2018 Q3 Form 10-Q Financial Statement
#000156459018026265 Filed on November 01, 2018
Income Statement
| Concept | 2018 Q3 | 2017 Q3 |
|---|---|---|
| Revenue | $2.466M | $1.108M |
| YoY Change | 122.56% | 2.21% |
| Cost Of Revenue | $3.040M | $2.106M |
| YoY Change | 44.35% | 11.19% |
| Gross Profit | -$580.0K | -$998.0K |
| YoY Change | -41.88% | 23.21% |
| Gross Profit Margin | -23.52% | -90.07% |
| Selling, General & Admin | $5.873M | $5.559M |
| YoY Change | 5.65% | -6.34% |
| % of Gross Profit | ||
| Research & Development | $2.725M | $5.880M |
| YoY Change | -53.66% | 13.08% |
| % of Gross Profit | ||
| Depreciation & Amortization | $600.0K | $760.0K |
| YoY Change | -21.05% | 35.71% |
| % of Gross Profit | ||
| Operating Expenses | $8.598M | $11.44M |
| YoY Change | -24.84% | 2.73% |
| Operating Profit | -$9.174M | -$12.44M |
| YoY Change | -26.24% | 4.12% |
| Interest Expense | -$1.836M | -$1.718M |
| YoY Change | 6.87% | 95.23% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $243.0K | $79.00K |
| YoY Change | 207.59% | 97.5% |
| Pretax Income | -$10.77M | -$14.08M |
| YoY Change | -23.51% | 10.17% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$10.77M | -$14.08M |
| YoY Change | -23.51% | 10.11% |
| Net Earnings / Revenue | -436.62% | -1270.4% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$246.1K | -$448.1K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 30.76M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q3 | 2017 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $60.23M | $52.90M |
| YoY Change | 13.86% | -29.57% |
| Cash & Equivalents | $60.41M | $52.90M |
| Short-Term Investments | ||
| Other Short-Term Assets | $2.020M | $750.0K |
| YoY Change | 169.33% | -21.88% |
| Inventory | $3.337M | $1.250M |
| Prepaid Expenses | ||
| Receivables | $1.730M | $440.0K |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $67.32M | $55.35M |
| YoY Change | 21.63% | -28.84% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $8.190M | $13.85M |
| YoY Change | -40.87% | 1.61% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $206.0K | $480.0K |
| YoY Change | -57.08% | -18.64% |
| Total Long-Term Assets | $8.576M | $14.33M |
| YoY Change | -40.15% | 0.77% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $67.32M | $55.35M |
| Total Long-Term Assets | $8.576M | $14.33M |
| Total Assets | $75.90M | $69.68M |
| YoY Change | 8.92% | -24.26% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $551.0K | $990.0K |
| YoY Change | -44.34% | 10.0% |
| Accrued Expenses | $4.427M | $5.510M |
| YoY Change | -19.66% | 9.33% |
| Deferred Revenue | $762.0K | |
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $3.400M | $1.420M |
| YoY Change | 139.44% | -87.65% |
| Total Short-Term Liabilities | $9.401M | $10.25M |
| YoY Change | -8.24% | -44.74% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $38.87M | $40.09M |
| YoY Change | -3.04% | 88.66% |
| Other Long-Term Liabilities | $1.157M | $467.0K |
| YoY Change | 147.75% | -71.52% |
| Total Long-Term Liabilities | $1.157M | $467.0K |
| YoY Change | 147.75% | -97.96% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $9.401M | $10.25M |
| Total Long-Term Liabilities | $1.157M | $467.0K |
| Total Liabilities | $10.56M | $10.71M |
| YoY Change | -1.44% | -74.14% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $23.77M | $18.13M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $75.90M | $69.68M |
| YoY Change | 8.93% | -24.26% |
Cashflow Statement
| Concept | 2018 Q3 | 2017 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$10.77M | -$14.08M |
| YoY Change | -23.51% | 10.11% |
| Depreciation, Depletion And Amortization | $600.0K | $760.0K |
| YoY Change | -21.05% | 35.71% |
| Cash From Operating Activities | -$10.09M | -$11.66M |
| YoY Change | -13.46% | 2.73% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$350.0K | -$130.0K |
| YoY Change | 169.23% | -90.85% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$350.0K | -$130.0K |
| YoY Change | 169.23% | -90.85% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -40.00K | 18.56M |
| YoY Change | -100.22% | -50.73% |
| NET CHANGE | ||
| Cash From Operating Activities | -10.09M | -11.66M |
| Cash From Investing Activities | -350.0K | -130.0K |
| Cash From Financing Activities | -40.00K | 18.56M |
| Net Change In Cash | -10.48M | 6.770M |
| YoY Change | -254.8% | -72.81% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$10.09M | -$11.66M |
| Capital Expenditures | -$350.0K | -$130.0K |
| Free Cash Flow | -$9.740M | -$11.53M |
| YoY Change | -15.52% | 16.11% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
2024000 | |
| CY2018Q3 | us-gaap |
Inventory Net
InventoryNet
|
3337000 | |
| CY2018Q3 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
180000 | |
| CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1589000 | |
| CY2017 | ttoo |
Transfer Of Liabilities To Accrued Expenses And Other Current Liabilities
TransferOfLiabilitiesToAccruedExpensesAndOtherCurrentLiabilities
|
600000 | |
| CY2018Q3 | us-gaap |
Notes Payable
NotesPayable
|
42268000 | |
| CY2017Q4 | us-gaap |
Notes Payable
NotesPayable
|
41704000 | |
| CY2018Q3 | ttoo |
Current Notes Payable In Anticipation Of Accelerated Principal Payments
CurrentNotesPayableInAnticipationOfAcceleratedPrincipalPayments
|
2000000 | |
| CY2018Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.91 | ||
| CY2018Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
43762551 | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
260000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-44234000 | ||
| CY2017Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.45 | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
30873930 | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
