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6 Months Ended | |
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Jun. 30, 2015
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Aug. 05, 2015
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BIOC | |
Entity Registrant Name | BIOCEPT INC | |
Entity Central Index Key | 0001044378 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,703,546 |
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This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Balance Sheets (Parenthetical) (USD $)
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Jun. 30, 2015
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Dec. 31, 2014
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Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,646,732 | 4,449,603 |
Common stock, shares outstanding | 18,646,732 | 4,449,603 |
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Condensed Statements of Operations and Comprehensive Loss (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2015
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Jun. 30, 2014
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Jun. 30, 2015
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Jun. 30, 2014
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Income Statement [Abstract] | ||||
Revenues | $ 76,768 | $ 19,245 | $ 226,770 | $ 47,520 |
Cost of revenues | 985,219 | 359,364 | 1,842,192 | 1,017,679 |
Gross loss | (908,451) | (340,119) | (1,615,422) | (970,159) |
Operating expenses | ||||
Research and development expenses | 772,098 | 1,107,678 | 1,714,227 | 2,116,607 |
General and administrative expenses | 1,359,226 | 1,032,855 | 2,651,275 | 2,909,767 |
Sales and marketing expenses | 851,109 | 423,361 | 1,560,565 | 434,503 |
Loss from operations | (3,890,884) | (2,904,013) | (7,541,489) | (6,431,036) |
Other income/(expense) | ||||
Interest expense, net | (169,036) | (94,111) | (318,476) | (1,488,555) |
Change in fair value of warrant liability | (438) | 2,084 | (197) | (204,320) |
Other income | 25,608 | 25,608 | ||
Total other income/(expense) | (143,866) | (92,027) | (293,065) | (1,692,875) |
Loss before income taxes | (4,034,750) | (2,996,040) | (7,834,554) | (8,123,911) |
Income tax expense | (355) | (800) | (1,279) | (800) |
Net loss & comprehensive loss | $ (4,035,105) | $ (2,996,840) | $ (7,835,833) | $ (8,124,711) |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||||
Basic | 17,998,969 | 4,449,603 | 14,206,885 | 3,538,503 |
Diluted | 17,998,969 | 4,449,603 | 14,206,885 | 3,538,503 |
Net loss per common share: | ||||
Basic | $ (0.22) | $ (0.67) | $ (0.55) | $ (2.30) |
Diluted | $ (0.22) | $ (0.67) | $ (0.55) | $ (2.30) |
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Basis of Presentation
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6 Months Ended |
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed financial statements included in this Form 10-Q have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed financial statements are unaudited and do not contain all the information required by U.S. Generally Accepted Accounting Principles (“GAAP”) to be included in a full set of financial statements. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited financial statements for the year ended December 31, 2014, filed with the SEC with our Annual Report on Form 10-K on March 11, 2015 include a summary of our significant accounting policies and should be read in conjunction with this Form 10-Q. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this Form 10-Q. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company and Business Activities Biocept, Inc. (the “Company”) was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell (“CTC”) and circulating tumor DNA (“ctDNA”) assays utilizing a standard blood sample to improve the treatment that oncologists provide to their patients by providing better, more detailed information on the characteristics of their tumor. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited (by the College of American Pathologists), and manufactures Cell Enrichment and Extraction (“CEE”) microfluidic channels, related equipment and certain reagents to perform the Company’s diagnostic assays in a facility located in San Diego, California. CLIA certification and accreditation are required before any clinical laboratory may perform testing on human specimens for the purpose of obtaining information for the diagnosis, prevention, treatment of disease, or assessment of health. The assays the Company offers are classified as laboratory developed tests (“LDTs”), under the CLIA regulations. In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. Recent Accounting Pronouncements In May 2014, the Financial Standards Accounting Board (the “FASB”) issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In April 2015, the FASB issued authoritative guidance requiring debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This guidance is effective on a retrospective basis for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company early adopted this guidance on a retrospective basis for the interim reporting period ended March 31, 2015. A balance of $23,194 of such costs were reclassified from other non-current assets, net to non-current portion of credit facility, net in the Company’s balance sheet as of December 31, 2014. A total of $17,857 of such costs remain unamortized and recorded as an offset to non-current portion of credit facility, net in the Company’s unaudited condensed balance sheet at June 30, 2015. |
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Public Offerings
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6 Months Ended |
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Jun. 30, 2015
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Equity [Abstract] | |
Public Offerings | 2. Public Offerings Pursuant to an underwriting agreement dated February 4, 2014 between the Company and Aegis Capital Corp. (“Aegis”), as representative of the several underwriters named therein, an IPO of 1,900,000 shares of common stock at $10.00 per share was effected on February 5, 2014. The closing of the sale of these shares to the underwriters occurred on February 10, 2014. The Company received, after deducting underwriting discounts and additional costs paid to the underwriters, $17.4 million of net cash proceeds from the sale of these 1,900,000 shares. The total increase in capital as a result of the sale of these shares was $16.5 million after deducting $0.9 million of additional non-underwriter costs incurred that were netted against these proceeds under applicable accounting guidance. Additionally, the underwriters were granted a 45 day option from the closing date of the IPO to purchase up to 285,000 shares of common stock at $9.30 per share to cover overallotments with an estimated grant date fair value of $0.2 million, which was not exercised. In addition, designees of Aegis were issued warrants to buy (in the aggregate) up to 95,000 shares of common stock at $12.50 per share with a term of five years and an estimated grant date fair value of $0.5 million. On February 4, 2014, as contemplated by the registration statement covering the IPO, 69,421,047 shares of outstanding Series A Convertible Preferred Stock with a par value of $0.0001 per share were converted into 1,652,851 shares of common stock and the Company’s certificate of incorporation was amended to provide for an authorized capitalization of 40,000,000 shares of common stock and 5,000,000 shares of preferred stock. There were no shares of preferred stock issued or outstanding as of December 31, 2014 or June 