ASPEN AEROGELS INC, 10-Q filed on 5/8/2015
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2015
Apr. 30, 2015
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Mar. 31, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q1 
 
Trading Symbol
ASPN 
 
Entity Registrant Name
ASPEN AEROGELS INC 
 
Entity Central Index Key
0001145986 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Non-accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
22,992,273 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 33,010 
$ 49,719 
Marketable securities
2,501 
 
Accounts receivable, net of allowance for doubtful accounts
19,260 
17,924 
Inventories
5,905 
4,897 
Prepaid expenses and other current assets
1,195 
836 
Total current assets
61,871 
73,376 
Property, plant and equipment, net
79,520 
71,492 
Other assets
130 
175 
Total assets
141,521 
145,043 
Current liabilities:
 
 
Capital leases, current portion
77 
76 
Accounts payable
13,390 
14,202 
Accrued expenses
3,325 
5,588 
Deferred revenue
1,362 
292 
Other current liabilities
50 
50 
Total current liabilities
18,204 
20,208 
Capital leases, excluding current portion
69 
89 
Other long-term liabilities
1,027 
1,030 
Total liabilities
19,300 
21,327 
Commitments and contingencies (Note 9)
   
   
Stockholders' equity:
 
 
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014;
   
   
Common stock, $0.00001 par value; 125,000,000 shares authorized, 22,992,273 shares issued and outstanding at March 31, 2015 and at December 31, 2014
Additional paid-in capital
524,095 
522,800 
Accumulated deficit
(401,874)
(399,084)
Total stockholders' equity
122,221 
123,716 
Total liabilities and stockholders' equity
$ 141,521 
$ 145,043 
Consolidated Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Preferred stock, par value
$ 0.00001 
$ 0.00001 
Preferred stock, shares authorized
5,000,000 
5,000,000 
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value
$ 0.00001 
$ 0.00001 
Common stock, shares authorized
125,000,000 
125,000,000 
Common stock, shares issued
22,992,273 
22,992,273 
Common stock, shares outstanding
22,992,273 
22,992,273 
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenue:
 
 
Product
$ 23,211 
$ 21,493 
Research services
289 
870 
Total revenue
23,500 
22,363 
Cost of revenue:
 
 
Product
18,845 
18,541 
Research services
141 
476 
Gross profit
4,514 
3,346 
Operating expenses:
 
 
Research and development
1,304 
1,284 
Sales and marketing
2,332 
2,238 
General and administrative
3,623 
2,722 
Total operating expenses
7,259 
6,244 
Loss from operations
(2,745)
(2,898)
Interest (expense) income
(45)
(16,151)
Total interest (expense) income
(45)
(16,151)
Net loss
(2,790)
(19,049)
Net loss attributable to common stockholders
$ (2,790)
$ (19,049)
Net loss attributable to common stockholders per share:
 
 
Basic
$ (0.12)
$ (6,066.56)
Diluted
$ (0.12)
$ (6,066.56)
Weighted-average common shares outstanding:
 
 
Basic and diluted
22,992,273 
3,140 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:
 
 
Net loss
$ (2,790)
$ (19,049)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
 
 
Depreciation and amortization
2,184 
2,631 
Loss on disposal of assets
 
15 
Debt issuance costs
 
17 
Accretion of debt to fair value
 
16,071 
Stock compensation expense
1,295 
339 
Other
 
(3)
Changes in operating assets and liabilities:
 
 
Accounts receivable
(1,336)
2,509 
Inventories
(1,008)
(767)
Prepaid expenses and other assets
(339)
65 
Accounts payable
(471)
415 
Accrued expenses
(2,263)
(1,923)
Deferred revenue
1,070 
459 
Net cash (used in) provided by operating activities
(3,658)
779 
Cash flows from investing activities:
 
 
Capital expenditures
(10,531)
(1,108)
Purchases of marketable securities
(2,501)
 
Net cash used in investing activities
(13,032)
(1,108)
Cash flows from financing activities:
 
 
Borrowings under line of credit
 
4,500 
Repayments under line of credit
 
(4,000)
Financing costs
 
(17)
Repayment of obligations under capital lease
(19)
(23)
Proceeds from issuance of common stock
 
