$OCGN
Ocugen, Inc.

2018 Q1 Form 10-K Financial Statement

#000156459018005711 Filed on March 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 2016 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.810M $9.380M $2.390M
YoY Change 20.6% 9.96% 7.17%
% of Gross Profit
Research & Development $3.286M $15.57M $5.320M
YoY Change -27.04% -27.86% -7.8%
% of Gross Profit
Depreciation & Amortization $172.0K $1.534M $400.0K
YoY Change -56.35% -8.31% -6.98%
% of Gross Profit
Operating Expenses $6.093M $24.95M $7.710M
YoY Change -10.79% -17.68% -3.63%
Operating Profit -$6.093M -$24.95M
YoY Change -10.79% -17.68%
Interest Expense $37.00K $134.0K $16.92M
YoY Change 5.71% 123.33% -84700.0%
% of Operating Profit
Other Income/Expense, Net -$8.740M -$1.464M $50.00K
YoY Change 3382.07% -110.38% -600.0%
Pretax Income -$14.83M -$26.28M $9.060M
YoY Change 109.46% 65.9% -208.5%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.83M -$26.41M $9.060M
YoY Change 109.48% 62.97% -208.5%
Net Earnings / Revenue
Basic Earnings Per Share -$0.99
Diluted Earnings Per Share -$31.55M -$0.99 $31.24M
COMMON SHARES
Basic Shares Outstanding 28.69M 22.67M 15.93M shares
Diluted Shares Outstanding 22.67M

Balance Sheet

Concept 2018 Q1 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.51M $7.980M $31.91M
YoY Change -36.37% -74.99% 3.2%
Cash & Equivalents $15.51M $7.080M $31.91M
Short-Term Investments $0.00 $900.0K
Other Short-Term Assets $860.0K $190.0K $68.00K
YoY Change 186.67% 11.76% -65.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.37M $8.180M $32.08M
YoY Change -33.64% -74.5% 2.71%
LONG-TERM ASSETS
Property, Plant & Equipment $4.450M $2.720M $3.860M
YoY Change 27.03% -29.53% -25.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $510.0K $140.0K $140.0K
YoY Change 264.29% 0.0% 0.0%
Total Long-Term Assets $4.960M $2.860M $3.997M
YoY Change 36.26% -28.5% -27.98%
TOTAL ASSETS
Total Short-Term Assets $16.37M $8.180M $32.08M
Total Long-Term Assets $4.960M $2.860M $3.997M
Total Assets $21.33M $11.04M $36.08M
YoY Change -24.66% -69.4% -1.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.360M $780.0K $1.588M
YoY Change -27.93% -60.0% -21.54%
Accrued Expenses $1.740M $2.710M $2.097M
YoY Change 74.87% 29.05% 45.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $50.00K $180.0K $580.0K
YoY Change -91.23% -68.97% 0.0%
Total Short-Term Liabilities $8.420M $3.810M $5.171M
YoY Change 116.17% -26.31% -18.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $180.0K
YoY Change -100.0% -100.0% -76.32%
Other Long-Term Liabilities $32.98M $18.50M $17.16M
YoY Change 89.54% 7.81% 1067.35%
Total Long-Term Liabilities $32.98M $18.50M $17.34M
YoY Change 89.0% 6.69% 677.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.420M $3.810M $5.171M
Total Long-Term Liabilities $32.98M $18.50M $17.34M
Total Liabilities $41.40M $22.30M $22.51M
YoY Change 94.02% -0.93% 162.12%
SHAREHOLDERS EQUITY
Retained Earnings -$181.8M
YoY Change 9.79%
Common Stock $195.3M
YoY Change 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.07M -$11.27M $13.57M
YoY Change
Total Liabilities & Shareholders Equity $21.33M $11.04M $36.08M
YoY Change -24.66% -69.4% -1.92%

