Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 21, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Harvard Apparatus Regenerative Technology, Inc. | ||
Entity Central Index Key | 1,563,665 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 10,356,769 | ||
Trading Symbol | HART | ||
Entity Common Stock, Shares Outstanding | 14,110,540 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 7,456 | $ 5,272 |
Related party receivables | 0 | 27 |
Accounts receivable | 21 | 5 |
Inventory | 75 | 207 |
Prepaid expenses | $ 330 | $ 317 |
Other current assets | ||
Total current assets | $ 7,882 | $ 5,828 |
Property, plant and equipment, net | 1,074 | 1,376 |
Total non-current assets | 1,074 | 1,376 |
Total assets | 8,956 | 7,204 |
Current liabilities: | ||
Accounts payable | 357 | 370 |
Related party payables | 0 | 16 |
Accrued and other current liabilities | 297 | 324 |
Total current liabilities | 654 | 710 |
Total non-current liabilities | 0 | 0 |
Total liabilities | $ 654 | $ 710 |
Commitments and contingencies (note 11) | ||
Stockholders' equity: | ||
Series B convertible preferred stock, par value $0.01 per share, 2,000,000 shares authorized; 695,857 and 0 shares issued, respectively; and 0 outstanding | $ 0 | $ 0 |
Common stock, par value $0.01 per share, 30,000,000 shares authorized; 14,101,395 and 7,856,607 shares issued and outstanding, respectively | 141 | 79 |
Additional paid-in capital | 32,908 | 19,449 |
Accumulated deficit | (24,739) | (13,035) |
Accumulated other comprehensive (loss) income | (8) | 1 |
Total stockholders' equity | 8,302 | 6,494 |
Total liabilities and stockholders' equity | $ 8,956 | $ 7,204 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 695,857 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 14,101,395 | 7,856,607 |
Common stock, shares outstanding | 14,101,395 | 7,856,607 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 118 | $ 93 |
Cost of revenues | 139 | 48 |
Gross (loss) profit | (21) | 45 |
Operating expenses: | ||
Research and development | 4,786 | 5,119 |
Sales and marketing | 289 | 329 |
General and administrative | 6,605 | 5,654 |
Total operating expenses | 11,680 | 11,102 |
Operating loss | (11,701) | (11,057) |
Other expense, net | (3) | (4) |
Loss before income taxes | (11,704) | (11,061) |
Income taxes | 0 | 0 |
Net loss | $ (11,704) | $ (11,061) |
Basic and diluted net loss per share (in dollars per share) | $ (1.05) | $ (1.41) |
Weighted average common shares, basic and diluted (in shares) | 11,154 | 7,821 |
Comprehensive loss: | ||
Net loss | $ (11,704) | $ (11,061) |
Foreign currency translation adjustments | (9) | 1 |
Total comprehensive loss | $ (11,713) | $ (11,060) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Series B Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2013 | $ 14,569 | $ 77 | $ 0 | $ 16,466 | $ (1,974) | $ 0 |
Balance (in shares) at Dec. 31, 2013 | 7,743 | 0 | ||||
Net loss | (11,061) | $ 0 | $ 0 | 0 | (11,061) | 0 |
Share based compensation | 2,565 | 0 | 0 | 2,565 | 0 | 0 |
Stock option exercises | 420 | $ 2 | $ 0 | 418 | 0 | 0 |
Stock option exercises (in shares) | 106 | 0 | ||||
Vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Vesting of restricted stock units (in shares) | 7 | 0 | ||||
Other comprehensive loss | 1 | $ 0 | $ 0 | 0 | 0 | 1 |
Balance at Dec. 31, 2014 | 6,494 | $ 79 | $ 0 | 19,449 | (13,035) | 1 |
Balance (in shares) at Dec. 31, 2014 | 7,856 | 0 | ||||
Net loss | (11,704) | $ 0 | $ 0 | 0 | (11,704) | 0 |
Share based compensation | 3,966 | 0 | 0 | 3,966 | 0 | 0 |
Issunace of common stock under employee stock purchase plan | 76 | $ 0 | 0 | 76 | 0 | 0 |
Stock purchase plan (in shares) | 39 | |||||
Vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Vesting of restricted stock units (in shares) | 6 | 0 | ||||
Issuance of Series B convertible preferred stock, net of offering cost | 5,357 | $ 0 | $ 5,357 | 0 | 0 | 0 |
Issuance of Series B convertible preferred stock, net of offering cost (in shares) | 0 | 696 | ||||
Conversion of Series B preferred stock to common stock | 0 | $ 35 | $ (5,357) | 5,322 | 0 | 0 |
Conversion of Series B preferred stock to common stock (in shares) | 3,480 | (696) | ||||
Isuance of common stock, net of offering costs | 4,122 | $ 27 | $ 0 | 4,095 | 0 | 0 |
Isuance of common stock, net of offering costs (in shares) | 2,720 | 0 | ||||
Other comprehensive loss | (9) | $ 0 | $ 0 | 0 | 0 | (9) |
Balance at Dec. 31, 2015 | $ 8,302 | $ 141 | $ 0 | $ 32,908 | $ (24,739) | $ (8) |
Balance (in shares) at Dec. 31, 2015 | 14,101 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows used in operating activities: | ||
Net loss: | $ (11,704) | $ (11,061) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,966 | 2,565 |
Depreciation | 478 | 363 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in related party receivables | 27 | (5) |
Increase in accounts receivable | (16) | (5) |
Decrease (increase) in inventories | 132 | (169) |
(Increase) decrease in prepaid expenses | (13) | 104 |
(Decrease) increase in accounts payable | (13) | 126 |
Decrease in related party payable | (16) | (74) |
(Decrease) increase in accrued and other current liabilities | (27) | 163 |
Net cash used in operating activities | (7,186) | (7,993) |
Cash flows used in investing activities: | ||
Additions to property, plant and equipment | (176) | (1,164) |
Net cash used in investing activities | (176) | (1,164) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net | 4,198 | 420 |
Proceeds from issuance of Series B convertible preferred stock, net | 5,357 | 0 |
Net cash provided by financing activities | 9,555 | 420 |
Effect of exchange rate changes on cash | (9) | 1 |
Net (decrease) increase in cash | 2,184 | (8,736) |
Cash at the beginning of the period | 5,272 | 14,008 |
Cash at the end of the period | $ 7,456 | $ 5,272 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization Overview Harvard Apparatus Regenerative Technology, Inc. (“HART” or the “Company”) is developing bioengineered organ implants utilizing the recipient’s own stem cells to treat life-threatening conditions. HART has developed and initiated the testing of a new technology platform to create organ implants to replace diseased or damaged portions of the esophagus, trachea or bronchus to restore function. Prior to November 1, 2013, the Company was a business segment of Harvard Bioscience, Inc. (“Harvard Bioscience”). The Company is engaged in the development and commercialization of regenerated organs for human transplant. Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and acquiring operating assets. HART was incorporated in Delaware on May 3, 2012 by Harvard Bioscience, as a wholly-owned subsidiary, to provide a means for separating Harvard Bioscience’s regenerative medicine business from its other businesses. On October 31, 2013, Harvard Bioscience contributed its regenerative medicine business assets, plus $ 15 The Company has one business segment and does not have significant costs or assets outside the United States. The historical deferred tax assets, including the operating losses and credit carryforwards generated by HART prior to the Separation, remained with Harvard Bioscience subsequent to the Separation. The financial statements reflect the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States (“GAAP”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements include the accounts of HART and its three wholly-owned subsidiaries, Harvard Apparatus Regenerative Technology GmbH (Germany), Harvard Apparatus Regenerative Technology AB (Sweden) and Harvard Apparatus Regenerative Technology Limited (UK). All intercompany balances and transactions have been eliminated in consolidation. (b) Use of Estimates The process of preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, stock-based compensation, accruals, depreciation and income taxes. Actual results could differ from those estimates and changes in estimates may occur. (c) Inventories The Company values its inventories at the lower of the actual cost to purchase (first-in, first-out method) and/or manufacture the inventories or the current estimated market value of the inventories. The Company regularly reviews inventory quantities on hand and records a provision to write down excess and obsolete inventories to its estimated net realizable value if less than cost, based primarily on its estimated forecast of product demand. (d) Property, Plant and Equipment Leasehold improvements Furniture, machinery and equipment, computer equipment and software 3- 7 years Maintenance and repairs are charged to expense as incurred, while any additions or improvements are capitalized. (e) Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An asset, or group of assets, are considered to be impaired when the undiscounted estimated net cash flows expected to be generated by the asset, or group of assets, are less than its carrying amount. The impairment recognized is the amount by which the carrying amount exceeds the fair market value of the impaired asset, or group of assets. (f) Revenue Recognition The Company follows the provisions of FASB ASC 605, “ Revenue Recognition The Company accounts for shipping and handling fees and costs in accordance with the provisions of FASB ASC 605-45-45, “ Revenue Recognition Principal Agent Considerations (g) Research and Development Research and development costs are expensed as incurred. (h) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, “ Compensation Stock Compensation FASB ASC 718 requires companies to estimate the fair value of stock-based payment awards, except restricted stock units, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in its consolidated statements of income. We measure share-based awards granted to consultants and non-employees based on the fair value of the award on the date at which the related service is complete. Compensation expense is recognized over the period during which services are rendered by such consultants and non-employees until completed. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is re-measured using the then-current fair value of our ordinary shares and updated assumption inputs in the Black-Scholes option-pricing model Under FASB ASC 718, the Company elected the Black-Scholes option-pricing model for valuation of stock-based payment awards. The determination of fair value of stock-based payment awards on the date of grant using the Black-Scholes option-pricing model is affected by its stock price as well as assumptions regarding a number of and subjective variables. These variables include, but are not limited to its expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The Company records stock compensation expense on a straight-line basis over the requisite service period for all awards granted since the adoption of FASB ASC 718. When performance based grants are issued the Company recognizes no expense until achievement of the performance requirement is deemed probable. The fair values of Restricted Stock Units (RSU) are based on the number of shares granted and market price of the stock on the date of grant and are recorded as compensation expense ratably over the applicable service period, which is generally four years. Unvested restricted stock units and vested and unvested stock options are forfeited in the event of termination of employment with HART or Harvard Bioscience. The compensation expense recognized for all equity-based awards is net of estimated forfeitures and is recognized using the straight-line method over the applicable service period, where the minimum amount of expense recorded is at least equal to the percent of an award vested. (i) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. Accordingly, the Company provides a valuation allowance, if necessary, to reduce deferred tax assets to amounts that are expected to be realizable. Tax positions taken or expected to be taken in the course of preparing our tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. (j) Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted net loss per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. Basic and diluted net loss per share are the same for all periods presented as the exercise of options and other unvested RSUs would be antidilutive. (k) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded as a separate component of stockholders’ equity in accumulated other comprehensive loss in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net loss. (l) Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive loss. The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220, “Comprehensive Income”. FASB ASC 220 requires companies to report all changes in equity during a period, resulting from net income (loss) and transactions from non-owner sources, in a financial statement in the period in which they are recognized. We have chosen to disclose comprehensive loss, which encompasses net loss, foreign currency translation adjustments, net of tax, in the consolidated statements of operations and comprehensive loss. (m) Recently Issued Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update or ASU, 2016-02, Leases (Topic 842) |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations Disclosure [Abstract] | |
Concentrations Disclosure [Text Block] | 3. Concentrations Effective November 1, 2013 the Company entered into a 10 Sales to Harvard Bioscience, the Company’s distributor of research bioreactor systems, accounted for 100 |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2015 | |
Liquidity Disclosure [Abstract] | |
Liquidity And Going Concern Disclosure [Text Block] | 4. Liquidity The accompanying consolidated financial statements have been prepared assuming that HART will continue as a going concern. HART has incurred substantial operating losses since its inception, and as of December 31, 2015, has an accumulated deficit of approximately $ 24.7 Management of the Company believes that HART will need additional funds in 2016 and in future years to fund its operations. HART’s operations will be adversely affected if we are unable to raise or obtain needed funding and may materially affect our ability to continue as a going concern.Cash requirements and cash resource needs will vary significantly depending upon the timing and the financial and other resource needs that will be required to complete ongoing development and pre-clinical and clinical testing of products as well as regulatory efforts and collaborative arrangements necessary for the Company’s products that are currently under development. HART will seek to raise necessary funds through a combination of additional sales of common stock to Aspire Capital Fund, LLC. (See Note 12), other public or private equity offerings, debt financings, other financing mechanisms, or strategic collaborations and licensing arrangements. We may not be able to obtain additional financing on terms favorable to us, if at all. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 5. Inventories December 31, 2015 2014 (in thousands) Finished goods $ - $ - Raw materials 75 207 Total $ 75 $ 207 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions During the year ended December 31, 2015, the Company recognized $ 165,000 Relationship with Harvard Bioscience From inception through April 17, 2015, Harvard Bioscience was considered to be a related party to the Company because David Green, the Company’s former Chairman and CEO, was also a director of Harvard Bioscience. Since Mr. Green resigned from the positions of Chairman and CEO of HART on April 17, 2015, Harvard Bioscience is no longer considered a related party. Mr. Green is still a Member of the Boards of Directors of both HART and Harvard Bioscience. In connection with the Separation, the Company entered into a series of agreements with Harvard Bioscience. These agreements include: (i) a Separation and Distribution Agreement to effect the separation and spin-off distribution and provide other agreements to govern the Company’s relationship with Harvard Bioscience after the spin-off; (ii) an Intellectual Property Matters Agreement, which governs various intellectual property related arrangements between the Company and Harvard Bioscience, including the separation of intellectual property rights between the Company and Harvard Bioscience, as well as certain related cross-licenses between the two companies; (iii) a Product Distribution Agreement, which provided that each company be the exclusive distributor for the other party for products such other party develops for sale in the markets served by the other; (iv) a Tax Sharing Agreement, which governs the Company’s and Harvard Bioscience’s respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes for periods before, during and after the spin-off; and (v) a Transition Services Agreement, which provided for certain services to be performed on a transitional basis by Harvard Bioscience to facilitate HART’s transition into a separate public reporting company. As part of the Transition Services Agreement, and for one year following the spin-off date, Harvard Bioscience provided certain support services to HART, including, among others, accounting, payroll, human resources and information technology services, with the charges for the transition services generally intended to allow Harvard Bioscience to fully recover the costs directly associated with providing the services, plus all out-of-pocket costs and expenses. The Company’s operating expenses for the twelve months subsequent to the Separation included fees paid to Harvard Bioscience for services provided pursuant to the Transition Services Agreement, and operating supplies. Fees for the years ended December 31, 2015 and 2014 under the Transition Services Agreement were zero and $ 0.2 51 183 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property, Plant and Equipment, Net December 31, 2015 2014 (in thousands) Leasehold improvements $ 451 $ 449 Furniture, machinery and equipment 1,292 1,138 Computer equipment and software 406 400 2,149 1,987 Less: accumulated depreciation (1,075) (611) Property, plant and equipment, net $ 1,074 $ 1,376 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 8. Leases In October 2013, the Company entered into a sublease with Harvard Bioscience effective November 1, 2013 for its headquarters, offices, manufacturing, and research and development facilities located in Holliston, Massachusetts. The operating lease was non-cancelable for an initial eighteen month period. The sublease automatically extends for additional successive twelve month periods if neither party provides notice of termination 180 days in advance through May 31, 2017. Total rent expense was $ 0.1 0.1 Operating Leases (in thousands) 2016 $ 101 2017 43 Thereafter - Future minimum lease payments $ 144 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 9. Income Taxes Prior to the Separation, HART’s operating results were historically included in Harvard Bioscience’s income tax returns. For periods up to the date of the Separation, the provision for income taxes has been determined as if HART had filed separate tax returns for the periods presented. Accordingly, the effective tax rate of HART in the future years could vary from its historical effective tax rates depending on the future legal structure of HART and related tax elections. The historical deferred tax assets, including the operating loss and credit carryforwards generated by HART up to the date of Separation, remained with Harvard Bioscience. Net operating loss and tax carryforwards generated by HART after the Separation will remain with HART. 34 Years ended December 31, 2015 2014 (in thousands) Computed “expected” income tax benefit $ (3,979) $ (3,761) Increase (decrease) in income taxes resulting from: Foreign tax rate and regulation differential 17 40 State income tax benefit, net of federal income tax benefit (703) (663) Non-deductible stock-based compensation expense 68 94 Tax credits (200) (178) Change in valuation allowance allocated to income tax expense 4,797 4,468 Total income taxes $ - $ - Years ended December 31, 2015 2014 (in thousands) Domestic $ (11,601) $ (10,780) Foreign (103) (281) Total $ (11,704) $ (11,061) Years ended December 31, 2015 2014 (in thousands) Deferred tax assets: Operating loss and credit carryforwards $ 4,459 $ 2,543 Capitalized research and development 2,941 1,612 Stock-based compensation 2,457 1,086 Accrued expenses 17 27 Property, plant and equipment 51 9 Total deferred tax assets 9,925 5,277 Less: valuation allowance (9,925) (5,277) Deferred tax assets, net $ - $ - The amounts recorded as deferred tax assets as of December 31, 2015 and 2014 represent the amount of tax benefits of existing deductible temporary differences or carryforwards that are more likely than not to be realized through the generation of sufficient future taxable income within the carryforward period. Significant management judgment is required in determining any valuation allowance recorded against deferred tax assets and liabilities. Due to the operating results, the Company’s cumulative loss position and uncertainty surrounding its forecasts, the Company concluded that a full valuation allowance was needed to offset its deferred tax assets at each period end. As previously mentioned, all deferred tax assets prior to the Separation remained with Harvard Bioscience, Inc. The Company has determined that any uncertain tax positions would have no material impact on the consolidated financial statements of the Company. Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. During 2015 the Company completed two equity financings transactions which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code For all years through December 31, 2015, the Company generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company's research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position for these two years. A full valuation allowance has been provided against the Company's research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance. Tax free distribution Harvard Bioscience received a Supplemental Ruling to the Private Letter Ruling dated March 22, 2013 from the IRS to the effect that, among other things, the Separation and related distribution of all of the shares of the Company’s common stock by Harvard Bioscience will qualify as a transaction that is tax-free for U.S. federal income tax purposes under Section 355 and 368(a)(1)(D) of the Internal Revenue Code continuing in effect. The private letter and supplemental rulings and the tax opinion that Harvard Bioscience received from legal counsel to Harvard Bioscience rely on certain representations, assumptions and undertakings, including those relating to the past and future conduct of the HART business, and neither the private letter and supplemental rulings nor the opinion would be valid if such representations, assumptions and undertakings were incorrect. Moreover, the private letter and supplemental rulings do not address all the issues that are relevant to determining whether the Distribution will qualify for tax-free treatment. Notwithstanding the private letter and supplemental rulings and opinion, the IRS could determine the Distribution should be treated as a taxable transaction for U.S. federal income tax purposes if, among other reasons, it determines any of the representations, assumptions or undertakings that were included in the request for the private letter and supplemental rulings are false or have been violated or if it disagrees with the conclusions in the opinion that are not covered by the IRS ruling. To preserve the tax-free treatment to Harvard Bioscience of the Separation and Distribution, for the two-year period following the Distribution, which such period ended November 1, 2015, the Company was limited, except in specified circumstances, from entering into certain transactions pursuant to which all or a portion of the Company’s stock would be acquired, whether by merger or otherwise; issuing equity securities beyond certain thresholds; repurchasing the Company’s common stock; and ceasing to actively conduct the Company’s regenerative medicine business. In addition, at all times, including during and following such two-year period, the Company may not take or fail to take any other action that prevents the Separation and Distribution and related transactions from being tax-free. If the Distribution fails to qualify for tax-free treatment, in general, Harvard Bioscience would be subject to tax as if it had sold the Company’s common stock in a taxable sale for its fair market value, and Harvard Bioscience stockholders who receive shares of HART common stock in the Distribution would be subject to tax as if they had received a taxable Distribution equal to the fair market value of such shares. Under the tax sharing agreement between Harvard Bioscience and the Company, the Company would generally be required to indemnify Harvard Bioscience against any tax resulting from the Distribution to the extent that such tax resulted from (i) an acquisition of all or a portion of our stock or assets, whether by merger or otherwise, (ii) other actions or failures to act by the Company, or (iii) any of the Company’s representations or undertakings being incorrect or violated. The Company’s indemnification obligations to Harvard Bioscience and its subsidiaries, officers and directors are not limited by any maximum amount. If the Company is required to indemnify Harvard Bioscience or such other persons under the circumstances set forth in the tax sharing agreement, the Company may be subject to substantial liabilities. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 10. Employee Benefit Plans The Company and Harvard Bioscience sponsor retirement plans for their U.S. employees, which includes employee savings plans established under Section 401(k) of the U.S. Internal Revenue Code (the “401(k) Plans”). The 401(k) Plans cover substantially all full-time employees who meet certain eligibility requirements. Contributions to the retirement plans are at the discretion of management. For the years ended December 31, 2015 and 2014, the Company’s matching contributions to the plans were approximately $ 93 90 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingent Liabilities From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. The Company is not currently a party to any such significant claims or proceedings. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | 12. Capital Stock Preferred Stock The Company’s Board of Directors has the authority to issue up to 2.0 Series B Convertible Preferred Stock On February 18, 2015 the Company closed an underwritten public offering of 2,070,000 1.75 695,857 8.75 We received proceeds from the sale of Series B of $ 5.4 0.7 As of December 31, 2015, all 695,857 3,479,285 Common Stock Shareholders Rights Plan The Company has adopted a Shareholder Rights Plan and declared a dividend distribution of one preferred stock purchase right for each outstanding share of the Company’s common stock. Initially, these rights will not be exercisable and will trade with the shares of the Company’s common stock. Under the Shareholder Rights Plan, the rights generally will become exercisable if a person becomes an “acquiring person” by acquiring 20 February 2015 Shares Offering On February, 18, 2015, in the registered public offering of the Series B Convertible Preferred Stock described above, the Company also issued 2,070,000 1.75 We received proceeds from the sale of common stock of $ 3.2 0.4 Aspire Purchase Agreement On December 15, 2015, the company entered into a common stock purchase agreement (the “Purchase Agreement”), with Aspire Capital Fund, LLC, (“Aspire Capital”), under which Aspire Capital is committed to purchase up to an aggregate of $ 15.0 150,000 Upon execution of the Purchase Agreement, the Company sold to Aspire Capital 500,000 2.00 0.9 Pursuant to the Purchase Agreement and Registration Rights Agreement, the Company registered 2,688,933 2,038,933 Under the approximately 30-month term of the Purchase Agreement, on any trading day on which the