Deferred offering costs
 
(552)
Net cash used in financing activities
(19)
(90)
Net decrease in cash and cash equivalents
(16,709)
(419)
Cash and cash equivalents at beginning of period
49,719 
1,574 
Cash and cash equivalents at end of period
33,010 
1,155 
Supplemental disclosures of cash flow information:
 
 
Interest paid
45 
62 
Income taxes paid
Supplemental disclosures of non-cash activities:
 
 
Changes in accrued capital expenditures
(341)
(260)
Capitalized interest
 
17 
Unpaid deferred initial public offering costs
 
$ 1,180 
Description of Business and Basis of Presentation
Description of Business and Basis of Presentation

(1) Description of Business and Basis of Presentation

Nature of Business

Aspen Aerogels, Inc. (the Company) is an energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts.

The Company maintains its corporate offices in Northborough, Massachusetts. The Company has two wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC and Aspen Aerogels Germany, GmbH.

On June 18, 2014, the Company completed an initial public offering (IPO) of 7,500,000 shares of its common stock at a public offering price of $11.00 per share. The Company received net proceeds of $74.7 million after deducting underwriting discounts and commissions of $4.3 million and offering expenses of approximately $3.5 million. Upon the closing of the offering, all of the Company’s then-outstanding (i) warrants to purchase Series C preferred stock (the “Series C warrants”) were subject to an automatic net cashless exercise, (ii) convertible preferred stock (including the shares of Series C preferred stock issued upon the automatic net cashless exercise of Series C warrants) automatically converted into 115,982 shares of common stock, and (iii) Convertible Notes and Senior Convertible Notes (see note 7) automatically converted into 15,319,034 shares of common stock.

Prior to the closing of the offering, the Company completed a 1-for-824.7412544 reverse stock split of its common stock. All common shares and related per share amounts in the financial statements and notes have been adjusted retroactively to reflect the reverse stock split.

Unaudited Interim Financial Information

The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2014 (the Annual Report), filed with the Securities and Exchange Commission on March 13, 2015.

In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2015 and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. The Company has evaluated events through the date of this filing.

The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other period.

There have been no changes to our significant accounting policies described in the Annual Report that have had a material impact on our consolidated financial statements and notes thereto.

Principles of Consolidation

The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Significant Accounting Policies
Significant Accounting Policies

(2) Significant Accounting Policies

Use of Estimates

The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, fair value of debt and capital stock, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which it believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.

Cash and Cash Equivalents

Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk.

Marketable Securities

Marketable securities consist primarily of marketable debt securities which are classified as available-for-sale and are carried at fair value at March 31, 2015. The Company held no marketable securities at December 31, 2014. The unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss). The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents, and investments with maturities of greater than 90 days at the time of purchase to be marketable securities. When a marketable security incurs a significant unrealized loss for a sustained period of time, the Company will review the instrument to determine if it is other-than-temporarily impaired. If it is determined that an instrument is other-than-temporarily impaired, the Company will record the unrealized loss in the consolidated statement of operations.

The following table classifies our marketable securities by contractual maturities as of March 31, 2015 (in thousands):

 

Description    Fair Value  

Due in one year or less

   $ 2,501  

Due in more than one year

     —     
  

 

 

 

Total marketable securities

$ 2,501   
  

 

 

 

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consists of changes in the fair market value of available-for-sale securities. As of March 31, 2015, amortized cost of available-for-sale securities approximated fair value.

Fair Value of Financial Instruments

Fair value is an exit price that represents the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company discloses the manner in which fair value is determined for assets and liabilities based on a three-tiered fair value hierarchy. The hierarchy ranks the quality and reliability of the information used to determine the fair values. The three levels of inputs described in the standard are:

 

Level 1:

Quoted prices in active markets for identical assets or liabilities.

Level 2:

Observable inputs, other than Level 1 prices, for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3:

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

Under the Fair Value Option Subsections of Financial Accounting Standards Board (FASB) ASC Subtopic 825-10, Financial Instruments — Overall, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in earnings each reporting period. As a result of electing this option, the Company recorded its previously outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes at fair value in order to measure these liabilities at amounts that more accurately reflect the economics of these instruments (see note 7).

During the three month period ended March 31, 2014, the Company valued its then outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes utilizing Level 3 inputs.

