Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 18, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 61,812,285 | ||
Entity Public Float | $ 110,145,117 | ||
Title of 12(b) Security | Common Stock, $0.00001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-36379 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-1318953 | ||
Entity Address, Address Line One | 3590 North First Street | ||
Entity Address, Address Line Two | Suite 210 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95134 | ||
City Area Code | 408 | ||
Local Phone Number | 963-0200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days after the end of the fiscal year ended December 31, 2020. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 50,729,661 | $ 21,684,089 |
Accounts receivable, net | 75,850 | 63,144 |
Prepaid expenses and other current assets | 636,702 | 450,231 |
Total current assets | 51,442,213 | 22,197,464 |
Property and equipment, net | 402,711 | 626,524 |
Right-of-use lease assets | 1,293,291 | 2,057,576 |
Other assets | 1,610 | 2,410 |
Total assets | 53,139,825 | 24,883,974 |
Current liabilities: | ||
Accounts payable | 1,096,839 | 1,671,519 |
Accrued expenses | 1,576,287 | 2,063,097 |
Operating lease liabilities, current portion | 825,431 | 722,291 |
Deferred revenue | 12,000 | 12,000 |
Total current liabilities | 3,510,557 | 4,468,907 |
Long-term liabilities: | ||
Operating lease liabilities, long-term portion | 576,762 | 1,402,193 |
Total liabilities | 4,087,319 | 5,871,100 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2020 and December 31, 2019; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 200,000,000 and 50,000,000 shares authorized at December 31, 2020 and December 31, 2019, respectively; 61,292,412 and 33,203,806 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively. | 614 | 333 |
Additional paid-in capital | 344,024,638 | 282,153,201 |
Accumulated deficit | (294,972,746) | (263,140,660) |
Total stockholders’ equity | 49,052,506 | 19,012,874 |
Total liabilities and stockholders’ equity | $ 53,139,825 | $ 24,883,974 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 200,000,000 | 50,000,000 |
Common stock, shares issued | 61,292,412 | 33,203,806 |
Common stock, shares outstanding | 61,292,412 | 33,203,806 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 327,350 | $ 200,143 |
Operating expenses: | ||
Research and development | 17,066,122 | 23,228,810 |
Sales and marketing | 5,880,350 | 5,418,967 |
General and administrative | 9,153,503 | 10,360,266 |
Cost of services revenue | 126,539 | |
Total operating expenses | 32,226,514 | 39,008,043 |
Loss from operations | (31,899,164) | (38,807,900) |
Other income (expense): | ||
Interest income, net | 71,212 | 416,274 |
Loss on disposal of property and equipment | (4,134) | (7,463) |
Total other income | 67,078 | 408,811 |
Net loss | $ (31,832,086) | $ (38,399,089) |
Basic and diluted loss per common share | $ (0.76) | $ (1.27) |
Weighted average shares outstanding, basic and diluted | 41,639,916 | 30,262,642 |
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, 2018 | $ 18,370,435 | $ 265 | $ 243,111,741 | $ (224,741,571) |
Beginning 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 | |||
Stock-based compensation - restricted stock units ("RSUs") | 7,656,857 | 7,656,857 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 329,461 | 329,461 | ||
Stock-based compensation - performance share units ("PSUs") | (88,348) | (88,348) | ||
Issuance of shares for RSUs | $ 12 | (12) | ||
Issuance of shares for RSUs (in shares) | 1,194,439 | |||
Shares purchased from contributions to the ESPP | 417,546 | $ 3 | 417,543 | |
Shares purchased from contributions to the ESPP (in shares) | 275,312 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 53,556,202 | $ 266 | 53,555,936 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 26,618,855 | |||
Net loss | (31,832,086) | (31,832,086) | ||
Ending balance at Dec. 31, 2020 | $ 49,052,506 | $ 614 | $ 344,024,638 | $ (294,972,746) |
Ending balance (in shares) at Dec. 31, 2020 | 61,292,412 |
Statement of Changes in Stock_2
Statement of Changes in Stockholder's Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 1,545,139 | $ 339,081 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (31,832,086) | $ (38,399,089) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 356,310 | 781,228 |
Stock based compensation | 7,897,970 | 10,646,580 |
Change in operating lease right-of-use assets | 764,285 | 786,342 |
Bad debt expense | 21,377 | 35,000 |
Loss on disposal of property and equipment | 4,134 | 7,463 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (34,083) | (53,594) |
Prepaid expenses and other current assets | (186,471) | 130,809 |
Other assets | 800 | |
Accounts payable | (574,680) | (189,866) |
Accrued expenses | (486,810) | 284,748 |
Operating lease liabilities | (722,291) | (662,766) |
Deferred revenue | 12,000 | |
Net cash used in operating activities | (24,791,545) | (26,621,145) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (136,631) | (196,199) |
Net cash used in investing activities | (136,631) | (196,199) |
Cash flows from financing activities: | ||
Net proceeds from the sales of common stock | 53,556,202 | 23,319,156 |
Net proceeds from an at-the-market ("ATM") offerings | 53,556,202 | 4,557,693 |
Proceeds from the exercise of stock options | 400,103 | |
Proceeds from contributions to employee stock purchase plan | 417,546 | 457,362 |
Net cash provided by financing activities | 53,973,748 | 28,394,948 |
Net increase in cash and cash equivalents | 29,045,572 | 1,577,604 |
Cash and cash equivalents - beginning | 21,684,089 | 20,106,485 |
Cash and cash equivalents - ending | 50,729,661 | 21,684,089 |
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 | $ 12 | 11 |
Performance Shares [Member] | ||
Cash flows from financing activities: | ||
Shares repurchased for tax withholdings on vesting | $ (329,159) |
Business Organization, Nature o