30, 2015. In connection with the closing of the Company’s IPO on February 10, 2014, (i) the $1.4 million principal amount and $0.2 million of accrued interest related to the convertible note issued in 2008 were converted at $10.00 per share into a total of 163,399 shares of common stock, (ii) the $5.2 million principal amount and $0.3 million of accrued interest related to the convertible notes issued in 2013 were converted at $10.00 per share into a total of 547,794 shares of common stock, (iii) the exercise price of the warrants associated with the convertible notes issued in 2013 was fixed at $10.00 per share for an aggregate 258,249 shares of common stock, (iv) the exercise price of the warrants associated with the $2.6 million of collateral provided to secure the Company’s line of credit was fixed at $10.00 per share for an aggregate 128,903 shares of common stock, (v) 73,151 shares of common stock vested as settlement of certain restricted stock units (which were previously expressed in shares of preferred stock) and became issuable subsequent to the expiration of the 180 day lock-up period following the IPO, (vi) the Company’s Executive Chairman ceased to be an employee and continues to serve as non-executive Chairman, (vii) the number of shares of common stock covered by the Company’s 2013 Equity Incentive Plan increased by 800,000, (viii) all but 1,587 of the preferred warrants previously outstanding were canceled due to early termination clauses associated with the IPO, (ix) derivative warrant liabilities of $2.5 million associated with the aggregate of 387,152 common stock warrants related to the convertible notes issued in 2013 and line of credit were reclassified to additional paid-in capital when their underlying exercise price was fixed, (x) unamortized discounts of $1.0 million related to the warrants associated with the convertible notes issued in 2013 and line of credit were reclassified to interest expense, and (xi) offering costs associated with the IPO of $0.9 million were reclassified from prepaid expenses and other current assets to additional paid-in capital, while additional underwriter IPO costs and discounts of $0.3 million and $1.3 million, respectively, were netted against the proceeds from the IPO and are reflected as an offset to additional paid-in capital. Subsequent to December 31, 2013, the maximum amount of the Company’s line of credit was increased to approximately $2.6 million and common stock warrants were issued to four shareholders in conjunction with their guarantees on the Company’s additional borrowings under the line of credit. On February 10, 2014, the current outstanding balance under the line of credit of approximately $2.3 million plus accrued interest of $27,043 was paid in full using the net proceeds from the IPO. On February 13, 2014, the Compensation Committee of the Company’s Board of Directors approved payments of approximately $1.0 million for deferred salary obligations, including contractual interest, to current and former executive officers pursuant to previously existing agreements, which was fully disbursed by April 2014 using the net proceeds from the IPO. An additional $344,883 in deferred salary obligations and interest thereon was paid to former employees other than executive officers. Also on February 13, 2014, in connection with the closing of the IPO and pursuant to a director compensation policy adopted by the Company’s Board of Directors in 2013, the Company’s Board of Directors approved annual cash retainers to non-employee directors, and granted 238,500 stock options under the Company’s 2013 Equity Incentive Plan to non-employee directors. These option awards vest in equal annual installments over 3 years from the date of grant with a 10 year term, subject to continuing service requirements. Subsequently in February 2014, the Company’s Board of Directors approved grants of 54,298 stock options as a result of the closing of the IPO pursuant to the terms of underlying employment agreements. Included in the stock options granted pursuant to the terms of underlying employment agreements were 53,108 option awards granted to the Company’s non-executive Chairman, which vested fully on the date of grant. Under the terms of certain employment agreements with executive officers, the Company incurred additional cash compensation expense of $150,000 immediately, and $225,000 annually, upon the closing of its IPO. All payments required under these agreements as a result of the closing of the Company’s IPO on February 10, 2014 were subsequently made in February and March 2014, using the net proceeds from the IPO. During the year ended December 31, 2014, the Company repaid in full the remaining amounts outstanding of approximately $70,000 due for laboratory equipment under financing agreements with a supplier, which is a business owned by a member of the Company’s board of directors, using the net proceeds from the IPO. Pursuant to an underwriting agreement dated February 9, 2015 between the Company, Aegis and Feltl and Company, as underwriters named therein, a public offering of 8,000,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 8,000,000 shares of common stock was effected at a combined offering price of $1.25. The estimated grant date fair value of these warrants of $7.7 million was recorded as an offset to additional paid-in capital within common stock issuance upon the closing of this offering (see Note 4). Each of the members of the Company’s Board of Directors participated in this offering, purchasing an aggregate 142,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 142,000 shares of its common stock for a total purchase price of $177,500. All warrants sold in this offering have a per share exercise price of $1.56, are exercisable immediately and expire five years from the date of issuance. The closing of the sale of these securities to the underwriters occurred on February 13, 2015, when the Company received, after deducting underwriting discounts and additional costs paid to the underwriters, $9.1 million of net cash proceeds. The total increase in capital as a result of the sale of these shares and warrants was $8.8 million after deducting $0.3 million of additional non-underwriter costs incurred. Additionally, the underwriters were granted a 45-day option to purchase up to 1,200,000 additional shares of common stock at a price of $1.25 per share and/or additional warrants to purchase up to 1,200,000 shares of common stock at a price of $0.0001 per warrant, less underwriting discounts and commissions, to cover over-allotments, if any, which was not exercised. The estimated grant date fair value of the over-allotment options and warrants of $1.6 million was recorded as an offset to additional paid-in capital within common stock issuance costs upon the closing of this offering (see Note 4). Underwriter costs and discounts of $0.2 million and $0.7 million, respectively, as well as additional non-underwriter costs associated with the offering of $0.3 million, were also recorded to common stock issuance costs upon closing. Subsequent to the closing of this offering on February 13, 2015, additional cash proceeds of $9.7 million have been received from the exercise of warrants sold in such offering. As such, the aggregate total increase in capital related to this offering has been $18.5 million, after deducting $0.9 million of underwriter costs and discounts and $0.3 million of additional non-underwriter costs incurred, which were netted against these proceeds under applicable accounting guidance. |
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Public offering disclosure. No definition available.