closing sale price of our common stock exceeds $0.50, the Company has the right, in our sole discretion, to direct Aspire Capital to purchase up to 150,000 shares of the Company’s common stock per trading day, at a per share price (the “Purchase Price”) calculated by reference to the prevailing market price of our common stock. In addition, the Company has the right, from time to time in our sole discretion, to sell Aspire Capital an amount of stock equal to up to 30% of the aggregate shares of the Company’s common stock traded on the Nasdaq Capital Market on the next trading day, subject to a maximum number of shares which HART may determine and a minimum trading price. There are no trading volume requirements or restrictions under the Purchase Agreement, and HART controls the timing and amount of any sales of our common stock to Aspire Capital. There are no monetary penalties for the Company failing to maintain effectiveness of registration. Aspire Capital has no right to require any sales by HART, but is obligated to make purchases from us as the Company directs in accordance with the Purchase Agreement. There are no limitations on use of proceeds, financial or business covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. Additionally, Aspire Capital cannot hedge its position in HART common stock. The Purchase Agreement may be terminated by the Company at any time, at HART’s discretion, without any penalty or cost to the Company. Employee Stock Purchase Plan In 2013, the Company approved the 2013 Equity Incentive Plan (the “2013 Plan”). Under this plan, participating employees can authorize the Company to withhold a portion of their base pay during consecutive six-month payment periods for the purchase of shares of the Company’s common stock. At the conclusion of the period, participating employees can purchase shares of the Company’s common stock at 85 150,000 38,872 17,042 8,308 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Share-Based Compensation HART maintains the 2013 Plan for the benefit of certain of its officers, employees, non-employee directors, and other key persons (including consultants and advisory board members). All options and awards granted under the 2013 Plan consist of HART common shares. Additionally, equity awards related to shares of the Company’s common stock were issued from the 2013 Plan at the time of the Distribution to the holders of Harvard Bioscience equity awards as part of an adjustment (the “Adjustment”) to those equity awards to prevent a loss of value due to the Distribution. Harvard Bioscience maintains the Third Amended and Restated 2000 Stock Option and Incentive Plan as amended, (the “Harvard Bioscience Plan”) for the benefit of certain of its officers, directors and employees. After the Separation, HART continues to record the expense on share-based awards of Harvard Bioscience stock options and restricted stock units, issued by Harvard Bioscience, to former Harvard Bioscience employees now employed by HART. Harvard Bioscience award holders were also issued share-based compensation awards in HART stock options and restricted stock units. HART recognizes compensation expense on those awards to former Harvard Bioscience employees who now are employed by HART, and does not recognize expense on the Adjustment awards given to individuals not now employed by HART. Additionally, HART records expense on grants made under the 2013 Plan to HART officers, directors and employees granted subsequent to the Adjustment. In connection with the spin-off, certain required adjustments were made to the Harvard Bioscience outstanding equity compensation awards under their employee benefit plans. Each outstanding option to purchase Harvard Bioscience common stock was converted on the date of the Distribution into both an adjusted Harvard Bioscience option to purchase Harvard Bioscience common stock and an option to purchase HART common stock. As part of these required adjustments, the Company issued approximately 0.3 0.02 Harvard Apparatus Regenerative Technology, Inc. 2013 Equity Incentive Plan The 2013 Equity Incentive Plan was adopted by the Board of Directors on October 11, 2013. The aggregate number of shares authorized for issuance under the Plan were 3,640,000 3,320,000 3,640,000 During 2015 and 2014 no options or restricted stock units were granted to Harvard Bioscience employees or directors, and the Company does not anticipate issuing any to Harvard Bioscience employees in the future. 2013 Plan Award Information Stock Options Restricted Stock Units Weighted Average Restricted Stock Units Grant Date Stock Options Outstanding Exercise Price Outstanding Fair Value Balance at December 31, 2013 2,075,707 $ 4.34 19,492 $ 6.00 Granted 237,500 7.93 - - Exercised (115,950) 4.90 (9,796) 6.00 Vested (RSUs) - - - - Cancelled/forfeited (190,277) 4.42 (1,716) 6.00 Balance at December 31, 2014 2,006,980 $ 4.73 7,980 $ 6.00 Granted 1,855,916 2.06 - - Exercised - - - - Vested (RSUs) - - (6,721) 6.00 Cancelled/forfeited (609,778) 4.26 (154) 6.00 Balance at December 31, 2015 3,253,118 $ 3.29 1,105 $ 6.00 The Company’s policy is to issue stock available from its registered but unissued stock pool through its transfer agent to satisfy stock option exercises and vesting of the restricted stock units. Options Outstanding Options Exercisable Weighted Weighted Average Average Number Remaining Weighted Shares Remaining Weighted Range of Outstanding At Contractual Average Aggregate Exercisable At Contractual Average Aggregate Exercise December Life Exercise Intrinsic December Life Exercise Intrinsic Price 31. 2015 in Years Price Value 31. 2015 in Years Price Value $ .64 - 2.00 1,389,416 9.56 $ 1.45 $ 1,016,407 - - $ - $ - 2.01 - 4.00 62,416 5.63 3.51 - 47,428 4.78 3.45 - 4.01 - 6.00 1,616,286 7.32 4.29 - 1,106,185 6.72 4.33 - 6.01 - 8.00 50,000 8.76 7.32 - 12,500 8.76 7.32 - 8.01 - 9.06 135,000 8.32 8.76 - 33,750 8.32 8.76 - $ 2.05- 9.84 3,253,118 8.31 $ 3.29 $ 1,016,407 1,199,863 6.71 $ 4.45 $ - The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $ 2.18 0 507,466 As of December 31, 2015, the total compensation costs related to unvested awards not yet recognized is $ 2.5 2.59 2013 Plan Valuation and Expense Information under Share-Based-Payment Accounting Years Ended December 31, 2015 2014 (in thousands) Research and development $ 682 $ 554 Sales and marketing 40 94 General and administrative 2,819 1,154 Total stock-based compensation $ 3,541 $ 1,802 The Company did not capitalize any share-based compensation. The weighted-average estimated value of stock options granted during 2015 and 2014 was $ 1.41 5.25 Year Ended December 31, 2015 2014 Volatility 76.84 % 74.00 % Risk-free interest rate 1.73 % 1.61 % Expected holding period 6.09 years 6.25 years Dividend yield - % - % The Company used the volatility of comparable companies, as management did not believe that our trading history was of a sufficient duration to provide an accurate estimate of expected volatility. The risk-free interest rate assumption is based upon observed Treasury bill interest rates (risk-free) appropriate for the term of the Company’s employee stock options. The simplified method of estimating expected life was used. The vesting period is approximately four years and the contractual life is ten years. The Company also estimated the fair value of non-employee share options using the Black-Scholes option pricing model reflecting the same assumptions as applied to employee and director options in each of the reporting periods, other than the expected life, which is assumed to be the remaining contractual life of the options. Share-based compensation expense recognized in the Company’s consolidated statements of operations for the years ended December 31, 2015 and 2014 is based on awards ultimately expected to vest and has been reduced for annualized estimated forfeitures. Share-based-payment accounting requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and weighting of various employee classes. In April 2015, David Green resigned as Chief Executive Officer, President and Chairman of the Board of Directors of HART. Mr. Green remained a member of the Board of Directors. Under the terms of Mr. Green’s employment agreement, certain equity awards immediately vested upon his resignation. This acceleration of vesting resulted in a non-cash share based compensation expense of approximately $ 1.0 the year ended December 31, 2015 1.0 1.1 387,000 290,252 48,375 725,627 4.29 7 Harvard Bioscience Plan Harvard Bioscience maintains the Harvard Bioscience Plan for the benefit of certain of its officers, directors and employees. All awards were granted to the Company’s employees and directors at exercise prices equal to or greater than fair market value of the Harvard Bioscience’s common stock on the date of grant. Harvard Bioscience Plan Award Information Stock Options Restricted Stock Units Stock Options Weighted Average Restricted Stock Outstanding Exercise Price Units Outstanding Grant Date Fair Value Balance at December 31, 2013 2,500,339 $ 3.20 326,185 $ 5.46 Granted Exercised (66,056) 3.34 Vested (RSUs) (154,628) Cancelled/forfeited (311,635) 5.58 Balance at December 31, 2014 2,122,648 2.84 171,557 5.67 Granted Exercised (918,646) 2.73 Vested (RSUs) (88,648) 4.52 Cancelled/forfeited (6,585) 3.64 Balance at December 31, 2015 1,197,417 $ 2.92 82,909 $ 4.30 Options Outstanding Options Exercisable Weighted Weighted Average Average Number Remaining Weighted Shares Remaining Weighted Range of Outstanding at Contractual Average Aggregate Exercisable at Contractual Average Aggregate Exercise December Life Exercise Intrinsic December Life Exercise Intrinsic Price 31. 