Business Organization, Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the years ended December 31, 2020 and 2019, the Company has recorded revenue of $327,350 and $200,143, respectively. The Company incurred a net loss of $31,832,086 and $38,399,089 for the years ended December 31, 2020 and 2019, respectively. Net cash used in operating activities was $24,791,545 and $26,621,145 for the years ended December 31, 2020 and 2019, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $53,556,202 during 2020 and $4,557,693 during the fourth quarter of 2019, along with payments received under product development projects. As of December 31, 2020, the Company had cash on hand of $50,729,661. The Company expects that cash on hand as of December 31, 2020, together with anticipated revenues, will be sufficient to fund the Company’s operations into March 2022. 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, 2020 | |
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. Note 3 – Summary of Significant Accounting Policies, continued Use of Estimates continued 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’s revenue primarily consists of product development projects revenue and royalty revenue from Dialog. The Company also provides contract services for Dialog. During the year ended December 31, 2020, the Company recognized $197,350 in product development projects revenue, $0 in royalty revenue and $130,000 in contract services revenue. During the year ended December 31, 2019, the Company recognized $193,043 in product development projects revenue, $7,100 in royalty revenue and $0 in contract services revenue. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product 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 this revenue at a point in time based on when the performance obligation is met. 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 product development projects in research and development expense, in the periods such expenses were incurred. The Company records royalty revenue from its manufacturing partner, Dialog, and such royalty revenue is recognized at a point in time based on shipments from Dialog to its customers. The Company recognizes contract services revenue from Dialog over the period of time that the services are performed. The costs associated with this revenue are recognized as the services are performed and are included in cost of services revenue. Note 3 – Summary of Significant Accounting Policies, continued 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 $17,066,122 and $23,228,810 for the years ended December 31, 2020 and 2019, respectively. 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, 2020, 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, 2020 and 2019. The Company files income tax returns with the United States and California governments. 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 5,256,942 and 6,739,639 for the years ended December 31, 2020 and 2019, respectively, because their inclusion would be antidilutive. Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share continued 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, 2020 2019 Warrants issued to private investors 3,284,789 3,938,802 Options to purchase common stock 550,985 550,985 RSUs 1,421,168 1,821,852 PSUs — 428,000 Total potentially dilutive securities 5,256,942 6,739,639 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 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, 2020, through the date which the financial statements are issued. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment are as follows: As of December 31, 2020 2019 Computer software $ 862,343 $ 917,499 Computer hardware 2,012,041 2,442,369 Furniture and fixtures 508,371 517,864 Leasehold improvements 776,563 776,563 4,159,318 4,654,295 Less – accumulated depreciation (3,756,607 ) (4,027,771 ) Total property and equipment, net $ 402,711 $ 626,524 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 $631,608 and $1,205,962 in property and equipment during the years ended December 31, 2020 and 2019, respectively. Total depreciation and amortization expense of the Company’s property and equipment was $356,310 and $781,228 for the years ended December 31, 2020 and 2019, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 5 – Accrued Expenses Accrued expenses consist of the following: As of December 31, 2020 2019 Accrued compensation $ 1,246,151 $ 1,097,997 Accrued research and development — 524,861 Accrued legal expenses 205,579 253,730 Other accrued expenses 124,557 186,509 Total $ 1,576,287 $ 2,063,097 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Operating Leases San Jose Lease 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. Note 6 – Commitments and Contingencies, continued Operating Leases, continued Costa Mesa Lease 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. Operating Lease Commitments 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 $1,447,668 during the period from the first quarter of 2021 to the third quarter of 2022. As of December 31, 2020, the Company has total operating lease right-of-use assets of $1,293,291, current portion operating lease liabilities of $825,431 and long-term portion of operating lease liabilities of $576,762. The weighted average remaining lease term is 1.7 years as of December 31, 2020. The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2021 $ 863,199 2022 584,469 Total future lease payments 1,447,668 Present value discount (4% weighted average) (45,475 ) Total operating lease liabilities $ 1,402,193 Hosted Design Solution Agreement On June 25, 2015, the Company entered into a three-year 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, 2020 and 2019, the Company recognized a total of $1,305,723 and $1,048,375, respectively, in expense under the Bonus Plan. As of December 31, 2020, $438,745 of the 2020 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. The Company Exclusivity Requirement renews automatically on an annual basis unless the Company and Dialog agree to terminate the requirement. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
