amount of the June 2013 Credit Facility as defined in Note 8, divided by 70% of the value of common stock in a sale of the Company or a Qualified IPO, with an exercise price of 70% of the value of common stock in a sale of the Company or a Qualified IPO. These warrants were contingently exercisable for which the contingencies related to exercise had not been met until the IPO in August 2013. Therefore, they would have no dilutive or anti-dilutive impact until the contingency had been met in August 2013. See Note 8 for further discussion. | |||||||||||||||||||||
(1) | As of March 31, 2013, the Company had approximately $46,037,000 in contingently convertible notes payable and related accrued interest for which the contingencies related to conversion had not been met until the IPO in August 2013. Therefore, it would have no dilutive or anti-dilutive impact until the contingency had been met in August 2013. | |||||||||||||||||||||
(2) | In October 2012, the Company issued warrants to purchase a number of shares of common stock equal to 15% of the funded principal amount of the October 2012 Junior Secured Promissory Notes as defined in Note 10, divided by 70% of the value of common stock in a sale of the Company or a qualified initial public offering (qualified IPO), with an exercise price of 70% of the value of common stock in a sale of the Company or a qualified IPO. These warrants were contingently exercisable for which the contingencies related to exercise had not been met until the IPO in August 2013. Therefore, they would have no dilutive or anti-dilutive impact until the contingency had been met in August 2013. | |||||||||||||||||||||
Computation of Common Shares Upon Exercise of Warrants and Basic and Diluted Net Loss Per Share | ' | ' | ||||||||||||||||||||
The numbers of shares of common stock issuable upon the exercise of warrants to purchase convertible preferred stock and upon the conversion of convertible preferred stock were at a ratio of one-to-one. | The numbers of shares of common stock issuable upon the exercise of warrants to purchase convertible preferred stock and upon the conversion of convertible preferred stock were at a ratio of one-to-one. | |||||||||||||||||||||
YEAR ENDED DECEMBER 31 | ||||||||||||||||||||||
THREE MONTHS ENDED | 2013 | 2012 | 2011 | |||||||||||||||||||
MARCH 31 | (In thousands, except per share data) | |||||||||||||||||||||
2014 | 2013 | Numerator: | ||||||||||||||||||||
(In thousands, except per share data) | Net loss | $ | (28,489 | ) | $ | (38,794 | ) | $ | (13,180 | ) | ||||||||||||
Numerator: | Deemed dividend on convertible notes | (1,378 | ) | (2,039 | ) | — | ||||||||||||||||
Net loss for basic and diluted net loss per share | $ | (10,246 | ) | $ | (10,749 | ) | ||||||||||||||||
Net loss attributable to common stockholders | $ | (29,867 | ) | $ | (40,833 | ) | $ | (13,180 | ) | |||||||||||||
Denominator | ||||||||||||||||||||||
Weighted average shares outstanding for basic and diluted net loss per share | 19,518 | 1,268 | Effect of potentially dilutive securities: | |||||||||||||||||||
Convertible notes | (4,392 | ) | — | — | ||||||||||||||||||
Basic and diluted net loss per share: | $ | (0.52 | ) | $ | (8.48 | ) | Warrants to purchase preferred stock | (840 | ) | — | — | |||||||||||
Net loss for diluted net loss per share | $ | (35,099 | ) | $ | (40,833 | ) | $ | (13,180 | ) | |||||||||||||
Denominator | ||||||||||||||||||||||
Weighted average shares used for basic net loss per share | 8,731 | 1,257 | 1,239 | |||||||||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||||||||
Convertible notes | 127 | — | — | |||||||||||||||||||
Warrants to purchase preferred stock | 53 | — | — | |||||||||||||||||||
Weighted average shares outstanding for diluted net loss per share | 8,911 | 1,257 | 1,239 | |||||||||||||||||||
Basic net loss per share: | $ | (3.42 | ) | $ | (32.48 | ) | $ | (10.64 | ) | |||||||||||||
Diluted net loss per share: | $ | (3.94 | ) | $ | (32.48 | ) | $ | (10.64 | ) | |||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ||||||||||||||||
Summary of Other Assets | ' | ' | ||||||||||||||||
Other assets consist of the following (in thousands): | Other assets consist of the following (in thousands): | |||||||||||||||||
DECEMBER 31 | ||||||||||||||||||
MARCH 31, | DECEMBER 31, | 2013 | 2012 | |||||||||||||||
2014 | 2013 | Prepaid initial public offering costs | $ | — | $ | 2,257 | ||||||||||||
Prepaid distribution fees | $ | 122 | $ | 125 | Prepaid distribution fees | 125 | 134 | |||||||||||
Deferred financing costs, less current portion | 102 | 148 | Deferred financing costs, less current portion | 148 | 261 | |||||||||||||
Deposits for equipment | 76 | 256 | Deposits for equipment | 256 | — | |||||||||||||
Deposits on equipment leases | 177 | 177 | Deposits on equipment leases | 177 | 43 | |||||||||||||
Other assets | 162 | 100 | Other assets | 100 | 90 | |||||||||||||
$ | 639 | $ | 806 | $ | 806 | $ | 2,785 | |||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Payables And Accruals [Abstract] | ' | ' | ||||||||||||||||
Schedule of Accrued Liabilities | ' | ' | ||||||||||||||||
Accrued liabilities consist of the following (in thousands): | Accrued liabilities consist of the following (in thousands): | |||||||||||||||||
DECEMBER 31 | ||||||||||||||||||
MARCH 31, | DECEMBER 31, | 2013 | 2012 | |||||||||||||||
2014 | 2013 | Accrued compensation | $ | 2,040 | $ | 1,342 | ||||||||||||
Accrued compensation | $ | 1,300 | $ | 2,040 | Accrued severance | 100 | — | |||||||||||
Accrued severance | 125 | 100 | Accrued expenses | 1,630 | 1,295 | |||||||||||||
Accrued expenses | 1,462 | 1,570 | Accrued inventory costs | 610 | — | |||||||||||||
Accrued warranty costs | 135 | 60 | Accrued product rebates | — | 386 | |||||||||||||
Accrued inventory costs | 18 | 610 | ||||||||||||||||
$ | 4,380 | $ | 3,023 | |||||||||||||||
$ | 3,040 | $ | 4,380 | |||||||||||||||
Schedule of Changes in Accrued Warranty Costs | ' | ' | ||||||||||||||||
Changes in the Company’s accrued warranty costs during the period are as follows (in thousands): | ||||||||||||||||||
Balance at December 31, 2013 | $ | 60 | ||||||||||||||||
Warranties issued during the period | 88 | |||||||||||||||||
Settlements made during the period | (13 | ) | ||||||||||||||||
Balance at March 31, 2014 | $ | 135 | ||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt consists of the following (in thousands): | Debt consists of the following (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||||||||||||||||||||||
MARCH 31, | DECEMBER 31, | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | Promissory note bearing interest at 6.25% per annum, which is payable monthly through May 2013, collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property). The Promissory Note was repaid in May 2013 (1) | $ | — | $ | 35 | ||||||||||||||||||||||||||||||||||||
Term Loan (Term Loan) bearing interest at 7.00% per annum which is payable monthly through April 2016. The Term Loan is collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property) pledged as collateral under the Term Loan, subordinated | 279 | 309 | Term Loan (Term Loan) bearing interest at 7.00% per annum which is payable monthly through April 2016. The Term Loan is collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property) pledged as collateral under the Term Loan, subordinated (1) | 309 | 426 | |||||||||||||||||||||||||||||||||||||
Promissory note bearing interest at 7.00% per annum which is payable monthly through November 2014, collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property), net of unamortized debt discount at March 31, 2014 of $1, subordinated | 87 | 123 | Promissory note bearing interest at 7.00% per annum which is payable monthly through November 2014, collateralized by all of the Company’s inventories, chattel paper, accounts receivable, equipment and general intangibles (excluding certain financed equipment and intellectual property), net of unamortized debt discount at December 31, 2013 of $2, subordinated (1) | 123 | 261 | |||||||||||||||||||||||||||||||||||||
Junior secured promissory notes (October 2012 and April 2013 Junior Secured Promissory Notes) bearing interest at 12.00% per annum which are payable monthly through October 2015, collateralized by substantially all of the Company’s assets, net of unamortized debt discount at March 31, 2014 of $381 | 12,069 | 12,005 | Senior secured promissory note (April 2012 Senior Secured Promissory Note) bearing interest at 15.00% per annum which is payable monthly through April 2017, collateralized by substantially all of the Company’s assets. The April 2012 Senior Secured Promissory Note was repaid in January 2013 | — | 8,374 | |||||||||||||||||||||||||||||||||||||
Junior secured promissory notes (October 2012 and April 2013 Junior Secured Promissory Notes) bearing interest at 12.00% per annum which are payable monthly through October 2015, collateralized by substantially all of the Company’s assets, net of unamortized debt discount at December 31, 2013 of $445 (1) | 12,005 | 7,242 | ||||||||||||||||||||||||||||||||||||||||
Debt | 12,435 | 12,437 | ||||||||||||||||||||||||||||||||||||||||
Less current portion | (123 | ) | (157 | ) | Debt | 12,437 | 16,338 | |||||||||||||||||||||||||||||||||||
Less current portion | (157 | ) | (8,572 | ) | ||||||||||||||||||||||||||||||||||||||
$ | 12,312 | $ | 12,280 | |||||||||||||||||||||||||||||||||||||||
$ | 12,280 | $ | 7,766 | |||||||||||||||||||||||||||||||||||||||
(1) | The lender’s security interest was subordinate to the holders of the April 2012 Senior Secured Promissory Note with the exception of its interest in equipment. | |||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregate Contractual Future Principal Payments Due on Company's Debt | ' | ' | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, aggregate contractual future principal payments on the Company’s debt, by year, are due as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Years ending December 31: | ||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 251 | ||||||||||||||||||||||||||||||||||||||||
2015 | 12,585 | |||||||||||||||||||||||||||||||||||||||||
2016 | 48 | |||||||||||||||||||||||||||||||||||||||||
Total future principal payments | $ | 12,884 | ||||||||||||||||||||||||||||||||||||||||
Activity Related to Secured Promissory Note | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Activity related to the October 2012 and April 2013 Junior Secured Promissory Notes from December 31, 2013 through March 31, 2014 consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, | ADDITIONS | AMORTIZATION | PRINCIPAL | MARCH 31, | ||||||||||||||||||||||||||||||||||||||
2013 | OF DEBT | PAYMENTS | 2014 | |||||||||||||||||||||||||||||||||||||||
DISCOUNT | ||||||||||||||||||||||||||||||||||||||||||
Principal | $ | 12,450 | $ | — | $ | — | $ | — | $ | 12,450 | ||||||||||||||||||||||||||||||||
Debt discount related to issuance of common stock warrants (1) | (241 | ) | — | 35 | — | (206 | ) | |||||||||||||||||||||||||||||||||||
Discount related to the $3,750,000 Notes (1) | (204 | ) | — | 29 | — | (175 | ) | |||||||||||||||||||||||||||||||||||
$ | 12,005 | $ | — | $ | 64 | $ | — | $ | 12,069 | |||||||||||||||||||||||||||||||||
(1) | The amortization of this account is included in interest expense in the consolidated statements of operations and as non-cash interest expense in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||
Consideration Received, Fair Values of Notes, Common Stock Warrants Issued and Calculation of the Gain on Extinguishment of Debt | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table shows the consideration received, fair values of the notes and common stock warrants issued and calculation of the gain on extinguishment of debt for the $3,750,000 Notes (in thousands): | The following table shows the consideration received, fair values of the notes and common stock warrants issued and calculation of the gain on extinguishment of debt for the $3,750,000 Notes (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Consideration received | ||||||||||||||||||||||||||||||||||||||||||
Consideration received | Fair Value of October 2012 Subordinated Convertible Note | $ | 1,360 | |||||||||||||||||||||||||||||||||||||||
Fair Value of October 2012 Subordinated Convertible Note | $ | 1,360 | Cash | 2,500 | ||||||||||||||||||||||||||||||||||||||
Cash | 2,500 | |||||||||||||||||||||||||||||||||||||||||
Total Consideration Received (a) | $ | 3,860 | ||||||||||||||||||||||||||||||||||||||||
Total Consideration Received (a) | $ | 3,860 | Notes and Warrants Issued | |||||||||||||||||||||||||||||||||||||||
Notes and Warrants Issued | Principal Balance of Notes Issued | $ | 3,750 | |||||||||||||||||||||||||||||||||||||||
Principal Balance of Notes Issued | $ | 3,750 | Debt Discount (1) | (291 | ) | |||||||||||||||||||||||||||||||||||||
Debt Discount (1) | (291 | ) | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Notes Issued | 3,459 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Notes Issued | 3,459 | Fair Value of Additional Common Stock Warrants Issued | 352 | |||||||||||||||||||||||||||||||||||||||