Upon the completion of the Company’s IPO discussed in note 1, the Company used a portion of the net proceeds to settle all obligations under the Subordinated Notes in full, and the Senior Convertible Notes and Convertible Notes automatically converted into 15,319,034 shares of common stock.

At March 31, 2015, the Company held marketable debt securities classified as available-for-sale securities totaling $2.5 million, which were valued utilizing Level 1 inputs. The Company held no marketable securities at December 31, 2014.

Stock-based Compensation

Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant.

In March 2015, the Company issued 219,944 restricted common stock units (RSUs) and non-qualified stock options (NSOs) to purchase 231,223 shares of common stock to employees under the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). The RSUs and NSOs will vest over a three year period. Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock available for issuance under the plan automatically increased to 3,698,257 shares effective January 1, 2015.

Earnings per Share

The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, restricted common stock units and warrants. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive.

Segments

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision maker when making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment.

Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table:

 

     Three Months Ended
March 31,
 
     2015      2014  
     (In thousands)  

Revenue:

     

U.S.

   $ 10,684      $ 10,650  

International

     12,816        11,713  
  

 

 

    

 

 

 

Total

$ 23,500   $ 22,363  
  

 

 

    

 

 

 

 

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Fair Value Measurements
Fair Value Measurements

(3) Fair Value Measurements

 

            Fair Value Measurement at
Reporting Date Using
 

Description

   March 31, 2015      Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 
    

(In thousands)

 

Marketable securities:

           

U.S. corporate bonds

   $ 1,003      $ 1,003      $ —         $ —     

Foreign corporate bonds

     1,498        1,498        —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 2,501   $ 2,501   $ —      $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

As of March 31, 2015, amortized cost available-for-sale securities approximated fair value.

Inventories
Inventories

(4) Inventories

Inventories consist of the following:

 

     March 31,
2015
     December 31,
2014
 
     (In thousands)  

Raw materials

   $ 4,485      $ 4,052  

Finished goods

     1,420        845  
  

 

 

    

 

 

 

Total

$ 5,905   $ 4,897  
  

 

 

    

 

 

 

Property, Plant and Equipment, Net
Property, Plant and Equipment, Net

(5) Property, Plant and Equipment, Net

Property, plant and equipment consist of the following:

 

     March 31,
2015
     December 31,
2014
     Useful
life
     (In thousands)

Construction in progress

   $ 1,654      $ 24,124      —  

Buildings

     23,253        16,303      30 years

Machinery and equipment

     102,939        78,378      3-10 years

Computer equipment and software

     6,681        5,556      3 years
  

 

 

    

 

 

    

Total

  134,527     124,361  

Accumulated depreciation

  (55,007 )   (52,869 )
  

 

 

    

 

 

    

Property, plant and equipment, net

$ 79,520   $ 71,492  
  

 

 

    

 

 

    

 

Depreciation expense was $2.2 million and $2.6 million for the three months ended March 31, 2015 and 2014, respectively.

Construction in progress totaled $1.7 million and $24.1 million at March 31, 2015 and December 31, 2014, respectively. In March 2015, the Company placed into service approximately $31.8 million of assets related to the Company’s completed third production line at its manufacturing facility in East Providence, RI.

Accrued Expenses
Accrued Expenses

(6) Accrued Expenses

Accrued expenses consist of the following:

 

     March 31,
2015
     December 31,
2014
 
     (In thousands)  

Employee compensation

   $ 2,408      $ 4,851  

Professional fees

     165         76   

Deferred rent

     168         155   

Other accrued expenses

     584        506  
  

 

 

    

 

 

 

Total

$ 3,325   $ 5,588  
  

 

 

    

 

 

 
Interest Expense
Interest Expense

(7) Interest Expense

Interest expense consists of the following:

 

     Three Months Ended
March 31,
 
     2015      2014  
     (In thousands)  

Changes in fair value:

     

Subordinated Notes

   $ —         $ 796  

Senior Convertible Notes

     —           3,535  

Convertible Notes, net of capitalization

     —           11,740  

Debt closing costs

     —           17  

Other interest

     45        63  
  

 

 

    

 

 

 

Total

$ 45   $ 16,151  
  

 

 

    

 

 

 

As of March 31, 2014, the Company had Subordinated Notes, Senior Convertible Notes and Convertible Notes outstanding that were measured at fair value utilizing level 3 inputs.