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. Financing 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) during the fourth quarter of 2019, $5,506,880 (net of $141,322 in issuance costs) during the first quarter of 2020 and $9,216,611 (net of $236,528 in issuance costs) during the second quarter of 2020, pursuant to this shelf registration statement. On September 15, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on September 24, 2020, and contains two prospectuses: a base prospectus, which covers the offering, issuance and sale by the Company of up to $75,000,000 of its common stock, preferred stock, debt securities, warrants to purchase our common stock, preferred stock or debt securities, subscription rights to purchase its common stock, preferred stock or debt securities and/or units consisting of some or all of these securities; and a sales agreement prospectus covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $40,000,000 of its common stock that may be issued and sold under a sales agreement. The $40,000,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. Pursuant to this shelf registration statement, the Company sold shares which raised net proceeds of $38,832,711 (net of $1,167,289 in issuance costs) during the third and fourth quarter of 2020. Note 7 – Stockholders’ Equity continued Common Stock Outstanding Our outstanding common shares typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under our Employee Stock Purchase Program (“ESPP”) where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. On July 24, 2020, the stockholders of the Company approved an increase of common shares authorized from 50,000,000 shares to 200,000,000 shares. 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. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
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 26, 2020, 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 1,200,000 shares, bringing to 7,285,967 the total number of shares approved for issuance under that plan. As of December 31, 2020, 1,867,169 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 26, 2020, 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 800,000 shares, bringing to 1,650,000 the total number of shares approved for issuance under that plan. As of December 31, 2020, 998,971 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 26, 2020, 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 700,000 shares, bringing to 3,410,104 the total number of shares approved for issuance under that plan. As of December 31, 2020, 2,131,951 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 approved the 2017 Equity Inducement Plan. Under the plan, the Board reserved 600,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. 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, 2020, 139,276 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 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. Effective on May 26, 2020, the Company’s stockholders approved the amendment and restatement of the Employee Stock Purchase 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. 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, 2020, 140,438 shares of common stock remain eligible to be issued under the ESPP. For the year ended December 31, 2020, eligible employees contributed $417,546 through payroll deductions to the ESPP and 275,312 shares were deemed delivered for the year ended December 31, 2020. 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. Stock Option Award Activity The following is a summary of the Company’s stock option activity during the year ended December 31, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2020 550,985 $ 5.67 4.3 $ 2,538 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding at December 31, 2020 550,985 $ 5.67 3.2 $ 3,384 Exercisable at December 31, 2020 550,985 $ 5.67 3.2 $ 3,384 As of December 31, 2020, the unamortized value of options was $0. The aggregate intrinsic value of options exercised was $0 and $55,940 for the years ended December 31, 2020 and 2019, respectively. No options were granted during the years ended December 31, 2020 and 2019. Note 8 – Stock Based Compensation, continued Restricted Stock Units (“RSUs”) During the year ended December 31, 2020, the Compensation Committee of the Board (“Compensation Committee”) granted various employees RSUs under which the holders have the right to receive an aggregate 674,656 shares of common stock. The majority of these awards, granted under the 2013 Equity Incentive Plan, vest over terms ranging from two to four years. During the year ended December 31, 2020, the Compensation Committee granted various directors and consultants RSUs under which the holders have the right to receive an aggregate 142,953 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 three years. During the year ended December 31, 2020, the Compensation Committee granted employees RSUs under which the holders have the right to receive 187,500 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, 2020, the unamortized value of the RSUs was $4,467,049. The unamortized amount will be expensed over a weighted average period of 1.3 years. A summary of the activity related to RSUs for the year ended December 31, 2020 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2020 1,821,852 $ 10.05 RSUs granted 1,005,109 $ 1.68 RSUs forfeited (211,354 ) $ 7.82 RSUs vested (1,194,439 ) $ 7.71 Outstanding at December 31, 2020 1,421,168 $ 6.43 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. During the year ended December 31, 2020, the Compensation Committee granted various employees PSUs under which the holders have the right to receive an aggregate 267,677 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. Compensation expense amortization for all PSU awards was $(88,348) and $88,348 for the years ended December 31, 2020 and 2019, respectively. Note 8 – Stock Based Compensation, continued Performance Share Units (“PSUs”), continued At December 31, 2020, the unamortized value of all PSUs was $0. A summary of the activity related to PSUs for the year ended December 31, 2020 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2020 428,000 $ 2.09 PSUs granted 267,677 $ 1.27 PSUs forfeited (695,677 ) $ 1.77 PSUs vested — $ — Outstanding at December 31, 2020 — $ — Employee Stock Purchase Plan (“ESPP”) During the years ended December 31, 2020 and 2019, 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 $1.18 and $2.02 during the years ended December 31, 2020 and 2019, 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 $329,461 and $368,021 for the years ended December 31, 2020 and 2019, respectively. The Company estimated the fair value of the purchase options granted during the years ended December 31, 2020 and 2019 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, 2020 Stock price range $ 1.77 – 2.96 Dividend yield 0 % Expected volatility range 61 – 182 % Risk-free interest rate range 0.17 – 1.57 % Expected life 6 months 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 – 2.53 % Expected life 6 months Note 8 – Stock Based Compensation, continued Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2020 and 2019: For the Years Ended December 31, 2020 2019 RSUs $ 7,656,857 $ 10,190,211 PSUs (88,348 ) 88,348 ESPP 329,461 368,021 Total $ 7,897,970 $ 10,646,580 The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2020 2019 Research and development $ 3,933,292 $ 5,419,627 Sales and marketing 1,504,724 1,561,319 General and administrative 2,459,954 3,665,634 Total $ 7,897,970 $ 10,646,580 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, net operating loss carryback periods, alternative minimum tax refunds, modifications to the net interest deduction limitations and technical corrections to the tax depreciation methods for qualified improvement property. The CARES Act has an immaterial impact on the Company’s income taxes. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and establishes for all entities a minimum threshold for financial statement recognition of the benefit of tax positions and requires certain expanded disclosures. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax bases of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. As of December 31, 2020, the Company has recorded a full valuation allowance. Note 9 – Income Taxes, continued As of December 31, 2020 and 2019, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2020 2019 Deferred tax assets: Research and development tax credits $ 8,371,302 $ 7,390,441 Net operating loss carryovers 57,563,810 47,460,988 Property and equipment 219,461 241,000 Research and development costs 12,578,612 15,083,114 Start-up and organizational costs 540 618 Stock-based compensation 4,041,136 3,420,667 Operating lease liability 245,811 594,507 Other accruals 270,912 276,512 Total gross deferred tax assets 83,291,584 74,467,847 Less: valuation allowance (82,929,675 ) (73,892,063 ) Total deferred tax assets 361,909 575,784 Deferred tax liabilities: Operating lease right-of-use asset (361,909 ) (575,784 ) Total deferred tax liabilities (361,909 ) (575,784 ) Total deferred taxes, net $ — $ — The change in the Company’s valuation allowance is as follows: 2020 2019 January 1, $ 73,892,063 $ 63,349,287 Increase in valuation allowance 9,037,612 10,542,776 December 31, $ 82,929,675 $ 73,892,063 The Company has federal and state net operating loss carryforwards of approximately $205,474,000 and $206,403,000, 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 $5,092,000 and $4,151,000, 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, 2020 and 2019. Note 9 – Income Taxes, continued 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, 2020 and determined that none of its NOLs or R&D credits would be limited. For the Year Ended December 31, 2020 2019 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (6.7 ) (5.7 ) Permanent differences: Stock-based compensation 3.6 3.1 Meals and entertainment — 0.1 Executive compensation (1.2 ) 1.0 True-up of federal deferred taxes — (1.3 ) True-up of state deferred taxes 0.1 (0.1 ) Change in effective tax rate (0.1 ) — Research and development tax credit, federal (2.0 ) (2.1 ) Research and development tax credit, state (1.3 ) (1.4 ) Increase in valuation allowance, federal 20.6 20.2 Increase in valuation allowance, state 8.0 7.2 Effective income tax rate 0.0 % 0.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Note 11 – Unaudited Quarterly Financial Information Summarized quarterly information for the years ended December 31, 2020 and 2019 is listed below: For the quarter ended March 31 June 30 September 30 December 31 2020 Revenue $ 61,475 $ 114,375 $ 61,500 $ 90,000 Operating expenses $ 8,715,150 $ 8,327,015 $ 7,621,558 $ 7,562,791 Net loss $ (8,597,736 ) $ (8,204,666 ) $ (7,556,837 ) $ (7,472,847 ) Loss per share, basic and diluted $ (0.25 ) $ (0.20 ) $ (0.18 ) $ (0.15 ) 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 ) |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Customer Concentration | Note 12 – Customer Concentration Three customers accounted for approximately 66% of the Company’s revenue for the year ended December 31, 2020 and four customers accounted for approximately 52% of the Company’s revenue for the year ended December 31, 2019. Four customers accounted for approximately 92% of the Company’s accounts receivable balance as of December 31, 2020. Four customers accounted for nearly 100% of the Company’s accounts receivable balance as of December 31, 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 13 – Subsequent Event On February 8, 2021, Renesas Electronics Corporation announced the planned acquisition of Dialog Semiconductor Corporation. The Company has a strategic agreement with Dialog (see Note 6 – Commitments and Contingencies, Strategic Alliance Agreement |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. Note 3 – Summary of Significant Accounting Policies, continued Use of Estimates continued 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’s revenue primarily consists of product development projects revenue and royalty revenue from Dialog. The Company also provides contract services for Dialog. During the year ended December 31, 2020, the Company recognized $197,350 in product development projects revenue, $0 in royalty revenue and $130,000 in contract services revenue. During the year ended December 31, 2019, the Company recognized $193,043 in product development projects revenue, $7,100 in royalty revenue and $0 in contract services revenue. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product 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 this revenue at a point in time based on when the performance obligation is met. 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 product development projects in research and development expense, in the periods such expenses were incurred. The Company records royalty revenue from its manufacturing partner, Dialog, and such royalty revenue is recognized at a point in time based on shipments from Dialog to its customers. The Company recognizes contract services revenue from Dialog over the period of time that the services are performed. The costs associated with this revenue are recognized as the services are performed and are included in cost of services revenue. |