2015 in Years Price Value 31. 2014 in Years Price Value $ 2.02 - 3.00 739,636 4.71 $ 2.36 $ 817,936 651,046 4.47 $ 2.34 $ 737,319 3.01-4.00 247,357 7.10 3.64 - 125,690 6.79 3.65 - 4.01 - 4.04 210,424 5.42 4.04 - 210,424 5.42 4.04 - $ 2.02- 4.04 1,197,417 5.33 $ 2.92 $ 817,936 987,160 4.97 $ 2.87 $ 737,319 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on Harvard Bioscience’s closing stock price of $ 3.47 2.6 0.1 651,046 For the year ended December 31, 2015, the total compensation costs related to unvested awards not yet recognized is $ 0.1 1.00 Harvard Bioscience Plan Valuation and Expense Information under Share-Based-Payment Accounting Years Ended December 31, 2015 2014 (in thousands) Research and development $ 42 $ 66 Sales and marketing - 14 General and administrative 383 683 Total stock-based compensation $ 425 $ 763 The Company did not capitalize any share-based compensation. Share-based compensation expense recognized in the Company’s consolidated statements of operations related to Harvard Bioscience options for the years ended December 31, 2015 and 2014 is based on awards ultimately expected to vest and has been reduced for annualized estimated forfeitures. Share-based-payment accounting requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience of Harvard Bioscience. |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 15. Quarterly Financial Information (Unaudited) Statement of Operations Data: First Second Third Fourth Fiscal 2015 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ - $ 73 $ 37 $ 8 $ 118 Cost of product revenues - 37 18 84 139 Gross (loss) profit - 36 19 (76) (21) Total Operating expenses 2,620 4,535 2,311 2,214 11,680 Operating loss (2,620) (4,499) (2,292) (2,290) (11,701) Other expense, net (3) - - - (3) Loss before income taxes (2,623) (4,499) (2,292) (2,290) (11,704) Income taxes - - - - - Net loss $ (2,623) $ (4,499) $ (2,292) $ (2,290) $ (11,704) Basic and diluted net loss per share $ (0.30) $ (0.44) $ (0.19) $ (0.17) $ (1.05) Statement of Operations Data: First Second Third Fourth Fiscal 2014 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 23 $ 23 $ 2 $ 45 $ 93 Cost of product revenues 12 12 1 23 48 Gross profit 11 11 1 22 45 Total Operating expenses 3,017 2,544 2,677 2,864 11,102 Operating loss (3,006) (2,533) (2,676) (2,842) (11,057) Other expense, net - - (4) - (4) Loss before income taxes (3,006) (2,533) (2,680) (2,842) (11,061) Income taxes - - - - - Net loss $ (3,006) $ (2,533) $ (2,680) $ (2,842) $ (11,061) Basic and diluted net loss per share $ (0.39) $ (0.32) $ (0.34) $ (0.36) $ (1.41) |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements include the accounts of HART and its three wholly-owned subsidiaries, Harvard Apparatus Regenerative Technology GmbH (Germany), Harvard Apparatus Regenerative Technology AB (Sweden) and Harvard Apparatus Regenerative Technology Limited (UK). All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates The process of preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, stock-based compensation, accruals, depreciation and income taxes. Actual results could differ from those estimates and changes in estimates may occur. |
Inventory, Policy [Policy Text Block] | (c) Inventories The Company values its inventories at the lower of the actual cost to purchase (first-in, first-out method) and/or manufacture the inventories or the current estimated market value of the inventories. The Company regularly reviews inventory quantities on hand and records a provision to write down excess and obsolete inventories to its estimated net realizable value if less than cost, based primarily on its estimated forecast of product demand. |
Property, Plant and Equipment, Policy [Policy Text Block] | (d) Property, Plant and Equipment Leasehold improvements Furniture, machinery and equipment, computer equipment and software 3- 7 years Maintenance and repairs are charged to expense as incurred, while any additions or improvements are capitalized. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | (e) Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An asset, or group of assets, are considered to be impaired when the undiscounted estimated net cash flows expected to be generated by the asset, or group of assets, are less than its carrying amount. The impairment recognized is the amount by which the carrying amount exceeds the fair market value of the impaired asset, or group of assets. |
Revenue Recognition, Policy [Policy Text Block] | (f) Revenue Recognition The Company follows the provisions of FASB ASC 605, “ Revenue Recognition The Company accounts for shipping and handling fees and costs in accordance with the provisions of FASB ASC 605-45-45, “ Revenue Recognition Principal Agent Considerations |
Research and Development Expense, Policy [Policy Text Block] | (g) Research and Development Research and development costs are expensed as incurred. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (h) Stock-based Compensation The Company accounts for stock-based payment awards in accordance with the provisions of FASB ASC 718, “ Compensation Stock Compensation FASB ASC 718 requires companies to estimate the fair value of stock-based payment awards, except restricted stock units, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in its consolidated statements of income. We measure share-based awards granted to consultants and non-employees based on the fair value of the award on the date at which the related service is complete. Compensation expense is recognized over the period during which services are rendered by such consultants and non-employees until completed. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is re-measured using the then-current fair value of our ordinary shares and updated assumption inputs in the Black-Scholes option-pricing model Under FASB ASC 718, the Company elected the Black-Scholes option-pricing model for valuation of stock-based payment awards. The determination of fair value of stock-based payment awards on the date of grant using the Black-Scholes option-pricing model is affected by its stock price as well as assumptions regarding a number of and subjective variables. These variables include, but are not limited to its expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The Company records stock compensation expense on a straight-line basis over the requisite service period for all awards granted since the adoption of FASB ASC 718. When performance based grants are issued the Company recognizes no expense until achievement of the performance requirement is deemed probable. The fair values of Restricted Stock Units (RSU) are based on the number of shares granted and market price of the stock on the date of grant and are recorded as compensation expense ratably over the applicable service period, which is generally four years. Unvested restricted stock units and vested and unvested stock options are forfeited in the event of termination of employment with HART or Harvard Bioscience. The compensation expense recognized for all equity-based awards is net of estimated forfeitures and is recognized using the straight-line method over the applicable service period, where the minimum amount of expense recorded is at least equal to the percent of an award vested. |
Income Tax, Policy [Policy Text Block] | (i) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. Accordingly, the Company provides a valuation allowance, if necessary, to reduce deferred tax assets to amounts that are expected to be realizable. Tax positions taken or expected to be taken in the course of preparing our tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. |
Earnings Per Share, Policy [Policy Text Block] | (j) Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted net loss per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. Basic and diluted net loss per share are the same for all periods presented as the exercise of options and other unvested RSUs would be antidilutive. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (k) Foreign Currency Translation The functional currency of the Company’s foreign subsidiaries is their local currency. All assets and liabilities of its foreign subsidiaries are translated at exchange rates in effect at period-end. Income and expenses are translated at rates which approximate those in effect on the transaction dates. The resulting translation adjustment is recorded as a separate component of stockholders’ equity in accumulated other comprehensive loss in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in net loss. |