Fair Value of Additional Common Stock Warrants Issued | 352 | |||||||||||||||||||||||||||||||||||||||||
Total Fair Value of Notes and Warrants Issued (b) | $ | 3,811 | ||||||||||||||||||||||||||||||||||||||||
Total Fair Value of Notes and Warrants Issued (b) | $ | 3,811 | ||||||||||||||||||||||||||||||||||||||||
Gain on Extinguishment of Debt (a—b) | $ | 49 | ||||||||||||||||||||||||||||||||||||||||
Gain on Extinguishment of Debt (a - b) | $ | 49 | ||||||||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is being recorded in interest expense in the consolidated statements of operations over the term of the arrangement. | |||||||||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is being recorded in interest expense in the consolidated statements of operations over the term of the arrangement. | |||||||||||||||||||||||||||||||||||||||||
April 2012 Senior Secured Promissory Note [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Activity Related to Secured Promissory Note | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Activity related to the April 2012 Senior Secured Promissory Note from December 31, 2012 through December 31, 2013 consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, | AMORTIZATION | PRINCIPAL | DECEMBER 31, | |||||||||||||||||||||||||||||||||||||||
2012 | OF DEBT | PAYMENTS | 2013 | |||||||||||||||||||||||||||||||||||||||
DISCOUNT | ||||||||||||||||||||||||||||||||||||||||||
Principal | $ | 9,139 | $ | — | $ | (9,139 | ) | $ | — | |||||||||||||||||||||||||||||||||
Discount related to Series C Warrant (1) | (251 | ) | 251 | — | — | |||||||||||||||||||||||||||||||||||||
Discount related to financing costs (1) | (514 | ) | 514 | — | — | |||||||||||||||||||||||||||||||||||||
$ | 8,374 | $ | 765 | $ | (9,139 | ) | $ | — | ||||||||||||||||||||||||||||||||||
(1) | The amortization of this account is included in interest expense in the consolidated statements of operations and non-cash interest expense in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||
October 2012 Junior secured promissory notes [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Activity Related to Secured Promissory Note | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Activity related to the October 2012 and April 2013 Junior Secured Promissory Notes from December 31, 2012 through December 31, 2013 consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, | ADDITIONS | AMORTIZATION | PRINCIPAL | DECEMBER 31, | ||||||||||||||||||||||||||||||||||||||
2012 | OF DEBT | PAYMENTS | 2013 | |||||||||||||||||||||||||||||||||||||||
DISCOUNT | ||||||||||||||||||||||||||||||||||||||||||
Principal | $ | 7,500 | $ | 4,950 | $ | — | $ | — | $ | 12,450 | ||||||||||||||||||||||||||||||||
Debt discount related to issuance of common stock warrants (1) | (258 | ) | (113 | ) | 130 | — | (241 | ) | ||||||||||||||||||||||||||||||||||
Discount related to the $3,750,000 Notes (1) | — | (291 | ) | 87 | — | (204 | ) | |||||||||||||||||||||||||||||||||||
$ | 7,242 | $ | 4,546 | $ | 217 | $ | — | $ | 12,005 | |||||||||||||||||||||||||||||||||
(1) | The amortization of this account is included in interest expense in the consolidated statements of operations and as non-cash interest expense in the consolidated statements of cash flows. |
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Summary of Convertible Notes Payable | ' | ||||||||||
Convertible notes payable consists of the following (in thousands): | |||||||||||
MATURITY | DECEMBER 31 | ||||||||||
DATE | 2013 | 2012 | |||||||||
Convertible notes (March 2012 Convertible Notes) bearing interest at 10.00% per annum issued in March and April 2012. The convertible notes were converted to common stock in August 2013 | September 2013 | $ | — | $ | 20,204 | ||||||
Convertible note (October 2012 Convertible Note) bearing interest at 10.00% per annum issued in October 2012. The convertible note was converted to common stock in August 2013 | September 2013 | — | 2,314 | ||||||||
Convertible notes payable, current portion | — | 22,518 | |||||||||
Convertible note (October 2012 Subordinated Convertible Note) bearing interest at 12.00% per annum issued in October 2012. The convertible note was converted to common stock in August 2013 | Oct-15 | — | 2,797 | ||||||||
Convertible note (December 2012 Convertible Note) bearing interest at 10.00% per annum issued in December 2012. The convertible note was converted to common stock in August 2013 | Oct-15 | — | 16,545 | ||||||||
Convertible notes (First May 2013 Convertible Notes) bearing interest at 10.00% per annum issued in May 2013. The convertible notes were converted to common stock in August 2013 | May-16 | — | — | ||||||||
Convertible note (Second May 2013 Convertible Note) bearing interest at 10.00% per annum issued in May 2013. The convertible note was converted to common stock in August 2013 | May-16 | — | — | ||||||||
Total convertible notes payable | $ | — | $ | 41,860 | |||||||
Warrants_Tables
Warrants (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Information about Common Stock Warrants Outstanding | ' | ||||||||||||||||
The following table summarizes information about the Company’s common stock warrants outstanding as of December 31, 2013 (in thousands, except exercise price data): | |||||||||||||||||
DESCRIPTION | ISSUE DATE | EXPIRATION | NUMBER OF | EXERCISE | |||||||||||||
DATE (1) | SHARES | PRICE | |||||||||||||||
SUBJECT TO | |||||||||||||||||
WARRANTS | |||||||||||||||||
ISSUED | |||||||||||||||||
In connection with April 2013 Junior Secured Promissory Note (Additional Common Stock Warrants) | April 2013 | October 2015 | 118 | $ | 8.4 | ||||||||||||
In connection with June 2013 Credit Facility (June 2013 Warrants) | Jun-13 | Jun-23 | 33 | $ | 8.4 | ||||||||||||
151 | |||||||||||||||||
(1) | Both the common stock warrants expire upon the earlier to occur of (i) the date listed above; (ii) the acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any transfer of more than 50% of the voting power of the Company, reorganization, merger or consolidation, but excluding any merger effected exclusively for the purpose of changing the domicile of the Company) or (iii) a sale of all or substantially all of the assets of the Company; unless the Company’s stockholders of record as constituted immediately prior to such acquisition or sale will, immediately after such acquisition or sale (by virtue of securities issued as consideration for the Company’s acquisition or sale or otherwise) hold at least fifty percent (50%) of the voting power of the surviving or acquiring entity. | ||||||||||||||||
Summary of Information about Convertible Preferred Stock and Common Stock Warrants Outstanding | ' | ||||||||||||||||
The following table summarizes information about the Company’s convertible preferred stock and common stock warrants outstanding as of December 31, 2012 (in thousands, except exercise price data): | |||||||||||||||||
DESCRIPTION | ISSUE DATE | EXPIRATION | NUMBER OF | EXERCISE | ESTIMATED | ||||||||||||
DATE | SHARES | PRICE | FAIR VALUE | ||||||||||||||
SUBJECT TO | AS OF | ||||||||||||||||
WARRANTS | DECEMBER 31, | ||||||||||||||||
ISSUED | 2012 (2) | ||||||||||||||||
In connection with loan agreement (Series A convertible preferred stock) | April 2007 | April 2014 | 6 | $ | 2.608 | $ | 68 | ||||||||||
In connection with promissory note and revolving line of credit (Series B convertible preferred stock) | August 2008 | May 2013 | 3 | $ | 4.849 | 34 | |||||||||||
In connection with promissory note (Series B convertible preferred stock) | March 2009 | March 2014 | 7 | $ | 4.849 | 72 | |||||||||||
In connection with April 2012 Senior Secured Promissory Note (Series C convertible preferred stock) | Apr-12 | Apr-22 | 191 | $ | 7.846 | 1,710 | |||||||||||
In connection with October 2012 Junior Secured Promissory Note (Common stock) (1) | October 2012 | October 2015 | — | $ | — | 301 | |||||||||||
207 | $ | 2,185 | |||||||||||||||
(1) | As of December 31, 2012, the Company had issued warrants to purchase shares of common stock equal to 15% of the funded principal amount of the October 2012 Junior Secured Promissory Notes (See Note 8) divided by 70% of the value of common stock in a sale of the Company or an IPO, with an exercise price of 70% of the value of common stock in a sale of the Company or IPO. These warrants were contingently exercisable for which the contingencies related to exercise had not been met as of December 31, 2012. | ||||||||||||||||
(2) | See Note 2 for discussion of the methods used to determine the estimated fair values of the preferred stock warrants and common stock warrants. |
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Reserved Shares of Common Stock for Future Issuances | ' | ||||
As of December 31, 2013, the Company had reserved shares of common stock for future issuances as follows (in thousands): | |||||
SHARES | |||||
Stock options available for future grant | 1,194 | ||||
Stock options outstanding | 2,608 | ||||
Warrants to purchase common stock | 151 | ||||
3,953 | |||||
ShareBased_Plans_Tables
Share-Based Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Activity under Company's Stock Option Plans | ' | ||||||||||||||||||||
The following table summarizes the activity under the Company’s stock option plans for the year ended December 31, 2013 (in thousands, except exercise price and remaining contractual life data): | |||||||||||||||||||||
SHARES | SHARES | WEIGHTED- | WEIGHTED- | AGGREGATE | |||||||||||||||||
AVAILABLE FOR | OUTSTANDING | AVERAGE | AVERAGE | INTRINSIC | |||||||||||||||||
GRANT | EXERCISE | REMAINING | VALUE | ||||||||||||||||||
PRICE | CONTRACTUAL | ||||||||||||||||||||
LIFE | |||||||||||||||||||||
(IN YEARS) | |||||||||||||||||||||
Balances at December 31, 2012 | 352 | 2,067 | $ | 3.86 | 7.7 | $ | 14,380 | ||||||||||||||
Options authorized | 1,600 | — | |||||||||||||||||||
Options granted | (1,036 | ) | 1,036 | $ | 15.76 | ||||||||||||||||
Options exercised | — | (217 | ) | $ | 1.18 | ||||||||||||||||
Options canceled | 278 | (278 | ) | $ | 6.24 | ||||||||||||||||
Balances at December 31, 2013 | 1,194 | 2,608 | $ | 8.56 | 8.1 | $ | 24,158 | ||||||||||||||
Vested and expected to vest at December 31, 2013 | 2,409 | $ | 8.25 | 8 | $ | 23,061 | |||||||||||||||
Exercisable at December 31, 2013 | 1,054 | $ | 2.97 | 6.5 | $ | 15,610 | |||||||||||||||
Capital_Leases_Tables
Capital Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Aggregate Contractual Future Minimum Lease Payments | ' | ||||
As of December 31, 2013, aggregate contractual future minimum lease payments on the capital leases are due as follows (in thousands): | |||||
CAPITAL | |||||
LEASES | |||||
Years ending December 31: | |||||
2014 | $ | 1,520 | |||
2015 | 1,120 | ||||
2016 | 54 | ||||
Total minimum payments required | 2,694 | ||||
Less: amount representing interest | (159 | ) | |||
Present value of future payments | 2,535 | ||||
Less: current portion | (1,401 | ) | |||
$ | 1,134 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Non-Cancelable Lease Agreements | ' | ||||
At December 31, 2013, the Company’s aggregate commitment under non-cancelable lease agreements is as follows (in thousands): | |||||
OPERATING | |||||
LEASES | |||||
Years ending December 31: | |||||
2014 | $ | 965 | |||
2015 | 753 | ||||
2016 | 666 | ||||
2017 | 606 | ||||
2018 and beyond | 822 | ||||
Total minimum payments required | $ | 3,812 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets | ' | ||||||||
The temporary timing differences that give rise to the deferred tax assets are as follows (in thousands): | |||||||||
31-Dec | |||||||||
2013 | 2012 | ||||||||
Components of deferred taxes: | |||||||||
Net operating loss carryforwards | $ | 30,258 | $ | 19,966 | |||||
Research and development tax credit | 1,577 | 1,002 | |||||||
Other, net | 2,415 | 1,432 | |||||||
Net deferred tax assets | 34,250 | 22,400 | |||||||
Less: valuation allowance | (34,250 | ) | (22,400 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Reconciliation of Effective Income Tax Rate to US Federal Income Tax Statutory Rate | ' | ||||||||
The provision for income taxes is different than the amount computed using the applicable statutory federal income tax rate with the difference for each year summarized below: | |||||||||
DECEMBER 31 | |||||||||
2013 | 2012 | ||||||||
Federal tax benefit at statutory rate | 34 | % | 34 | % | |||||
State tax benefit, net of federal benefit | 5 | 5 | |||||||
Interest expense | (5 | ) | — | ||||||
Mark-to-market accounting | 9 | (12 | ) | ||||||
Deemed dividend | (2 | ) | (6 | ) | |||||
Share-based compensation expense | (2 | ) | — | ||||||
Other | 1 | (1 | ) | ||||||
Adjustment due to change in valuation allowance | (40 | ) | (20 | ) | |||||
Provision for income taxes | — | % | — | % | |||||
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | ' | ||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance at January 1 | $ | 340 | $ | 305 | |||||
Increase related to prior year tax positions | 79 | — | |||||||
Increase related to current year tax positions | 106 | 35 | |||||||
