$TTOO
T2 Biosystems, Inc.

2019 Q4 Form 10-K Financial Statement

#000156459020011217 Filed on March 16, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q2 2019 Q1
Revenue $3.069M $1.804M $1.785M
YoY Change 71.26% -54.11% -22.76%
Cost Of Revenue $3.610M $4.820M $4.390M
YoY Change -35.88% 39.31% 34.13%
Gross Profit -$540.0K -$3.020M -$2.600M
YoY Change -85.94% -742.55% 170.27%
Gross Profit Margin -17.6% -167.41% -145.66%
Selling, General & Admin $7.546M $6.722M $7.055M
YoY Change 16.85% -11.68% 22.59%
% of Gross Profit
Research & Development $4.279M $4.048M $3.901M
YoY Change 29.78% 7.98% -17.32%
% of Gross Profit
Depreciation & Amortization $510.0K $600.0K $600.0K
YoY Change -13.56% 0.0% -4.61%
% of Gross Profit
Operating Expenses $11.83M $10.77M $10.96M
YoY Change 21.22% -5.19% 4.61%
Operating Profit -$12.37M -$13.79M -$13.56M
YoY Change -9.03% 26.63% 18.57%
Interest Expense -$1.690M -$2.000M -$1.782M
YoY Change -4.52% 32.45% 13.65%
% of Operating Profit
Other Income/Expense, Net $20.00K $140.0K $194.0K
YoY Change -90.91% 102.9% 115.56%
Pretax Income -$14.04M -$15.65M -$15.15M
YoY Change -7.33% 27.03% 17.35%
Income Tax
% Of Pretax Income
Net Earnings -$14.04M -$15.65M -$15.15M
YoY Change -7.31% 26.96% 17.3%
Net Earnings / Revenue -457.51% -867.35% -848.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$293.1K -$352.2K -$342.1K
COMMON SHARES
Basic Shares Outstanding 46.68M 44.34M 44.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.03M $28.42M $37.40M
YoY Change -78.29% -59.81% 25.8%
Cash & Equivalents $11.03M $28.42M $37.40M
Short-Term Investments
Other Short-Term Assets $1.440M $710.0K $1.740M
YoY Change 7.46% -17.44% 176.19%
Inventory $3.599M $3.100M $2.664M
Prepaid Expenses
Receivables $2.825M $1.179M $1.773M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.90M $33.41M $43.58M
YoY Change -66.62% -55.64% 31.96%
LONG-TERM ASSETS
Property, Plant & Equipment $5.845M $7.262M $7.128M
YoY Change -20.1% -14.56% -18.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $206.0K $206.0K $206.0K
YoY Change 0.0% -47.18% 0.0%
Total Long-Term Assets $9.591M $11.76M $11.98M
YoY Change 24.54% 32.39% 31.67%
TOTAL ASSETS
Total Short-Term Assets $18.90M $33.41M $43.58M
Total Long-Term Assets $9.591M $11.76M $11.98M
Total Assets $28.49M $45.17M $55.56M
YoY Change -55.7% -46.36% 31.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.753M $2.911M $618.0K
YoY Change 404.44% 153.13% -20.67%
Accrued Expenses $11.21M $8.823M $7.784M
YoY Change 84.54% 109.57% 38.85%
Deferred Revenue $285.0K $677.0K $658.0K
YoY Change -59.11%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $42.90M $42.89M $42.45M
YoY Change 1.25% 1037.67% 2.78%
Total Short-Term Liabilities $60.57M $57.80M $53.74M
YoY Change 15.82% 460.34% 5.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.920M $2.990M $3.400M
YoY Change 204.76% 210.81% 400.0%
Total Long-Term Liabilities $1.920M $2.990M $3.400M
YoY Change 204.76% 210.81% 163.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.57M $57.80M $53.74M
Total Long-Term Liabilities $1.920M $2.990M $3.400M
Total Liabilities $62.49M $60.79M $57.14M
YoY Change 18.08% 439.06% 9.44%
SHAREHOLDERS EQUITY
Retained Earnings -$376.2M -$348.0M -$332.3M
YoY Change 18.6% 19.47% 19.14%
Common Stock $342.2M $332.3M $330.7M
YoY Change 4.14% 2.82% 23.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$34.01M -$15.62M -$1.580M
YoY Change
Total Liabilities & Shareholders Equity $28.49M $45.17M $55.56M
YoY Change -55.7% -46.36% 31.9%

Cashflow Statement

Concept 2019 Q4 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$14.04M -$15.65M -$15.15M
YoY Change -7.31% 26.96% 17.3%
Depreciation, Depletion And Amortization $510.0K $600.0K $600.0K
YoY Change -13.56% 0.0% -4.61%
Cash From Operating Activities -$10.12M -$8.840M -$12.87M
YoY Change 4.44% 2.55% 9.58%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$250.0K $194.0K
YoY Change -105.56% -53.7% 246.43%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$250.0K -$194.0K
YoY Change -105.56% -53.7% 246.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.960M 110.0K -344.0K
YoY Change -5611.11% -99.78% -1.15%
NET CHANGE
Cash From Operating Activities -10.12M -8.840M -12.87M
Cash From Investing Activities -20.00K -250.0K -194.0K
Cash From Financing Activities 4.960M 110.0K -344.0K
Net Change In Cash -5.180M -8.980M -13.41M
YoY Change -45.01% -121.91% 10.37%
FREE CASH FLOW
Cash From Operating Activities -$10.12M -$8.840M -$12.87M
Capital Expenditures -$20.00K -$250.0K $194.0K
Free Cash Flow -$10.10M -$8.590M -$13.06M
YoY Change 0.5% 6.31% 10.71%