Comprehensive Income, Policy [Policy Text Block] | (l) Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive loss. The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220, “Comprehensive Income”. FASB ASC 220 requires companies to report all changes in equity during a period, resulting from net income (loss) and transactions from non-owner sources, in a financial statement in the period in which they are recognized. We have chosen to disclose comprehensive loss, which encompasses net loss, foreign currency translation adjustments, net of tax, in the consolidated statements of operations and comprehensive loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | (m) Recently Issued Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update or ASU, 2016-02, Leases (Topic 842) |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Useful Lives [Table Text Block] | Property, plant and equipment are carried at cost and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Leasehold improvements Furniture, machinery and equipment, computer equipment and software 3- 7 years |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: December 31, 2015 2014 (in thousands) Finished goods $ - $ - Raw materials 75 207 Total $ 75 $ 207 |
Property, Plant and Equipment24
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consist of the following: December 31, 2015 2014 (in thousands) Leasehold improvements $ 451 $ 449 Furniture, machinery and equipment 1,292 1,138 Computer equipment and software 406 400 2,149 1,987 Less: accumulated depreciation (1,075) (611) Property, plant and equipment, net $ 1,074 $ 1,376 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at December 31, 2015 were: Operating Leases (in thousands) 2016 $ 101 2017 43 Thereafter - Future minimum lease payments $ 144 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income taxes for the years ended December 31, 2015 and 2014 differed from the amount computed by applying the U.S. federal income tax rate of 34 Years ended December 31, 2015 2014 (in thousands) Computed “expected” income tax benefit $ (3,979) $ (3,761) Increase (decrease) in income taxes resulting from: Foreign tax rate and regulation differential 17 40 State income tax benefit, net of federal income tax benefit (703) (663) Non-deductible stock-based compensation expense 68 94 Tax credits (200) (178) Change in valuation allowance allocated to income tax expense 4,797 4,468 Total income taxes $ - $ - |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The Company has incurred pre-tax losses for the years ended December 31, 2015 and 2014: Years ended December 31, 2015 2014 (in thousands) Domestic $ (11,601) $ (10,780) Foreign (103) (281) Total $ (11,704) $ (11,061) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of HART’s deferred tax asset are as follows: Years ended December 31, 2015 2014 (in thousands) Deferred tax assets: Operating loss and credit carryforwards $ 4,459 $ 2,543 Capitalized research and development 2,941 1,612 Stock-based compensation 2,457 1,086 Accrued expenses 17 27 Property, plant and equipment 51 9 Total deferred tax assets 9,925 5,277 Less: valuation allowance (9,925) (5,277) Deferred tax assets, net $ - $ - |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Harvard Bioscience Plan [Member] | |
Stock Based Compensation [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following is a summary of stock option and restricted stock unit activity: Stock Options Restricted Stock Units Stock Options Weighted Average Restricted Stock Outstanding Exercise Price Units Outstanding Grant Date Fair Value Balance at December 31, 2013 2,500,339 $ 3.20 326,185 $ 5.46 Granted Exercised (66,056) 3.34 Vested (RSUs) (154,628) Cancelled/forfeited (311,635) 5.58 Balance at December 31, 2014 2,122,648 2.84 171,557 5.67 Granted Exercised (918,646) 2.73 Vested (RSUs) (88,648) 4.52 Cancelled/forfeited (6,585) 3.64 Balance at December 31, 2015 1,197,417 $ 2.92 82,909 $ 4.30 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information concerning the Harvard Bioscience Plan currently outstanding and exercisable options as of December 31, 2015: Options Outstanding Options Exercisable Weighted Weighted Average Average Number Remaining Weighted Shares Remaining Weighted Range of Outstanding at Contractual Average Aggregate Exercisable at Contractual Average Aggregate Exercise December Life Exercise Intrinsic December Life Exercise Intrinsic Price 31. 2015 in Years Price Value 31. 2014 in Years Price Value $ 2.02 - 3.00 739,636 4.71 $ 2.36 $ 817,936 651,046 4.47 $ 2.34 $ 737,319 3.01-4.00 247,357 7.10 3.64 - 125,690 6.79 3.65 - 4.01 - 4.04 210,424 5.42 4.04 - 210,424 5.42 4.04 - $ 2.02- 4.04 1,197,417 5.33 $ 2.92 $ 817,936 987,160 4.97 $ 2.87 $ 737,319 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Share-based compensation expense related to Harvard Bioscience employee stock options and restricted stock units for the years ended December 31, 2015 and 2014 was allocated as follows: Years Ended December 31, 2015 2014 (in thousands) Research and development $ 42 $ 66 Sales and marketing - 14 General and administrative 383 683 Total stock-based compensation $ 425 $ 763 |
Equity Incentive Plan 2013 [Member] | |
Stock Based Compensation [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following is a summary of stock option and restricted stock unit activity: Stock Options Restricted Stock Units Weighted Average Restricted Stock Units Grant Date Stock Options Outstanding Exercise Price Outstanding Fair Value Balance at December 31, 2013 2,075,707 $ 4.34 19,492 $ 6.00 Granted 237,500 7.93 - - Exercised (115,950) 4.90 (9,796) 6.00 Vested (RSUs) - - - - Cancelled/forfeited (190,277) 4.42 (1,716) 6.00 Balance at December 31, 2014 2,006,980 $ 4.73 7,980 $ 6.00 Granted 1,855,916 2.06 - - Exercised - - - - Vested (RSUs) - - (6,721) 6.00 Cancelled/forfeited (609,778) 4.26 (154) 6.00 Balance at December 31, 2015 3,253,118 $ 3.29 1,105 $ 6.00 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information concerning 2013 Plan currently outstanding and exercisable options as of December 31, 2015: Options Outstanding Options Exercisable Weighted Weighted Average Average Number Remaining Weighted Shares Remaining Weighted Range of Outstanding At Contractual Average Aggregate Exercisable At Contractual Average Aggregate Exercise December Life Exercise Intrinsic December Life Exercise Intrinsic Price 31. 2015 in Years Price Value 31. 2015 in Years Price Value $ .64 - 2.00 1,389,416 9.56 $ 1.45 $ 1,016,407 - - $ - $ - 2.01 - 4.00 62,416 5.63 3.51 - 47,428 4.78 3.45 - 4.01 - 6.00 1,616,286 7.32 4.29 - 1,106,185 6.72 4.33 - 6.01 - 8.00 50,000 8.76 7.32 - 12,500 8.76 7.32 - 8.01 - 9.06 135,000 8.32 8.76 - 33,750 8.32 8.76 - $ 2.05- 9.84 3,253,118 8.31 $ 3.29 $ 1,016,407 1,199,863 6.71 $ 4.45 $ - |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Share-based compensation expense related to the 2013 Plan including stock options, restricted stock units, and the employee stock purchase plan for the years ended December 31, 2015 and 2014 was allocated as follows: Years Ended December 31, 2015 2014 (in thousands) Research and development $ 682 $ 554 Sales and marketing 40 94 General and administrative 2,819 1,154 Total stock-based compensation $ 3,541 $ 1,802 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 1.41 5.25 Year Ended December 31, 2015 2014 Volatility 76.84 % 74.00 % Risk-free interest rate 1.73 % 1.61 % Expected holding period 6.09 years 6.25 years Dividend yield - % - % |
Quarterly Financial Informati28
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Statement of Operations Data: First Second Third Fourth Fiscal 2015 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ - $ 73 $ 37 $ 8 $ 118 Cost of product revenues - 37 18 84 139 Gross (loss) profit - 36 19 (76) (21) Total Operating expenses 2,620 4,535 2,311 2,214 11,680 Operating loss (2,620) (4,499) (2,292) (2,290) (11,701) Other expense, net (3) - - - (3) Loss before income taxes (2,623) (4,499) (2,292) (2,290) (11,704) Income taxes - - - - - Net loss $ (2,623) $ (4,499) $ (2,292) $ (2,290) $ (11,704) Basic and diluted net loss per share $ (0.30) $ (0.44) $ (0.19) $ (0.17) $ (1.05) Statement of Operations Data: First Second Third Fourth Fiscal 2014 Quarter Quarter Quarter Quarter Year (in thousands, except per share data) Revenues $ 23 $ 23 $ 2 $ 45 $ 93 Cost of product revenues 12 12 1 23 48 Gross profit 11 11 1 22 45 Total Operating expenses 3,017 2,544 2,677 2,864 11,102 Operating loss (3,006) (2,533) (2,676) (2,842) (11,057) Other expense, net - - (4) - (4) Loss before income taxes (3,006) (2,533) (2,680) (2,842) (11,061) Income taxes - - - - - Net loss $ (3,006) $ (2,533) $ (2,680) $ (2,842) $ (11,061) Basic and diluted net loss per share $ (0.39) $ (0.32) $ (0.34) $ (0.36) $ (1.41) |
Organization (Details Textual)
Organization (Details Textual) $ in Millions | 1 Months Ended |
Oct. 31, 2013USD ($) | |
Overview And Basis Of Presentation [Line Items] | |
Proceeds from Contributions from Parent | $ 15 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of expected useful life or lease term |
Computer Equipment And Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Computer Equipment And Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
Concentrations (Details Textual
Concentrations (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations Disclosure [Line Items] | |
Product Distribution Agreement Term | 10 years |
Accounts Receivable [Member] | Harvard Bioscience Plan [Member] | |
Concentrations Disclosure [Line Items] | |
Concentration Risk, Percentage | 100.00% |
Liquidity (Details Textual)
Liquidity (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liquidity Disclosure [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (24,739) | $ (13,035) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Finished goods | $ 0 | $ 0 |
Raw materials | 75 | 207 |