Balance at December 31 | $ | 525 | $ | 340 | |||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Quarterly Financial Information | ' | ||||||||||||||||||||||||
MARCH 31 | JUNE 30 | SEPTEMBER 30 | DECEMBER 31 | ||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Total revenues | $ | 2,730 | $ | 4,500 | $ | 1,346 | $ | 5,967 | |||||||||||||||||
Gross profit | 935 | 1,102 | 269 | 1,501 | |||||||||||||||||||||
Net loss | (10,749 | ) | (1,639 | ) | (6,110 | ) | (9,991 | ) | |||||||||||||||||
Deemed dividend on convertible notes | — | (1,378 | ) | — | — | ||||||||||||||||||||
Net loss attributable to common stockholders | (10,749 | ) | (3,017 | ) | (6,110 | ) | (9,991 | ) | |||||||||||||||||
Net loss per common share: | |||||||||||||||||||||||||
Basic | (8.48 | ) | (2.36 | ) | (0.47 | ) | (0.52 | ) | |||||||||||||||||
Diluted | (8.48 | ) | (2.67 | ) | (0.80 | ) | (0.52 | ) | |||||||||||||||||
2012 | |||||||||||||||||||||||||
Total revenues | $ | 1,999 | $ | 1,509 | $ | 738 | $ | 2,894 | |||||||||||||||||
Gross profit | 1,139 | 825 | 217 | 626 | |||||||||||||||||||||
Net loss | (3,984 | ) | (3,912 | ) | (13,802 | ) | (17,096 | ) | |||||||||||||||||
Deemed dividend on convertible notes | (1,253 | ) | — | — | (786 | ) | |||||||||||||||||||
Net loss attributable to common stockholders | (5,237 | ) | (3,912 | ) | (13,802 | ) | (17,882 | ) | |||||||||||||||||
Net loss per common share: | |||||||||||||||||||||||||
Basic | (4.20 | ) | (3.13 | ) | (10.94 | ) | (14.11 | ) | |||||||||||||||||
Diluted | (4.20 | ) | (3.13 | ) | (10.94 | ) | (14.11 | ) | |||||||||||||||||
Schedule of Error Corrections | ' | ||||||||||||||||||||||||
THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||||||||||
30-Jun-13 | 30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||
AS | AS | AS | AS | AS | AS | ||||||||||||||||||||
REPORTED | REVISED | REPORTED | REVISED | REPORTED | REVISED | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net loss | $ | (1,639 | ) | $ | (1,639 | ) | $ | (6,110 | ) | $ | (6,110 | ) | $ | (18,498 | ) | $ | (18,498 | ) | |||||||
Deemed dividend on convertible notes | (1,378 | ) | (1,378 | ) | — | — | (1,378 | ) | (1,378 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (3,017 | ) | $ | (3,017 | ) | $ | (6,110 | ) | $ | (6,110 | ) | $ | (19,876 | ) | $ | (19,876 | ) | |||||||
Effect of potentially dilutive securities: | |||||||||||||||||||||||||
Convertible notes | — | — | (1,089 | ) | (4,392 | ) | (118 | ) | (4,392 | ) | |||||||||||||||
Warrants to purchase convertible preferred stock | — | (575 | ) | — | (264 | ) | — | (841 | ) | ||||||||||||||||
Warrants to purchase common stock | — | — | (201 | ) | — | (201 | ) | — | |||||||||||||||||
Net loss for diluted net loss per share | $ | (3,017 | ) | $ | (3,592 | ) | $ | (7,400 | ) | $ | (10,766 | ) | $ | (20,195 | ) | $ | (25,109 | ) | |||||||
Denominator: | |||||||||||||||||||||||||
Shares used for basic net loss per share | 1,277 | 1,277 | 12,888 | 12,888 | 5,187 | 5,187 | |||||||||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||||||||||
Convertible notes | — | — | 1,043 | 503 | 20 | 169 | |||||||||||||||||||
Warrants to purchase convertible preferred stock | — | 70 | — | 31 | — | 61 | |||||||||||||||||||
Warrants to purchase common stock | — | — | 86 | — | 22 | — | |||||||||||||||||||
Weighted average shares outstanding for diluted net loss per share | 1,277 | 1,347 | 14,017 | 13,422 | 5,229 | 5,417 | |||||||||||||||||||
Diluted net loss per share: | $ | (2.36 | ) | $ | (2.67 | ) | $ | (0.53 | ) | $ | (0.80 | ) | $ | (3.86 | ) | $ | (4.63 | ) | |||||||
Summary_of_Business_Additional
Summary of Business - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Shares issued under initial public offering | 5,462,500 | ' | ' | ' | ' | ' | ' |
Issuance of common stock under IPO to underwriters by selling stockholders | 712,500 | ' | ' | ' | ' | ' | ' |
Public offering price of the shares sold in the offering | $12 | ' | ' | ' | ' | ' | ' |
Total gross proceeds from IPO | $65,550,000 | ' | ' | ' | ' | ' | ' |
Aggregate net proceeds received | 56,105,000 | ' | 56,105,000 | ' | ' | ' | ' |
Accumulated deficit | ' | -115,682,000 | -105,436,000 | ' | -75,569,000 | ' | ' |
Working capital | ' | 32,571,000 | 46,915,000 | ' | ' | ' | ' |
Cash and cash equivalents | ' | 21,298,000 | 24,455,000 | 1,791,000 | 10,006,000 | 2,215,000 | 4,287,000 |
Short-term investments | ' | 2,664,000 | 13,677,000 | ' | ' | ' | ' |
Reverse stock split | '1-for-3.138458 | ' | ' | ' | ' | ' | ' |
Date of incorporation | ' | 15-Jun-06 | ' | ' | ' | ' | ' |
Cash, cash equivalents and short-term investments | ' | $23,962,000 | ' | ' | ' | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2013 | Jul. 19, 2012 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | $9,139,000 | ' | ' | ' |
Investments in securities | ' | ' | ' | 0 | ' | ' | ' |
Fair value discount rate | ' | ' | ' | 35.00% | ' | ' | ' |
Discount for lack of marketability | ' | ' | ' | 18.00% | ' | ' | ' |
Warrants liability reclassified | ' | ' | 2,669,000 | ' | ' | ' | ' |
Public offering price of the shares sold | ' | ' | ' | ' | ' | $12 | ' |
Concentration risk, supplier | ' | ' | 'The Company currently uses one supplier and does not have a long-term supply contract with this supplier. | ' | ' | ' | ' |
Receivables, written-off | ' | ' | 0 | 0 | ' | ' | ' |
Allowance for doubtful accounts | ' | ' | 0 | 0 | ' | ' | ' |
Reserves against inventories | 45,000 | ' | 45,000 | 0 | ' | ' | ' |
Inventory write-off | ' | ' | 205,000 | 913,000 | ' | ' | ' |
Inventory write-down to net realizable value | ' | ' | 194,000 | ' | ' | ' | ' |
Deferred financing cost current | ' | ' | 458,000 | 145,000 | ' | ' | ' |
Write down of carrying value of deferred cost | ' | ' | 174,000 | ' | ' | ' | ' |
Deferred financing cost non-current other assets | ' | ' | 148,000 | 261,000 | ' | ' | ' |
Current deferred product revenues | 1,017,000 | ' | 1,209,000 | 193,000 | ' | ' | ' |
Deferred payments received | 0 | 0 | 0 | 1,533,000 | 833,000 | ' | ' |
Recognized license revenues | 45,000 | 48,000 | 193,000 | 179,000 | 57,000 | ' | ' |
Non-current deferred revenues | 695,000 | ' | 744,000 | 937,000 | ' | ' | ' |
Deferred revenues related parties current | 31,000 | ' | 131,000 | 131,000 | ' | ' | ' |
Deferred revenues related parties non current | 404,000 | ' | 628,000 | 759,000 | ' | ' | ' |
Research and development expense | 3,985,000 | 3,064,000 | ' | ' | ' | ' | ' |
Patent expenses | 297,000 | 219,000 | ' | ' | ' | ' | ' |
Payments received under grants | ' | ' | 0 | 140,000 | 164,000 | ' | ' |
Reduction in research and development expenses | ' | ' | 0 | 171,000 | 195,000 | ' | ' |
Advertising costs | ' | ' | 760,000 | 609,000 | 286,000 | ' | ' |
Other income (expense), net | -9,000 | -7,000 | -282,000 | -45,000 | 9,000 | ' | ' |
Loss on disposal of fixed assets | ' | ' | -231,000 | ' | ' | ' | ' |
Percentage of recognized uncertain tax position upon ultimate settlement | ' | ' | 50.00% | ' | ' | ' | ' |
Uncertain tax positions | ' | ' | 0 | 0 | ' | ' | ' |
Interest and penalties related to income tax | ' | ' | 0 | 0 | 0 | ' | ' |
Company acquired land, building and equipment | ' | ' | ' | ' | ' | ' | 1,459,000 |
Transaction costs of acquisition | ' | ' | ' | ' | ' | ' | 341,000 |
Fair value in excess of purchase price of the asset acquired | ' | ' | ' | ' | ' | ' | 257,000 |
Interest expense | 1,271,000 | ' | 801,000 | 106,000 | ' | ' | ' |
Strategic collaboration and distribution agreements [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Current deferred product revenues | 224,000 | ' | 324,000 | 324,000 | ' | ' | ' |
Non-current deferred revenues | 1,099,000 | ' | 1,372,000 | 1,696,000 | ' | ' | ' |
Deferred revenues related parties current | 31,000 | ' | 131,000 | 131,000 | ' | ' | ' |
Deferred revenues related parties non current | 404,000 | ' | 628,000 | 759,000 | ' | ' | ' |
Prepaid expenses and other current assets [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Deferred financing cost current | 308,000 | ' | 418,000 | 0 | ' | ' | ' |
Accrued Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Current deferred product revenues | ' | ' | 0 | 0 | 31,000 | ' | ' |
Series C warrant [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Public offering price of the shares sold | ' | ' | $12 | ' | ' | ' | ' |
Sales revenue, net [Member] | Customer concentration risk [Member] | International [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 5.00% | 14.00% | 8.00% | 20.00% | 7.00% | ' | ' |
Certificates of deposit [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Short-term investments original maturity description | 'Short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. | ' | 'Short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. | ' | ' | ' | ' |
Short-term investments original maturity period maximum | '1 year | ' | '1 year | ' | ' | ' | ' |
Short-term investments original maturity period minimum | '3 months | ' | '3 months | ' | ' | ' | ' |
March 2012 and October 2012 Convertible Notes [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Fair value discount rate | ' | ' | ' | 25.00% | ' | ' | ' |
Subordinated Convertible Notes [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Fair value discount rate | ' | ' | ' | 18.00% | ' | ' | ' |
Public offering price of the shares sold | ' | ' | ' | $12 | ' | ' | ' |
December 2012 convertible note [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Recognized license revenues | ' | ' | ' | 0 | 0 | ' | ' |
Reduction in license revenue | ' | ' | ' | 110,000 | ' | ' | ' |
Grandevo and Regalia [Member] | Sales revenue, net [Member] | Product concentration risk [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 87.00% | 97.00% | 97.00% | 96.00% | 96.00% | ' | ' |
Revenue recognition [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Current deferred product revenues | 824,000 | ' | 1,016,000 | 0 | ' | ' | ' |
Foreign currency transactions [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other income (expense), net | ' | ' | 53,000 | 54,000 | 0 | ' | ' |
Other income (expense), net [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loss on disposal of fixed assets | ' | ' | 231,000 | 0 | 0 | ' | ' |
Research and development expenses [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Research and development expense | ' | ' | 16,827,000 | 12,140,000 | 9,133,000 | ' | ' |
Preferred and common stock warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Transfer from Level 3 to Level 2 category | ' | ' | 574,000 | 0 | ' | ' | ' |
Transfer from Level 2 to Level 1 category | ' | ' | 0 | 0 | ' | ' | ' |
Convertible notes payable [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Transfer from Level 3 to Level 2 category | ' | ' | 48,234,000 | 0 | ' | ' | ' |
Transfer from Level 2 to Level 1 category | ' | ' | 0 | 0 | ' | ' | ' |
Patent expenses [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Patent expenses | ' | ' | 987,000 | 601,000 | 277,000 | ' | ' |
Related party revenues [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Deferred payments received | 328,000 | 33,000 | ' | 1,000,000 | ' | ' | ' |
Recognized license revenues | ' | ' | 131,000 | ' | ' | ' | ' |
Syngenta [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Promissory note original principal balance | ' | ' | ' | 12,500,000 | ' | ' | ' |
Recognized license revenues | 292,000 | ' | ' | ' | ' | ' | ' |
Affiliate revenues percent | 5.00% | ' | 5.00% | ' | ' | ' | ' |
April 2012 Senior Secured Promissory Note [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Promissory note original principal balance | ' | ' | 10,000,000 | ' | ' | ' | ' |
Restricted cash | ' | ' | $0 | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Receivables due period | '120 days | ' | '120 days | ' | ' | ' | ' |
Maximum [Member] | Sales revenue, net [Member] | Customer concentration risk [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 10.00% | ' | ' | 10.00% | ' | ' | ' |
Amortized_Cost_and_Estimated_F
Amortized Cost and Estimated Fair Values of Short-Term Investments (Detail) (Certificates of deposit [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Certificates of deposit [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $2,664 | $13,677 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | -4 |
Estimated Fair value | $2,664 | $13,673 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | $44,045 |
Common stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 301 |
Preferred stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 1,884 |
Convertible notes payable [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 41,860 |
Money market funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Assets at fair value | 5,069 | 16,268 | 7,668 |
Level 1 [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 1 [Member] | Common stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 1 [Member] | Preferred stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 1 [Member] | Convertible notes payable [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 1 [Member] | Money market funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Assets at fair value | 5,069 | 16,268 | 7,668 |