Research and Development | Note 3 – Summary of Significant Accounting Policies, continued 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 $17,066,122 and $23,228,810 for the years ended December 31, 2020 and 2019, 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, 2020, 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, 2020 and 2019. The Company files income tax returns with the United States and California governments. |
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 5,256,942 and 6,739,639 for the years ended December 31, 2020 and 2019, respectively, because their inclusion would be antidilutive. Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share continued 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, 2020 2019 Warrants issued to private investors 3,284,789 3,938,802 Options to purchase common stock 550,985 550,985 RSUs 1,421,168 1,821,852 PSUs — 428,000 Total potentially dilutive securities 5,256,942 6,739,639 |
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 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, 2020, through the date which the financial statements are issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share continued 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, 2020 2019 Warrants issued to private investors 3,284,789 3,938,802 Options to purchase common stock 550,985 550,985 RSUs 1,421,168 1,821,852 PSUs — 428,000 Total potentially dilutive securities 5,256,942 6,739,639 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment are as follows: As of December 31, 2020 2019 Computer software $ 862,343 $ 917,499 Computer hardware 2,012,041 2,442,369 Furniture and fixtures 508,371 517,864 Leasehold improvements 776,563 776,563 4,159,318 4,654,295 Less – accumulated depreciation (3,756,607 ) (4,027,771 ) Total property and equipment, net $ 402,711 $ 626,524 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: As of December 31, 2020 2019 Accrued compensation $ 1,246,151 $ 1,097,997 Accrued research and development — 524,861 Accrued legal expenses 205,579 253,730 Other accrued expenses 124,557 186,509 Total $ 1,576,287 $ 2,063,097 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2021 $ 863,199 2022 584,469 Total future lease payments 1,447,668 Present value discount (4% weighted average) (45,475 ) Total operating lease liabilities $ 1,402,193 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2020 550,985 $ 5.67 4.3 $ 2,538 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding at December 31, 2020 550,985 $ 5.67 3.2 $ 3,384 Exercisable at December 31, 2020 550,985 $ 5.67 3.2 $ 3,384 |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the year ended December 31, 2020 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2020 1,821,852 $ 10.05 RSUs granted 1,005,109 $ 1.68 RSUs forfeited (211,354 ) $ 7.82 RSUs vested (1,194,439 ) $ 7.71 Outstanding at December 31, 2020 1,421,168 $ 6.43 |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the year ended December 31, 2020 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2020 428,000 $ 2.09 PSUs granted 267,677 $ 1.27 PSUs forfeited (695,677 ) $ 1.77 PSUs vested — $ — Outstanding at December 31, 2020 — $ — |
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, 2020 Stock price range $ 1.77 – 2.96 Dividend yield 0 % Expected volatility range 61 – 182 % Risk-free interest rate range 0.17 – 1.57 % Expected life 6 months 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 – 2.53 % 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, 2020 and 2019: For the Years Ended December 31, 2020 2019 RSUs $ 7,656,857 $ 10,190,211 PSUs (88,348 ) 88,348 ESPP 329,461 368,021 Total $ 7,897,970 $ 10,646,580 |
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, 2020 2019 Research and development $ 3,933,292 $ 5,419,627 Sales and marketing 1,504,724 1,561,319 General and administrative 2,459,954 3,665,634 Total $ 7,897,970 $ 10,646,580 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, net operating loss carryback periods, alternative minimum tax refunds, modifications to the net interest deduction limitations and technical corrections to the tax depreciation methods for qualified improvement property. The CARES Act has an immaterial impact on the Company’s income taxes. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and establishes for all entities a minimum threshold for financial statement recognition of the benefit of tax positions and requires certain expanded disclosures. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax bases of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. As of December 31, 2020, the Company has recorded a full valuation allowance. Note 9 – Income Taxes, continued As of December 31, 2020 and 2019, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2020 2019 Deferred tax assets: Research and development tax credits $ 8,371,302 $ 7,390,441 Net operating loss carryovers 57,563,810 47,460,988 Property and equipment 219,461 241,000 Research and development costs 12,578,612 15,083,114 Start-up and organizational costs 540 618 Stock-based compensation 4,041,136 3,420,667 Operating lease liability 245,811 594,507 Other accruals 270,912 276,512 Total gross deferred tax assets 83,291,584 74,467,847 Less: valuation allowance (82,929,675 ) (73,892,063 ) Total deferred tax assets 361,909 575,784 Deferred tax liabilities: Operating lease right-of-use asset (361,909 ) (575,784 ) Total deferred tax liabilities (361,909 ) (575,784 ) Total deferred taxes, net $ — $ — |
Summary of Valuation Allowance | The change in the Company’s valuation allowance is as follows: 2020 2019 January 1, $ 73,892,063 $ 63,349,287 Increase in valuation allowance 9,037,612 10,542,776 December 31, $ 82,929,675 $ 73,892,063 |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended December 31, 2020 2019 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (6.7 ) (5.7 ) Permanent differences: Stock-based compensation 3.6 3.1 Meals and entertainment — 0.1 Executive compensation (1.2 ) 1.0 True-up of federal deferred taxes — (1.3 ) True-up of state deferred taxes 0.1 (0.1 ) Change in effective tax rate (0.1 ) — Research and development tax credit, federal (2.0 ) (2.1 ) Research and development tax credit, state (1.3 ) (1.4 ) Increase in valuation allowance, federal 20.6 20.2 Increase in valuation allowance, state 8.0 7.2 Effective income tax rate 0.0 % 0.0 % |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly information for the years ended December 31, 2020 and 2019 is listed below: For the quarter ended March 31 June 30 September 30 December 31 2020 Revenue $ 61,475 $ 114,375 $ 61,500 $ 90,000 Operating expenses $ 8,715,150 $ 8,327,015 $ 7,621,558 $ 7,562,791 Net loss $ (8,597,736 ) $ (8,204,666 ) $ (7,556,837 ) $ (7,472,847 ) Loss per share, basic and diluted $ (0.25 ) $ (0.20 ) $ (0.18 ) $ (0.15 ) 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 ) |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liquidity And Management Plans [Line Items] | ||||||||||