The change in fair value of the Subordinated Notes for the three months ended March 31, 2014 was determined by utilizing a probability weighted discounted cash flow analysis of the amount to be paid on the notes upon the occurrence of certain events in which the Subordinated Notes would be repaid to the noteholders in cash. This analysis utilized assumptions related to the probability of the occurrence of each of the various events and appropriate discount rates for each of the scenarios.

The change in the fair value of the Senior Convertible Notes and the Convertible Notes for the three months ended March 31, 2014 was determined by utilizing a probability weighted discounted cash flow analysis which took into consideration market and general economic events as well as the Company’s financial results and other data available as of that date. This analysis determined the amount to be paid on the notes in either cash or shares at the occurrence of certain events in which the Senior Convertible Notes and the Convertible Notes would be converted into shares of the Company’s common stock or would be repaid to the noteholders in cash. This analysis also utilized assumptions related to the probability of the occurrence of each of the various events and appropriate discount rates for each of the scenarios.

Revolving Line of Credit
Revolving Line of Credit

(8) Revolving Line of Credit

The Company maintains a revolving credit facility with Silicon Valley Bank. On September 3, 2014, the Company amended and restated the loan and security agreement to extend the maturity date of the facility to August 31, 2016 and increase the maximum amount the Company is permitted to borrow, subject to continued covenant compliance and borrowing base requirements, from $10 million to $20 million. At the Company’s election, the interest rate applicable to borrowings under the revolving credit facility may be based on the prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 1.75% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.5% per annum of the average unused portion of the revolving credit facility. The revolving credit facility is secured by a first priority security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions.

At both March 31, 2015 and December 31, 2014, the Company had no amounts drawn on the revolving credit facility. The Company had outstanding letters of credit backed by the revolving credit facility of $1.4 million at March 31, 2015 and December 31, 2014, respectively, which reduce the funds otherwise available to the Company. Based on the available borrowing base, the effective amount available to the Company under the revolving credit facility at March 31, 2015 was $10.9 million after consideration of the $1.4 million of outstanding letters of credit (see note 9). Under the revolving credit facility, the Company is required to comply with financial covenants relating to, among other items, minimum Adjusted EBITDA, maximum unfinanced capital expenditures and other non-financial covenants. At March 31, 2015, the Company was in compliance with all such financial covenants.

Commitments and Contingencies
Commitments and Contingencies

(9) Commitments and Contingencies

Letters of Credit

Pursuant to the terms of its Northborough, Massachusetts facility lease, the Company has been required to provide the lessor with letters of credit securing certain obligations. In addition, the Company has been required to provide certain customers with letters of credit securing obligations under commercial contracts.

The Company had letters of credit outstanding of $1.4 million at March 31, 2015 and December 31, 2014, respectively. These letters of credit are secured by the Company’s revolving credit facility (see note 8).

Litigation

The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure.

Net Income Loss Per Share
Net Income Loss Per Share

(10) Net Loss Per Share

The computation of basic and diluted net loss attributable to common stockholders per share consists of basic and diluted weighted average shares outstanding of 22,992,273 and 3,140 at March 31, 2015 and 2014, respectively.

 

     Three Months Ended
March 31,
 
     2015      2014  
    

(In thousands, except

share and per share data)

 

Numerator:

     

Net loss attributable to common stockholders

   $ (2,790    $ (19,049
  

 

 

    

 

 

 

Denominator:

Weighted average shares outstanding, basic and diluted

  22,992,273     3,140  
  

 

 

    

 

 

 

Net loss attributable to common stockholders per share, basic and diluted

$ (0.12 ) $ (6,066.56 )
  

 

 

    

 

 

 

 

Potential dilutive common shares that were excluded from the computation of diluted net income (loss) attributable to common stockholders per share because they were anti-dilutive consist of the following:

 

     Three Months Ended
March 31,
 
     2015      2014  

Common stock options

     1,231,542        96,999  

Restricted common stock units

     524,847        —     

Common stock warrants

     131        131  
  

 

 

    

 

 

 

Total

  1,756,520     97,130  
  

 

 

    

 

 

 

As of March 31, 2015, there was no dilutive impact of the common stock options, restricted common stock units and common stock warrants.

Income Taxes
Income Taxes

(11) Income Taxes

The Company incurred net operating losses and recorded a full valuation allowance against net deferred tax assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes.