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Liquidity
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Jun. 30, 2015
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Cash And Cash Equivalents [Abstract] | |
Liquidity | 3. Liquidity
At December 31, 2014 and June 30, 2015, the Company had accumulated deficits of $138.3 million and $146.1 million, respectively. For the year and six month periods ended December 31, 2014 and June 30, 2015, the Company incurred net losses of $15.9 million and $7.8 million, respectively. The Company borrowed a total of $0.5 million during the year ended December 31, 2014 under note agreements with certain shareholders and a line of credit. In addition, the Company borrowed $5.0 million during the year ended December 31, 2014 under a credit facility entered into in April 2014. While the Company is currently in the commercialization stage of operations, the Company has not yet achieved profitability and anticipates that it will continue to incur net losses in the foreseeable future. Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred stock, proceeds from the exercise of warrants to purchase common stock, proceeds from the issuance of debt, and revenues from clinical laboratory testing through contracted partners. The Company’s principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. The Company expects that the principal uses of cash in the future will be for continuing operations, hiring of sales and marketing personnel and increased sales and marketing activities, funding of research and development, capital expenditures, and general working capital requirements. The Company expects that, as revenues grow, sales and marketing and research and development expenses will continue to grow, albeit at a slower rate and, as a result, the Company will need to generate significant net revenues to achieve and sustain income from operations. As of June 30, 2015, cash and cash equivalents totaled $16.5 million. On February 13, 2015, the Company received net cash proceeds of $9.1 million as a result of the closing of a follow-on public offering, before deducting $0.3 million of additional non-underwriting costs incurred. Subsequent to the closing of the follow-on public offering on February 13, 2015, additional cash proceeds of $9.7 million have been received from the exercise of warrants sold in such offering. Management believes that its cash resources should be sufficient to support currently forecasted operations through at least the next twelve months. Management expects that the Company may need additional financing in the future to execute on its current or future business strategies beyond the next twelve months. Until the Company can generate significant cash from operations, the Company expects to continue to fund its operations with the proceeds of offerings of the Company’s equity securities and debt. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. In addition to assay revenues, such financing may be derived from one or more of the following types of transactions: debt, equity, product development, technology licensing or collaboration. In May 2015, the SEC declared effective a shelf registration statement filed by the Company. The shelf registration statement allows the Company to issue any combination of its common stock, preferred stock, debt securities and warrants from time to time for an aggregate initial offering price of up to $50 million. As of June 30, 2015, the Company had not sold any securities under this shelf registration statement. The specific terms of future offerings, if any, under this shelf registration statement would be established at the time of such offerings. |
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Liquidity disclosures. No definition available.
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Fair Value Measurement
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Jun. 30, 2015
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | 4. Fair Value Measurement The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, other than warrant liability, approximate their estimated fair values due to the short-term maturities of these financial instruments. The estimated fair value of the Company’s credit facility at June 30, 2015 approximated carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs. In connection with the closing of the Company’s public offering on February 13, 2015, warrants were issued to buy (in the aggregate) up to 8,000,000 shares of common stock with an estimated grant date fair value of $7,690,395, which was recorded as an offset to additional paid-in capital within common stock issuance costs. Also in connection with the closing of the Company’s follow-on public offering on February 13, 2015, the underwriters were granted a 45 day option from the closing date of the offering to purchase up to 1,200,000 additional shares of common stock at a price of $1.25 per share and/or additional warrants to purchase up to 1,200,000 shares of common stock at a price of $0.0001 per warrant, less underwriting discounts and commissions, to cover over-allotments, if any. The estimated aggregate grant date fair value of these over-allotment options and warrants of $1,627,396 was also recorded to common stock issuance costs as a component of additional paid-in capital. The fair values of these over-allotment options and all common stock warrants issued in this offering were estimated using Black-Scholes valuation models with the following assumptions:
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Balance Sheet Details
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Details | 5. Balance Sheet Details The following provides certain balance sheet details:
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April 2014 Credit Facility
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6 Months Ended |
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Jun. 30, 2015
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Debt Disclosure [Abstract] | |
April 2014 Credit Facility | 6. April 2014 Credit Facility On April 30, 2014, the Company received net cash proceeds of approximately $4,927,000 pursuant to the execution of its April 2014 Credit Facility with Oxford Finance LLC. A second term loan of up to a principal amount of $5 million will be funded at the Company’s request prior to December 31, 2015, subject to the achievement of product and services revenues of at least $9 million for the trailing six months, with such six-month period ending no later than November 30, 2015. Upon the entry into the April 2014 Credit Facility, the Company was required to pay the lenders a facility fee of $50,000 in conjunction with the funding of the first term loan. Another $50,000 facility fee will be due and payable to the lenders on the funding date of the second term loan (if such date occurs). The April 2014 Credit Facility is secured by substantially all of the Company’s personal property other than its intellectual property. Each term loan under the April 2014 Credit Facility bears interest at an annual rate equal to the greater of (i) 7.95% or (ii) the sum of (a) the three-month U.S. LIBOR rate reported in the Wall Street Journal three business days prior to the funding date of the applicable term loan, plus (b) 7.71%, such rate to be fixed at the time of borrowing. The first term loan bears interest at an annual rate of 7.95%. The Company was required to make interest-only payments on the first term loan through August 1, 2015. If the Company requests and the lenders fund the second term loan, the Company is required to make interest-only payments on the second term loan through the seventh month following the funding date of the second term loan. All outstanding term loans under the April 2014 Credit Facility will begin amortizing at the end of the applicable interest-only period, with monthly payments of principal and interest being made by the Company to the lenders in consecutive monthly installments following such interest-only period. The first term loan under the April 2014 Credit Facility matures on July 1, 2018, and the second term loan matures on the first day of the 29th month following the end of the applicable interest-only period. Upon repayment of each term loan, the Company is also required to make a final payment to the lenders equal to 5.5% of the original principal amount of such term loan funded. At its option, the Company may prepay the outstanding principal balance of the term loans in whole but not in part, subject to a prepayment fee of 2% of the amount prepaid if the prepayment occurs prior to April 30, 2016, and 1% of any amount prepaid after April 30, 2016. The April 2014 Credit Facility includes affirmative and negative covenants applicable to the Company and any subsidiaries the Company creates in the future. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports and maintain insurance coverage. The negative covenants include, among others, restrictions on the Company’s transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets, and suffering a change in control, in each case subject to certain exceptions. The April 2014 Credit Facility also includes events of default, the occurrence and continuation of which provide Oxford Finance LLC, as collateral agent, with the right to exercise remedies against the Company and the collateral securing the term loans under the April 2014 Credit Facility, including foreclosure against the Company’s properties securing the April 2014 Credit Facility, including the Company’s cash. These events of default include, among other things, the Company’s failure to pay any amounts due under the April 2014 Credit Facility, a breach of covenants under the April 2014 Credit Facility, the Company’s insolvency, a material adverse change, the occurrence of any default under certain other indebtedness in an amount greater than $250,000, and a final judgment against the Company in an amount greater than $250,000. A warrant to purchase up to 52,966 shares of the Company’s common stock at an exercise price of $4.72 per share with a term of 10 years was issued to Oxford Finance LLC on April 30, 2014. The estimated fair value of the warrant issued of $233,107 was recorded as a discount to outstanding debt as of the closing date. Additional warrants to purchase shares of the Company’s common stock will be issued upon execution of the second term loan under the April 2014 Credit Facility in an amount equal to 5.0% of the funded amount divided by the exercise price, which will be equal to the lower of (i) the closing price per share of the Company’s common stock on the NASDAQ on the date prior to the funding date of the second term loan or (ii) the ten-day average closing price per share prior to the funding date of the second term loan. The effective annual interest rate associated with the April 2014 Credit Facility was 10.81% at December 31, 2014 and 11.14% at June 30, 2015. |
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Credit facility disclosure. No definition available.