Engineering product development | $ 90,000 | $ 61,500 | $ 114,375 | $ 61,475 | $ 45,643 | $ 40,500 | $ 47,500 | $ 66,500 | $ 327,350 | $ 200,143 |
Net loss | (7,472,847) | $ (7,556,837) | $ (8,204,666) | $ (8,597,736) | (9,391,398) | $ (8,184,227) | $ (9,803,996) | $ (11,019,468) | (31,832,086) | (38,399,089) |
Net cash provided by (used in) operating activities | (24,791,545) | (26,621,145) | ||||||||
Proceeds of securities offerings | 4,557,693 | 53,556,202 | 23,319,156 | |||||||
Cash and cash equivalents, at carrying value, total | $ 50,729,661 | $ 21,684,089 | 50,729,661 | 21,684,089 | ||||||
Technology Service [Member] | ||||||||||
Liquidity And Management Plans [Line Items] | ||||||||||
Engineering product development | $ 327,350 | $ 200,143 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenue | $ 90,000 | $ 61,500 | $ 114,375 | $ 61,475 | $ 45,643 | $ 40,500 | $ 47,500 | $ 66,500 | $ 327,350 | $ 200,143 | |
Research and development expense, total | 17,066,122 | 23,228,810 | |||||||||
Liability for unrecognized tax benefits | $ 0 | 0 | |||||||||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | |||||||||
Antidilutive securities excluded from computation of earnings per share, amount | 5,256,942 | 6,739,639 | |||||||||
Employee Stock Purchase Plan [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Common stock purchase price discount percentage | 85.00% | 15.00% | |||||||||
Product Development Projects Revenue [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenue | $ 197,350 | $ 193,043 | |||||||||
Royalty Revenue [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenue | 0 | 7,100 | |||||||||
Contract Services Revenue [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenue | $ 130,000 | $ 0 |
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, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 5,256,942 | 6,739,639 |
Warrants Issued to Private Investors [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 3,284,789 | 3,938,802 |
Employee Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 550,985 | 550,985 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 1,421,168 | 1,821,852 |
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, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,159,318 | $ 4,654,295 |
Less – accumulated depreciation | (3,756,607) | (4,027,771) |
Total property and equipment, net | 402,711 | 626,524 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 862,343 | 917,499 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,012,041 | 2,442,369 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 508,371 | 517,864 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 776,563 | $ 776,563 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 356,310 | $ 781,228 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Disposal of property, plant and equipment | $ 631,608 | $ 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, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,246,151 | $ 1,097,997 |
Accrued research and development | 524,861 | |
Accrued legal expenses | 205,579 | 253,730 |
Other accrued expenses | 124,557 | 186,509 |
Total | $ 1,576,287 | $ 2,063,097 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | |||||
Oct. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 15, 2019 | Jul. 01, 2019 | Jan. 01, 2019 | |
Commitments And Contingencies [Line Items] | ||||||
Operating lease right-of-use assets | $ 1,293,291 | $ 2,057,576 | ||||
Operating lease liabilities | 825,431 | 722,291 | ||||
Total operating lease payments | 1,447,668 | |||||
Long-term portion of operating lease liabilities | 576,762 | $ 1,402,193 | ||||
ASU No. 2016-02 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease right-of-use assets | 1,293,291 | $ 414,426 | ||||
Operating lease liabilities | 825,431 | $ 485,747 | ||||
Total operating lease payments | 1,447,668 | |||||
Long-term portion of operating lease liabilities | $ 576,762 | |||||
Weighted average remaining lease term | 1 year 8 months 12 days | |||||
San Jose, California [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease, renewal term | 3 years | |||||
Operating leases, rent expense | $ 52,970 | |||||
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 lease, renewal term | 2 years | |||||
Operating leases, rent expense | 9,773 | |||||
Costa Mesa, California [Member] | Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Maximum monthly lease payment | $ 10,200 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) | Dec. 31, 2020USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2021 | $ 863,199 |
2022 | 584,469 |
Total future lease payments | 1,447,668 |
Present value discount (4% weighted average) | (45,475) |
Total operating lease liabilities | $ 1,402,193 |
Commitments and Contingencies_3
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_4
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - Executive Officers [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||
Expense recognized by company | $ 1,305,723 | $ 1,048,375 |
Accrued Expenses [Member] | ||
Commitments And Contingencies [Line Items] | ||
Bonus accrued but not yet paid | $ 438,745 |
Commitments and Contingencies_5
Commitments and Contingencies - Amended Employee Agreement - Stephen Rizzone - Additional Information (Detail) - Mr. Rizzone [Member] - USD ($) | Jan. 01, 2015 | Dec. 31, 2020 |
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_6
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) | Sep. 24, 2020USD ($) | Aug. 17, 2018USD ($) | Aug. 31, 2019shares | Mar. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)Voteshares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2020USD ($)Voteshares | Dec. 31, 2019USD ($)shares | Jul. 24, 2020shares |