Description of Business and Basis of Presentation (Policies)

Nature of Business

Aspen Aerogels, Inc. (the Company) is an energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts.

The Company maintains its corporate offices in Northborough, Massachusetts. The Company has two wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC and Aspen Aerogels Germany, GmbH.

On June 18, 2014, the Company completed an initial public offering (IPO) of 7,500,000 shares of its common stock at a public offering price of $11.00 per share. The Company received net proceeds of $74.7 million after deducting underwriting discounts and commissions of $4.3 million and offering expenses of approximately $3.5 million. Upon the closing of the offering, all of the Company’s then-outstanding (i) warrants to purchase Series C preferred stock (the “Series C warrants”) were subject to an automatic net cashless exercise, (ii) convertible preferred stock (including the shares of Series C preferred stock issued upon the automatic net cashless exercise of Series C warrants) automatically converted into 115,982 shares of common stock, and (iii) Convertible Notes and Senior Convertible Notes (see note 7) automatically converted into 15,319,034 shares of common stock.

Prior to the closing of the offering, the Company completed a 1-for-824.7412544 reverse stock split of its common stock. All common shares and related per share amounts in the financial statements and notes have been adjusted retroactively to reflect the reverse stock split.

Unaudited Interim Financial Information

The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2014 (the Annual Report), filed with the Securities and Exchange Commission on March 13, 2015.

In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2015 and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. The Company has evaluated events through the date of this filing.

The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other period.

There have been no changes to our significant accounting policies described in the Annual Report that have had a material impact on our consolidated financial statements and notes thereto.

Principles of Consolidation

The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, fair value of debt and capital stock, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which it believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.

Cash and Cash Equivalents

Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk.

Marketable Securities

Marketable securities consist primarily of marketable debt securities which are classified as available-for-sale and are carried at fair value at March 31, 2015. The Company held no marketable securities at December 31, 2014. The unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss). The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents, and investments with maturities of greater than 90 days at the time of purchase to be marketable securities. When a marketable security incurs a significant unrealized loss for a sustained period of time, the Company will review the instrument to determine if it is other-than-temporarily impaired. If it is determined that an instrument is other-than-temporarily impaired, the Company will record the unrealized loss in the consolidated statement of operations.

The following table classifies our marketable securities by contractual maturities as of March 31, 2015 (in millions):

 

Description    Fair Value  

Due in one year or less

   $ 2,501  

Due in more than one year

     —     
  

 

 

 

Total marketable securities

$ 2,501   
  

 

 

 

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consists of changes in the fair market value of available-for-sale securities. As of March 31, 2015, amortized cost of available-for-sale securities approximated fair value.

Fair Value of Financial Instruments

Fair value is an exit price that represents the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company discloses the manner in which fair value is determined for assets and liabilities based on a three-tiered fair value hierarchy. The hierarchy ranks the quality and reliability of the information used to determine the fair values. The three levels of inputs described in the standard are:

 

Level 1:

Quoted prices in active markets for identical assets or liabilities.

Level 2:

Observable inputs, other than Level 1 prices, for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.

Level 3:

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

Under the Fair Value Option Subsections of Financial Accounting Standards Board (FASB) ASC Subtopic 825-10, Financial Instruments — Overall, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in earnings each reporting period. As a result of electing this option, the Company recorded its previously outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes at fair value in order to measure these liabilities at amounts that more accurately reflect the economics of these instruments (see note 7).

During the three month period ended March 31, 2014, the Company valued its then outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes utilizing Level 3 inputs.

Upon the completion of the Company’s IPO discussed in note 1, the Company used a portion of the net proceeds to settle all obligations under the Subordinated Notes in full, and the Senior Convertible Notes and Convertible Notes automatically converted into 15,319,034 shares of common stock.

At March 31, 2015, the Company held marketable debt securities classified as available-for-sale securities totaling $2.5 million, which were valued utilizing Level 1 inputs. The Company held no marketable securities at December 31, 2014.

Stock-based Compensation

Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant.

In March 2015, the Company issued 219,944 restricted common stock units (RSUs) and non-qualified stock options (NSOs) to purchase 231,223 shares of common stock to employees under the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). The RSUs and NSOs will vest over a three year period. Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock available for issuance under the plan automatically increased to 3,698,257 shares effective January 1, 2015.