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Stock-based Compensation
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | 7. Stock-based Compensation Equity Incentive Plans On January 1, 2015, the number of shares of common stock covered by the Company’s 2013 Equity Incentive Plan automatically increased by 222,480 shares, or 5% of the number of common shares then outstanding, to a total of 1,426,051 shares. At the Company’s annual meeting of stockholders held on June 16, 2015, the stockholders approved the Company’s Amended and Restated 2013 Equity Incentive Plan (“2013 Plan”), which included (i) an increase in the number of shares of common stock authorized for issuance under the 2013 Plan by 1,500,000 shares, and (ii) a provision that shares available for grant under the Company’s 2007 Equity Incentive Plan (“2007 Plan”) become available for issuance under the 2013 Plan and are no longer available for issuance under the 2007 Plan. As of June 30, 2015, 3,012,147 shares were authorized for issuance under the 2013 Plan, 1,039,038 stock options and Restricted Stock Units (“RSUs”) had been issued and were outstanding, and 1,973,109 shares were available for grant. As of June 30, 2015, 102,710 stock options and RSUs had been issued under the 2007 Plan, of which 92,475 shares remain outstanding, and no shares were available for grant. Stock Options A summary of stock option activity for option awards granted under the 2013 Plan and 2007 Plan for the six months ended June 30, 2015 is as follows:
The intrinsic values of options outstanding and options vested and unvested expected to vest at June 30, 2015 were $1,320 and $1,229, respectively. The fair values of option awards granted during the six months ended June 30, 2015 were estimated using a Black-Scholes pricing model with the following assumptions:
Using the assumptions described above, with stock and exercise prices being equal on date of grant, the weighted-average estimated fair value of options granted in the six months ended June 30, 2015 was $2.21 per share. Further information about the options outstanding and exercisable at June 30, 2015 is as follows:
The intrinsic value of options exercisable at June 30, 2015 was zero. Restricted Stock At June 30, 2015, there were 251,269 RSUs outstanding, of which 225,795 shares were vested and unvested expected to vest. The intrinsic values of RSUs outstanding and RSUs vested and unvested expected to vest at June 30, 2015 were $640,736 and $575,777, respectively. Stock-based Compensation Expense The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the unaudited condensed statement of operations and comprehensive loss during the periods presented:
Stock-based compensation expense was recorded net of estimated forfeitures of 0% - 5% and 0% - 4% per annum during the three and six months ended June 30, 2014 and 2015, respectively. As of June 30, 2015 total unrecognized stock-based compensation expense related to unvested stock option and RSU awards, adjusted for estimated forfeitures, was approximately $2,111,000 and $50,000, respectively, and is expected to be recognized over a weighted-average period of 2.3 years and 0.4 years, respectively. |
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Common Warrants Outstanding
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Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Warrants Outstanding | 8. Common Warrants Outstanding A summary of equity-classified common stock warrant activity for the six months ended June 30, 2015 is as follows:
Further information about equity-classified common stock warrants outstanding and exercisable at June 30, 2015 is as follows:
The intrinsic value of equity-classified common stock warrants outstanding and exercisable at June 30, 2015 was $1,784,842. |
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Common warrants outstanding disclosure. No definition available.