Total | $ 75 | $ 207 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Costs and Expenses, Related Party | $ 0 | $ 200,000 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 165,000 | |
Transition Services Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Operating Leases, Rent Expense | $ 51,000 | $ 183,000 |
Property, Plant and Equipment35
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | $ 451 | $ 449 |
Furniture, machinery and equipment | 1,292 | 1,138 |
Computer Equipment And Software | 406 | 400 |
Plant, property and equipment, Gross | 2,149 | 1,987 |
Less: accumulated depreciation | (1,075) | (611) |
Property, plant and equipment, net | $ 1,074 | $ 1,376 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 101 |
2,017 | 43 |
Thereafter | 0 |
Future minimum lease payments | $ 144 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $ 0.1 | $ 0.1 |
Lease Expiration Date | May 31, 2017 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||||||||
Computed “expected” income tax benefit | $ (3,979) | $ (3,761) | ||||||||
Increase (decrease) in income taxes resulting from: | ||||||||||
Foreign tax rate and regulation differential | 17 | 40 | ||||||||
State income tax benefit, net of federal income tax benefit | (703) | (663) | ||||||||
Non-deductible stock-based compensation expense | 68 | 94 | ||||||||
Tax credits | (200) | (178) | ||||||||
Change in valuation allowance allocated to income tax expense | 4,797 | 4,468 | ||||||||
Total income taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Domestic | $ (11,601) | $ (10,780) |
Foreign | (103) | (281) |
Total | $ (11,704) | $ (11,061) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Operating loss and credit carryforwards | $ 4,459 | $ 2,543 |
Capitalized research and development | 2,941 | 1,612 |
Stock-based compensation | 2,457 | 1,086 |
Accrued expenses | 17 | 27 |
Property, plant and equipment | 51 | 9 |
Total deferred tax assets | 9,925 | 5,277 |
Less: valuation allowance | (9,925) | (5,277) |
Deferred tax assets, net | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation And Employee Benefit [Line Items] | ||
Defined Contribution Plan, Cost Recognized | $ 93 | $ 90 |
Capital Stock (Details Textual)
Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2016 | Dec. 15, 2015 | Feb. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | |||
Common Stock, Shares, Issued | 14,101,395 | 7,856,607 | |||
Acquiring Percentage of Common Stock to Exercise of Rights Under Shareholder Rights Plan | 20.00% | ||||
Proceeds from Issuance of Common Stock | $ 4,198 | $ 420 | |||
Proceeds from Issuance of Convertible Preferred Stock | 5,357 | $ 0 | |||
February 2015 Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance of Common Stock | 3,200 | ||||
Payments of Stock Issuance Costs | $ 400 | ||||
Employee Stock Purchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 38,872 | 17,042 | |||
Aspire Purchase Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Purchase Agreement, Value Committed | $ 15,000 | ||||
Stock Issued During Period, Shares, Issued for Services | 150,000 | ||||
Stock Purchase Agreement, Shares Registered | 2,688,933 | ||||
Stock Issued During Period, Shares, New Issues | 500,000 | ||||
Shares Issued, Price Per Share | $ 2 | ||||
Proceeds from Issuance of Common Stock | $ 900 | ||||
Stock Purchase Agreement Description | any trading day on which the closing sale price of our common stock exceeds $0.50, the Company has the right, in our sole discretion, to direct Aspire Capital to purchase up to 150,000 shares of the Companys common stock per trading day, at a per share price (the Purchase Price) calculated by reference to the prevailing market price of our common stock. In addition, the Company has the right, from time to time in our sole discretion, to sell Aspire Capital an amount of stock equal to up to 30% of the aggregate shares of the Companys common stock traded on the Nasdaq Capital Market on the next trading day, subject to a maximum number of shares which HART may determine and a minimum trading price. | ||||
Aspire Purchase Agreement [Member] | Harvard Bioscience Inc [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,038,933 | ||||
Subsequent Event [Member] | Employee Stock Purchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 8,308 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 2,070,000 | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 3,479,285 | ||||
Stock Issued During Period, Shares, New Issues | 2,720,000 | ||||
Shares Issued, Price Per Share | $ 1.75 | ||||
Shares, Issued | 2,070,000 | ||||
Series B Convertible Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Convertible Preferred Stock, Shares Reserved for Future Issuance | 695,857 | ||||
Shares Issued, Price Per Share | $ 8.75 | ||||
Payments of Stock Issuance Costs | $ 700 | ||||
Conversion of Stock, Shares Converted | 695,857 | ||||
Proceeds from Issuance of Convertible Preferred Stock | $ 5,400 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Incentive Plan 2013 [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Options Outstanding, Balance | 2,006,980 | 2,075,707 |
Stock Options Outstanding, Granted | 1,855,916 | 237,500 |
Stock Options Outstanding, Exercised | 0 | (115,950) |
Stock Options Outstanding, Vested (RSUs) | 0 | 0 |
Stock Options Outstanding, Cancelled / forfeited | (609,778) | (190,277) |
Stock Options Outstanding, Balance | 3,253,118 | 2,006,980 |
Weighted Average Exercise Price, Balance | $ 4.73 | $ 4.34 |
Weighted Average Exercise Price, Granted | 2.06 | 7.93 |
Weighted Average Exercise Price, Exercised | 0 | 4.90 |
Weighted Average Exercise Price, Vested (RSUs) | 0 | 0 |
Weighted Average Exercise Price, Cancelled / forfeited | 4.26 | 4.42 |
Weighted Average Exercise Price, Balance | $ 3.29 | $ 4.73 |
Harvard Bioscience Plan [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Options Outstanding, Balance | 2,122,648 | 2,500,339 |
Stock Options Outstanding, Granted | 0 | 0 |
Stock Options Outstanding, Exercised | (918,646) | (66,056) |
Stock Options Outstanding, Vested (RSUs) | 0 | 0 |
Stock Options Outstanding, Cancelled / forfeited | (6,585) | (311,635) |
Stock Options Outstanding, Balance | 1,197,417 | 2,122,648 |
Weighted Average Exercise Price, Balance | $ 2.84 | $ 3.20 |
Weighted Average Exercise Price, Granted | 0 | 0 |
Weighted Average Exercise Price, Exercised | 2.73 | 3.34 |
Weighted Average Exercise Price, Vested (RSUs) | 0 | 0 |
Weighted Average Exercise Price, Cancelled / forfeited | 3.64 | 5.58 |
Weighted Average Exercise Price, Balance | $ 2.92 | $ 2.84 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Options Outstanding, Granted | 20,000 | |
Restricted Stock Units (RSUs) [Member] | Equity Incentive Plan 2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock Units Outstanding, Balance | 7,980 | 19,492 |
Restricted Stock Units Outstanding, Granted | 0 | 0 |
Restricted Stock Units Outstanding, Exercised | 0 | (9,796) |
Restricted Stock Units Outstanding, Vested (RSUs) | (6,721) | 0 |
Restricted Stock Units Outstanding, Cancelled / forfeited | (154) | (1,716) |
Restricted Stock Units Outstanding, Balance | 1,105 | 7,980 |
Grant Date Fair Value, Balance | $ 6 | $ 6 |
Grant Date Fair Value, Granted | 0 | 0 |
Grant Date Fair Value, Exercised | 0 | 6 |
Grant Date Fair Value, Vested (RSUs) | 6 | 0 |
Grant Date Fair Value, Cancelled / forfeited | 6 | 6 |
Grant Date Fair Value, Balance | $ 6 | $ 6 |
Restricted Stock Units (RSUs) [Member] | Harvard Bioscience Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock Units Outstanding, Balance | 171,557 | 326,185 |
Restricted Stock Units Outstanding, Granted | 0 | 0 |
Restricted Stock Units Outstanding, Exercised | 0 | 0 |
Restricted Stock Units Outstanding, Vested (RSUs) | (88,648) | (154,628) |
Restricted Stock Units Outstanding, Cancelled / forfeited | 0 | 0 |
Restricted Stock Units Outstanding, Balance | 82,909 | 171,557 |
Grant Date Fair Value, Balance | $ 5.67 | $ 5.46 |
Grant Date Fair Value, Granted | 0 | 0 |
Grant Date Fair Value, Exercised | 0 | 0 |
Grant Date Fair Value, Vested (RSUs) | 4.52 | 0 |
Grant Date Fair Value, Cancelled / forfeited | 0 | 0 |
Grant Date Fair Value, Balance | $ 4.30 | $ 5.67 |
Share Based Compensation (Detai
Share Based Compensation (Details 1) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Exercise Price Range 1 [Member] | Equity Incentive Plan 2013 [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 1,389,416 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 9 years 6 months 22 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.45 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 1,016,407 |
Options Exercisable, Number Of Shares Exercisable | shares | 0 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 0 years |
Options Exercisable, Weighted Average Exercise Price | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 0.64 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 2 |
Exercise Price Range 1 [Member] | Harvard Bioscience Plan [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 739,636 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 4 years 8 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $ 2.36 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 817,936 |
Options Exercisable, Number Of Shares Exercisable | shares | 651,046 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 5 months 19 days |