Level 2 [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 2 [Member] | Common stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 2 [Member] | Preferred stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 2 [Member] | Convertible notes payable [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | ' |
Level 2 [Member] | Money market funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Assets at fair value | ' | ' | ' |
Level 3 [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 44,045 |
Level 3 [Member] | Common stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 301 |
Level 3 [Member] | Preferred stock warrant liability [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 1,884 |
Level 3 [Member] | Convertible notes payable [Member] | ' | ' | ' |
Liabilities | ' | ' | ' |
Liabilities at fair value | ' | ' | 41,860 |
Level 3 [Member] | Money market funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Assets at fair value | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Convertible notes payable [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfers out of Level 3 | ($48,234,000) | $0 |
Level 3 [Member] | Common stock warrant liability [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 301,000 | ' |
Warrants issued\ Convertible notes issued | 900,000 | ' |
Change in fair value recorded in change in fair value of financial instruments | 377,000 | ' |
Transfers out of Level 3 | -434,000 | ' |
Reclassified to stockholders' equity (deficit) | -1,144,000 | ' |
Ending balance | ' | ' |
Level 3 [Member] | Preferred stock warrant liability [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 1,884,000 | ' |
Change in fair value recorded in change in fair value of financial instruments | -823,000 | ' |
Transfers out of Level 3 | -140,000 | ' |
Reclassified to stockholders' equity (deficit) | -921,000 | ' |
Ending balance | ' | ' |
Level 3 [Member] | Convertible notes payable [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 41,860,000 | ' |
Warrants issued\ Convertible notes issued | 9,069,000 | ' |
Convertible notes cancelled | -1,360,000 | ' |
Accrued interest | 1,299,000 | ' |
Change in fair value recorded in change in fair value of financial instruments | -2,634,000 | ' |
Transfers out of Level 3 | -48,234,000 | ' |
Ending balance | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies - Schedule of Concentration of Credit Risk Percentage (Detail) (Customer concentration risk [Member]) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer A [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 17.00% | 13.00% | 28.00% | 33.00% | 39.00% |
Customer A [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 16.00% | ' | 19.00% | ' | ' |
Customer B [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 15.00% | ' | 10.00% | ' | ' |
Customer B [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 15.00% | ' | 13.00% | ' | ' |
Customer C [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 12.00% | ' | ' | 13.00% | ' |
Customer C [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 11.00% | ' | 12.00% | ' | ' |
Customer C [Member] | Accounts receivable [Member] | Customer C March 31, 2014 [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | ' | 11.00% | ' | ' |
Customer D [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 11.00% | ' | ' | 12.00% | 17.00% |
Customer D [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 10.00% | ' | 11.00% | 33.00% | ' |
Customer D [Member] | Accounts receivable [Member] | Customer C December 31, 2013 [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | ' | 12.00% | ' | ' |
Customer E [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 11.00% | ' | ' | ' | 10.00% |
Customer E [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | ' | ' | 17.00% | ' |
Customer F [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | 17.00% | ' | ' | ' |
Customer F [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | ' | ' | 11.00% | ' |
Customer G [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | 15.00% | ' | ' | ' |
Customer G [Member] | Accounts receivable [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | ' | ' | 11.00% | ' |
Customer H [Member] | Sales revenue, net [Member] | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | 11.00% | ' | ' | ' |
Significant_Accounting_Policie6
Significant Accounting Policies - Schedule of Concentration of Credit Risk Percentage (Parenthetical) (Detail) (Maximum [Member], Customer concentration risk [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2012 | |
Sales revenue, net [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | 10.00% | 10.00% |
Accounts receivable [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Customers accounted for percentage of company's total revenues and accounts receivable | ' | 10.00% |
Schedule_of_Inventories_Detail
Schedule of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw materials | $5,913 | $5,355 | $3,204 |
Work in progress | 2,640 | 2,917 | 607 |
Finished goods | 4,284 | 3,394 | 1,061 |
Inventories, total | $12,837 | $11,666 | $4,872 |
Significant_Accounting_Policie7
Significant Accounting Policies - Summary of Property, Plant and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '30 years |
Leasehold improvements [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life, description | 'Shorter of lease term or useful life |
Software [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Minimum [Member] | Computer equipment and software [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '2 years |
Minimum [Member] | Machinery and equipment [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Minimum [Member] | Office equipment [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Minimum [Member] | Furniture, fixtures and office equipment [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Maximum [Member] | Computer equipment and software [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Maximum [Member] | Machinery and equipment [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '20 years |
Maximum [Member] | Office equipment [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '5 years |
Maximum [Member] | Furniture, fixtures and office equipment [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Property, plant and equipment, estimated useful life | '5 years |
Significant_Accounting_Policie8
Significant Accounting Policies - Fair Value Assumptions of Stock Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Expected life (years) | '5 years 3 months 15 days | '5 years | '5 years |
Estimated volatility factor | 70.00% | 72.00% | ' |
Risk-free interest rate | 1.27% | 0.74% | 0.86% |
Maximum [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Expected life (years) | '7 years 8 months 16 days | '6 years 29 days | '6 years 3 months 11 days |
Estimated volatility factor | 75.00% | 76.00% | 70.00% |
Risk-free interest rate | 2.11% | 1.16% | 2.40% |
Expected dividend yield | ' | ' | ' |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | $12,377 | $5,569 |
Less accumulated depreciation | ' | -2,957 | -2,041 |
Property, plant and equipment, net | 15,795 | 9,420 | 3,528 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | 1 | 1 |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | ' | ' |
Computer equipment and software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | 459 | 355 |
Furniture, fixtures and office equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | 293 | 192 |
Machinery and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | 4,624 | 2,446 |
Leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | 497 | 472 |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | ' | $6,503 | $2,103 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 19, 2012 | |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation and amortization expense | ' | $976,000 | $613,000 | $499,000 | ' |
Company acquired land, building and equipment | ' | ' | ' | ' | 1,459,000 |
Transaction costs of acquisition | ' | ' | ' | ' | 341,000 |
Fair value in excess of purchase price of the asset acquired | ' | ' | ' | ' | 257,000 |
Interest expense | $1,271,000 | $801,000 | $106,000 | ' | ' |
Summary_of_Estimated_Fair_Valu
Summary of Estimated Fair Value of Assets Acquired (Detail) (USD $) | Jul. 19, 2012 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Land | $1 |
Building | 314 |
Equipment | 1,144 |
Assets acquired | $1,459 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Convertible preferred stock [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earning per share | ' | 8,504 | ' | 8,504 | 8,504 |
Convertible notes payable [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earning per share | ' | ' | ' | ' | ' |
Stock options outstanding [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earning per share | 2,974 | 2,040 | 2,608 | 2,067 | 1,384 |
Warrants to purchase convertible preferred stock [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earning per share | ' | 207 | ' | 207 | 36 |
Warrants to purchase common stock [Member] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earning per share | 145 | ' | 151 | ' | 5 |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Parenthetical) (Detail) (USD $) | 1 Months Ended | ||||||
Jun. 30, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Contingently convertible notes payable | ' | ' | ' | ' | $46,037,000 | $41,860,000 | $514,000 |
Warrants issued to purchase a percentage of common stock | 10.00% | 15.00% | 15.00% | ' | ' | ' | ' |
Value of common stock in a sale of the Company or an initial public offering | 70.00% | 70.00% | 70.00% | ' | ' | 70.00% | ' |
Percentage of exercise price on the value of common stock | 70.00% | 70.00% | 70.00% | ' | ' | 70.00% | ' |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Conversion of convertible preferred stock ratio | 1 | 1 | 1 |
Net_Loss_Per_Share_Computation
Net Loss Per Share - Computation of Common Shares Upon Exercise of Warrants and Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($10,246) | ($9,991) | ($6,110) | ($1,639) | ($10,749) | ($17,096) | ($13,802) | ($3,912) | ($3,984) | ($18,498) | ($28,489) | ($38,794) | ($13,180) |
Deemed dividend on convertible notes | ' | ' | ' | -1,378 | ' | -786 | ' | ' | -1,253 | -1,378 | -1,378 | -2,039 | ' |
Net loss attributable to common stockholders | ' | -9,991 | -6,110 | -3,017 | -10,749 | -17,882 | -13,802 | -3,912 | -5,237 | -19,876 | -29,867 | -40,833 | -13,180 |
Effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss for diluted net loss per share | ' | ' | -10,766 | -3,592 | ' | ' | ' | ' | ' | -25,109 | -35,099 | -40,833 | -13,180 |
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares used for basic net loss per share | ' | ' | 12,888 | 1,277 | ' | ' | ' | ' | ' | 5,187 | 8,731 | 1,257 | 1,239 |
Effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes | ' | ' | 503 | ' | ' | ' | ' | ' | ' | 169 | 127 | ' | ' |
Warrants to purchase preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' | ' |
Weighted average shares outstanding for diluted net loss per share | ' | ' | 13,422 | 1,347 | ' | ' | ' | ' | ' | 5,417 | 8,911 | 1,257 | 1,239 |
Weighted average shares outstanding for basic and diluted net loss per share | 19,518 | ' | ' | ' | 1,268 | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted net loss per share: | ($0.52) | ' | ' | ' | ($8.48) | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net loss per share | ' | ($0.52) | ($0.47) | ($2.36) | ($8.48) | ($14.11) | ($10.94) | ($3.13) | ($4.20) | ' | ($3.42) | ($32.48) | ($10.64) |
Diluted net loss per share | ' | ($0.52) | ($0.80) | ($2.67) | ($8.48) | ($14.11) | ($10.94) | ($3.13) | ($4.20) | ($4.63) | ($3.94) | ($32.48) | ($10.64) |
Convertible notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | -4,392 | ' | ' | ' | ' | ' | ' | -4,392 | -4,392 | ' | ' |
Warrants to purchase preferred stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | ($264) | ($575) | ' | ' | ' | ' | ' | ($841) | ($840) | ' | ' |
Other_Assets_Summary_of_Other_
Other Assets - Summary of Other Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 10, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' | ' |
Prepaid initial public offering costs | ' | ' | ' | $2,257 |
Prepaid distribution fees | 122 | 125 | ' | 134 |
Deferred financing costs, less current portion | 102 | 148 | 24 | 261 |
Deposits for equipment | 76 | 256 | ' | ' |
Deposits on equipment leases | 177 | 177 | ' | 43 |
Other assets | 162 | 100 | ' | 90 |
Other assets, total | $639 | $806 | ' | $2,785 |
Accrued_Liabilities_Schedule_o
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Payables And Accruals [Abstract] | ' | ' | ' |
Accrued compensation | $1,300 | $2,040 | $1,342 |
Accrued severance | 125 | 100 | ' |
Accrued expenses | ' | 1,630 | 1,295 |
Accrued expenses | 1,462 | 1,570 | ' |
Accrued warranty costs | 135 | 60 | ' |
Accrued inventory costs | 18 | 610 | ' |
Accrued product rebates | ' | ' | 386 |
Accrued liabilities, total | $3,040 | $4,380 | $3,023 |
Accrued_Liabilities_Additional
Accrued Liabilities - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued severance expenses | $125 | $100 |