Earnings per Share

The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, restricted common stock units and warrants. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive.

Segments

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision maker when making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment.

Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table:

 

     Three Months Ended
March 31,
 
     2015      2014  
     (In thousands)  

Revenue:

     

U.S.

   $ 10,684      $ 10,650  

International

     12,816        11,713  
  

 

 

    

 

 

 

Total

$ 23,500   $ 22,363  
  

 

 

    

 

 

 

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Significant Accounting Policies (Tables)

The following table classifies our marketable securities by contractual maturities as of March 31, 2015 (in thousands):

 

Description    Fair Value  

Due in one year or less

   $ 2,501  

Due in more than one year

     —     
  

 

 

 

Total marketable securities

$ 2,501   
  

 

 

 

Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table:

 

     Three Months Ended
March 31,
 
     2015      2014  
     (In thousands)  

Revenue:

     

U.S.

   $ 10,684      $ 10,650  

International

     12,816        11,713  
  

 

 

    

 

 

 

Total

$ 23,500   $ 22,363  
  

 

 

    

 

 

 

Fair Value Measurements (Tables)
Summary of Marketable Securities
Fair Value Measurement at
Reporting Date Using
 

Description

   March 31, 2015      Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 
    

(In thousands)

 

Marketable securities:

           

U.S. corporate bonds

   $ 1,003      $ 1,003      $ —         $ —     

Foreign corporate bonds

     1,498        1,498        —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 2,501   $ 2,501   $ —      $ —     
  

 

 

    

 

 

    

 

 

    

 

 


Inventories (Tables)
Schedule of Inventories

Inventories consist of the following:

 

     March 31,
2015
     December 31,
2014
 
     (In thousands)  

Raw materials

   $ 4,485      $ 4,052  

Finished goods

     1,420        845  
  

 

 

    

 

 

 

Total

$ 5,905   $ 4,897  
  

 

 

    

 

 

 

Property, Plant and Equipment, Net (Tables)
Summary of Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

     March 31,
2015
     December 31,
2014
     Useful
life
     (In thousands)

Construction in progress

   $ 1,654      $ 24,124      —  

Buildings

     23,253        16,303      30 years

Machinery and equipment

     102,939        78,378      3-10 years

Computer equipment and software

     6,681        5,556      3 years
  

 

 

    

 

 

    

Total

  134,527     124,361  

Accumulated depreciation

  (55,007 )   (52,869 )
  

 

 

    

 

 

    

Property, plant and equipment, net

$ 79,520   $ 71,492  
  

 

 

    

 

 

Accrued Expenses (Tables)
Schedule of Accrued Expenses

Accrued expenses consist of the following:

 

     March 31,
2015
     December 31,
2014
 
     (In thousands)  

Employee compensation

   $ 2,408      $ 4,851  

Professional fees

     165         76   

Deferred rent

     168         155   

Other accrued expenses

     584        506  
  

 

 

    

 

 

 

Total

$ 3,325   $ 5,588  
  

 

 

    

 

 

 
Interest Expense (Tables)
Summary of Interest Expense

Interest expense consists of the following:

 

     Three Months Ended
March 31,
 
     2015      2014  
     (In thousands)  

Changes in fair value:

     

Subordinated Notes

   $ —         $ 796  

Senior Convertible Notes

     —           3,535  

Convertible Notes, net of capitalization

     —           11,740  

Debt closing costs

     —           17  

Other interest

     45        63  
  

 

 

    

 

 

 

Total

$ 45   $ 16,151  
  

 

 

    

 

 

Net Income Loss Per Share (Tables)

The computation of basic and diluted net loss attributable to common stockholders per share consists of basic and diluted weighted average shares outstanding of 22,992,273 and 3,140 at March 31, 2015 and 2014, respectively.