Cashflow Statement

Concept 2018 Q1 2017 2016 Q4
OPERATING ACTIVITIES
Net Income -$14.83M -$26.41M $9.060M
YoY Change 109.48% 62.97% -208.5%
Depreciation, Depletion And Amortization $172.0K $1.534M $400.0K
YoY Change -56.35% -8.31% -6.98%
Cash From Operating Activities $3.286M -$23.02M -$5.900M
YoY Change -144.71% -10.57% -15.59%
INVESTING ACTIVITIES
Capital Expenditures $1.255M $276.0K $0.00
YoY Change 3291.89% -13.75% -100.0%
Acquisitions
YoY Change
Other Investing Activities $900.0K -$950.0K
YoY Change -111.24%
Cash From Investing Activities -$355.0K -$1.230M $0.00
YoY Change -95.58% 284.38% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.732M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.495M -577.0K -190.0K
YoY Change -3763.33% -102.13% 26.67%
NET CHANGE
Cash From Operating Activities 3.286M -23.02M -5.900M
Cash From Investing Activities -355.0K -1.230M 0.000
Cash From Financing Activities 5.495M -577.0K -190.0K
Net Change In Cash 8.426M -24.83M -6.090M
YoY Change -154.24% -2607.78% -16.23%
FREE CASH FLOW
Cash From Operating Activities $3.286M -$23.02M -$5.900M
Capital Expenditures $1.255M $276.0K $0.00
Free Cash Flow $2.031M -$23.30M -$5.900M
YoY Change -127.49% -10.61% -13.99%