39363294 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-39486000 | ||
| CY2017Q3 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-1718000 | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-31496000 | ||
| CY2018Q3 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-1836000 | |
| CY2018Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
2725000 | |
| CY2018Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
243000 | |
| CY2018Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-10767000 | |
| CY2018Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.25 | |
| CY2018Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2466000 | |
| CY2017Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1108000 | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
8708000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
40204000 | ||
| CY2017Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-12437000 | |
| CY2017Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
79000 | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
402000 | ||
| CY2017Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-14076000 | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-36004000 | ||
| CY2017Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
31420726 | |
| CY2018Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
206000 | |
| us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-5008000 | ||
| CY2018Q3 | us-gaap |
Assets
Assets
|
75896000 | |
| CY2018Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
551000 | |
| CY2018Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
4427000 | |
| CY2017Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
2238000 | |
| CY2018Q3 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
3399000 | |
| CY2018Q3 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
762000 | |
| CY2017Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
1736000 | |
| CY2018Q3 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
262000 | |
| CY2018Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
9401000 | |
| CY2018Q3 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
38869000 | |
| CY2018Q3 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
553000 | |
| CY2018Q3 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
2063000 | |
| CY2018Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1157000 | |
| CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2017Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2017Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
36000 | |
| CY2017Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
267421000 | |
| CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-266117000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1340000 | |
| CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
54861000 | |
| CY2017Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
17192000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
42491000 | ||
| us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
-4910000 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-1.43 | ||
| us-gaap |
Profit Loss
ProfitLoss
|
-36004000 | ||
| us-gaap |
Profit Loss
ProfitLoss
|
-44234000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1862000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
2194000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7487000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3806000 | ||
| us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
175000 | ||
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-134000 | ||
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
-18000 | ||
| us-gaap |
Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
|
173000 | ||
| us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
1658000 | ||
| us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
1968000 | ||
| us-gaap |
Straight Line Rent
StraightLineRent
|
162000 | ||
| us-gaap |
Straight Line Rent
StraightLineRent
|
95000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1267000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
115000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1254000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-129000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1191000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
451000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-40000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
31000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-771000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
361000 | ||
| us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-784000 | ||
| us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-369000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-30450000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-36641000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
950000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2601000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-950000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2601000 | ||
| ttoo |
Proceeds From Issuance Of Common Stock And Stock Options Exercised
ProceedsFromIssuanceOfCommonStockAndStockOptionsExercised
|
1604000 | ||
| ttoo |
Proceeds From Issuance Of Common Stock And Stock Options Exercised
ProceedsFromIssuanceOfCommonStockAndStockOptionsExercised
|
717000 | ||
| ttoo |
Proceeds From Issuance Initial Public Offering Net Of Offering Costs
ProceedsFromIssuanceInitialPublicOfferingNetOfOfferingCosts
|
49236000 | ||
| ttoo |
Proceeds From Issuance Initial Public Offering Net Of Offering Costs
ProceedsFromIssuanceInitialPublicOfferingNetOfOfferingCosts
|
18795000 | ||
| ttoo |
Proceeds From Issuance Of Private Placement Net
ProceedsFromIssuanceOfPrivatePlacementNet