Factoring_and_Security_Agreeme1
Factoring and Security Agreement - Additional Information (Detail) (USD $) | 1 Months Ended | ||
Jun. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | ' | ' | ' |
Sales of interest in accounts receivable | $5,000,000 | ' | ' |
Sales of interest in accounts receivables, percentage | 15.00% | ' | ' |
Accounts receivable transferred | ' | ' | $479,000 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Debt | $12,435 | $12,437 | $16,338 |
Less current portion | -123 | -157 | -8,572 |
Debt, less current portion | 12,312 | 12,280 | 7,766 |
Promissory note bearing interest at 6.25% [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | ' | ' | 35 |
Term loan bearing interest at 7.00% [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | 279 | 309 | 426 |
Promissory note bearing interest at 7.00% [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | 87 | 123 | 261 |
April 2012 Senior Secured Promissory Note [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | ' | ' | 8,374 |
October 2012 Junior secured promissory notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt | $12,069 | $12,005 | $7,242 |
Debt_Schedule_of_Debt_Parenthe
Debt - Schedule of Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-08 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Promissory note bearing interest at 6.25% [Member] | Promissory note bearing interest at 6.25% [Member] | Promissory note bearing interest at 6.25% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | 6.25% | 6.25% | 6.25% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 15.00% | 15.00% | 15.00% | 12.00% | 12.00% | 12.00% | 12.00% |
Debt instrument, payment terms | 'Payable monthly through May 2013 | 'Payable monthly through May 2012 | ' | 'Payable monthly through April 2016 | 'Payable monthly through April 2016 | 'Payable monthly through April 2016 | 'Payable monthly through April 2016 | ' | 'Six monthly interest only payments starting May 1, 2009, followed by 60 equal monthly installments of $13,000 commencing November 1, 2009, with the final payment due on November 1, 2014. | 'Payable monthly through November 2014 | 'Payable monthly through November 2014 | 'Payable monthly through November 2014 | 'Payable monthly through November 2014 | 'Payable monthly through April 2017 | 'Payable monthly through April 2017 | ' | 'Payable monthly through October 2015 | 'Payable monthly through October 2015 | 'Payable monthly through October 2015 | 'Payable monthly through October 2015 |
Unamortized debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $2 | $2 | ' | ' | ' | ' | $381 | $445 | $445 | ' |
Debt_Schedule_of_Aggregate_Con
Debt - Schedule of Aggregate Contractual Future Principal Payments Due on Company's Debt (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $251 |
2015 | 12,585 |
2016 | 48 |
Total future principal payments | $12,884 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Apr. 10, 2013 | Apr. 10, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Mar. 31, 2013 | Oct. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 10, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Apr. 10, 2013 | Oct. 16, 2012 | Apr. 10, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Apr. 10, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-08 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | Series C convertible preferred stock [Member] | Series C convertible preferred stock [Member] | Common stock warrants [Member] | Series C warrant [Member] | June 2013 credit facility [Member] | June 2013 credit facility [Member] | June 2013 warrants [Member] | June 2013 warrants [Member] | June 2013 warrants [Member] | June 2013 warrants [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | April 2013 junior secured promissory note [Member] | April 2013 junior secured promissory note [Member] | April 2013 junior secured promissory note [Member] | April 2013 junior secured promissory note [Member] | Level 3 [Member] | Level 3 [Member] | Revolving Line of Credit [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Term loan bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 7.00% [Member] | Promissory note bearing interest at 6.25% [Member] | Promissory note bearing interest at 6.25% [Member] | Promissory note bearing interest at 6.25% [Member] | |||||||||||
Common stock warrants [Member] | Common stock warrants [Member] | Installment | Debt instrument maturity period year three [Member] | Debt instrument maturity period year three [Member] | Extended fourth year [Member] | Extended fourth year [Member] | Extended fifth year [Member] | Extended fifth year [Member] | Installment | Installment | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $306,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,746,000 | $13,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated market rate of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument borrowing amount | ' | ' | ' | ' | 6,529,000 | 24,076,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | 7,500,000 | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000 | ' | ' | ' | ' | 400,000 | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 15.00% | 12.00% | 12.00% | 12.00% | 12.00% | ' | ' | 12.00% | 12.00% | 13.00% | 13.00% | 14.00% | 14.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 6.25% | 6.25% | 6.25% |
Number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | 60 | ' | ' |
Amount paid in each installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | ' | ' | ' | ' | 7,785 | ' | ' |
Installment payment commencing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Nov-09 | ' | ' | ' | ' | 1-Jun-08 | 1-Jun-08 | ' |
Percentage of borrowings limited to qualifying accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Oct-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-16 | 1-Apr-16 | ' | ' | ' | 1-Nov-14 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Payable monthly through April 2017 | 'Payable monthly through April 2017 | 'Payable monthly through October 2015 | 'Payable monthly through October 2015 | 'Payable monthly through October 2015 | 'Payable monthly through October 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Payable monthly through April 2016 | 'Payable monthly through April 2016 | 'Payable monthly through April 2016 | 'Payable monthly through April 2016 | 'Six monthly interest only payments starting May 1, 2009, followed by 60 equal monthly installments of $13,000 commencing November 1, 2009, with the final payment due on November 1, 2014. | 'Payable monthly through November 2014 | 'Payable monthly through November 2014 | 'Payable monthly through November 2014 | 'Payable monthly through November 2014 | ' | 'Payable monthly through May 2013 | 'Payable monthly through May 2012 |
Non-refundable loan fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment payment final date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-04-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to lender for of purchase preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Series C Warrant would expire, unless exercised, on the earlier to occur of April 2022 or one year after the Company successfully completes a Qualified IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 519,000 | 502,000 | 270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible note repayment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '35 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total repayment debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,139,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of repayment, accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination fee payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument borrowing terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The October 2012 Junior Secured Promissory Notes have an initial term of three years and can be extended for an additional two years in one year increments. During the initial three-year term, the October 2012 Junior Secured Promissory Notes bear interest at 12% per annum. If the term of the October 2012 Junior Secured Promissory Notes is extended an additional year, the interest rate increases to 13% during the fourth year. If the term of the October 2012 Junior Secured Promissory Notes is extended for an additional two years, the interest rate is 14% during the fifth year. Interest on the October 2012 Junior Secured Promissory Notes is payable monthly through the initial maturity date of the loan which is October 2, 2015 or through any extension period. The principal and all unpaid interest are due on the maturity date, as may be extended. | ' | 'The October 2012 Junior Secured Promissory Notes have an initial term of three years and can be extended for an additional two years in one year increments. During the initial three-year term, the October 2012 Junior Secured Promissory Notes bear interest at 12% per annum. If the term of the October 2012 Junior Secured Promissory Notes is extended an additional year, the interest rate increases to 13% during the fourth year. If the term of the October 2012 Junior Secured Promissory Notes is extended for an additional two years, the interest rate is 14% during the fifth year. Interest on the October 2012 Junior Secured Promissory Notes is payable monthly through the initial maturity date of the loan which is October 2, 2015 or through any extension period. The principal and all unpaid interest are due on the maturity date, as may be extended. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agent Fee percentage | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid agent fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,000 | 172,000 | ' | ' | ' | ' | ' | ' | ' | 261,000 | 261,000 | 261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional costs related to legal fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,000 | 66,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase common stock funded principal percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common stock in a sale of the Company or an initial public offering | ' | ' | ' | 70.00% | ' | 70.00% | 70.00% | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Common Stock Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 282,000 | 282,000 | 282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of the Common Stock Warrants | ' | ' | 8.4 | ' | 8.4 | ' | ' | ' | ' | ' | ' | ' | ' | 7.846 | ' | ' | ' | ' | 8.4 | 8.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.4 | 8.4 | 8.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant requirements minimum cash balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional debt cash balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in amount available under loan agreement | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional debt issued under amendment | 4,950,000 | 4,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued in partial consideration for cash | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued in partial conversion for cancellation of principal balance | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed under amended loan agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | 7,500,000 | 12,450,000 | 12,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest on promissory notes | 74,000 | ' | ' | 74,000 | 74,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercise price percentage | ' | ' | 70.00% | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants as percentage of common stock | ' | ' | 70.00% | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants issued to purchase common stock percentage | ' | ' | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Common Stock Warrants | ' | ' | 465,000 | ' | 465,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt instrument, face value | ' | ' | ' | ' | ' | 41,860,000 | ' | 46,037,000 | ' | 514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,360,000 | 1,360,000 | ' | ' | ' | 3,459,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, additional borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory Notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | 3,750,000 | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on extinguishment of debt | ' | ' | ' | ' | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Additional Common Stock Warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 352,000 | ' | 352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds borrowed | ' | ' | 3,700,000 | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,950,000 | 4,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional unpaid Agent Fee, percentage | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred finance costs | 24,000 | 24,000 | 102,000 | ' | 148,000 | 261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount permit to draw | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 | 30-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility financing-related costs and primarily legal fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants expire date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Jun-23 | 14-Jun-23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the Warrants at the date of issuance as deferred financing cost | ' | ' | 435,000 | ' | 435,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Warrants outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Activity_Related_to_Secur
