Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 03, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WATT | ||
Entity Registrant Name | Energous Corp | ||
Entity Central Index Key | 0001575793 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 34,632,217 | ||
Entity Public Float | $ 126,048,551 | ||
Title of 12(b) Security | Common Stock, $0.00001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-36379 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-1318953 | ||
Entity Address, Address Line One | 3590 North First Street | ||
Entity Address, Address Line Two | Suite 210 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95134 | ||
City Area Code | 408 | ||
Local Phone Number | 963-0200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days after the end of the fiscal year ended December 31, 2019. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 21,684,089 | $ 20,106,485 |
Accounts receivable, net | 63,144 | 44,550 |
Prepaid expenses and other current assets | 450,231 | 581,040 |
Prepaid rent, current | 56,668 | |
Total current assets | 22,197,464 | 20,788,743 |
Property and equipment, net | 626,524 | 1,219,016 |
Right-of-use lease asset | 2,057,576 | |
Other assets | 2,410 | 2,410 |
Total assets | 24,883,974 | 22,010,169 |
Current liabilities: | ||
Accounts payable | 1,671,519 | 1,861,385 |
Accrued expenses | 2,063,097 | 1,778,349 |
Operating lease liabilities, current portion | 722,291 | |
Deferred revenue | 12,000 | |
Total current liabilities | 4,468,907 | 3,639,734 |
Long-term liabilities: | ||
Operating lease liabilities, long-term portion | 1,402,193 | |
Total liabilities | 5,871,100 | 3,639,734 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2019 and December 31, 2018; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 50,000,000 shares authorized at December 31, 2019 and December 31, 2018; 33,203,806 and 26,526,303 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively. | 333 | 265 |
Additional paid-in capital | 282,153,201 | 243,111,741 |
Accumulated deficit | (263,140,660) | (224,741,571) |
Total stockholders’ equity | 19,012,874 | 18,370,435 |
Total liabilities and stockholders’ equity | $ 24,883,974 | $ 22,010,169 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 33,203,806 | 26,526,303 |
Common stock, shares outstanding | 33,203,806 | 26,526,303 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 200,143 | $ 514,823 |
Operating expenses: | ||
Research and development | 23,228,810 | 32,871,685 |
Sales and marketing | 5,418,967 | 6,185,159 |
General and administrative | 10,360,266 | 12,387,389 |
Total operating expenses | 39,008,043 | 51,444,233 |
Loss from operations | (38,807,900) | (50,929,410) |
Other income (expense): | ||
Interest income, net | 416,274 | 89,288 |
Loss on disposal of property and equipment | (7,463) | |
Total | 408,811 | 89,288 |
Net loss | $ (38,399,089) | $ (50,840,122) |
Basic and diluted loss per common share | $ (1.27) | $ (1.99) |
Weighted average shares outstanding, basic and diluted | 30,262,642 | 25,486,270 |
Statement of Changes in Stockho
Statement of Changes in Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2017 | $ 11,758,730 | $ 225 | $ 185,659,954 | $ (173,901,449) |
Beginning balance (in shares) at Dec. 31, 2017 | 22,584,588 | |||
Stock-based compensation - restricted stock units ("RSUs") | 15,359,011 | 15,359,011 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 574,927 | 574,927 | ||
Stock-based compensation - performance share units ("PSUs") | 819,816 | 819,816 | ||
Issuance of shares for RSUs | $ 10 | (10) | ||
Issuance of shares for RSUs (in shares) | 963,019 | |||
Issuance of shares for PSUs | $ 3 | (3) | ||
Issuance of shares for PSUs (in shares) | 294,969 | |||
Exercise of stock options | 1,319,461 | $ 4 | 1,319,457 | |
Exercise of stock options (in shares) | 380,745 | |||
Cashless exercise of warrants (in shares) | 19,359 | |||
Shares purchased from contributions to the ESPP | 531,797 | $ 1 | 531,796 | |
Shares purchased from contributions to the ESPP (in shares) | 62,168 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 38,846,815 | $ 22 | 38,846,793 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 2,221,455 | |||
Net loss | (50,840,122) | (50,840,122) | ||
Ending balance at Dec. 31, 2018 | 18,370,435 | $ 265 | 243,111,741 | (224,741,571) |
Ending balance (in shares) at Dec. 31, 2018 | 26,526,303 | |||
Stock-based compensation - restricted stock units ("RSUs") | 10,190,211 | 10,190,211 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 368,021 | 368,021 | ||
Stock-based compensation - performance share units ("PSUs") | 88,348 | 88,348 | ||
Issuance of shares for RSUs | $ 11 | (11) | ||
Issuance of shares for RSUs (in shares) | 1,110,817 | |||
Shares withheld for payroll tax on RSUs | (10,207) | (10,207) | ||
Shares withheld for payroll tax on RSUs (in shares) | (1,329) | |||
Shares withheld for payroll tax on PSUs | (329,159) | (329,159) | ||
Shares withheld for payroll tax on PSUs (in shares) | (44,481) | |||
Shares returned (in shares) | (38,666) | |||
Exercise of stock options | 400,103 | $ 1 | 400,102 | |
Exercise of stock options (in shares) | 80,201 | |||
Shares purchased from contributions to the ESPP | 457,362 | $ 2 | 457,360 | |
Shares purchased from contributions to the ESPP (in shares) | 178,003 | |||
Issuance of shares and warrants in a private placement, net of issuance costs | 23,319,156 | $ 33 | 23,319,123 | |
Issuance of shares and warrants in a private placement, net of issuance costs (in shares) | 3,333,333 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 4,557,693 | $ 21 | 4,557,672 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 2,059,625 | |||
Net loss | (38,399,089) | (38,399,089) | ||
Ending balance at Dec. 31, 2019 | $ 19,012,874 | $ 333 | $ 282,153,201 | $ (263,140,660) |
Ending balance (in shares) at Dec. 31, 2019 | 33,203,806 |
Statement of Changes in Stock_2
Statement of Changes in Stockholder's Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Private Placement [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,680,844 | |
ATM [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 339,081 | $ 1,153,715 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (38,399,089) | $ (50,840,122) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 781,228 | 1,054,720 |
Stock based compensation | 10,646,580 | 16,753,754 |
Change in operating lease right-of-use assets | 786,342 | |
Bad debt expense | 35,000 | |
Loss on disposal of property and equipment | 7,463 | |
Amortization of prepaid rent from stock issuance to landlord | 80,784 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (53,594) | (44,550) |
Prepaid expenses and other current assets | 130,809 | 445,270 |
Other assets | 30,102 | |
Accounts payable | (189,866) | (163,305) |
Accrued expenses | 284,748 | 156,324 |
Operating lease liabilities | (662,766) | |
Deferred revenue | 12,000 | |
Net cash used in operating activities | (26,621,145) | (32,527,023) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (196,199) | (859,819) |
Net cash used in investing activities | (196,199) | (859,819) |
Cash flows from financing activities: | ||
Net proceeds from the sales of common stock | 23,319,156 | 38,846,815 |
Net proceeds from an at-the-market ("ATM") offering | 4,557,693 | |
Proceeds from the exercise of stock options | 400,103 | 1,319,461 |
Proceeds from contributions to employee stock purchase plan | 457,362 | 531,797 |
Net cash provided by financing activities | 28,394,948 | 40,698,073 |
Net increase in cash and cash equivalents | 1,577,604 | 7,311,231 |
Cash and cash equivalents - beginning | 20,106,485 | 12,795,254 |
Cash and cash equivalents – ending | 21,684,089 | 20,106,485 |
Restricted Stock Units (RSUs) [Member] | ||
Cash flows from financing activities: | ||
Shares repurchased for tax withholdings on vesting | (10,207) | |
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | 11 | 10 |
Performance Shares [Member] | ||
Cash flows from financing activities: | ||
Shares repurchased for tax withholdings on vesting | $ (329,159) | |
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | $ 3 |
Business Organization, Nature o
Business Organization, Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Organization, Nature of Operations | Note 1 – Business Organization, Nature of Operations Energous Corporation (the “Company”) was incorporated in Delaware on October 30, 2012. The Company has developed its WattUp® technology, consisting of proprietary semiconductor chipsets, software, hardware designs and antennas, that enables radio frequency (“RF”) based charging for electronic devices, providing wire-free contact and non-contact charging solutions, with the potential to enable charging with mobility. The Company believes its proprietary WattUp technology can be utilized in consumer electronics such as wearables, hearing aids, earbuds, Bluetooth headsets, Internet of Things (“IoT”) devices, smartphones, tablets, e-book readers, keyboards, mice, remote controls, rechargeable lights, cylindrical batteries, medical devices and other devices with charging requirements that would otherwise require battery replacement or wired power connection. |