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:5.24%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">NATURE OF BUSINESS </p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Organization</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Histogenics Corporation (the &#8220;Company&#8221;) was incorporated under the laws of the Commonwealth of Massachusetts on June&#160;28, 2000 and has its principal operations in Waltham, Massachusetts. In 2006, the Company&#8217;s board of directors approved a corporate reorganization pursuant to which the Company incorporated as a Delaware corporation. The Company is a leader in the development of restorative cell therapies (&#8220;RCTs&#8221;).&nbsp;&nbsp;RCTs refer to a new class of products the Company is developing that are designed to offer patients rapid-onset pain relief and restored function through the repair of damaged or worn tissue. NeoCart, the Company&#8217;s lead investigational product, is an innovative cell therapy that utilizes various aspects of the Company&#8217;s RCT technology platform to treat tissue injury in the field of orthopedics, specifically cartilage damage in the knee. NeoCart is designed to rebuild a patient&#8217;s own knee cartilage to treat pain at the source, improve function and potentially prevent a patient&#8217;s progression to osteoarthritis. NeoCart is one of the most rigorously studied restorative cell therapies for orthopedic use and is currently in a 249 patient, Phase 3 clinical trial in the United States (the &#8220;U.S.&#8221;) under a special protocol assessment with the U.S. Food and Drug Administration (the &#8220;FDA&#8221;).&nbsp;&nbsp;Patient enrollment in this trial is complete with top-line, one-year superiority data expected in the third quarter of 2018, with a potential Biologics License Application (&#8220;BLA&#8221;) submission expected in the third quarter of 2018, subject to successful Phase 3 clinical trial results</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May&#160;13, 2011, the Company completed the acquisition of ProChon Biotech Ltd. (&#8220;ProChon&#8221;), a privately-held biotechnology company focused on modulating the fibroblast growth factor system for consideration of $2.2 million to enable it to create more effective solutions for tissue regeneration. ProChon&#8217;s products combine cell regeneration technologies with proprietary growth factors and biocompatible scaffolds to restore injured or chronically damaged tissues. The acquisition led to the initial recognition of goodwill, which was subsequently written off in 2011, and intangible assets including IPR&amp;D and a licensing agreement which were fully impaired in 2016 as discussed in Note 2. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September&#160;29, 2016, the Company closed a private placement of common stock, preferred stock and warrants, contemplated by a securities purchase agreement dated September&#160;15, 2016, with certain institutional and accredited investors. The net proceeds after deducting placement agent fees and other transaction-related expenses was $27.6 million. See Note 8, Capital Stock, for further discussion of the private placement. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since its inception, the Company has devoted substantially all of its efforts to product development, recruiting management and technical staff, raising capital, starting up production and building infrastructure and has not yet generated product revenues from its planned principal operations. Expenses have primarily been for research and development and related administrative costs. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to a number of risks. The developmental nature of its activities is such that significant inherent risks exist in the Company&#8217;s operations. Principal among these risks are the successful development of therapeutics, successfully enrolling patients in its clinical trials in a timely manner, ability to obtain adequate financing, obtaining regulatory approval for any of its product candidates in any jurisdiction, obtaining adequate reimbursement rates for any of its approved product candidates, compliance with government regulations, protection of proprietary therapeutics, fluctuations in operating results, dependence on key personnel and collaborative partners, adoption of the Company&#8217;s products by the physician community, rapid technological changes inherent in the markets targeted, the introduction of substitute products and competition from larger companies.&nbsp;&nbsp;</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has incurred losses and cash flow deficits from operations since inception, resulting in an accumulated deficit at December 31, 2017 of $208.2 million. The Company has financed operations to date primarily through public and private placements of equity securities, and borrowings under debt agreements. The Company anticipates that it will continue to incur net losses for the next several years. The Company believes that its existing cash, cash equivalents and marketable securities will only be sufficient to fund its projected cash needs into the fourth quarter of 2018. Accordingly, these factors, among others, raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The Company will require additional capital to commercialize NeoCart, if approved, and for the future development of its existing product candidates. <font style="color:#000000;">To meet its capital needs, the Company intends to raise additional capital through debt or equity financing or other strategic transactions.</font> However, any such financing may not be on favorable terms or available to the Company.<font style="color:#000000;"> The failure of the Company to obtain sufficient funds on commercially acceptable terms when needed will have a material adverse effect on the Company&#8217;s business, results of operations and financial condition. The forecast of cash resources is forward-looking information that involves risks and uncertainties, and the actual amount of our expenses could vary materially and adversely as a result of a number of factors. The Company has based its estimates on assumptions that may prove to be wrong, and the Company&#8217;s expenses could prove to be significantly higher than it currently anticipates.</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has reclassified certain prior period amounts to conform to the current period presentation. The amounts reclassified impact Accounts Payable and Accounts Payable due to Intrexon Corporation (&#8220;Intrexon&#8221;) for the year ended December&#160;31, 2016. These reclassifications have no effect on the previously reported net loss.</p></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company&#8217;s consolidated financial statements and accompanying notes. The most significant estimates in the Company&#8217;s consolidated financial statements relate to the valuation of equity awards, warrant liability, recoverability of deferred tax assets, estimated useful lives of fixed assets and intangible assets. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company&#8217;s actual results may differ from these estimates under different assumptions or conditions. </p></div>
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss. </p></div>
CY2016Q3 us-gaap Proceeds From Issuance Of Preferred Stock Preference Stock And Warrants
ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants
27600000
CY2017 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q4 hsgx Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2016Q4 hsgx Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
900000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
900000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
0
CY2017 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
CY2017 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
900000
CY2016 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.13
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FiniteLivedIntangibleAssetsGross
630000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
630000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
630000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
630000
CY2017Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
10000000
CY2017 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
Expects to recognize revenue on approximately 25% and 100% of the remaining performance obligations over the next 12 months and 13 to 21 months, respectively.
CY2017 hsgx Revenue Remaining Performance Obligation Percentage Recognized Next Twelve Months
RevenueRemainingPerformanceObligationPercentageRecognizedNextTwelveMonths
0.25
CY2017 hsgx Revenue Remaining Performance Obligation Percentage Recognized Thirteen To Twenty One Months
RevenueRemainingPerformanceObligationPercentageRecognizedThirteenToTwentyOneMonths
1.00
CY2017 hsgx Effective Income Tax Rate Reconciliation Net Operating Loss Limitation
EffectiveIncomeTaxRateReconciliationNetOperatingLossLimitation
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.475
CY2017 hsgx Effective Income Tax Rate Reconciliation R And D Credit Limitation
EffectiveIncomeTaxRateReconciliationRAndDCreditLimitation
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.147