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Net Loss per Common Share
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Net Loss per Common Share | 9. Net Loss per Common Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted-average common shares outstanding during the period. Because there is a net loss attributable to common shareholders for the three and six months ended June 30, 2014 and 2015, the outstanding RSUs, warrants, and common stock options have been excluded from the calculation of diluted loss per common share because their effect would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive:
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Commitments and Contingencies
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Jun. 30, 2015
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Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies In the normal course of business, the Company may be involved in legal proceedings or threatened legal proceedings. The Company is not party to any legal proceedings or aware of any threatened legal proceedings that are expected to have a material adverse effect on its financial condition, results of operations or liquidity. The Company’s former Vice President of Operations filed an administrative proceeding against the Company with the California Labor Commissioner in April 2013, seeking damages for alleged unpaid wages and penalties. A hearing was held on August 19, 2013 which resulted in a finding against the Company for approximately $65,000, of which $40,000 was paid during the year ended December 31, 2013 and $25,000 was accrued as of December 31, 2013. On February 25, 2014, the aforementioned administrative proceeding filed with the California Labor Commissioner by the Company’s former Vice President of Operations was settled in full following payment of the remaining $25,000 due. |
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Related Party Transactions
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6 Months Ended |
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Jun. 30, 2015
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Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Each of the members of the Company’s Board of Directors participated in its public offering in February 2015, purchasing an aggregate of 142,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 142,000 shares of its common stock for a total purchase price of $177,500 (see Note 2). Pursuant to a sublease agreement dated March 30, 2015, the Company rented 9,849 square feet, plus free use of an additional area, of its San Diego facility to an entity affiliated with the Company’s non-executive Chairman for $12,804 per month, with a refundable security deposit of $12,804 due from the subtenant. The initial term of the sublease expired on July 31, 2015, and is subject to renewal on a month-to-month basis thereafter. A member of the Company’s management is the controlling person of Aegea Biotechnologies, Inc. (“Aegea”). On September 2, 2012, the Company entered into an Assignment and Exclusive Cross-License Agreement (the “Cross-License Agreement”) with Aegea. In May 2015, the Company received a reimbursement $25,259 from Aegea as reimbursement for shared patent costs under the Cross-License Agreement. The Company believes that these transactions were on terms at least as favorable to the Company as could have been obtained from unrelated third parties. |
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Basis of Presentation (Policies)
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed financial statements included in this Form 10-Q have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed financial statements are unaudited and do not contain all the information required by U.S. Generally Accepted Accounting Principles (“GAAP”) to be included in a full set of financial statements. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited financial statements for the year ended December 31, 2014, filed with the SEC with our Annual Report on Form 10-K on March 11, 2015 include a summary of our significant accounting policies and should be read in conjunction with this Form 10-Q. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this Form 10-Q. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. Certain prior period amounts have been reclassified to conform to the current period presentation. |
The Company and Business Activities | The Company and Business Activities Biocept, Inc. (the “Company”) was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell (“CTC”) and circulating tumor DNA (“ctDNA”) assays utilizing a standard blood sample to improve the treatment that oncologists provide to their patients by providing better, more detailed information on the characteristics of their tumor. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited (by the College of American Pathologists), and manufactures Cell Enrichment and Extraction (“CEE”) microfluidic channels, related equipment and certain reagents to perform the Company’s diagnostic assays in a facility located in San Diego, California. CLIA certification and accreditation are required before any clinical laboratory may perform testing on human specimens for the purpose of obtaining information for the diagnosis, prevention, treatment of disease, or assessment of health. The assays the Company offers are classified as laboratory developed tests (“LDTs”), under the CLIA regulations. In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Standards Accounting Board (the “FASB”) issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In April 2015, the FASB issued authoritative guidance requiring debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This guidance is effective on a retrospective basis for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company early adopted this guidance on a retrospective basis for the interim reporting period ended March 31, 2015. A balance of $23,194 of such costs were reclassified from other non-current assets, net to non-current portion of credit facility, net in the Company’s balance sheet as of December 31, 2014. A total of $17,857 of such costs remain unamortized and recorded as an offset to non-current portion of credit facility, net in the Company’s unaudited condensed balance sheet at June 30, 2015. |
Fair Value Measurement | The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, other than warrant liability, approximate their estimated fair values due to the short-term maturities of these financial instruments. The estimated fair value of the Company’s credit facility at June 30, 2015 approximated carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs. |
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Fair Value Measurement (Tables) (Over-allotment Option and Common Stock Warrants [Member])
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Jun. 30, 2015
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Over-allotment Option and Common Stock Warrants [Member]
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Assumptions Used for Determining Fair Values of Over-allotment Option and Common Stock Warrants | The fair values of these over-allotment options and all common stock warrants issued in this offering were estimated using Black-Scholes valuation models with the following assumptions:
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Balance Sheet Details (Tables)
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Jun. 30, 2015
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fixed Assets and Accrued Liabilities | The following provides certain balance sheet details:
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Stock-based Compensation (Tables)
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Jun. 30, 2015
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity for Option Awards Granted | A summary of stock option activity for option awards granted under the 2013 Plan and 2007 Plan for the six months ended June 30, 2015 is as follows:
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Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model | The fair values of option awards granted during the six months ended June 30, 2015 were estimated using a Black-Scholes pricing model with the following assumptions:
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Schedule of Information about Options Outstanding and Exercisable | Further information about the options outstanding and exercisable at June 30, 2015 is as follows:
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Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Condensed Statement of Operations and Comprehensive Loss | The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the unaudited condensed statement of operations and comprehensive loss during the periods presented:
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Common Warrants Outstanding (Tables)
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Jun. 30, 2015
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Warrants And Rights Note Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Equity-Classified Common Stock Warrant Activity | A summary of equity-classified common stock warrant activity for the six months ended June 30, 2015 is as follows:
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Schedule of Equity-Classified Common Stock Warrants Outstanding And Exercisable | Further information about equity-classified common stock warrants outstanding and exercisable at June 30, 2015 is as follows:
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Net Loss per Common Share (Tables)
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Jun. 30, 2015
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Anti-Dilutive Securities Excluded from Computations of Diluted Weighted-Average Shares | The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive:
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Basis of Presentation - Additional Information (Detail) (USD $)
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6 Months Ended |
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Prior period reclassification adjustment amount related to other non current assets | $ 23,194 |
Unamortized debt issuance costs | $ 17,857 |
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Class of warrant or right expiry period. No definition available.
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Class of warrant or right reclassified to equity classification number of warrants. No definition available.
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Common stock capital shares reserved for future issuance lockup period. No definition available.
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Increase in capital from public offerings. No definition available.
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Initial public offering discount. No definition available.
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Issuance of warrants to purchase common stock shares. No definition available.
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Non-underwritter deferred offering costs. No definition available.
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Payment of deferred officers compensation. No definition available.
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Proceeds from issuance of common stock after underwriting discounts and additional cost. No definition available.
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Shares issued to underwriters under over allotment options. No definition available.
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Shares issued to underwriters under over allotment options per share. No definition available.
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Stock issuance costs current. No definition available.
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Underwriter common stock grants period. No definition available.
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Underwriting discounts. No definition available.
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Underwriting initial public offering issuance costs. No definition available.
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Warrants issued grant date fair value. No definition available.