Liquidity and Management Plans
Liquidity and Management Plans | 12 Months Ended |
Dec. 31, 2019 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the year ended December 31, 2019, the Company has recorded revenue of $200,143. The Company incurred a net loss of $38,399,089 and $50,840,122 for the years ended December 31, 2019 and 2018, respectively. Net cash used in operating activities was $26,621,145 and $32,527,023 for the years ended December 31, 2019 and 2018, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $23,319,156 in March 2019 and $4,557,693 during the fourth quarter of 2019, along with payments received under product development projects. As of December 31, 2019, the Company had cash on hand of $21,684,089. The Company expects that cash on hand as of December 31, 2019, together with anticipated revenues, together with potential new financing activities, including potential sales of stock, will be sufficient to fund the Company’s operations into March 2021. Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations. Accordingly, the Company expects to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing would be available on terms that the Company would find acceptable, or at all. The market for products using the Company’s technology is broad and evolving, but remains nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, competition and global market fluctuations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, the useful lives of long-lived assets and valuation of deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations of the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation, and requires acceptance by the customer. The Company recognizes revenue based on when the performance obligation is met. However, the Company does not recognize revenue in excess of an accepted milestone, as there would be uncertainty of payment for work that has not been accepted. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these projects in research and development expense, in the periods such expenses were incurred. The Company also records royalty revenue from its manufacturing partner, Dialog, based on shipments from Dialog to its customers. Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $23,228,810 and $32,871,685 for the years ended December 31, 2019 and 2018, respectively. Note 3 – Summary of Significant Accounting Policies, continued Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2019, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2019 and 2018. The Company files income tax returns with the United States and California governments. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets or liabilities are calculated using current tax laws and rates in effect for the year in which the differences are expected to be recovered or paid. The Company assesses the likelihood that the deferred tax assets will be recovered from future taxable income, and to the extent it is believed that recovery is not likely, establish a valuation allowance. Based upon available objective evidence, the Company believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has established a valuation allowance for all deferred tax assets for the years ended December 31, 2019 and 2018. Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 6,739,639 and 6,161,356 for the years ended December 31, 2019 and 2018, respectively, because their inclusion would be antidilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2019 2018 Warrants issued to private investors 3,938,802 3,035,688 Options to purchase common stock 550,985 656,494 RSUs 1,821,852 2,469,174 PSUs 428,000 — Total potentially dilutive securities 6,739,639 6,161,356 Note 3 – Summary of Significant Accounting Policies, continued Leases As of January 1, 2019, the Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 6 – Commitments and Contingencies, Operating Leases Recent Accounting Pronouncements In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections.” ASU 2019-07 updates the SEC portion of the FASB’s codification literature to reflect the changes the SEC made to simplify disclosures. It is effective immediately. The Company adopted ASU 2019-07 and its adoption had no material impact on its financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740),” Simplifying the Accounting for Income Taxes Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of December 31, 2019, through the date which the financial statements are issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment are as follows: As of December 31, 2019 2018 Computer software $ 917,499 $ 1,797,454 Computer hardware 2,442,369 2,709,072 Furniture and fixtures 517,864 544,421 Leasehold improvements 776,563 613,111 4,654,295 5,664,058 Less – accumulated depreciation (4,027,771 ) (4,445,042 ) Total property and equipment, net $ 626,524 $ 1,219,016 The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – remaining life of the lease. The Company disposed of $1,205,962 in hardware and software during the year ended December 31, 2019. Total depreciation and amortization expense of the Company’s property and equipment was $781,228 and $1,054,720 for the years ended December 31, 2019 and 2018, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 5 – Accrued Expenses Accrued expenses consist of the following: As of December 31, 2019 2018 Accrued compensation $ 1,097,997 $ 990,988 Accrued research and development 524,861 — Accrued legal expenses 253,730 524,685 Other accrued expenses 186,509 262,676 Total $ 2,063,097 $ 1,778,349 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Operating Leases On September 10, 2014, the Company entered into a lease agreement with Balzer Family Investments, L.P. (the “Landlord”) related to space located at Northpointe Business Center, 3590 North First Street, San Jose, California. The initial term of the lease was 60 months, with initial monthly base rent of $36,720 and the lease was subject to certain annual escalations as defined in the agreement. On March 13, 2019, the Company amended its lease agreement with the Landlord which combined both the first-floor space and the second-floor space for the final three months of the original lease term for the second floor, which expired on September 30, 2019. Effective July 1, 2019 through September 30, 2019, the new monthly rent payment was $48,372. On February 26, 2015, the Company entered into a sub-lease agreement for space in its San Jose location on the first floor and was amended on August 25, 2015 to include additional space. The sub-lease agreement had a term which expired on June 30, 2019. Note 6 – Commitments and Contingencies, continued Operating Leases, continued On July 1, 2019, the Company signed a new lease agreement for the lease of its office space at its corporate headquarters in San Jose, California for an additional three years. The lease agreement includes space on the first floor of the building that had been previously subleased. Upon expiration of the original lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 was $52,970 and is subject to annual escalations up to a maximum monthly lease payment of $64,941. On May 31, 2017, the Company renewed a lease agreement for the Company’s space in Costa Mesa, California. The agreement had a term that expired on September 30, 2019 with initial monthly rent of $9,040 and was subject to certain annual escalations as defined in the agreement. On July 15, 2019, the Company signed a new lease agreement for the lease of office space in Costa Mesa, California for an additional two years. Upon expiration of the original lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 was $9,773 and is subject to an annual escalation up to a maximum monthly lease payment of $10,200. In February 2016, the FASB issued its final standard on lease accounting, ASU No. 2016-02, “Leases (Topic 842),” which superseded Topic 840, “Leases,” which was further modified in ASU No. 2018-10, “Codification Improvements” to clarify the implementation guidance. The new accounting standard was effective for the Company beginning on January 1, 2019 and required the recognition on the balance sheet of right-of-use assets and lease liabilities. The Company elected the optional transition method and adopted the new guidance on January 1, 2019 on a modified retrospective basis with no restatement of prior period amounts. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $414,426 and operating lease liabilities of $485,747, with no material cumulative effect adjustment to equity as of the date of adoption. The Company anticipates having future total lease payments of $2,239,647 during the period from the first quarter of 2020 to the third quarter of 2022. As of December 31, 2019, the Company has total operating lease right-of-use assets of $2,057,576, current portion operating lease liabilities of $722,291 and long-term portion of operating lease liabilities of $1,402,193. The weighted average remaining lease term is 2.7 years as of December 31, 2019. The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2020 $ 791,979 2021 $ 863,199 2022 $ 584,469 Total future lease payments $ 2,239,647 Present value discount (4% weighted average) $ (115,163 ) Total operating lease liabilities $ 2,124,484 Hosted Design Solution Agreement On June 25, 2015, the Company entered into a three-year agreement to license electronic design automation software in a hosted environment. Pursuant to the agreement, under which services began July 2015, the Company is required to remit quarterly payments in the amount of approximately $101,000 with the last payment due March 30, 2018. On December 18, 2015, the agreement was amended to redefine the hardware and software configuration and the quarterly payments increased to approximately $198,000. In July 2018, the Company renewed the agreement for an additional three years, and the Company is required to remit quarterly payments of approximately $218,000, with the last payment due in March 2021. Note 6 – Commitments and Contingencies, continued Litigations, Claims, and Assessments The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company's combined financial position, results of operations or cash flows. MBO Bonus Plan On March 15, 2018, the Company’s Board of Directors (“Board”), on the recommendation of the Board’s Compensation Committee (“Compensation Committee”), approved the Energous Corporation MBO Bonus Plan (“Bonus Plan”) for executive officers of the Company. To be eligible to receive a bonus under the Bonus Plan, an executive officer must be continuously employed throughout the applicable performance period, and in good standing, and achieve the performance objectives selected by the Compensation Committee. Under the Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers, the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved. During the years ended December 31, 2019 and 2018, the Company recognized a total of $1,048,375 and $1,440,671, respectively, in expense under the Bonus Plan. As of December 31, 2019, $356,448 of the 2019 amount was not yet paid and is included in accrued expenses. Severance and Change in Control Agreement On March 15, 2018, the Compensation Committee approved a form of Severance and Change in Control Agreement (“Severance Under the Severance Agreement, if an Executive is terminated in a qualifying termination, the Company agrees to pay the Executive six to 12 months of that Executive’s monthly base salary. If Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company will pay the full amount of Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the six to 12 month period following the Executive’s termination. Amended Employee Agreement – Stephen Rizzone On April 3, 2015, the Company entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s President and Chief Executive Officer (“Employment Agreement”). The Employment Agreement effective as of January 1, 2015, has an initial term of four years and automatically renews each year after the initial term. The Employment Agreement provides for an annual base salary of $365,000, and Mr. Rizzone is eligible to receive quarterly cash bonuses from the MBO Bonus Plan with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Board. Mr. Rizzone is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. Note 6 – Commitments and Contingencies, continued Strategic Alliance Agreement In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 10—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval (the “Dialog Exclusivity Requirement”). In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property. The Alliance Agreement has an initial term of seven years and will automatically renew annually thereafter unless terminated by either party upon 180 days’ prior written notice. The Company may terminate the Alliance Agreement at any time after the third anniversary of the Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog may terminate the Alliance Agreement if sales of Licensed Products do not meet specified targets. The Company Exclusivity Requirement will terminate upon the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing exclusivity obligations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ Equity Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution. Filing of Registration Statement Pursuant to a shelf registration statement on Form S-3 filed on April 24, 2015, in January 2018, the Company raised $38,846,815 (net of $1,153,715 in underwriter’s discount and issuance costs) from the sale of stock in an “at-the-market” equity offering of its common stock. On August 9, 2018, the Company filed a shelf registration statement on Form S-3, which became effective on August 17, 2018. This shelf registration statement allows the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $75,000,000. Pursuant to this registration statement, in March 2019 the Company raised $23,319,156 (net of $1,680,844 in issuance costs) from an offering of shares of its common stock and warrants to purchase 1,666,666 shares of common stock at an exercise price of $10.00 per share. The Company also raised $4,557,693 (net of $339,081 in issuance costs), pursuant to this shelf registration statement, in an “at-the-market” equity offering during the fourth quarter of 2019. Common Stock Outstanding In August 2019, an aggregate of 38,666 shares of common stock were returned to the Company and retired in connection with the rescission of restricted stock unit agreements. Private Placements On June 28, 2017, the Company and Dialog entered into a securities purchase agreement pursuant to which the Company agreed to sell Dialog 976,139 shares of common stock at a price of $15.3666 per share and a warrant to purchase up to 654,013 shares of common stock that may be exercised only on a cashless basis at a price of $19.9766 per share, and may be exercised at any time between the date that is six months and one day after the closing date of the transaction and the three-year anniversary of the closing date. The aggregate proceeds from the sale of these shares, which were issued on July 5, 2017, was $14,999,935. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 8 – Stock Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 1,600,000 shares, bringing to 6,085,967 the total number of shares approved for issuance under that plan. As of December 31, 2019, 1,261,316 shares of common stock remain eligible to be issued through equity-based instruments under the 2013 Equity Incentive Plan. 2014 Non-Employee Equity Compensation Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2014 Non-employee Equity Compensation Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 250,000 shares, bringing to 850,000 the total number of shares approved for issuance under that plan. As of December 31, 2019, 227,825 shares of common stock remain eligible to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan. 2015 Performance Share Unit Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,400,000 shares, bringing to 2,710,104 the total number of shares approved for issuance under that plan. As of December 31, 2019, 997,951 shares of common stock remain eligible to be issued through equity-based instruments under the 2015 Performance Share Unit Plan. Note 8 – Stock Based Compensation, continued Equity Incentive Plans, continued 2017 Equity Inducement Plan On December 28, 2017, the Board of Directors approved the 2017 Equity Inducement Plan. Under the plan, the Board of Directors reserved 600,000 shares for the grant of RSUs. These grants will be administered by a committee of the Board of Directors or the Board of Directors. These awards will be granted to individuals who (a) are being hired as an Employee by the Company or any Subsidiary and such Award is a material inducement to such person being hired; (b) are being rehired as an Employee following a bona fide period of interruption of employment with the