Class of Stock [Line Items] | ||||||||||||
Number of common stock voting entitlement per share | Vote | 1 | 1 | ||||||||||
Proceeds from private offering of shares of common stock and warrants | $ 23,319,156 | $ 23,319,156 | ||||||||||
Net of issuance costs from offering of shares | $ 1,680,844 | $ 236,528 | $ 141,322 | $ 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 | $ 9,216,611 | $ 5,506,880 | $ 4,557,693 | $ 53,556,202 | $ 4,557,693 | |||||||
At-the-market ("ATM") funds receivable | $ 38,832,711 | $ 38,832,711 | ||||||||||
Accounting issuance costs will be paid | $ 1,167,289 | |||||||||||
Common stock outstanding abstract | Our outstanding common shares typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under our Employee Stock Purchase Program (“ESPP”) where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. On July 24, 2020, the stockholders of the Company approved an increase of common shares authorized from 50,000,000 shares to 200,000,000 shares. | |||||||||||
Common stock, shares authorized | shares | 200,000,000 | 50,000,000 | 200,000,000 | 50,000,000 | ||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from private offering of shares of common stock and warrants | $ 33 | |||||||||||
Proceeds from at the market offering of shares of common stock and warrants | $ 266 | $ 21 | ||||||||||
Number of shares returned | shares | 38,666 | |||||||||||
RSU Rescission Agreements [Member] | Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares returned | shares | 38,666 | |||||||||||
Maximum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Securities reserved for issuance | 75,000,000 | |||||||||||
Common stock, shares authorized | shares | 200,000,000 | |||||||||||
Minimum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized | shares | 50,000,000 | |||||||||||
Consummation of Offering Under Shelf Registration [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from shelf registration debt or equity securities | $ 75,000,000 | |||||||||||
Sales Agreement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Sale of stock, Description | The $40,000,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. | |||||||||||
Sales Agreement [Member] | Maximum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from (Payments for) in Securities Sold under Agreements | $ 40,000,000 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | May 26, 2020 | Dec. 28, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee contribution through payroll withholdings | $ 417,546 | $ 457,362 | |||
2015 Performance Share Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 700,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 3,410,104 | ||||
Common stock remain eligible to be issued | 2,131,951 | ||||
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 | 1,005,109 | ||||
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 | 250,000 | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 850,000 | ||||
Common stock remain eligible to be issued | 140,438 | ||||
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 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. Effective on May 26, 2020, the Company’s stockholders approved the amendment and restatement of the Employee Stock Purchase 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. 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 | 275,312 | 178,003 | |||
2013 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,200,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 7,285,967 | ||||
Common stock remain eligible to be issued | 1,867,169 | ||||
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 | 800,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,650,000 | ||||
Common stock remain eligible to be issued | 998,971 | ||||
2017 Equity Inducement Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock remain eligible to be issued | 139,276 | ||||
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, 2020 | Dec. 31, 2019 | |
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 | 550,985 | |
Number of Options, Granted | 0 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | 0 | |
Number of Options, Outstanding | 550,985 | 550,985 |
Number of Options, Exercisable | 550,985 | |
Weighted Average Exercise Price, Outstanding | $ 5.67 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 0 | |
Weighted Average Exercise Price, Outstanding | 5.67 | $ 5.67 |
Weighted Average Exercise Price, Exercisable | $ 5.67 | |
Weighted Average Remaining Life In Years, Outstanding | 3 years 2 months 12 days | 4 years 3 months 18 days |
Weighted Average Remaining Life In Years, Exercisable | 3 years 2 months 12 days | |
Intrinsic Value, Outstanding | $ 3,384 | $ 2,538 |
Intrinsic Value, Exercisable | $ 3,384 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 0 | $ 55,940 |
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, 2020USD ($)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 | $ | $ 4,467,049 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 3 months 18 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 | 2 years |
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 | 674,656 |
Non-Employee Equity Compensation Plan 2014 [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 | 142,953 |
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 | 3 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 | 187,500 |
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, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 1,821,852 |
RSUs granted | shares | 1,005,109 |
RSUs forfeited | shares | (211,354) |
RSUs vested | shares | (1,194,439) |
Number of Options, Outstanding | shares | 1,421,168 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 10.05 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 1.68 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 7.82 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 7.71 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 6.43 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ (88,348) | $ 88,348 |
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 | 267,677 | |
Allocated share-based compensation expense | $ (88,348) | $ 88,348 |
Share based compensation arrangement by share based payment award unamortized value | $ 0 | |