|
37000 | ||
| us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
1094000 | ||
| us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
898000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
49746000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
18651000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
18346000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-20591000 | ||
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
42059000 | |
| CY2016Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
73748000 | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
2859000 | ||
| us-gaap |
Interest Paid Net
InterestPaidNet
|
2967000 | ||
| ttoo |
Transfer Of T2 Owned Instruments And Components To Inventory
TransferOfT2OwnedInstrumentsAndComponentsToInventory
|
802000 | ||
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
109000 | ||
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
90000 | ||
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Business </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">T2 Biosystems, Inc. (the “Company”) was incorporated on April 27, 2006 as a Delaware corporation with operations based in Lexington, Massachusetts. The Company is an <font style="font-style:italic;">in vitro</font> diagnostics company that has developed an innovative and proprietary technology platform that offers a rapid, sensitive and simple alternative to existing diagnostic methodologies. The Company is using its T2 Magnetic Resonance technology (“T2MR”) to develop a broad set of applications aimed at lowering mortality rates, improving patient outcomes and reducing the cost of healthcare by helping medical professionals make targeted treatment decisions earlier. T2MR enables rapid detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum and urine, and can detect cellular targets at limits of detection as low as one colony forming unit per milliliter (“CFU/mL”). The Company’s initial development efforts target sepsis and Lyme disease, which are areas of significant unmet medical need in which existing therapies could be more effective with improved diagnostics. On September 22, 2014, the Company received market clearance from the U.S. Food and Drug Administration (“FDA”) for its first two products, the T2Dx Instrument (the “T2Dx”) and T2Candida Panel (“T2Candida”). On May 24, 2018, the Company received market clearance from the FDA for its T2Bacteria Panel (“T2Bacteria”). </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has devoted substantially all of its efforts to research and development, business planning, recruiting management and technical staff, acquiring operating assets, raising capital, and, most recently, the commercialization and improvement of its existing products.</p> <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;">Liquidity and Going Concern </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At September 30, 2018, the Company had cash and cash equivalents of $60.2 million and an accumulated deficit of $302.0 million. The future success of the Company is dependent on its ability to successfully commercialize its products, obtain regulatory clearance for and successfully launch its future product candidates, obtain additional capital and ultimately attain profitable operations. Historically, the Company has funded its operations primarily through its August 2014 initial public offering, its December 2015 public offering, its September 2016 private investment in public equity (“PIPE”) financing, its September 2017 public offering, its June 2018 public offering, private placements of redeemable convertible preferred stock and through debt financing arrangements.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;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 similar to other newly commercial life science companies, including, but not limited to commercially launching the Company’s products, development and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional capital. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Having obtained authorization from the FDA to market the T2Dx, T2Candida, and T2Bacteria, the Company has incurred significant commercialization expenses related to product sales, marketing, manufacturing and distribution. The Company may seek to fund its operations through public equity, private equity or debt financings, as well as other sources. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed, on favorable terms, or at all. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations, financial condition and the Company’s ability to develop and commercialize T2Dx, T2Candida, T2Bacteria and other product candidates. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of Accounting Standards Codification (“ASC”) 205-40, <font style="font-style:italic;">Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</font>, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management believes that its existing cash and cash equivalents at September 30, 2018 will be sufficient to allow the Company to fund its current operating plan through November 30, 2019. <font style="color:#000000;">At December 31, 2017, management had concluded that substantial doubt existed about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of those consolidated financial statements. However, management alleviated the substantial doubt during the nine months ended September 30, 2018. On June 4, 2018, the Company raised net proceeds of $49.2 million through its June 2018 public offering. During the nine months ended September 30, 2018, the Company also received a $2.0 million milestone payment from a co-development partner and received 510(k) clearance for the marketing of