Company or any Subsidiary; or (c) will become an Employee of the Company or any Subsidiary in connection with a merger or acquisition. As of December 31, 2019, 310,030 shares of common stock remain available to be issued through equity-based instruments under the 2017 Equity Inducement Plan. Employee Stock Purchase Plan In April 2015, the Company’s board of directors approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. As of December 31, 2019, 165,750 shares of common stock remain eligible to be issued under the ESPP. For the year ended December 31, 2019, eligible employees contributed $457,362 through payroll deductions to the ESPP and 178,003 shares were deemed delivered for the year ended December 31, 2019. For the year ended December 31, 2018, eligible employees contributed $531,797 through payroll deductions to the ESPP and 62,168 shares were deemed delivered for the year ended December 31, 2018. Stock Option Award Activity The following is a summary of the Company’s stock option activity during the year ended December 31, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2019 656,494 $ 5.57 4.6 $ 252,887 Granted — — — — Exercised (80,201 ) 4.99 — — Forfeited (25,308 ) 5.33 — — Outstanding at December 31, 2019 550,985 $ 5.67 4.3 $ 2,538 Exercisable at December 31, 2019 550,985 $ 5.67 4.3 $ 2,538 As of December 31, 2019, the unamortized value of options was $0. The aggregate intrinsic value of options exercised was $55,940 and $4,570,515 for the years ended December 31, 2019 and 2018, respectively. No options were granted during the years ended December 31, 2019 and 2018. Note 8 – Stock Based Compensation, continued Restricted Stock Units (“RSUs”) During the year ended December 31, 2019, the Compensation Committee of the Board (“Compensation Committee”) granted various employees RSUs under which the holders have the right to receive an aggregate 782,225 shares of common stock. The majority of these awards, granted under the 2013 Equity Incentive Plan, vest over terms ranging from one to four years. During the year ended December 31, 2019, the Compensation Committee granted various directors and consultants RSUs under which the holders have the right to receive an aggregate 290,176 shares of common stock. These awards were granted under the 2014 Non-Employee Equity Compensation Plan. The awards granted vest over terms from one to four years. During the year ended December 31, 2019, the Compensation Committee granted employees RSUs under which the holders have the right to receive 48,000 shares of common stock. The awards, granted under the 2017 Equity Inducement Plan, vest over four years beginning on the anniversary of the grant date. In accordance with ASC 505-50, the Company estimates the fair value of the unvested portion of the RSU award each reporting period using the closing price of the Company’s common stock. At December 31, 2019, the unamortized value of the RSUs was $12,086,353. The unamortized amount will be expensed over a weighted average period of 1.6 years. A summary of the activity related to RSUs for the year ended December 31, 2019 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 2,469,174 $ 15.07 RSUs granted 1,120,401 $ 4.10 RSUs forfeited (656,906 ) $ 14.23 RSUs vested (1,110,817 ) $ 12.73 Outstanding at December 31, 2019 1,821,852 $ 10.05 Note 8 – Stock Based Compensation, continued Performance Share Units (“PSUs”) Performance share units (“PSUs”) are grants that vest upon the achievement of certain performance goals. The goals are commonly related to the Company’s revenue, market capitalization or market share price of the common stock. The PSUs originally issued during 2015 to certain board members and senior management were earned based on the Company’s achievement of market capitalization growth between the effective date of the grant agreement and December 31, 2018. If the Company’s market capitalization was $100 million or less, no PSUs were earned. If the Company reached a market capitalization of $1.1 billion or more, 100% of the PSUs would have been earned. For market capitalization between $100 million and $1.1 billion, the percentage of PSUs earned was determined on a quarterly basis based on straight line interpolation. The Company determined that the PSUs were equity awards with both market and service conditions. Grantees of PSUs were required to be employed through December 31, 2018 in order to earn the entire award, if and when vested. The fair value of these grants of PSUs to purchase a total of 1,342,061 shares of common stock (including 1,278,153 PSUs granted under the 2015 Performance Share Unit Plan and 63,908 granted as an inducement) was determined to be approximately $3,218,000, and was amortized over the service period of May 21, 2015 through December 31, 2018, on a straight-line basis. During the year ended December 31, 2019, the Compensation Committee granted various employees PSUs under which the holders have the right to receive an aggregate 434,000 shares of common stock. These awards were granted under the 2015 Performance Share Unit Plan. The awards granted vest upon achievement of Company-wide revenue goals. Amortization for all PSU awards was $88,348 and $819,816 for the years ended December 31, 2019 and 2018, respectively. Note 8 – Stock Based Compensation, continued Performance Share Units (“PSUs”), continued At December 31, 2019, the unamortized value of all PSUs was $806,172 and will be expensed over a weighted average period of 1.0 years. A summary of the activity related to PSUs for the year ended December 31, 2019 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 — $ — PSUs granted 434,000 $ 2.09 PSUs forfeited (6,000 ) $ 2.09 PSUs vested — $ — Outstanding at December 31, 2019 428,000 $ 2.09 Employee Stock Purchase Plan (“ESPP”) During the years ended December 31, 2019 and 2018, there were two offering periods per year for the ESPP. The first offering period started on January 1 of each year and concluded on June 30 of each year. The second offering period started on July 1 of each year and concluded on December 31 of each year. The weighted-average grant-date fair value of the purchase option for each designated share purchased under this plan was approximately $2.02 and $9.25 during the years ended December 31, 2019 and 2018, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recognized stock-based compensation expense for the plan of $368,021 and $574,927 for the years ended December 31, 2019 and 2018, respectively. Note 8 – Stock Based Compensation, continued Employee Stock Purchase Plan (“ESPP”), continued The Company estimated the fair value of the purchase options granted during the years ended December 31, 2019 and 2018 using the Black-Scholes option pricing model. The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended December 31, 2019 Stock price range $ 4.27 – 5.79 Dividend yield 0 % Expected volatility range 83 – 96 % Risk-free interest rate range 2.10 – 2.51 % Expected life 6 months For the Year Ended December 31, 2018 Stock price range $ 14.48 – 22.34 Dividend yield 0 % Expected volatility range 72 – 177 % Risk-free interest rate range 1.61 – 2.14 % Expected life 6 months Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 RSUs $ 10,190,211 $ 15,359,011 PSUs 88,348 819,816 ESPP 368,021 574,927 Total $ 10,646,580 $ 16,753,754 The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2019 2018 Research and development $ 5,419,627 $ 9,676,156 Sales and marketing 1,561,319 1,416,136 General and administrative 3,665,634 5,661,462 Total $ 10,646,580 $ 16,753,754 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the income tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting relating to the TCJA under Accounting Standards Codification Topic 740, “Income Taxes” (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for TCJA-related income tax effects is incomplete, but the company is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in its financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. The Company completed its analysis of the TCJA’s income tax effects. In accordance with SAB 118, the TCJA-related income tax effects that the Company initially reported as provisional estimates were refined as additional analysis was performed. There was no material impact to the Company’s financial statements recorded when its analysis was completed in the 2018 fourth quarter. As of December 31, 2019 and 2018, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2019 2018 Deferred tax assets: Research and development tax credits $ 7,390,441 $ 5,994,401 Net operating loss carryovers 47,460,988 36,578,319 Property and equipment 241,000 144,833 Research and development costs 15,083,114 16,303,445 Start-up and organizational costs 618 696 Stock-based compensation 3,420,667 4,000,781 Operating lease liability 594,507 — Other accruals 276,512 326,812 Total gross deferred tax assets 74,467,847 63,349,287 Less: valuation allowance (73,892,063 ) (63,349,287 ) Total deferred tax assets 575,784 — Deferred tax liabilities: Operating lease right-of-use asset (575,784 ) — Total deferred tax liabilities (575,784 ) — Total deferred taxes, net $ — $ — The change in the Company’s valuation allowance is as follows: 2019 2018 January 1, $ 63,349,287 $ 46,171,964 Increase in valuation allowance 10,542,776 17,177,323 December 31, $ 73,892,063 $ 63,349,287 Note 9 – Income Taxes, continued The Company has federal and state net operating loss carryforwards of approximately $169,405,000 and $170,197,000, respectively, available to offset future taxable income. The federal and state NOL carryforwards will expire at various dates beginning in 2034. The Company has federal and state research and development tax credit carryforwards of approximately $4,471,000 and $3,695,000, respectively. The federal R&D credit carryforwards will expire beginning in 2033 and state R&D credit carryforwards do not expire. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company. Although management believes that the Company may have sufficient future taxable income to absorb the net operating loss carryforwards and research and development tax credit carryforwards before the expiration of the carryforward period, there may be circumstances beyond the Company’s control that limit such utilization. Accordingly, management has determined that a full valuation allowance of the deferred tax asset is appropriate at December 31, 2019 and 2018. Internal Revenue Code Section 382 imposes limitations on the use of net operating loss carryforwards when the stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Management cannot control the ownership changes occurring as a result of public trading of the Company’s Common Stock. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryforward. The Company completed a Section 382 analysis as of December 31, 2019 and determined that none of its NOLs or R&D credits would be limited. For the Year Ended December 31, 2019 2018 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (5.7 ) (7.7 ) Permanent differences: Stock-based compensation 3.1 (2.2 ) Meals and entertainment 0.1 0.1 Executive compensation 1.0 0.2 True-up of federal deferred taxes (1.3 ) 0.1 True-up of state deferred taxes (0.1 ) — Change in effective tax rate — — Research and development tax credit, federal (2.1 ) (1.9 ) Research and development tax credit, state (1.4 ) (1.4 ) Increase in valuation allowance, federal 20.2 24.7 Increase in valuation allowance, state 7.2 9.1 Effective income tax rate 0.0 % 0.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related Party Transactions In November 2016, the Company and Dialog entered into an alliance agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 6 – Commitments and Contingencies, Strategic Alliance Agreement Private Placements |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Note 11 – Unaudited Quarterly Financial Information Summarized quarterly information for the years ended December 31, 2019 and 2018 is listed below: For the quarter ended March 31 June 30 September 30 December 31 2019 Revenue $ 66,500 $ 47,500 $ 40,500 $ 45,643 Operating expenses $ 11,162,041 $ 9,994,156 $ 8,342,569 $ 9,509,277 Net loss $ (11,019,468 ) $ (9,803,996 ) $ (8,184,227 ) $ (9,391,398 ) Loss per share, basic and diluted $ (0.39 ) $ (0.32 ) $ (0.27 ) $ (0.29 ) 2018 Revenue $ 25,000 $ 205,773 $ 228,000 $ 56,050 Operating expenses $ 13,474,163 $ 12,510,139 $ 12,879,961 $ 12,579,970 Net loss $ (13,443,457 ) $ (12,298,371 ) $ (12,645,291 ) $ (12,453,003 ) Loss per share, basic and diluted $ (0.55 ) $ (0.48 ) $ (0.49 ) $ (0.48 ) |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Customer Concentration | Note 12 – Customer Concentration Four customers accounted for approximately 52% of the Company’s revenue for the year ended December 31, 2019 and one customer accounted for approximately 92% of the Company’s revenue for the year ended December 31, 2018. Four customers accounted for nearly 100% of the Company’s accounts receivable balance as of December 31, 2019. Three customers accounted for approximately 86% of the Company’s accounts receivable balance as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, the useful lives of long-lived assets and valuation of deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations of the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation, and requires acceptance by the customer. The Company recognizes revenue based on when the performance obligation is met. However, the Company does not recognize revenue in excess of an accepted milestone, as there would be uncertainty of payment for work that has not been accepted. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these projects in research and development expense, in the periods such expenses were incurred. The Company also records royalty revenue from its manufacturing partner, Dialog, based on shipments from Dialog to its customers. |
Research and Development | Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $23,228,810 and $32,871,685 for the years ended December 31, 2019 and 2018, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. |
Income Taxes | Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2019, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2019 and 2018. The Company files income tax returns with the United States and California governments. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets or liabilities are calculated using current tax laws and rates in effect for the year in which the differences are expected to be recovered or paid. The Company assesses the likelihood that the deferred tax assets will be recovered from future taxable income, and to the extent it is believed that recovery is not likely, establish a valuation allowance. Based upon available objective evidence, the Company believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company has established a valuation allowance for all deferred tax assets for the years ended December 31, 2019 and 2018. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 6,739,639 and 6,161,356 for the years ended December 31, 2019 and 2018, respectively, because their inclusion would be antidilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2019 2018 Warrants issued to private investors 3,938,802 3,035,688 Options to purchase common stock 550,985 656,494 RSUs 1,821,852 2,469,174 PSUs 428,000 — Total potentially dilutive securities 6,739,639 6,161,356 |
Leases | Leases As of January 1, 2019, the Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 6 – Commitments and Contingencies, Operating Leases |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections.” ASU 2019-07 updates the SEC portion of the FASB’s codification literature to reflect the changes the SEC made to simplify disclosures. It is effective immediately. The Company adopted ASU 2019-07 and its adoption had no material impact on its financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740),” Simplifying the Accounting for Income Taxes |
Management's Evaluation of Subsequent Events | Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of December 31, 2019, through the date which the financial statements are issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2019 2018 Warrants issued to private investors 3,938,802 3,035,688 Options to purchase common stock 550,985 656,494 RSUs 1,821,852 2,469,174 PSUs 428,000 — Total potentially dilutive securities 6,739,639 6,161,356 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment are as follows: As of December 31, 2019 2018 Computer software $ 917,499 $ 1,797,454 Computer hardware 2,442,369 2,709,072 Furniture and fixtures 517,864 544,421 Leasehold improvements 776,563 613,111 4,654,295 5,664,058 Less – accumulated depreciation (4,027,771 ) (4,445,042 ) Total property and equipment, net $ 626,524 $ 1,219,016 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: As of December 31, 2019 2018 Accrued compensation $ 1,097,997 $ 990,988 Accrued research and development 524,861 — Accrued legal expenses 253,730 524,685 Other accrued expenses 186,509 262,676 Total $ 2,063,097 $ 1,778,349 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2020 $ 791,979 2021 $ 863,199 2022 $ 584,469 Total future lease payments $ 2,239,647 Present value discount (4% weighted average) $ (115,163 ) Total operating lease liabilities $ 2,124,484 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during the year ended December 31, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2019 656,494 $ 5.57 4.6 $ 252,887 Granted — — — — Exercised (80,201 ) 4.99 — — Forfeited (25,308 ) 5.33 — — Outstanding at December 31, 2019 550,985 $ 5.67 4.3 $ 2,538 Exercisable at December 31, 2019 550,985 $ 5.67 4.3 $ 2,538 |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the year ended December 31, 2019 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 2,469,174 $ 15.07 RSUs granted 1,120,401 $ 4.10 RSUs forfeited (656,906 ) $ 14.23 RSUs vested (1,110,817 ) $ 12.73 Outstanding at December 31, 2019 1,821,852 $ 10.05 |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the year ended December 31, 2019 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 — $ — PSUs granted 434,000 $ 2.09 PSUs forfeited (6,000 ) $ 2.09 PSUs vested — $ — Outstanding at December 31, 2019 428,000 $ 2.09 |