Debt - Activity Related to Secured Promissory Note (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | October 2012 Junior secured promissory notes [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | April 2012 Senior Secured Promissory Note [Member] | |||
Debt discount related to issuance of common stock warrants [Member] | Debt discount related to issuance of common stock warrants [Member] | Discount related to the $3,750,000 Notes [Member] | Discount related to the $3,750,000 Notes [Member] | Principal [Member] | Principal [Member] | Principal [Member] | Discount related to Series C Warrant [Member] | Discount related to financing costs [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, beginning balance | $12,435 | $12,437 | $16,338 | $12,005 | $7,242 | ($241) | ($258) | ($204) | ' | $12,450 | $7,500 | $8,374 | $9,139 | ($251) | ($514) |
Amortization of debt discount | ' | ' | ' | 64 | 217 | 35 | 130 | 29 | 87 | ' | ' | 765 | ' | 251 | 514 |
Debt, ending balance | 12,435 | 12,437 | 16,338 | 12,069 | 12,005 | -206 | -241 | -175 | -204 | 12,450 | 12,450 | ' | ' | ' | ' |
Principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,139 | -9,139 | ' | ' |
Additions | ' | ' | ' | ' | $4,546 | ' | ($113) | ' | ($291) | ' | $4,950 | ' | ' | ' | ' |
Debt_Consideration_Received_Fa
Debt - Consideration Received, Fair Values of Notes, Common Stock Warrants Issued and Calculation of the Gain on Extinguishment of Debt (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Apr. 10, 2013 | Dec. 31, 2012 | Apr. 10, 2013 | Dec. 31, 2013 | |
October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | April 2013 junior secured promissory note [Member] | April 2013 junior secured promissory note [Member] | ||
Consideration received | ' | ' | ' | ' | ' | ' |
Fair Value of Notes | ' | $1,360,000 | $1,360,000 | ' | ' | $3,459,000 |
Cash | ' | ' | ' | ' | 2,500,000 | 2,500,000 |
Total Consideration Received | 3,860,000 | ' | ' | ' | ' | ' |
Notes and Warrants Issued | ' | ' | ' | ' | ' | ' |
Principal Balance of Notes Issued | ' | 1,250,000 | ' | 1,703,000 | ' | 3,750,000 |
Debt Discount | ' | ' | ' | ' | ' | -291,000 |
Fair Value of Notes | ' | 1,360,000 | 1,360,000 | ' | ' | 3,459,000 |
Fair value of Additional Common Stock Warrants issued | ' | ' | ' | ' | 352,000 | 352,000 |
Total Fair Value of Notes and Warrants Issued | 3,811,000 | ' | ' | ' | ' | ' |
Gain on extinguishment of debt | $49,000 | ' | ' | ' | ' | ' |
Debt_Activity_Related_to_Secur1
Debt - Activity Related to Secured Promissory Note (Parenthetical) (Detail) (October 2012 Junior secured promissory notes [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
October 2012 Junior secured promissory notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Promissory notes, issued | $3,750,000 | $3,750,000 |
Convertible_Notes_Payable_Summ
Convertible Notes Payable - Summary of Convertible Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 10, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
March 2012 convertible notes [Member] | March 2012 convertible notes [Member] | October 2012 convertible notes [Member] | October 2012 convertible notes [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | First may 2013 convertible notes [Member] | Second may 2013 convertible note [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes payable, current portion | ' | ' | $22,518,000 | ' | ' | $20,204,000 | ' | $2,314,000 | ' | ' | ' | ' | ' | ' | ' |
Convertible notes payable, noncurrent portion | ' | ' | 19,342,000 | ' | ' | ' | ' | ' | ' | ' | 2,797,000 | ' | 16,545,000 | ' | ' |
Total convertible notes payable | ' | $46,037,000 | $41,860,000 | $514,000 | ' | ' | ' | ' | ' | $1,250,000 | ' | ' | ' | ' | ' |
Convertible_Notes_Payable_Summ1
Convertible Notes Payable - Summary of Convertible Notes Payable (Parenthetical) (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 16, 2012 | Dec. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
March 2012 convertible notes [Member] | October 2012 convertible notes [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | First may 2013 convertible notes [Member] | Second may 2013 convertible note [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | 30-Sep-13 | 30-Sep-13 | 16-Oct-15 | ' | 16-Oct-15 | 16-Oct-15 | 22-May-16 | 30-May-16 |
Convertible note interest rate | 10.00% | 10.00% | 12.00% | 12.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Convertible_Notes_Payable_Conv
Convertible Notes Payable - Convertible Notes - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2013 | 28-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | 28-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Common stock [Member] | Common stock [Member] | Equity securities [Member] | March 2012 convertible notes [Member] | March 2012 convertible notes [Member] | October 2012 convertible notes [Member] | October 2012 convertible notes [Member] | October 2012 convertible notes [Member] | March 2012 and October 2012 Convertible Notes [Member] | March 2012 and October 2012 Convertible Notes [Member] | March 2012 and October 2012 Convertible Notes [Member] | March 2012 and October 2012 Convertible Notes [Member] | March 2012 and October 2012 Convertible Notes [Member] | ||||
Equity securities [Member] | Common stock [Member] | Equity securities [Member] | Maximum [Member] | Minimum [Member] | Common stock [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued and sold convertible notes | ' | ' | ' | ' | ' | ' | $8,076,000 | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | ' | 30-Sep-13 | ' | 30-Sep-13 | ' | ' | ' | ' | ' | ' | ' |
Convertible note interest rate | ' | ' | ' | ' | ' | ' | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of public offering | 56,105,000 | ' | 56,105,000 | 30,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition voting transfer | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes convert into equity securities of purchase price | ' | ' | ' | ' | 70.00% | ' | ' | 80.00% | ' | 80.00% | 85.00% | ' | ' | ' | ' | 70.00% |
Discount on conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 20.00% | ' |
Public offering price of the shares sold | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | ' | ' | ' | ' |
Estimated fair value of Convertible Notes as of issuance dates | ' | ' | ' | ' | ' | ' | 9,343,000 | ' | 1,772,000 | ' | ' | 14,599,000 | 22,518,000 | ' | ' | ' |
Proceeds from issuance of Convertible Notes | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,076,000 | ' | ' | ' | ' |
Excess of estimated fair value of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,039,000 | ' | ' | ' | ' |
Increase of estimated fair value of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,516,000 | $10,721,000 | ' | ' | ' |
Convertible_Notes_Payable_Octo
Convertible Notes Payable - October 2012 Subordinated Convertible Note - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Apr. 10, 2013 | 28-May-13 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 16, 2012 | Dec. 31, 2013 | Apr. 10, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Non-current other liabilities [Member] | Current and non-current other assets [Member] | Legal fees [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | October 2012 subordinated convertible note [Member] | ||||||||
Agent fee [Member] | Conversion adjusted rate [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company borrowed convertible note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Convertible Note initial maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Convertible Note additional maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' |
Convertible Note interest percentage per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | ' | ' | ' | ' | ' | ' |
Outstanding principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | 1,703,000 | ' | ' | ' | ' |
Accrued interest on promissory notes | 74,000 | ' | 74,000 | 74,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,360,000 | 1,360,000 | ' | ' | ' | ' | ' |
Gain on extinguishment of debt | ' | ' | ' | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Converted Agent Fee | ' | ' | ' | ' | ' | ' | ' | 48,000 | 39,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agent Fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Additional agent fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | 24,000 | ' | ' | 148,000 | 102,000 | ' | 261,000 | ' | ' | 22,000 | 87,000 | ' | ' | ' | ' | 89,000 | ' | ' | ' |
Convertible into share of common stock per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | 80.00% | ' | ' |
Discount on conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 15.00% |
Public offering price of the shares sold | ' | ' | ' | ' | ' | $12 | ' | ' | ' | ' | ' | ' | $12 | ' | ' | ' | ' | ' | ' |
Estimated fair value of Convertible Notes as of issuance dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,662,000 | 2,500,000 | ' | 2,797,000 | ' | ' | ' | ' |
Proceeds from issuance of Convertible Notes | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Excess of estimated fair value of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,000 | ' | ' | ' | ' | ' | ' | ' |
Increase of estimated fair value of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $133,000 | ' | ' | ' | ' | ' | ' |
Convertible_Notes_Payable_Dece
Convertible Notes Payable - December 2012 Convertible Note - Additional Information (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 06, 2012 | Dec. 06, 2012 | Dec. 06, 2012 | Dec. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Prior to June 30 2013 [Member] | After June 30 2013 [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | December 2012 convertible note [Member] | |
Non-Qualified financing [Member] | Non-Qualified financing [Member] | Operating expense [Member] | Cost of license revenue [Member] | Product [Member] | Distributor [Member] | Minimum [Member] | Maximum [Member] | Qualified financing [Member] | Prior to June 30 2013 [Member] | Prior to June 30 2013 [Member] | After June 30 2013 [Member] | After June 30 2013 [Member] | ||||
Qualified financing [Member] | Qualified financing [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company borrowed convertible note | ' | ' | $12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Note initial maturity term | ' | ' | '2 years 10 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Note additional maturity term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | 16-Oct-15 | 16-Oct-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Note interest percentage | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of voting power percentage | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal balance | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price percentage on a sale transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133.33% | ' | 142.86% | ' |
Gross proceeds qualified for conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' |
Convertible invested holder of the Company's equity, strategic investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Convertible into share of common stock per share | 75.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | 70.00% |
Discount on conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 30.00% | ' | ' | ' | ' | ' |
Estimated fair value of Convertible Notes as of issuance dates | ' | ' | 16,355,000 | 19,072,000 | 16,545,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of estimated fair value of Convertible Notes | ' | ' | 3,855,000 | ' | ' | 3,610,000 | 110,000 | 135,000 | 245,000 | ' | ' | ' | ' | ' | ' | ' |
Change in estimated fair value of financial instruments | ' | ' | ' | 1,767,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase of estimated fair value of Convertible Notes | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Notes_Payable_Firs
Convertible Notes Payable - First and Second May 2013 Convertible Notes - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
22-May-13 | 28-May-13 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Sale of convertible note | $3,529,000 | ' | ' |
Convertible note interest rate description | 'On May 22, 2013, the Company completed the sale of convertible notes under a convertible note purchase agreement in the amount of $3,529,000 in a private placement to 22 investors (First May 2013 Convertible Notes). The First May 2013 Convertible Notes accrued interest at a rate of 10% per annum and would have matured on May 22, 2016. | 'On May 28, 2013, the Company completed the sale of a convertible note under a separate convertible note purchase agreement in the amount of $3,000,000 in a private placement (Second May 2013 Convertible Note). The Second May 2013 Convertible Note accrued interest at a rate of 10% per annum and would have matured on May 30, 2016. | ' |