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Liquidity - Additional Information (Detail) (USD $)
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0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
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Feb. 13, 2015
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Feb. 09, 2015
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Jun. 30, 2015
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Jun. 30, 2014
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Jun. 30, 2015
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Jun. 30, 2014
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Dec. 31, 2014
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Dec. 31, 2013
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May 31, 2015
Shelf Registration Statement [Member]
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May 31, 2015
Maximum [Member]
Shelf Registration Statement [Member]
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Dec. 31, 2014
Note Agreements with Certain Shareholders and Line of Credit [Member]
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Dec. 31, 2014
April 2014 Credit Facility [Member]
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Liquidity And Managements Plans [Line Items] | ||||||||||||
Accumulated deficit | $ (146,122,855) | $ (146,122,855) | $ (138,287,022) | |||||||||
Net loss | (4,035,105) | (2,996,840) | (7,835,833) | (8,124,711) | (15,900,000) | |||||||
Debt instrument carrying amount | 500,000 | |||||||||||
Credit facility, net | 5,000,000 | |||||||||||
Cash and cash equivalents | 16,523,975 | 12,460,565 | 16,523,975 | 12,460,565 | 5,364,582 | 69,178 | ||||||
Net proceeds from issuance of common stock | 9,100,000 | |||||||||||
Proceeds from exercise of common stock warrants | 9,700,000 | 9,700,000 | 9,667,521 | |||||||||
Non-underwriter costs | 300,000 | 300,000 | 300,000 | |||||||||
Aggregate initial offering price | $ 50,000,000 | |||||||||||
Securities issued during period | 0 |
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Proceeds from issuance of common stock after underwriting discounts and additional cost. No definition available.
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Securities issued during period. No definition available.
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Issuance of warrants to purchase common stock shares. No definition available.
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Shares issued to underwriters under over allotment options. No definition available.
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Shares issued to underwriters under over allotment options per share. No definition available.
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Underwriter common stock grants period. No definition available.
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Warrants issued grant date fair value. No definition available.
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Fair Value Measurement - Assumptions Used for Determining Fair Values of Over-allotment Option and Common Stock Warrants (Detail) (USD $)
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6 Months Ended |
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Jun. 30, 2015
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Over-allotment Options [Member]
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Fair Value Assumption Black Scholes Valuation Models [Line Items] | |
Stock price | $ 1.41 |
Exercise price | $ 1.25 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 0.02% |
Expected life (in years) | 1 month 13 days |
Expected volatility | 168.10% |
Warrants [Member]
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Fair Value Assumption Black Scholes Valuation Models [Line Items] | |
Stock price | $ 1.41 |
Exercise price | $ 1.56 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.53% |
Expected life (in years) | 5 years |
Expected volatility | 90.00% |
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Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) (USD $)
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Jun. 30, 2015
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Dec. 31, 2014
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Fixed Assets | ||
Machinery and equipment | $ 2,973,832 | $ 2,922,303 |
Furniture and office equipment | 209,844 | 209,844 |
Computer equipment and software | 756,365 | 681,508 |
Leasehold improvements | 510,398 | 506,328 |
Financed equipment | 1,157,455 | 878,447 |
Construction in process | 33,238 | 72,172 |
Total fixed assets, gross | 5,641,132 | 5,270,602 |
Less accumulated depreciation and amortization | 4,722,945 | 4,608,180 |
Total fixed assets, net | 918,187 | 662,422 |
Accrued Liabilities | ||
Accrued interest | 33,125 | 33,125 |
Accrued payroll | 268,217 | 82,241 |
Accrued vacation | 310,837 | 276,574 |
Accrued bonuses | 216,165 | 302,763 |
Accrued sales commissions | 32,352 | |
Warrant liability | 1,267 | 1,070 |
Other | 22,616 | 4,130 |
Total accrued liabilities | $ 884,579 | $ 699,903 |
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Computer equipment and software gross. No definition available.
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
April 2014 Credit Facility - Additional Information (Detail) (USD $)
|
0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 13, 2015
|
Feb. 09, 2015
|
Feb. 10, 2014
|
Jun. 30, 2015
|
Mar. 31, 2014
|
Apr. 30, 2014
Oxford Finance LLC [Member]
Common Stock [Member]
|
Apr. 30, 2014
Oxford Finance LLC [Member]
Minimum [Member]
|
Apr. 30, 2014
Oxford Finance LLC [Member]
First Term Loan [Member]
|
Jun. 30, 2015
Oxford Finance LLC [Member]
First Term Loan [Member]
|
Dec. 31, 2014
Oxford Finance LLC [Member]
First Term Loan [Member]
|
Apr. 30, 2014
Oxford Finance LLC [Member]
Second Term Loan [Member]
|
Apr. 30, 2014
Oxford Finance LLC [Member]
One Year [Member]
|
Apr. 30, 2014
Oxford Finance LLC [Member]
Two Years [Member]
|
Apr. 30, 2014
Oxford Finance LLC [Member]
Scenario One
|
Apr. 30, 2014
Oxford Finance LLC [Member]
Scenario Two
|
|
Line of Credit Facility [Line Items] | |||||||||||||||
Net cash proceeds on term loan | $ 4,927,000 | ||||||||||||||
Maximum amount of line of credit | 2,600,000 | 5,000,000 | |||||||||||||
Debt Instrument covenant requirement revenue | 9,000,000 | ||||||||||||||
Line Of Credit Facility Fees Amount Payable | 50,000 | 50,000 | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 7.95% | 7.95% | 7.71% | ||||||||||||
Percentage of final interest payment due at maturity | 5.50% | ||||||||||||||
Term Loan prepayment fee percentage | 2.00% | 1.00% | |||||||||||||
Debt Default limit amount | 250,000 | ||||||||||||||
Debt default final judgment amount | 250,000 | ||||||||||||||
Warrant issued to lender | 52,966 | ||||||||||||||
Exercise price of warrants | $ 1.56 | $ 4.72 | |||||||||||||
Warrant term | 5 years | 5 years | 5 years | 10 years | |||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | $ 233,107 | ||||||||||||
Effective annual interest rate | 11.14% | 10.81% | |||||||||||||
Additional warrants issued percentage | 5.00% |
X | ||||||||||
- Definition
Additional warrants issued percentage. No definition available.