Summary of Fair Values of Purchase Options Granted | The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended December 31, 2019 Stock price range $ 4.27 – 5.79 Dividend yield 0 % Expected volatility range 83 – 96 % Risk-free interest rate range 2.10 – 2.51 % Expected life 6 months For the Year Ended December 31, 2018 Stock price range $ 14.48 – 22.34 Dividend yield 0 % Expected volatility range 72 – 177 % Risk-free interest rate range 1.61 – 2.14 % Expected life 6 months |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 RSUs $ 10,190,211 $ 15,359,011 PSUs 88,348 819,816 ESPP 368,021 574,927 Total $ 10,646,580 $ 16,753,754 |
Summary of Stock-based Compensation Reflected within Statements of Operations | The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2019 2018 Research and development $ 5,419,627 $ 9,676,156 Sales and marketing 1,561,319 1,416,136 General and administrative 3,665,634 5,661,462 Total $ 10,646,580 $ 16,753,754 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the income tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting relating to the TCJA under Accounting Standards Codification Topic 740, “Income Taxes” (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for TCJA-related income tax effects is incomplete, but the company is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in its financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. The Company completed its analysis of the TCJA’s income tax effects. In accordance with SAB 118, the TCJA-related income tax effects that the Company initially reported as provisional estimates were refined as additional analysis was performed. There was no material impact to the Company’s financial statements recorded when its analysis was completed in the 2018 fourth quarter. As of December 31, 2019 and 2018, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2019 2018 Deferred tax assets: Research and development tax credits $ 7,390,441 $ 5,994,401 Net operating loss carryovers 47,460,988 36,578,319 Property and equipment 241,000 144,833 Research and development costs 15,083,114 16,303,445 Start-up and organizational costs 618 696 Stock-based compensation 3,420,667 4,000,781 Operating lease liability 594,507 — Other accruals 276,512 326,812 Total gross deferred tax assets 74,467,847 63,349,287 Less: valuation allowance (73,892,063 ) (63,349,287 ) Total deferred tax assets 575,784 — Deferred tax liabilities: Operating lease right-of-use asset (575,784 ) — Total deferred tax liabilities (575,784 ) — Total deferred taxes, net $ — $ — |
Summary of Valuation Allowance | The change in the Company’s valuation allowance is as follows: 2019 2018 January 1, $ 63,349,287 $ 46,171,964 Increase in valuation allowance 10,542,776 17,177,323 December 31, $ 73,892,063 $ 63,349,287 |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended December 31, 2019 2018 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (5.7 ) (7.7 ) Permanent differences: Stock-based compensation 3.1 (2.2 ) Meals and entertainment 0.1 0.1 Executive compensation 1.0 0.2 True-up of federal deferred taxes (1.3 ) 0.1 True-up of state deferred taxes (0.1 ) — Change in effective tax rate — — Research and development tax credit, federal (2.1 ) (1.9 ) Research and development tax credit, state (1.4 ) (1.4 ) Increase in valuation allowance, federal 20.2 24.7 Increase in valuation allowance, state 7.2 9.1 Effective income tax rate 0.0 % 0.0 % |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly information for the years ended December 31, 2019 and 2018 is listed below: For the quarter ended March 31 June 30 September 30 December 31 2019 Revenue $ 66,500 $ 47,500 $ 40,500 $ 45,643 Operating expenses $ 11,162,041 $ 9,994,156 $ 8,342,569 $ 9,509,277 Net loss $ (11,019,468 ) $ (9,803,996 ) $ (8,184,227 ) $ (9,391,398 ) Loss per share, basic and diluted $ (0.39 ) $ (0.32 ) $ (0.27 ) $ (0.29 ) 2018 Revenue $ 25,000 $ 205,773 $ 228,000 $ 56,050 Operating expenses $ 13,474,163 $ 12,510,139 $ 12,879,961 $ 12,579,970 Net loss $ (13,443,457 ) $ (12,298,371 ) $ (12,645,291 ) $ (12,453,003 ) Loss per share, basic and diluted $ (0.55 ) $ (0.48 ) $ (0.49 ) $ (0.48 ) |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liquidity And Management Plans [Line Items] | |||||||||||
Engineering product development | $ 45,643 | $ 40,500 | $ 47,500 | $ 66,500 | $ 56,050 | $ 228,000 | $ 205,773 | $ 25,000 | $ 200,143 | $ 514,823 | |
Net loss | (9,391,398) | $ (8,184,227) | $ (9,803,996) | $ (11,019,468) | (12,453,003) | $ (12,645,291) | $ (12,298,371) | $ (13,443,457) | (38,399,089) | (50,840,122) | |
Net cash provided by (used in) operating activities | (26,621,145) | (32,527,023) | |||||||||
Proceeds of securities offerings | $ 23,319,156 | 4,557,693 | 23,319,156 | 38,846,815 | |||||||
Cash and cash equivalents, at carrying value, total | $ 21,684,089 | $ 20,106,485 | 21,684,089 | $ 20,106,485 | |||||||
Technology Service [Member] | |||||||||||
Liquidity And Management Plans [Line Items] | |||||||||||
Engineering product development | $ 200,143 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense, total | $ 23,228,810 | $ 32,871,685 | |
Liability for unrecognized tax benefits | 0 | ||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | |
Antidilutive securities excluded from computation of earnings per share, amount | 6,739,639 | 6,161,356 | |
Employee Stock Purchase Plan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Common stock purchase price discount percentage | 85.00% | 15.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 6,739,639 | 6,161,356 |
Warrants Issued to Private Investors [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 3,938,802 | 3,035,688 |
Employee Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 550,985 | 656,494 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 1,821,852 | 2,469,174 |
Performance Share Units [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 428,000 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,654,295 | $ 5,664,058 |
Less – accumulated depreciation | (4,027,771) | (4,445,042) |
Total property and equipment, net | 626,524 | 1,219,016 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 917,499 | 1,797,454 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,442,369 | 2,709,072 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 517,864 | 544,421 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 776,563 | $ 613,111 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 781,228 | $ 1,054,720 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Disposal of property, plant and equipment | $ 1,205,962 | |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | remaining life of the lease. | |
Minimum [Member] | Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 1 year | |
Maximum [Member] | Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,097,997 | $ 990,988 |
Accrued research and development | 524,861 | |
Accrued legal expenses | 253,730 | 524,685 |
Other accrued expenses | 186,509 | 262,676 |
Total | $ 2,063,097 | $ 1,778,349 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | Mar. 13, 2019 | May 31, 2017 | Aug. 25, 2015 | Sep. 10, 2014 | Oct. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Jul. 15, 2019 | Jul. 01, 2019 | Jan. 01, 2019 |
Commitments And Contingencies [Line Items] | ||||||||||
Operating lease right-of-use assets | $ 2,057,576 | |||||||||
Operating lease liabilities | 722,291 | |||||||||
Total operating lease payments | 2,239,647 | |||||||||
Long-term portion of operating lease liabilities | 1,402,193 | |||||||||
ASU No. 2016-02 [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating lease right-of-use assets | 2,057,576 | $ 414,426 | ||||||||
Operating lease liabilities | 722,291 | $ 485,747 | ||||||||
Total operating lease payments | 2,239,647 | |||||||||