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 | 267,677 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 428,000 |
PSUs granted | shares | 267,677 |
PSUs forfeited | shares | (695,677) |
PSUs / DSUs vested | shares | 0 |
Number of Options, Outstanding | shares | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 2.09 |
Weighted Average Grant Date Fair Value, PSUs granted | $ / shares | 1.27 |
Weighted Average Grant Date Fair Value, PSUs forfeited | $ / shares | 1.77 |
Weighted Average Grant Date Fair Value, PSUs vested | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares |
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, 2020 | Dec. 31, 2019 | |
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 | $ 1.18 | $ 2.02 |
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 | $ 329,461 | $ 368,021 |
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, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected life | 6 months | 6 months |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price range | $ 1.77 | $ 4.27 |
Expected volatility range | 61.00% | 83.00% |
Risk-free interest rate range | 0.17% | 2.10% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price range | $ 2.96 | $ 5.79 |
Expected volatility range | 182.00% | 96.00% |
Risk-free interest rate range | 1.57% | 2.53% |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total | $ 7,897,970 | $ 10,646,580 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 7,656,857 | 10,190,211 |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | (88,348) | 88,348 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | $ 329,461 | $ 368,021 |
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, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation, Total | $ 7,897,970 | $ 10,646,580 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 3,933,292 | 5,419,627 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 1,504,724 | 1,561,319 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | $ 2,459,954 | $ 3,665,634 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Tax Cuts and Jobs Act of 2017 Accounting Complete | true | |
Deferred tax assets, tax credit carryforwards, research | $ 8,371,302 | $ 7,390,441 |
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 | $ 205,474,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 5,092,000 | |
Tax credit research and development expiration period | 2033 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 206,403,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 4,151,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
Research and development tax credits | $ 8,371,302 | $ 7,390,441 | |
Net operating loss carryovers | 57,563,810 | 47,460,988 | |
Property and equipment | 219,461 | 241,000 | |
Research and development costs | 12,578,612 | 15,083,114 | |
Start-up and organizational costs | 540 | 618 | |
Stock-based compensation | 4,041,136 | 3,420,667 | |
Operating lease liability | 245,811 | 594,507 | |
Other accruals | 270,912 | 276,512 | |
Total gross deferred tax assets | 83,291,584 | 74,467,847 | |
Less: valuation allowance | (82,929,675) | (73,892,063) | $ (63,349,287) |
Total deferred tax assets | 361,909 | 575,784 | |
Deferred tax liabilities: | |||
Operating lease right-of-use asset | (361,909) | (575,784) | |
Total deferred tax liabilities | (361,909) | (575,784) | |
Total deferred taxes, net | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
January 1, | $ 73,892,063 | $ 63,349,287 |
Increase in valuation allowance | 9,037,612 | 10,542,776 |
December 31, | $ 82,929,675 | $ 73,892,063 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Tax benefit at federal statutory rate | (21.00%) | (21.00%) |
State income taxes | (6.70%) | (5.70%) |
Permanent differences: | ||
Stock-based compensation | 3.60% | 3.10% |
Meals and entertainment | 0.10% | |
Executive compensation | (1.20%) | 1.00% |
Change in effective tax rate | (0.10%) | |
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%) | |
Effective income tax rate reconciliation, tax credit, research, percent | (2.00%) | (2.10%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 20.60% | 20.20% |
State and Local Jurisdiction [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, prior year income taxes, percent | 0.10% | (0.10%) |
Effective income tax rate reconciliation, tax credit, research, percent | (1.30%) | (1.40%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 8.00% | 7.20% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Jun. 28, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Class of warrant or right, number of securities called by warrants or rights | 1,666,666 | |||
Cost of services revenue | $ 126,539 | |||
Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 2.80% | |||
Warrants outstanding | 0 | |||
Contract Services [Member] | Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 130,000 | $ 0 | ||
Cost of services revenue | 126,539 | 0 | ||
Strategic Alliance Agreement [Member] | Royalty Revenue [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 0 | $ 7,100 | ||
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] | Warrant Issued to Private Investors [Member] | Dialog Semiconductor Plc [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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenue | $ 90,000 | $ 61,500 | $ 114,375 | $ 61,475 | $ 45,643 | $ 40,500 | $ 47,500 | $ 66,500 | $ 327,350 | $ 200,143 |
Operating expenses | 7,562,791 | 7,621,558 | 8,327,015 | 8,715,150 | 9,509,277 | 8,342,569 | 9,994,156 | 11,162,041 | ||
Net loss | $ (7,472,847) | $ (7,556,837) | $ (8,204,666) | $ (8,597,736) | $ (9,391,398) | $ (8,184,227) | $ (9,803,996) | $ (11,019,468) | $ (31,832,086) | $ (38,399,089) |
Loss per share, basic and diluted | $ (0.15) | $ (0.18) | $ (0.20) | $ (0.25) | $ (0.29) | $ (0.27) | $ (0.32) | $ (0.39) | $ (0.76) | $ (1.27) |
Net loss | $ (7,472,847) | $ (7,556,837) | $ (8,204,666) | $ (8,597,736) | $ (9,391,398) | $ (8,184,227) | $ (9,803,996) | $ (11,019,468) | $ (31,832,086) | $ (38,399,089) |
Customer Concentration - Additi
Customer Concentration - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 3 | 4 |
Concentration percentage | 66.00% | 52.00% |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 4 | 4 |
Concentration percentage | 92.00% | 100.00% |