 

     Three Months Ended
March 31,
 
     2015      2014  
    

(In thousands, except

share and per share data)

 

Numerator:

     

Net loss attributable to common stockholders

   $ (2,790    $ (19,049
  

 

 

    

 

 

 

Denominator:

Weighted average shares outstanding, basic and diluted

  22,992,273     3,140  
  

 

 

    

 

 

 

Net loss attributable to common stockholders per share, basic and diluted

$ (0.12 ) $ (6,066.56 )
  

 

 

    

 

 

 

Potential dilutive common shares that were excluded from the computation of diluted net income (loss) attributable to common stockholders per share because they were anti-dilutive consist of the following:

 

     Three Months Ended
March 31,
 
     2015      2014  

Common stock options

     1,231,542        96,999  

Restricted common stock units

     524,847        —     

Common stock warrants

     131        131  
  

 

 

    

 

 

 

Total

  1,756,520     97,130  
  

 

 

    

 

 

Description of Business and Basis of Presentation - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 3 Months Ended
Jun. 18, 2014
Mar. 31, 2015
Subsidiary
Basis Of Presentation [Line Items]
 
 
Number of Subsidiaries
 
Reverse stock split of capital stock
Prior to the closing of the offering, the Company completed a 1-for-824.7412544 
 
Convertible Preferred Stock [Member]
 
 
Basis Of Presentation [Line Items]
 
 
Common shares issued upon conversion of securities
115,982 
 
Convertible Debt Securities [Member]
 
 
Basis Of Presentation [Line Items]
 
 
Common shares issued upon conversion of securities
15,319,034 
 
IPO [Member]
 
 
Basis Of Presentation [Line Items]
 
 
Initial public offering, common stock shares
7,500,000 
 
Net proceeds
$ 74.7 
 
Underwriting discounts and commissions
4.3 
 
Other offering expenses
$ 3.5 
 
Significant Accounting Policies - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 0 Months Ended 3 Months Ended
Mar. 31, 2015
Segment
Dec. 31, 2014
Jun. 18, 2014
Convertible Debt Securities [Member]
Mar. 31, 2015
Level 1 [Member]
Jan. 1, 2015
2014 Employee, Director and Consultant Equity Incentive Plan [Member]
Mar. 31, 2015
2014 Employee, Director and Consultant Equity Incentive Plan [Member]
Restricted Common Stock Units [Member]
Mar. 31, 2015
2014 Employee, Director and Consultant Equity Incentive Plan [Member]
Non-Qualified Stock Options [Member]
Summary Of Significant Accounting Policies [Line Items]
 
 
 
 
 
 
 
Marketable Securities
$ 2,501 
$ 0 
 
 
 
 
 
Common shares issued upon conversion of securities
 
 
15,319,034 
 
 
 
 
Available for sale securities
 
 
 
$ 2,501 
 
 
 
Issue of stock-based awards
 
 
 
 
 
219,944 
 
Shares issued for 2014 Equity Plan
 
 
 
 
 
 
231,223 
Increased number of shares available for grant
 
 
 
 
3,698,257 
 
 
Stock-based award vesting period
 
 
 
 
 
3 years 
3 years 
Number of segment
 
 
 
 
 
 
Significant Accounting Policies - Schedule of Marketable Securities by Contractual Maturities (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract]
 
 
Total marketable securities
$ 2,501 
 
Total marketable securities
   
 
Total marketable securities
$ 2,501 
$ 0 
Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Services Location (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Segment Reporting Information [Line Items]
 
 
Revenue
$ 23,500 
$ 22,363 
U.S. [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Revenue
10,684 
10,650 
International [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Revenue
$ 12,816 
$ 11,713 
Fair Value Measurements - Summary of Marketable Securities (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
 
Total marketable securities
$ 2,501 
U.S. Corporate Bonds [Member]
 
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
 
Total marketable securities
1,003 
Foreign Corporate Bonds [Member]
 
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
 
Total marketable securities
1,498 
Level 1 [Member]
 
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
 
Total marketable securities
2,501 
Level 1 [Member] |
U.S. Corporate Bonds [Member]
 
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
 
Total marketable securities
1,003 
Level 1 [Member] |
Foreign Corporate Bonds [Member]
 
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
 
Total marketable securities
$ 1,498 
Inventories - Schedule of Inventories (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Inventory Disclosure [Abstract]
 
 
Raw materials
$ 4,485 
$ 4,052 
Finished goods
1,420 
845 
Total
$ 5,905 
$ 4,897 
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 134,527 
$ 124,361 
Accumulated depreciation
(55,007)
(52,869)
Property, plant and equipment, net
79,520 
71,492 
Buildings [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
23,253 
16,303 
Property, plant and equipment, Useful life
30 years 
 