Long-term portion of operating lease liabilities | $ 1,402,193 | |||||||||
Weighted average remaining lease term | 2 years 8 months 12 days | |||||||||
San Jose, California [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating leases, rent expense | $ 52,970 | |||||||||
Lease expiration date | Jun. 30, 2019 | |||||||||
Operating lease, renewal term | 3 years | |||||||||
San Jose, California [Member] | Maximum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Maximum monthly lease payment | 64,941 | |||||||||
Costa Mesa, California [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating leases, rent expense | $ 9,040 | 9,773 | ||||||||
Lease expiration date | Sep. 30, 2019 | |||||||||
Operating lease, renewal term | 2 years | |||||||||
Costa Mesa, California [Member] | Maximum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Maximum monthly lease payment | $ 10,200 | |||||||||
Balzer Family Investments Lp [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating leases expiration period | 60 months | |||||||||
Operating leases, rent expense | $ 36,720 | $ 48,372 | ||||||||
Lease expiration date | Sep. 30, 2019 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) | Dec. 31, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2020 | $ 791,979 |
2021 | 863,199 |
2022 | 584,469 |
Total future lease payments | 2,239,647 |
Present value discount (4% weighted average) | (115,163) |
Total operating lease liabilities | $ 2,124,484 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Parenthetical) (Detail) | Dec. 31, 2019 |
Operating Leases Future Minimum Payments Due [Abstract] | |
Weighted average discount rate percent | 4.00% |
Commitments and Contingencies_4
Commitments and Contingencies - Hosted Design Solution Agreement - Additional Information (Detail) - Hosted Design Solution Agreement [Member] - USD ($) | Dec. 18, 2015 | Jun. 25, 2015 | Jul. 31, 2018 | Jul. 31, 2015 |
Commitments And Contingencies [Line Items] | ||||
Initial term of agreement | 3 years | |||
Quarterly payments for service agreement | $ 198,000 | $ 218,000 | $ 101,000 | |
Additional term of agreement | 3 years |
Commitments and Contingencies_5
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - Executive Officers [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | ||
Expense recognized by company | $ 1,048,375 | $ 1,440,671 |
Accrued Expenses [Member] | ||
Commitments And Contingencies [Line Items] | ||
Bonus accrued but not yet paid | $ 356,448 |
Commitments and Contingencies_6
Commitments and Contingencies - Amended Employee Agreement - Stephen Rizzone - Additional Information (Detail) - Mr. Rizzone [Member] - USD ($) | Jan. 01, 2015 | Dec. 31, 2019 |
Commitments And Contingencies [Line Items] | ||
Agreement effective date | Jan. 1, 2015 | |
Initial term of agreement | 4 years | |
Officers' compensation | $ 365,000 | |
Employment agreement percentage of base salary | 100.00% |
Commitments and Contingencies_7
Commitments and Contingencies - Strategic Alliance Agreement - Additional Information (Detail) | 1 Months Ended |
Nov. 30, 2016 | |
Strategic Alliance Agreement [Member] | |
Commitments And Contingencies [Line Items] | |
Initial term of agreement | 7 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Aug. 17, 2018USD ($) | Jul. 05, 2017USD ($) | Jun. 28, 2017$ / sharesshares | Aug. 31, 2019shares | Mar. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2018USD ($) | Dec. 31, 2019USD ($)Vote | Dec. 31, 2019USD ($)Voteshares | Dec. 31, 2018USD ($) |
Class of Stock [Line Items] | |||||||||
Number of common stock voting entitlement per share | Vote | 1 | 1 | |||||||
Issuance of shares and warrants in a private placement, net of issuance costs | $ 23,319,156 | $ 23,319,156 | |||||||
Net of issuance costs from offering of shares | $ 1,680,844 | $ 339,081 | |||||||
Class of warrant or right, number of securities called by warrants or rights | shares | 1,666,666 | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 10 | ||||||||
Proceeds from at the market offering of shares of common stock and warrants | $ 4,557,693 | 4,557,693 | $ 38,846,815 | ||||||
Dialog Semiconductor Plc [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 19.9766 | ||||||||
Dialog Semiconductor Plc [Member] | Warrant Issued to Private Investors [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during period, shares, new issues | shares | 976,139 | ||||||||
Stock issued during period, value, new issues | $ 14,999,935 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of shares and warrants in a private placement, net of issuance costs | 33 | ||||||||
Proceeds from at the market offering of shares of common stock and warrants | $ 21 | $ 22 | |||||||
Number of shares returned | shares | 38,666 | ||||||||
Common Stock [Member] | Dialog Semiconductor Plc [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | shares | 654,013 | ||||||||
RSU Rescission Agreements [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares returned | shares | 38,666 | ||||||||
Consummation of Offering Under Shelf Registration [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during period, value, new issues | $ 38,846,815 | ||||||||
Underwriter's discount and issuance costs | $ 1,153,715 | ||||||||
Proceeds from shelf registration debt or equity securities | $ 75,000,000 | ||||||||
Private Placements [Member] | Dialog Semiconductor Plc [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share price | $ / shares | $ 15.3666 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | May 16, 2018 | Dec. 28, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee contribution through payroll withholdings | $ 457,362 | $ 531,797 | |||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,400,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 2,710,104 | ||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 997,951 | ||||
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, equity instruments other than options, grants in period | 1,120,401 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 600,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 165,750 | ||||
Lowest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 1.00% | ||||
Highest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 10.00% | ||||
Maximum number of shares permitted to purchase | 7,500 | ||||
Offering period | 6 months | ||||
Exercise price discount from fair value on offering date | 85.00% | ||||
Exercise price discount from fair value on exercise date | 85.00% | 15.00% | |||
Share-based compensation arrangement by share-based payment award, terms of award | In April 2015, the Company’s board of directors approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 178,003 | 62,168 | |||
2013 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,600,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 6,085,967 | ||||
Common stock to be issued | 1,261,316 | ||||
Non-Employee Equity Compensation Plan 2014 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 250,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 850,000 | ||||
Common stock available to be issued | 227,825 | ||||
2017 Equity Inducement Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available to be issued | 310,030 | ||||
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 600,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 0 | 0 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Outstanding | 656,494 | |
Number of Options, Granted | 0 | |
Number of Options, Exercised | (80,201) | |
Number of Options, Forfeited | (25,308) | |
Number of Options, Outstanding | 550,985 | 656,494 |
Number of Options, Exercisable | 550,985 | |
Weighted Average Exercise Price, Outstanding | $ 5.57 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 4.99 | |
Weighted Average Exercise Price, Forfeited | 5.33 | |
Weighted Average Exercise Price, Outstanding | 5.67 | $ 5.57 |
Weighted Average Exercise Price, Exercisable | $ 5.67 | |
Weighted Average Remaining Life In Years, Outstanding | 4 years 3 months 18 days | 4 years 7 months 6 days |
Weighted Average Remaining Life In Years, Exercisable | 4 years 3 months 18 days | |
Intrinsic Value, Outstanding | $ 2,538 | $ 252,887 |
Intrinsic Value, Exercisable | $ 2,538 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 55,940 | $ 4,570,515 |
Options granted | 0 | 0 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 12,086,353 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 7 months 6 days |
2013 Equity Incentive Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
2013 Equity Incentive Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
2013 Equity Incentive Plan [Member] | Employee [Member] | Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 782,225 |