|
X | ||||||||||
- Definition
Class of warrant or right expiry period. No definition available.
|
X | ||||||||||
- Definition
Debt default final judgment limit amount. No definition available.
|
X | ||||||||||
- Definition
Debt default limit amount. No definition available.
|
X | ||||||||||
- Definition
Debt Instrument covenant requirement revenue. No definition available.
|
X | ||||||||||
- Definition
Line of credit facility fees amount payable. No definition available.
|
X | ||||||||||
- Definition
Line of credit facility, prepayment fee percentage. No definition available.
|
X | ||||||||||
- Definition
Principal payment percentage. No definition available.
|
X | ||||||||||
- Definition
Warrants issued grant date fair value. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock-based Compensation - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
Dec. 31, 2014
|
Feb. 04, 2014
|
Jun. 30, 2015
Minimum [Member]
|
Jun. 30, 2014
Minimum [Member]
|
Jun. 30, 2015
Minimum [Member]
|
Jun. 30, 2014
Minimum [Member]
|
Jun. 30, 2015
Maximum [Member]
|
Jun. 30, 2014
Maximum [Member]
|
Jun. 30, 2015
Maximum [Member]
|
Jun. 30, 2014
Maximum [Member]
|
Jun. 30, 2015
Stock Options [Member]
|
Jun. 30, 2015
RSUs [Member]
|
Jun. 16, 2015
2013 Equity Incentive Plan [Member]
|
Jun. 30, 2015
2013 Equity Incentive Plan [Member]
|
Dec. 31, 2014
2013 Equity Incentive Plan [Member]
|
Jun. 30, 2015
Two Thousand Seven Equity Incentive Plan
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Increase Common stock shares covered | 1,500,000 | 222,480 | |||||||||||||||
Percentage of outstanding common stock | 5.00% | ||||||||||||||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | 1,426,051 | |||||||||||||
Shares available for grant | 1,973,109 | 0 | |||||||||||||||
Stock options and RSUs authorized | 3,012,147 | ||||||||||||||||
Stock options and RSUs issued | 1,039,038 | 102,710 | |||||||||||||||
Total Shares Outstanding | 917,316 | 906,194 | 251,269 | 1,039,038 | 92,475 | ||||||||||||
Intrinsic value of options outstanding | $ 1,320 | ||||||||||||||||
Intrinsic value of options vested and unvested expected to vest | 1,229 | 575,777 | |||||||||||||||
Option awards assumptions, method used | Black-Scholes pricing model | ||||||||||||||||
Weighted-average estimated fair value of options granted | $ 2.21 | ||||||||||||||||
Intrinsic value of options exercisable | 0 | ||||||||||||||||
Number of Shares, Vested and unvested expected to vest | 912,608 | 901,882 | 225,795 | ||||||||||||||
Intrinsic value shares, RSUs outstanding | 640,736 | ||||||||||||||||
Unrecognized stock-based compensation expense, stock options | 2,111,000 | ||||||||||||||||
Unrecognized stock-based compensation expense, RSU awards | $ 50,000 | ||||||||||||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 3 months 18 days | 4 months 24 days | |||||||||||||||
Estimated forfeitures rate | 0.00% | 0.00% | 0.00% | 0.00% | 4.00% | 5.00% | 4.00% | 5.00% |
X | ||||||||||
- Definition
Share based compensation arrangement by share based payment award fair value assumptions expected forfeiture rate. No definition available.
|
X | ||||||||||
- Definition
Share based compensation arrangement by hare based payment award percentage of outstanding stock. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock-based Compensation - Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model (Detail) (USD $)
|
6 Months Ended |
---|---|
Jun. 30, 2015
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected dividend yield | 0.00% |
Minimum [Member]
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock and exercise prices | $ 2.44 |
Discount rate-bond equivalent yield | 1.52% |
Expected life (in years) | 5 years 11 months 23 days |
Expected volatility | 90.00% |
Maximum [Member]
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock and exercise prices | $ 3.38 |
Discount rate-bond equivalent yield | 1.93% |
Expected life (in years) | 6 years 29 days |
Expected volatility | 100.00% |
X | ||||||||||
- Definition
Share based compensation arrangement by share based payment award fair value assumptions discount rate bond equivalent yield. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Stock-based Compensation - Schedule of Information about Options Outstanding and Exercisable (Detail) (USD $)
|
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
|
Dec. 31, 2014
|
Jun. 30, 2015
Weighted Average Exercise Price 2.72 [Member]
|
Jun. 30, 2015
Weighted Average Exercise Price 4.33 [Member]
|
Jun. 30, 2015
Weighted Average Exercise Price 5.22 [Member]
|
Jun. 30, 2015
Weighted Average Exercise Price 7.50 [Member]
|
Jun. 30, 2015
Weighted Average Exercise Price 8.88 [Member]
|
Jun. 30, 2015
Weighted Average Exercise Price 9.11 [Member]
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted Average Exercise Price | $ 2.72 | $ 4.33 | $ 5.21 | $ 7.50 | $ 8.88 | $ 9.11 | ||
Total Shares Outstanding | 917,316 | 906,194 | 59,500 | 113,901 | 408,117 | 43,000 | 238,500 | 54,298 |
Weighted Average Contractual Life (in years) | 9 years 6 months | 8 years 6 months | 8 years 3 months 18 days | 8 years 8 months 12 days | 8 years 7 months 6 days | 8 years 7 months 6 days | ||
Total Shares Exercisable | 468,839 | 41,673 | 279,934 | 13,437 | 79,497 | 54,298 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Stock-based Compensation - Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Condensed Statement of Operations and Comprehensive Loss (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Stock Options [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 302,829 | $ 268,974 | $ 589,458 | $ 804,706 |
Stock Options [Member] | Cost of revenues [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 17,674 | 33,810 | ||
Stock Options [Member] | Research and Development Expenses [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 24,505 | 44,023 | 44,925 | 114,057 |
Stock Options [Member] | General and Administrative Expenses [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 229,561 | 207,236 | 448,622 | 671,720 |
Stock Options [Member] | Sales and Marketing Expenses [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 31,089 | 17,715 | 62,101 | 18,929 |
RSUs [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 342,830 | 290,224 | 676,895 | 1,185,164 |
RSUs [Member] | Research and Development Expenses [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 1,599 | 7,500 | 9,099 | 15,000 |
RSUs [Member] | General and Administrative Expenses [Member]
|
||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 38,402 | $ 13,750 | $ 78,338 | $ 365,458 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Common Warrants Outstanding - Summary of Equity-Classified Common Stock Warrant Activity (Detail) (Common Stock Warrant [Member], USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2015
|
Dec. 31, 2014
|
|
Common Stock Warrant [Member]
|
||
Class Of Warrant Or Right [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 609,187 | |
Number of Shares, Issued | 9,200,000 | |
Number of Shares, Exercised | (6,197,129) | |
Number of Shares, Expired | (1,200,000) | |
Number of Shares, Outstanding, Ending Balance | 2,412,058 | 609,187 |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 9.93 | |
Weighted Average Exercise Price Per Share, Issued | $ 1.56 | |
Weighted Average Exercise Price Per Share, Exercised | $ 1.56 | |
Weighted Average Exercise Price Per Share, Expired | $ 1.56 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 3.67 | $ 9.93 |
Average Remaining Contractual Term (in years) | 4 years 3 months 18 days | 3 years 9 months 18 days |
X | ||||||||||
- Definition
Share based compensation arrangement by share based payment award non option equity instruments outstanding weighted average exercise price. No definition available.