Proceeds from issuance of Convertible Notes | ' | 3,000,000 | ' |
Notes converted at discount into common stock percentage | ' | ' | 142.86% |
Amount of additional Non-Qualified Financing | ' | ' | 2,000,000 |
Percentage of proceeds from Non-Qualified Financing | ' | ' | 50.00% |
Common stock [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Convertible into share of common stock per share | ' | 70.00% | ' |
First and second May 2013 convertible notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Payment due under convertible notes | ' | 0 | ' |
Discount on conversion price | ' | ' | 30.00% |
First may 2013 convertible notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from issuance of Convertible Notes | 3,529,000 | ' | ' |
Estimated fair value of Convertible Notes as of issuance dates | 4,907,000 | ' | 5,147,000 |
Excess of estimated fair value of Convertible Notes | 1,378,000 | ' | ' |
Increase of estimated fair value of Convertible Notes | ' | ' | 166,000 |
Second may 2013 convertible note [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from issuance of Convertible Notes | 3,000,000 | ' | ' |
Estimated fair value of Convertible Notes as of issuance dates | 4,162,000 | ' | 4,369,000 |
Excess of estimated fair value of Convertible Notes | 1,162,000 | ' | ' |
Increase of estimated fair value of Convertible Notes | ' | ' | $149,000 |
Preferred_Stock_Additional_Inf
Preferred Stock - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | 31-May-12 | 31-May-12 | 31-May-12 | Apr. 30, 2007 | 31-May-12 | Aug. 31, 2008 | 31-May-12 | Jun. 30, 2011 |
IPO [Member] | Pre Amendment [Member] | Post Amendment [Member] | Series A convertible preferred stock [Member] | Series A convertible preferred stock [Member] | Series B convertible preferred stock [Member] | Series B convertible preferred stock [Member] | Series C convertible preferred stock [Member] | Series C convertible preferred stock [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 1,484 | ' | 2,242 | ' | 4,778 |
Preferred stock, par value | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | $2.61 | ' | $4.85 | ' | $5.32 |
Convertible notes payable | ' | $41,860,000 | ' | ' | $46,037,000 | $514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 250,000 | 12,936 | 250,000 | 250,000 | ' | ' | ' | 12,745 | 12,936 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 20,000 | ' | 20,000 | 20,000 | ' | ' | 20,000 | 8,632 | 8,823 | 1,489 | ' | 2,252 | ' | 5,082 | ' |
Basis conversion of outstanding convertible preferred stock into common stock | '1-for-1 basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants_Summary_of_Informatio
Warrants - Summary of Information about Common Stock Warrants Outstanding (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Additional Common Stock Warrant [Member] | June 2013 Warrants [Member] | |||
April 2013 junior secured promissory note [Member] | June 2013 credit facility [Member] | ||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Issue date | ' | ' | ' | 'April 2013 | 'June 2013 |
Expiration date | ' | ' | ' | 'October 2015 | 'June 2023 |
Number of shares subject to warrant issued | ' | 151 | 207 | 118 | 33 |
Exercise price | 8.4 | 8.4 | ' | 8.4 | 8.4 |
Warrants_Summary_of_Informatio1
Warrants - Summary of Information about Common Stock Warrants Outstanding (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Other Liabilities Disclosure [Abstract] | ' |
Voting power percentage | 50.00% |
Warrants_Additional_Informatio
Warrants - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Other Liabilities Disclosure [Abstract] | ' |
Additional Common Stock Warrants, exercisable | '18 months |
Warrants_Summary_of_Informatio2
Warrants -Summary of Information about Convertible Preferred Stock and Common Stock Warrants Outstanding (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Common stock [Member] | Series A convertible preferred stock [Member] | Series C convertible preferred stock [Member] | Promissory note and revolving line of credit [Member] | Promissory note [Member] | |||
Series B convertible preferred stock [Member] | Series B convertible preferred stock [Member] | |||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Issue date | ' | ' | ' | 'October 2012 | 'April 2007 | 'April 2012 | 'August 2008 | 'March 2009 |
Expiration date | ' | ' | ' | 'October 2015 | 'April 2014 | 'April 2022 | 'May 2013 | 'March 2014 |
Number of shares subject to warrant issued | ' | 151 | 207 | ' | 6 | 191 | 3 | 7 |
Exercise price | 8.4 | 8.4 | ' | ' | 2.608 | 7.846 | 4.849 | 4.849 |
Estimated fair value as of December 31, 2012 | ' | ' | $2,185 | $301 | $68 | $1,710 | $34 | $72 |
Warrants_Summary_of_Informatio3
Warrants -Summary of Information about Convertible Preferred Stock and Common Stock Warrants Outstanding (Parenthetical) (Detail) | 12 Months Ended | |||
Dec. 31, 2012 | Jun. 30, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | |
Other Liabilities Disclosure [Abstract] | ' | ' | ' | ' |
Percentage on funded principal amount | 15.00% | ' | ' | ' |
Percentage on value of common stock in sale of company or an initial public offering | 70.00% | 70.00% | 70.00% | 70.00% |
Percentage of exercise price on value of common stock | 70.00% | 70.00% | 70.00% | 70.00% |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||||
Equity [Abstract] | ' | ' | ' | ' |
Common stock, shares authorized | 250,000 | 250,000 | 250,000 | 12,936 |
Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 |
Common_Stock_Reserved_Shares_o
Common Stock - Reserved Shares of Common Stock for Future Issuances (Detail) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Class of Stock [Line Items] | ' |
Reserved shares of common stock for future issuances | 3,953 |
Stock options available for future grant [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved shares of common stock for future issuances | 1,194 |
Stock options outstanding [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved shares of common stock for future issuances | 2,608 |
Warrants to purchase common stock [Member] | ' |
Class of Stock [Line Items] | ' |
Reserved shares of common stock for future issuances | 151 |
ShareBased_Plans_Additional_In
Share-Based Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2006 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | |
Donald Glidewell [Member] | 2006 Equity incentive plan [Member] | 2006 Equity incentive plan [Member] | 2006 Equity incentive plan [Member] | 2011 Stock plan [Member] | 2011 Stock plan [Member] | Stock incentive plan 2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | 1,434,000 | ' | 1,167,000 | 1,600,000 |
Number of shares available for grant | 1,128,000 | ' | 1,194,000 | 352,000 | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Number of stock options exercised, subject to repurchase | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Number of options outstanding | 2,974,000 | ' | 2,608,000 | 2,067,000 | ' | ' | 705,000 | ' | ' | 1,131,000 | ' | 772,000 |
Number of options weighted average exercise price | ' | ' | $8.56 | $3.86 | ' | ' | $1.04 | ' | ' | $7.67 | ' | $16.74 |
Number of options vested | ' | ' | ' | ' | ' | ' | 624,000 | ' | ' | 420,000 | ' | 11,000 |
Number of options exercised | 378,000 | ' | 217,000 | ' | ' | ' | 204,000 | ' | ' | 13,000 | ' | 0 |
Number of options canceled | ' | ' | 278,000 | ' | ' | ' | 116,000 | ' | ' | 120,000 | ' | 42,000 |
Exercise of incentive stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,446,000 | ' |
Percentage increase by number of shares of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% |
Options vesting percentage | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of options, description | ' | ' | 'Generally, options vest 25% on the first anniversary from the date of grant and 1/48 per month thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | $2,801,000 | $93,000 | $7,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of options vested | ' | ' | 1,314,000 | 489,000 | 228,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average estimated fair value of options granted | ' | ' | $10.35 | $4.24 | $0.78 | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | 1,522,000 | 249,000 | 2,300,000 | 662,000 | 271,000 | 266,000 | ' | ' | ' | ' | ' | ' |
Tax benefit not recognized | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Unvested options granted to employees stock option plans | ' | ' | $10,454,000 | ' | ' | $444,000 | ' | ' | ' | ' | ' | ' |
Weighted-average remaining term | ' | ' | '3 years 3 months 18 days | ' | ' | '3 months 18 days | ' | ' | ' | ' | ' | ' |
Accelerated vesting of Donald Glidewell's | 444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options granted | 769,000 | ' | 1,036,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price per share | $14.87 | ' | $15.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price per share, exercised | $2.49 | ' | $1.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Plans_Summary_of_
Stock Option Plans - Summary of Activity under Company's Stock Option Plans (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Shares available for grant, Beginning balance | 1,194,000 | 352,000 | ' |
Shares available for grant, Options authorized | ' | 1,600,000 | ' |
Shares available for grant, Options granted | ' | -1,036,000 | ' |
Shares available for grant, Options exercised | ' | ' | ' |
Shares available for grant, Options canceled | ' | 278,000 | ' |
Shares available for grant, Ending balance | 1,128,000 | 1,194,000 | 352,000 |
Shares outstanding, Beginning balance | 2,608,000 | 2,067,000 | ' |
Shares outstanding, Options granted | 769,000 | 1,036,000 | ' |
Shares outstanding, Options exercised | -378,000 | -217,000 | ' |
Shares outstanding, Options canceled | ' | -278,000 | ' |
Shares outstanding, Ending balance | 2,974,000 | 2,608,000 | 2,067,000 |
Shares outstanding, Vested and expected to vest | ' | 2,409,000 | ' |
Shares outstanding, Exercisable | ' | 1,054,000 | ' |
Weighted Average Exercise Price, Beginning balance | $8.56 | $3.86 | ' |
Weighted Average Exercise Price, Options granted | $14.87 | $15.76 | ' |
Weighted Average Exercise Price, Options exercised | $2.49 | $1.18 | ' |
Weighted Average Exercise Price, Options canceled | ' | $6.24 | ' |
Weighted Average Exercise Price, Ending balance | ' | $8.56 | $3.86 |
Weighted Average Exercise Price, Vested and expected to vest | ' | $8.25 | ' |
Weighted Average Exercise Price, Exercisable | ' | $2.97 | ' |
Weighted-Average remaining contractual life | ' | '8 years 1 month 6 days | '7 years 8 months 12 days |
Weighted-Average remaining contractual life, Vested and expected to vest | ' | '8 years | ' |
Weighted-Average remaining contractual life, Exercisable | ' | '6 years 6 months | ' |
Aggregate intrinsic value, Beginning balance | $24,158 | $14,380 | ' |
Aggregate intrinsic value, Ending balance | ' | 24,158 | 14,380 |
Aggregate intrinsic value, Vested and expected to vest | ' | 23,061 | ' |
Aggregate intrinsic value, Exercisable | ' | $15,610 | ' |
Capital_Leases_Additional_Info
Capital Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Capital Leased Assets [Line Items] | ' | ' | ' |
Amortization of capital leases | $470,000 | $175,000 | $143,000 |
Machinery and equipment [Member] | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Property plant and equipment under capital leases | 3,046,000 | 939,000 | ' |
Property plant and equipment, accumulated amortization under capital leases | $935,000 | $465,000 | ' |
Alternate_Calculation_Structur
Alternate Calculation Structures Remove from Presentation Linkbase (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Leases [Abstract] | ' | ' | ' |
Present value of future payments | ' | $2,535 | ' |
Less: current portion | -1,680 | -1,401 | -207 |
Capital lease obligations, less current portion | $1,059 | $1,134 | $195 |
Capital_Leases_Aggregate_Contr
Capital Leases - Aggregate Contractual Future Minimum Lease Payments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Leases [Abstract] | ' | ' | ' |
2014 | ' | $1,520 | ' |
2015 | ' | 1,120 | ' |
2016 | ' | 54 | ' |
Total minimum payments required | ' | 2,694 | ' |
Less: amount representing interest | ' | -159 | ' |
Present value of future payments | ' | 2,535 | ' |
Less: current portion | -1,680 | -1,401 | -207 |
Capital lease obligations, less current portion | $1,059 | $1,134 | $195 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 09, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
sqft | |||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' |
Office facility lease agreement | 28,700 | ' | ' | ' | ' |
Lease termination date | ' | ' | '2015-02 | ' | ' |
Lease renewal period | '5 years | ' | ' | ' | ' |
Lease agreement period | '60 months | ' | ' | ' | ' |
Monthly base rent | $46,000 | ' | ' | ' | ' |
Percentage of annual increase in base rent | 3.00% | ' | ' | ' | ' |
Rental expense | ' | ' | 691,000 | 484,000 | 412,000 |
Legal proceedings | ' | $0 | $0 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' |