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.015
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
18540000
CY2017Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
4121000
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
2304000
CY2017Q4 hsgx Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
7942000
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
243000
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-12000
CY2016Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
34569000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
33138000
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
34569000
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-1000000
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-15700000
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
11500000
CY2017Q4 hsgx Operating Loss Carryforwards Net Of Limitations
OperatingLossCarryforwardsNetOfLimitations
52900000
CY2017 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P12M
CY2017 hsgx Maximum Percentage Of Recognition Of Tax Benefits From Uncertain Tax Positions
MaximumPercentageOfRecognitionOfTaxBenefitsFromUncertainTaxPositions
0.50
CY2017 hsgx Net Income Loss Available To Series A Preferred Stock
NetIncomeLossAvailableToSeriesAPreferredStock
3915000
CY2016 hsgx Net Income Loss Available To Series A Preferred Stock
NetIncomeLossAvailableToSeriesAPreferredStock
2345000
CY2016 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
132238
CY2017Q4 us-gaap Deposit Assets
DepositAssets
10000
CY2016Q4 us-gaap Deposit Assets
DepositAssets
10000
CY2017Q4 us-gaap Prepaid Insurance
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72000
CY2016Q4 us-gaap Prepaid Insurance
PrepaidInsurance
95000
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
112000
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
68000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13642000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13247000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10919000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9387000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1671000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1402000
CY2017Q4 hsgx Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
199000
CY2016Q4 hsgx Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
187000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
835000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
508000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1798000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1845000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1892000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1941000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1991000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3188000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
12655000
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000
CY2017Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15791418
CY2016Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15211975
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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30000
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.25
CY2016Q3 hsgx Minimum Threshold Percentage Of Beneficial Common Stock Interest
MinimumThresholdPercentageOfBeneficialCommonStockInterest
0.0499
CY2016Q3 hsgx Maximum Threshold Percentage Of Beneficial Common Stock Interest On Holders Discretion
MaximumThresholdPercentageOfBeneficialCommonStockInterestOnHoldersDiscretion
0.0999
CY2017 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
The Series A Preferred Stock shall not be converted if, after giving effect to the conversion, the holder and its affiliated persons would own beneficially more than 4.99% of our common stock (subject to adjustment up to 9.99% solely at the holder’s discretion upon 61 days’ prior notice to us or, solely as to a holder, if such limitation is waived by such holder upon execution of the private placement agreement).
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1577016
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
910950
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7497
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
322121
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2158348
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1968878
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
958201
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.95
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.74
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.76
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.52
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.40
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.54
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.78
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y4M24D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y1M6D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y4M24D
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
71000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
436000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
390000
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
153000
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1400000
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2600000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.92
CY2017Q4 hsgx Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue
2.72
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.02
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.26
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1573000
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1548000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0203
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0173
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.629
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.725
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
0.0129
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
0.0157
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
0.623
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
0.635
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P6Y29D
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P7Y
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
0.000
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
0.000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-26275000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-15838000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-140000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-369000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-26415000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-16207000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.339
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340
CY2017 hsgx Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.026
CY2016 hsgx Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.290
CY2016 hsgx Effective Income Tax Rate Reconciliation Net Operating Loss Limitation
EffectiveIncomeTaxRateReconciliationNetOperatingLossLimitation
-1.111
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.000
CY2016 hsgx Effective Income Tax Rate Reconciliation R And D Credit Limitation
EffectiveIncomeTaxRateReconciliationRAndDCreditLimitation
-0.015
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.487
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.009
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
16146000
CY2016Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
6229000
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
2082000
CY2016Q4 hsgx Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
10037000
CY2016Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
75000
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
33138000
CY2017 hsgx Tax Cuts And Jobs Act Of2017 Incomplete Accounting Net Operating Loss Deduction Limitation Percentage Of Taxable Income
TaxCutsAndJobsActOf2017IncompleteAccountingNetOperatingLossDeductionLimitationPercentageOfTaxableIncome
0.80
CY2017 hsgx Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
0
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
562000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
687000
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
123000
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
125000
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2017 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2017 hsgx Unrecognized Tax Benefits Federal Rate Revision
UnrecognizedTaxBenefitsFederalRateRevision
136000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
303000
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2016Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2017 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for years 2001 through present. Carryforward attributes that were generated in earlier periods remain subject to examination to the extent the year in which they were used or will be used remains open for examination. The tax years which remain subject to examination by tax authorities in Israel, as of December 31, 2017, include years 2013 through the present.

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