Non-Employee Equity Compensation Plan 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 290,176 |
Non-Employee Equity Compensation Plan 2014 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
Non-Employee Equity Compensation Plan 2014 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
2017 Equity Inducement Plan [Member] | Employee [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 48,000 |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 2,469,174 |
RSUs granted | shares | 1,120,401 |
RSUs forfeited | shares | (656,906) |
RSUs vested | shares | (1,110,817) |
Number of Options, Outstanding | shares | 1,821,852 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 15.07 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 4.10 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 14.23 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 12.73 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 10.05 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance based equity plan market capitalization minimum amount | $ 100,000,000 | ||
Performance based equity plan market capitalization maximum amount | $ 1,100,000,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 434,000 | 0 | |
Share based compensation arrangement by share based payment award equity instruments other than options grants in period fair value | $ 3,218,000 | ||
Share based compensation arrangement by share based payment award unamortized value | $ 806,172 | ||
Share based compensation arrangement by share based payment award unamortized weighted average period | 1 year | ||
Performance Shares and Inducement Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,342,061 | ||
Inducement PSU Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 63,908 | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 88,348 | $ 819,816 | |
Performance Based Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of performance share units to be earned on achievement of market capitalization growth | 100.00% | ||
2015 Performance Share Unit Plan [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 434,000 | ||
2015 Performance Share Unit Plan [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,278,153 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
PSUs granted | 434,000 | 0 |
PSUs forfeited | (6,000) | |
PSUs / DSUs vested | 0 | |
Number of Options, Outstanding | 428,000 | |
Weighted Average Grant Date Fair Value, PSUs granted | $ 2.09 | |
Weighted Average Grant Date Fair Value, PSUs forfeited | 2.09 | |
Weighted Average Grant Date Fair Value, PSUs vested | 0 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 2.09 |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 2.02 | $ 9.25 |
Percentage of proportionate value of call option of stock | 85.00% | |
Percentage of proportionate value of put option of stock | 15.00% | |
Allocated share-based compensation expense | $ 368,021 | $ 574,927 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Fair Values of Purchase Options Granted (Detail) - Employee Stock Purchase Plan [Member] - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 83.00% | 72.00% |
Expected volatility, maximum | 96.00% | 177.00% |
Risk-free interest rate, minimum | 2.10% | 1.61% |
Risk-free interest rate, maximum | 2.51% | 2.14% |
Expected life | 6 months | 6 months |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 4.27 | $ 14.48 |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 5.79 | $ 22.34 |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total | $ 10,646,580 | $ 16,753,754 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 10,190,211 | 15,359,011 |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 88,348 | 819,816 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | $ 368,021 | $ 574,927 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation, Total | $ 10,646,580 | $ 16,753,754 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 5,419,627 | 9,676,156 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 1,561,319 | 1,416,136 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | $ 3,665,634 | $ 5,661,462 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Tax Cuts and Jobs Act of 2017 Accounting Complete | true | |
Deferred tax assets, tax credit carryforwards, research | $ 7,390,441 | $ 5,994,401 |
Tax credit carry forward expiration period | 2034 | |
Operating loss carryforwards, limitations on use | Stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 169,405,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 4,471,000 | |
Tax credit research and development expiration period | 2033 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 170,197,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 3,695,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | |||
Research and development tax credits | $ 7,390,441 | $ 5,994,401 | |
Net operating loss carryovers | 47,460,988 | 36,578,319 | |
Property and equipment | 241,000 | 144,833 | |
Research and development costs | 15,083,114 | 16,303,445 | |
Start-up and organizational costs | 618 | 696 | |
Stock-based compensation | 3,420,667 | 4,000,781 | |
Operating lease liability | 594,507 | ||
Other accruals | 276,512 | 326,812 | |
Total gross deferred tax assets | 74,467,847 | 63,349,287 | |
Less: valuation allowance | (73,892,063) | (63,349,287) | $ (46,171,964) |
Total deferred tax assets | 575,784 | ||
Deferred tax liabilities: | |||
Operating lease right-of-use asset | (575,784) | ||
Total deferred tax liabilities | (575,784) | ||
Total deferred taxes, net | $ 0 | $ 0 |
Income Taxes -Summary of Valuat
Income Taxes -Summary of Valuation Allowance (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
January 1, | $ 63,349,287 | $ 46,171,964 |
Increase in valuation allowance | 10,542,776 | 17,177,323 |
December 31, | $ 73,892,063 | $ 63,349,287 |
Income Taxes -Schedule of Effec
Income Taxes -Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Tax benefit at federal statutory rate | (21.00%) | (21.00%) |
State income taxes | (5.70%) | (7.70%) |
Permanent differences: | ||
Stock-based compensation | 3.10% | (2.20%) |
Meals and entertainment | 0.10% | 0.10% |
Executive compensation | 1.00% | 0.20% |
Effective income tax rate | 0.00% | 0.00% |
Domestic Tax Authority [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, prior year income taxes, percent | (1.30%) | 0.10% |
Effective income tax rate reconciliation, tax credit, research, percent | (2.10%) | (1.90%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 20.20% | 24.70% |
State and Local Jurisdiction [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, prior year income taxes, percent | (0.10%) | |
Effective income tax rate reconciliation, tax credit, research, percent | (1.40%) | (1.40%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 7.20% | 9.10% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Jun. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Class of warrant or right, number of securities called by warrants or rights | 1,666,666 | |||
Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 5.20% | |||
Percentage of common shares potentially own outstanding shares | 7.10% | |||
Warrants outstanding | 654,013 | |||
Dialog Semiconductor Plc [Member] | Research and Development Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments for fees | $ 0 | $ 79,550 | ||
Strategic Alliance Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 7,100 | $ 5,773 | ||
Private Placements [Member] | Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock issued during period, shares, new issues | 1,739,691 | |||
Private Placements [Member] | Dialog Semiconductor Plc [Member] | Warrant Issued to Private Investors [Member] | ||||
Related Party Transaction [Line Items] | ||||
Class of warrant or right, number of securities called by warrants or rights | 1,417,565 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenue | $ 45,643 | $ 40,500 | $ 47,500 | $ 66,500 | $ 56,050 | $ 228,000 | $ 205,773 | $ 25,000 | $ 200,143 | $ 514,823 |
Operating expenses | 9,509,277 | 8,342,569 | 9,994,156 | 11,162,041 | 12,579,970 | 12,879,961 | 12,510,139 | 13,474,163 | 39,008,043 | 51,444,233 |
Net loss | $ (9,391,398) | $ (8,184,227) | $ (9,803,996) | $ (11,019,468) | $ (12,453,003) | $ (12,645,291) | $ (12,298,371) | $ (13,443,457) | $ (38,399,089) | $ (50,840,122) |
Loss per share, basic and diluted | $ (0.29) | $ (0.27) | $ (0.32) | $ (0.39) | $ (0.48) | $ (0.49) | $ (0.48) | $ (0.55) | $ (1.27) | $ (1.99) |
Customer Concentration - Additi
Customer Concentration - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 4 | 1 |
Concentration percentage | 52.00% | 92.00% |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 4 | 3 |
Concentration percentage | 100.00% | 86.00% |