|
X | ||||||||||
- Definition
Share based compensation arrangements by share based payment award non option equity instruments exercises in period weighted average exercise price. No definition available.
|
X | ||||||||||
- Definition
Share based compensation arrangements by share based payment award non option equity instruments expired in period weighted average exercise price. No definition available.
|
X | ||||||||||
- Definition
Share based compensation arrangements by share based payment award non option equity instruments grants in period weighted average exercise price. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Common Warrants Outstanding - Equity-Classified Common Stock Warrants Outstanding And Exercisable (Detail) (USD $)
|
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Feb. 13, 2015
|
Feb. 10, 2014
|
Jun. 30, 2015
Common Stock Warrant [Member]
|
Jun. 30, 2015
Common Stock Warrant [Member]
Weighted Average Exercise Price 1.56 [Member]
|
Jun. 30, 2015
Common Stock Warrant [Member]
Weighted Average Exercise Price 4.72 [Member]
|
Jun. 30, 2015
Common Stock Warrant [Member]
Weighted Average Exercise Price 10.00 [Member]
|
Jun. 30, 2015
Common Stock Warrant [Member]
Weighted Average Exercise Price 12.50 [Member]
|
|
Class Of Warrant Or Right [Line Items] | |||||||
Exercise price of warrants | $ 1.56 | $ 1.56 | $ 4.72 | $ 10.00 | $ 12.50 | ||
Total Shares Outstanding | 1,587 | 2,412,058 | 1,802,871 | 52,966 | 461,221 | 95,000 | |
Weighted Average Contractual Life (in years) | 4 years 7 months 6 days | 8 years 9 months 18 days | 2 years 7 months 6 days | 3 years 7 months 6 days |
X | ||||||||||
- Definition
Class of warrant or right outstanding weighted average remaining contractual terms. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Common Warrants Outstanding - Additional Information (Detail) (USD $)
|
Jun. 30, 2015
|
---|---|
Warrants And Rights Note Disclosure [Abstract] | |
Common stock warrants exercisable, intrinsic value | $ 1,784,842 |
Common stock warrants outstanding, intrinsic value | $ 1,784,842 |
X | ||||||||||
- Definition
Common stock warrants exercisable intrinsic value. No definition available.
|
X | ||||||||||
- Definition
Common stock warrants outstanding intrinsic value. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Additional Information (Detail) (USD $)
|
0 Months Ended | 12 Months Ended | |
---|---|---|---|
Feb. 25, 2014
|
Dec. 31, 2013
|
Aug. 19, 2013
|
|
Commitments And Contingencies Disclosure [Abstract] | |||
Alleged unpaid wages and penalties | $ 65,000 | ||
Alleged unpaid wages and penalties, paid | 25,000 | 40,000 | |
Alleged unpaid wages and penalties, accrued | $ 25,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Related Party Transactions - Additional Information (Detail) (USD $)
|
0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||
---|---|---|---|---|---|---|---|---|---|
Feb. 13, 2015
|
Feb. 04, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Feb. 13, 2015
Director
|
Feb. 09, 2015
Director
|
Jun. 30, 2015
Nonexecutive [Member]
|
Jun. 30, 2015
Nonexecutive [Member]
San Diego California Facility [Member]
sqft
|
May 31, 2015
Aegea Biotechnologies, Inc [Member]
|
|
Related Party Transaction [Line Items] | |||||||||
Initial public offering, number of shares issued | 1,900,000 | 142,000 | |||||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | 142,000 | |||||||
Proceeds from issuance of common stock | $ 177,500 | $ 8,825,058 | $ 17,390,240 | $ 177,500 | |||||
Lease agreement date of commencement | Mar. 30, 2015 | ||||||||
Leased facility, expansion of original premises | 9,849 | ||||||||
Leased facility, rent expense per month | 12,804 | ||||||||
Lease facility, refundable security deposit amount | 12,804 | ||||||||
Lease expiration date | Jul. 31, 2015 | ||||||||
Reimbursement for shared patent costs | $ 25,259 |
X | ||||||||||
- Definition
Issuance of warrants to purchase common stock shares. No definition available.
|
X | ||||||||||
- Definition
Lease agreement date of commencement. No definition available.
|
X | ||||||||||
- Definition
Operating leases rent expense per month. No definition available.
|
X | ||||||||||
- Definition
Reimbursement for shared patent costs. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|