Leased office facilities expiration period | ' | ' | 28-Feb-14 | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' |
Leased office facilities expiration period | ' | ' | 31-Oct-16 | ' | ' |
Office and laboratory [Member] | ' | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' |
Lease start date | 9-Sep-13 | ' | ' | ' | ' |
Office space [Member] | ' | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' |
Office facility lease agreement | ' | ' | 24,500 | ' | ' |
Lease renewal period | ' | ' | '5 years | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Non-Cancelable Lease Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $965 |
2015 | 753 |
2016 | 666 |
2017 | 606 |
2018 and beyond | 822 |
Total minimum payments required | $3,812 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Net deferred tax assets | ' | ' | $34,250,000 | $22,400,000 | ' |
Change in valuation allowance | ' | ' | 11,850,000 | 8,134,000 | 5,211,000 |
Federal research and development credits | ' | ' | 151,000 | ' | ' |
Deferred tax liabilities | ' | ' | 0 | 0 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' |
Unrecognized tax benefits | ' | ' | 525,000 | 340,000 | 305,000 |
Maximum [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Limitations on carry-forwards | ' | ' | 493,000 | ' | ' |
Income tax examination year | ' | ' | '2013 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income tax examination year | ' | ' | '2006 | ' | ' |
Federal income tax [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carry-forwards | ' | ' | 77,682,000 | ' | ' |
Net operating loss carry-forwards, expiry period | ' | ' | '2026 | ' | ' |
Research and development tax credit carry-forwards | ' | ' | 1,414,000 | ' | ' |
Tax credit carry-forwards, expiry period | ' | ' | '2026 | ' | ' |
State [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Research and development tax credit carry-forwards | ' | ' | 1,274,000 | ' | ' |
Various other state [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carry-forwards | ' | ' | 13,656,000 | ' | ' |
Net operating loss carry-forwards, expiry period | ' | ' | '2031 | ' | ' |
California [Member] | State [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carry-forwards | ' | ' | $59,829,000 | ' | ' |
Net operating loss carry-forwards, expiry period | ' | ' | '2016 | ' | ' |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of deferred taxes: | ' | ' |
Net operating loss carryforwards | $30,258 | $19,966 |
Research and development tax credit | 1,577 | 1,002 |
Other, net | 2,415 | 1,432 |
Net deferred tax assets | 34,250 | 22,400 |
Less: valuation allowance | -34,250 | -22,400 |
Net deferred tax assets | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Income Tax Rate to US Federal Income Tax Statutory Rate (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Federal tax benefit at statutory rate | 34.00% | 34.00% |
State tax benefit, net of federal benefit | 5.00% | 5.00% |
Interest expense | -5.00% | ' |
Mark-to-market accounting | 9.00% | -12.00% |
Deemed dividend | -2.00% | -6.00% |
Share-based compensation expense | -2.00% | ' |
Other | 1.00% | -1.00% |
Adjustment due to change in valuation allowance | -40.00% | -20.00% |
Provision for income taxes | ' | ' |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Beginning and Ending Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning balance | $340 | $305 |
Increase related to prior year tax positions | 79 | ' |
Increase related to current year tax positions | 106 | 35 |
Ending balance | $525 | $340 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, maximum employers contribution | 3.00% | ' | ' |
Defined contribution plan, additional matching contribution | 50.00% | ' | ' |
Defined contribution plan, vesting percentage | 100.00% | ' | ' |
Defined contribution plan, matching contribution amount | $294,000 | $229,000 | $190,000 |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, additional matching contribution percentage | 3.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, additional matching contribution percentage | 5.00% | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Products purchased for further distribution and resale | $648,000 | $309,000 | $1,693,000 | $184,000 | $150,000 |
Tremont Group, Inc. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Products purchased for further distribution and resale | 320,000 | ' | 1,446,000 | ' | ' |
Outstanding accounts receivable due | 1,230,000 | ' | 903,000 | ' | ' |
Accounts receivable due date | ' | ' | '2014-04 | ' | ' |
Syngenta [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Products purchased for further distribution and resale | ' | ' | 116,000 | ' | ' |
Outstanding accounts receivable due | 0 | ' | 0 | ' | ' |
Convertible note issued | ' | ' | ' | 12,500,000 | ' |
Convertible note converted into shares, outstanding balance | ' | ' | 0 | ' | ' |
License revenue recognized | $328,000 | ' | $131,000 | ' | ' |
Affiliate revenues percent | 5.00% | ' | 5.00% | ' | ' |
Reverse_Stock_Split_Additional
Reverse Stock Split - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Conversion of convertible preferred stock ratio | 1 | 1 | 1 | ' |
Reverse stock split | '1-for-3.138458 | ' | ' | ' |
Reverse stock split, ratio | 3.138458 | ' | ' | ' |
Increased number of shares of common stock authorized for issuance | 250,000 | 250,000 | 250,000 | 12,936 |
Increased number of shares of preferred stock authorized for issuance | 20,000 | 20,000 | 20,000 | ' |
Initial_Public_Offering_Additi
Initial Public Offering - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Shares issued under initial public offering | 5,462,500 | ' | ' | ' |
Issuance of common stock under IPO to underwriters by selling stockholders | 712,500 | ' | ' | ' |
Public offering price of the shares sold in the offering | $12 | ' | ' | ' |
Total gross proceeds from IPO | $65,550,000 | ' | ' | ' |
Aggregate net proceeds received | $56,105,000 | $56,105,000 | ' | ' |
Convertible preferred stock and warrants to common stock | 8,514,000 | ' | ' | ' |
Common stock issued upon cash exercise of common stock warrants | 3,000 | ' | ' | ' |
Convertible notes converted into common stock | 3,741,000 | ' | ' | ' |
Common stock issued upon net exercise of common stock warrants | 47,000 | ' | ' | ' |
Common stock, shares outstanding | 19,133,000 | 19,323,000 | 19,707,000 | 1,267,000 |
Warrants to purchase common stock outstanding | 151,000 | ' | ' | ' |
Series B convertible preferred stock warrants [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Common stock issued upon cash exercise of common stock warrants | 10,000 | ' | ' | ' |
Series A and Series C convertible preferred stock warrants [Member] | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' |
Convertible preferred stock and warrants to common stock | 71,000 | ' | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Summary of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $2,790 | $5,967 | $1,346 | $4,500 | $2,730 | $2,894 | $738 | $1,509 | $1,999 | ' | $14,543 | $7,140 | $5,251 |
Gross profit | 1,138 | 1,501 | 269 | 1,102 | 935 | 626 | 217 | 825 | 1,139 | ' | 3,807 | 2,807 | 3,079 |
Net loss | -10,246 | -9,991 | -6,110 | -1,639 | -10,749 | -17,096 | -13,802 | -3,912 | -3,984 | -18,498 | -28,489 | -38,794 | -13,180 |
Deemed dividend on convertible notes | ' | ' | ' | -1,378 | ' | -786 | ' | ' | -1,253 | -1,378 | -1,378 | -2,039 | ' |
Net loss attributable to common stockholders | ' | ($9,991) | ($6,110) | ($3,017) | ($10,749) | ($17,882) | ($13,802) | ($3,912) | ($5,237) | ($19,876) | ($29,867) | ($40,833) | ($13,180) |
Net loss per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ($0.52) | ($0.47) | ($2.36) | ($8.48) | ($14.11) | ($10.94) | ($3.13) | ($4.20) | ' | ($3.42) | ($32.48) | ($10.64) |
Diluted | ' | ($0.52) | ($0.80) | ($2.67) | ($8.48) | ($14.11) | ($10.94) | ($3.13) | ($4.20) | ($4.63) | ($3.94) | ($32.48) | ($10.64) |
Quarterly_Financial_Informatio3
Quarterly Financial Information - Schedule of Error Corrections - Computation of Common Shares Upon Exercise of Warrants and Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($10,246) | ($9,991) | ($6,110) | ($1,639) | ($10,749) | ($17,096) | ($13,802) | ($3,912) | ($3,984) | ($18,498) | ($28,489) | ($38,794) | ($13,180) |
Deemed dividend on convertible notes | ' | ' | ' | -1,378 | ' | -786 | ' | ' | -1,253 | -1,378 | -1,378 | -2,039 | ' |
Net loss attributable to common stockholders | ' | -9,991 | -6,110 | -3,017 | -10,749 | -17,882 | -13,802 | -3,912 | -5,237 | -19,876 | -29,867 | -40,833 | -13,180 |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss for diluted net loss per share | ' | ' | -10,766 | -3,592 | ' | ' | ' | ' | ' | -25,109 | -35,099 | -40,833 | -13,180 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares used for basic net loss per share | ' | ' | 12,888 | 1,277 | ' | ' | ' | ' | ' | 5,187 | 8,731 | 1,257 | 1,239 |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes | ' | ' | 503 | ' | ' | ' | ' | ' | ' | 169 | 127 | ' | ' |
Warrants to purchase convertible preferred stock | ' | ' | 31 | 70 | ' | ' | ' | ' | ' | 61 | ' | ' | ' |
Warrants to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' | ' |
Weighted average shares outstanding for diluted net loss per share | ' | ' | 13,422 | 1,347 | ' | ' | ' | ' | ' | 5,417 | 8,911 | 1,257 | 1,239 |
Diluted net loss per share | ' | ($0.52) | ($0.80) | ($2.67) | ($8.48) | ($14.11) | ($10.94) | ($3.13) | ($4.20) | ($4.63) | ($3.94) | ($32.48) | ($10.64) |
Convertible notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | -4,392 | ' | ' | ' | ' | ' | ' | -4,392 | -4,392 | ' | ' |
Warrants to purchase preferred stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | -264 | -575 | ' | ' | ' | ' | ' | -841 | -840 | ' | ' |
As reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | -6,110 | -1,639 | ' | ' | ' | ' | ' | -18,498 | ' | ' | ' |
Deemed dividend on convertible notes | ' | ' | ' | -1,378 | ' | ' | ' | ' | ' | -1,378 | ' | ' | ' |
Net loss attributable to common stockholders | ' | ' | -6,110 | -3,017 | ' | ' | ' | ' | ' | -19,876 | ' | ' | ' |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase common stock | ' | ' | -201 | ' | ' | ' | ' | ' | ' | -201 | ' | ' | ' |
Net loss for diluted net loss per share | ' | ' | -7,400 | -3,017 | ' | ' | ' | ' | ' | -20,195 | ' | ' | ' |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares used for basic net loss per share | ' | ' | 12,888 | 1,277 | ' | ' | ' | ' | ' | 5,187 | ' | ' | ' |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes | ' | ' | 1,043 | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Warrants to purchase common stock | ' | ' | 86 | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' |
Weighted average shares outstanding for diluted net loss per share | ' | ' | 14,017 | 1,277 | ' | ' | ' | ' | ' | 5,229 | ' | ' | ' |
Diluted net loss per share | ' | ' | ($0.53) | ($2.36) | ' | ' | ' | ' | ' | ($3.86) | ' | ' | ' |
As reported [Member] | Convertible notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of potentially dilutive securities | ' | ' | ($1,089) | ' | ' | ' | ' | ' | ' | ($118) | ' | ' | ' |
ShortTerm_Investments_Addition
Short-Term Investments - Additional Information (Detail) (Certificates of deposit [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Certificates of deposit [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Short-term investments original maturity description | 'Short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. | 'Short-term investments consist of certificates of deposit with original maturities less than one year but greater than three months which are classified as held-to-maturity. |
Short-term investments original maturity period, maximum | '1 year | '1 year |
Short-term investments original maturity period, minimum | '3 months | '3 months |
Accrued_Liabilities_Schedule_o1
Accrued Liabilities - Schedule of Changes in Accrued Warranty Costs (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Payables And Accruals [Abstract] | ' |
Beginning Balance | $60 |
Warranties issued during the period | 88 |
Settlements made during the period | -13 |
Ending Balance | $135 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | ||||
Sep. 09, 2013 | Sep. 09, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
sqft | Office and laboratory [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
sqft | Office and laboratory [Member] | Amendment [Member] | Revolving Line of Credit [Member] | |||
sqft | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, maximum borrowing capacity | ' | ' | ' | ' | ' | $5,000,000 |
Debt instrument, interest rate | ' | ' | ' | ' | ' | 1.50% |
Restricted deposit | ' | ' | ' | ' | ' | 5,000,000 |
Amendment agreement commencement date | ' | ' | ' | ' | 1-Aug-14 | ' |
Office facility lease agreement | 28,700 | ' | 17,438 | ' | 27,303 | ' |
Initial base rent term | ' | ' | ' | ' | '12 months | ' |
Monthly base rent | $46,000 | ' | $28,000 | ' | $44,000 | ' |
Percentage of annual increase in base rent | 3.00% | ' | 3.00% | ' | 3.00% | ' |
Lease agreement period | ' | ' | '60 months | ' | ' | ' |
Lease start date | ' | 9-Sep-13 | ' | 30-Apr-14 | ' | ' |