Options Exercisable, Weighted Average Exercise Price | $ 2.34 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 737,319 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2.02 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 3 |
Exercise Price Range 2 [Member] | Equity Incentive Plan 2013 [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 62,416 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 5 years 7 months 17 days |
Options Outstanding, Weighted Average Exercise Price | $ 3.51 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options Exercisable, Number Of Shares Exercisable | shares | 47,428 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 9 months 11 days |
Options Exercisable, Weighted Average Exercise Price | $ 3.45 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 4 |
Exercise Price Range 2 [Member] | Harvard Bioscience Plan [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 247,357 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 7 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 3.64 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options Exercisable, Number Of Shares Exercisable | shares | 125,690 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 6 years 9 months 14 days |
Options Exercisable, Weighted Average Exercise Price | $ 3.65 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 3.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 4 |
Exercise Price Range 3 [Member] | Equity Incentive Plan 2013 [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 1,616,286 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 7 years 3 months 25 days |
Options Outstanding, Weighted Average Exercise Price | $ 4.29 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options Exercisable, Number Of Shares Exercisable | shares | 1,106,185 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 6 years 8 months 19 days |
Options Exercisable, Weighted Average Exercise Price | $ 4.33 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 4.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 6 |
Exercise Price Range 3 [Member] | Harvard Bioscience Plan [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 210,424 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 5 years 5 months 1 day |
Options Outstanding, Weighted Average Exercise Price | $ 4.04 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options Exercisable, Number Of Shares Exercisable | shares | 210,424 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 5 years 5 months 1 day |
Options Exercisable, Weighted Average Exercise Price | $ 4.04 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 4.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 4.04 |
Exercise Price Range 4 [Member] | Equity Incentive Plan 2013 [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 50,000 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 8 years 9 months 4 days |
Options Outstanding, Weighted Average Exercise Price | $ 7.32 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options Exercisable, Number Of Shares Exercisable | shares | 12,500 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 8 years 9 months 4 days |
Options Exercisable, Weighted Average Exercise Price | $ 7.32 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 6.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 8 |
Exercise Price Range 4 [Member] | Harvard Bioscience Plan [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 1,197,417 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 5 years 3 months 29 days |
Options Outstanding, Weighted Average Exercise Price | $ 2.92 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 817,936 |
Options Exercisable, Number Of Shares Exercisable | shares | 987,160 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 4 years 11 months 19 days |
Options Exercisable, Weighted Average Exercise Price | $ 2.87 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 737,319 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2.02 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 4.04 |
Exercise Price Range 5 [Member] | Equity Incentive Plan 2013 [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 135,000 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 8 years 3 months 25 days |
Options Outstanding, Weighted Average Exercise Price | $ 8.76 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options Exercisable, Number Of Shares Exercisable | shares | 33,750 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 8 years 3 months 25 days |
Options Exercisable, Weighted Average Exercise Price | $ 8.76 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 8.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 9.06 |
Exercise Price Range 6 [Member] | Equity Incentive Plan 2013 [Member] | |
Share Based Compensation Activity [Line Items] | |
Options Outstanding, Number Of Shares Outstanding | shares | 3,253,118 |
Options Outstanding, Weighted Average Remaining Contractual Life in Years | 8 years 3 months 22 days |
Options Outstanding, Weighted Average Exercise Price | $ 3.29 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 1,016,407 |
Options Exercisable, Number Of Shares Exercisable | shares | 1,199,863 |
Options Exercisable, Weighted Average Remaining Contractual Life in Years | 6 years 8 months 16 days |
Options Exercisable, Weighted Average Exercise Price | $ 4.45 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2.05 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 9.84 |
Share-Based Compensation (Det46
Share-Based Compensation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Harvard Bioscience Plan [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 425 | $ 763 |
Equity Incentive Plan 2013 [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 3,541 | 1,802 |
Research and Development [Member] | Harvard Bioscience Plan [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 42 | 66 |
Research and Development [Member] | Equity Incentive Plan 2013 [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 682 | 554 |
Selling and Marketing [Member] | Harvard Bioscience Plan [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 0 | 14 |
Selling and Marketing [Member] | Equity Incentive Plan 2013 [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 40 | 94 |
General and Administrative [Member] | Harvard Bioscience Plan [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 383 | 683 |
General and Administrative [Member] | Equity Incentive Plan 2013 [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 2,819 | $ 1,154 |
Share-Based Compensation (Det47
Share-Based Compensation (Details 3) - Equity Incentive Plan 2013 [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 76.84% | 74.00% |
Risk-free interest rate | 1.73% | 1.61% |
Expected holding period | 6 years 1 month 2 days | 6 years 3 months |
Dividend yield | 0.00% | 0.00% |
Share-Based Compensation (Det48
Share-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |||
Equity Incentive Plan 2013 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.41 | $ 5.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,640,000 | 3,320,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 3,640,000 | |||
Closing Price of Stock | $ 2.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 507,466 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 2,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 2 days | |||
Equity Incentive Plan 2013 [Member] | President and Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 725,627 | |||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 387,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 290,252 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 48,375 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 4.29 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Due to Employees, Current | $ 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 1,100,000 | |||
Harvard Bioscience Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Closing Price of Stock | $ 3.47 | $ 3.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 2,600,000 | $ 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 651,046 | 651,046 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 100,000 | $ 100,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year |
Quarterly Financial Informati49
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | ||||||||||
Revenues | $ 8 | $ 37 | $ 73 | $ 0 | $ 45 | $ 2 | $ 23 | $ 23 | $ 118 | $ 93 |
Cost of product revenues | 84 | 18 | 37 | 0 | 23 | 1 | 12 | 12 | 139 | 48 |
Gross (loss) profit | (76) | 19 | 36 | 0 | 22 | 1 | 11 | 11 | (21) | 45 |
Total Operating expenses | 2,214 | 2,311 | 4,535 | 2,620 | 2,864 | 2,677 | 2,544 | 3,017 | 11,680 | 11,102 |
Operating loss | (2,290) | (2,292) | (4,499) | (2,620) | (2,842) | (2,676) | (2,533) | (3,006) | (11,701) | (11,057) |
Other expense, net | 0 | 0 | 0 | (3) | 0 | (4) | 0 | 0 | (3) | (4) |
Loss before income taxes | (2,290) | (2,292) | (4,499) | (2,623) | (2,842) | (2,680) | (2,533) | (3,006) | (11,704) | (11,061) |
Income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net loss | $ (2,290) | $ (2,292) | $ (4,499) | $ (2,623) | $ (2,842) | $ (2,680) | $ (2,533) | $ (3,006) | $ (11,704) | $ (11,061) |
Basic and diluted net loss per share (in dollars per share) | $ (0.17) | $ (0.19) | $ (0.44) | $ (0.30) | $ (0.36) | $ (0.34) | $ (0.32) | $ (0.39) | $ (1.05) | $ (1.41) |