Machinery and Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
102,939 
78,378 
Computer Equipment and Software [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
6,681 
5,556 
Property, plant and equipment, Useful life
3 years 
 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 1,654 
$ 24,124 
Minimum [Member] |
Machinery and Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, Useful life
3 years 
 
Maximum [Member] |
Machinery and Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, Useful life
10 years 
 
Property, Plant and Equipment, Net - Additional Information (Detail) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
 
Depreciation expense
$ 2,200,000 
$ 2,600,000 
 
Property, plant and equipment, gross
134,527,000 
 
124,361,000 
East Providence, RI [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
31,800,000 
 
 
Construction in Progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 1,654,000 
 
$ 24,124,000 
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Accrued Liabilities, Current [Abstract]
 
 
Employee compensation
$ 2,408 
$ 4,851 
Professional fees
165 
76 
Deferred rent
168 
155 
Other accrued expenses
584 
506 
Total
$ 3,325 
$ 5,588 
Interest Expense - Summary of Interest Expense (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest Income (Expense) [Line Items]
 
 
Debt closing costs
 
$ 17 
Other interest
45 
63 
Total
45 
16,151 
Subordinated Notes [Member]
 
 
Interest Income (Expense) [Line Items]
 
 
Changes in fair value
 
796 
Senior Convertible Notes [Member]
 
 
Interest Income (Expense) [Line Items]
 
 
Changes in fair value
 
3,535 
Convertible Notes, Net of Capitalization [Member]
 
 
Interest Income (Expense) [Line Items]
 
 
Changes in fair value
 
$ 11,740 
Revolving Line of Credit - Additional Information (Detail) (USD $)
0 Months Ended 0 Months Ended 0 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Sep. 3, 2014
Revolving Credit Facility [Member]
Sep. 3, 2014
Revolving Credit Facility [Member]
Maximum [Member]
Sep. 3, 2014
Revolving Credit Facility [Member]
Maximum [Member]
Prime Rate [Member]
Sep. 3, 2014
Revolving Credit Facility [Member]
Maximum [Member]
LIBOR Rate [Member]
Sep. 3, 2014
Revolving Credit Facility [Member]
Minimum [Member]
Sep. 3, 2014
Revolving Credit Facility [Member]
Minimum [Member]
Prime Rate [Member]
Sep. 3, 2014
Revolving Credit Facility [Member]
Minimum [Member]
LIBOR Rate [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
Line of credit agreement, extended maturity date
 
 
Aug. 31, 2016 
 
 
 
 
 
 
Maximum borrowing amount
 
 
 
$ 20,000,000 
 
 
$ 10,000,000 
 
 
Additional interest rate per annum
 
 
 
 
1.75% 
4.25% 
 
0.75% 
3.75% 
Interest rate description
 
 
The interest rate applicable to borrowings under the revolving credit facility may be based on the prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 1.75% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. 
 
 
 
 
 
 
Percentage of unused revolving line facility fee
 
 
0.50% 
 
 
 
 
 
 
Line of credit facility amount withdrawn
 
 
 
 
 
 
 
Letters of credit outstanding
1,400,000 
1,400,000 
 
 
 
 
 
 
 
Line of credit facility borrowing capacity
$ 10,900,000 
 
 
 
 
 
 
 
 
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
 
 
Letters of credit outstanding
$ 1.4 
$ 1.4 
Net Loss Per Share - Additional Information (Detail)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Earnings Per Share [Abstract]
 
 
Weighted average shares outstanding, basic and diluted
22,992,273 
3,140 
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Numerator:
 
 
Net loss attributable to common stockholders
$ (2,790)
$ (19,049)
Denominator:
 
 
Weighted average shares outstanding, basic and diluted
22,992,273 
3,140 
Net loss attributable to common stockholders per share, basic and diluted
$ (0.12)
$ (6,066.56)
Net Loss Per Share - Summary of Potential Dilutive Common Shares Excluded from Computation of Diluted Net Income (Loss) Attributable to Common Stockholders Per Common Share (Detail)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Anti-dilutive Securities
1,756,520 
97,130 
Common Stock Options [Member]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Anti-dilutive Securities
1,231,542 
96,999 
Restricted Common Stock Units [Member]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Anti-dilutive Securities
524,847 
 
Common Stock Warrants [Member]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Anti-dilutive Securities
131 
131