T2Bacteria. </font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.15%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At December 31, 2017, the conditions that raised substantial doubt regarding the Company’s ability to continue as a going concern resulted from certain elements of the Company’s operating plan being outside of the Company’s control, including the approval of T2Bacteria and receipt of certain development and regulatory milestone payments under the Company’s co-development agreements. Under ASC 205-40, the future receipt of potential funding from the Company’s co-development partners and other resources cannot be considered probable if the plans are not entirely within the Company’s control. T<font style="color:#000000;">he Term Loan Agreement with CRG requires us to achieve certain annual revenue targets, whereby we are required to pay double the amount of any shortfall as an acceleration of principal payments, and maintain a minimum liquidity amount (Note 6). Should we have fallen short of the revenue target we would have sought a waiver of this provision. There can be no assurances that we would have been successful in obtaining a waiver</font>.<font style="color:#000000;"> </font></p></div> | ||
| CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
2300000 | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
3500000 | ||
| CY2018Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2033000 | |
| us-gaap |
Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
|
<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;">Guarantees </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while each such officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification is the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make is unlimited; however, the Company has directors’ and officers’ liability insurance coverage that limits its exposure and enables the Company to recover a portion of any future amounts paid. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company leases office, laboratory and manufacturing space under noncancelable operating leases. The Company has standard indemnification arrangements under the leases that require it to indemnify the landlords against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation or nonperformance of any covenant or condition of the Company’s leases. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the ordinary course of business, the Company enters into indemnification agreements with certain suppliers and business partners where the Company has certain indemnification obligations limited to the costs, expenses, fines, suits, claims, demands, liabilities and actions directly resulting from the Company’s gross negligence or willful misconduct, and in certain instances, breaches, violations or nonperformance of covenants or conditions under the agreements. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2018 and December 31, 2017, the Company had not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. </p></div> | ||
| us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | ||
| CY2018Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
3800000 | |
| us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
|
The Company expects to recognize revenue on the remaining performance obligations over the next 2 years. | ||
| CY2018Q3 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
900000 | |
| CY2017Q4 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
0 | |
| CY2018Q3 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
700000 | |
| CY2017Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
1700000 | |
| CY2018Q3 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
0 | |
| us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
1700000 | ||
| CY2018Q3 | us-gaap |
Capitalized Contract Cost Gross
CapitalizedContractCostGross
|
0 | |
| CY2018Q3 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
715000 | |
| CY2017Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
539000 | |
| CY2018Q3 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
2069000 | |
| CY2017Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
562000 | |
| CY2018Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
553000 | |
| CY2017Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
243000 | |
| CY2018Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
18917000 | |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
19139000 | |
| CY2018Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
10727000 | |
| CY2017Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
9124000 | |
| CY2018Q3 | us-gaap |
Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
|
0 | |
| CY2017Q4 | us-gaap |
Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
|
800000 | |
| CY2018Q3 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
3077000 | |
| CY2017Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2793000 | |
| CY2018Q3 | ttoo |
Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
|
189000 | |
| CY2017Q4 | ttoo |
Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
|
818000 | |
| CY2018Q3 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
566000 | |
| CY2017Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1018000 | |
| CY2018Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
595000 | |
| CY2017Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1220000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
7240000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3689000 | ||
| CY2018Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5967676 | |
| CY2017Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5112578 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5967676 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5112578 |