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CY2019 us-gaap Nature Of Operations
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<p style="margin-top:12pt;margin-bottom:0pt;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;text-indent:4.83%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">T2 Biosystems, Inc. (the &#8220;Company&#8221; or &#8220;T2&#8221;) was incorporated on April&#160;27, 2006 as a Delaware corporation with operations based in Lexington, Massachusetts. The Company is an&#160;<font style="font-style:italic;">in vitro</font>&#160;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 (&#8220;T2MR&#8221;) 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 (&#8220;CFU/mL&#8221;). The Company&#8217;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&#160;22, 2014, the Company received market clearance from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) for its first two products, the T2Dx Instrument (the &#8220;T2Dx&#8221;) and T2Candida Panel (&#8220;T2Candida&#8221;). On May 24, 2018, the Company received market clearance from the FDA for its T2Bacteria Panel (&#8220;T2Bacteria&#8221;).</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.83%;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-top:18pt;margin-bottom:0pt;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-top:6pt;margin-bottom:0pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At December 31, 2019, the Company has cash and cash equivalents of $11.0 million, an accumulated deficit of $376.2 million, a stockholders&#8217; deficit of $34.0 million, and has experienced cash outflows from operating activities over the past years. <font style="color:#000000;">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 (&#8220;PIPE&#8221;) financing, its September 2017 public offering, its June 2018 public offering, its July 2019 establishment of an Equity Distribution Agreement and Equity Purchase Agreement, private placements of redeemable convertible preferred stock and through debt financing arrangements</font>.&#160;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.83%;color:#000000;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&#8217;s products, development and market acceptance of the Company&#8217;s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional capital.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.83%;color:#000000;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&#8217;s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company&#8217;s business, results of operations, financial condition and the Company&#8217;s ability to develop and commercialize T2Dx, T2Candida, T2Bacteria and other product candidates.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.83%;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 (&#8220;ASC&#8221;) 205-40,&#160;<font style="font-style:italic;">Disclosure of Uncertainties about an Entity&#8217;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&#8217;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&#8217;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&#8217;s ability to continue as a going concern. The mitigating effect of management&#8217;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&#8217;s ability to continue as a going concern within one year after the date that the financial statements are issued.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its existing cash and cash equivalents at December 31, 2019, along with sales of its common stock since December 31, 2019 pursuant to the Company&#8217;s recently established Equity Distribution Agreement (the &#8220;Sales Agreement&#8221;) with Canaccord Genuity LLC, as agent (&#8220;Canaccord&#8221;) of $29.4 million through March 13, 2020, and additional funding available through the Sales Agreement and Purchase Agreement with Lincoln Park Capital Fund, LLC (&#8220;Lincoln Park&#8221;) (the &#8220;Purchase Agreement&#8221;) (Note 7) in the future, will be sufficient to allow the Company to fund its current operating plan assuming availability of funds through those agreements. However, as certain elements of the Company&#8217;s operating plan are outside of the Company&#8217;s control, including the ability to sell shares under the Sales Agreement and the Purchase Agreement, those elements cannot be considered probable. Under ASC 205-40, the future receipt of potential funding from the Company&#8217;s Co-Development partners and other resources cannot be considered probable at this time because none of the plans are entirely within the Company&#8217;s control. The Purchase Agreement may not be readily available for use if the stock price remains below $1.00 (Note 7). The Term Loan Agreement with CRG Servicing LLC (&#8220;CRG&#8221;) (Note 6) requires us to achieve certain annual revenue targets, whereby the Company is required to pay double the amount of any shortfall as an acceleration of principal payments and maintain a minimum cash balance of $5.0 million. The Term Loan Agreement with CRG is classified as a current liability on the balance sheet at December 31, 2019, based on the Company&#8217;s consideration of the probability of violating the minimum liquidity covenant. Should the Company fall short of the revenue target, it would seek a waiver of this provision. There can be no assurances that the Company would be successful in obtaining a waiver.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These conditions raise substantial doubt regarding the Company&#8217;s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt include raising additional funding, earning payments pursuant the Company&#8217;s Co- Development agreements, delaying certain research projects and capital expenditures and eliminating certain future operating expenses in order to fund operations at reduced levels for the Company to continue as a going concern for a period of 12 months from the date the financial statements are issued. Management has concluded the likelihood that its plan to successfully obtain sufficient funding from one or more of these sources or adequately reduce expenditures, while reasonably possible, is less than probable. Accordingly, the Company has concluded that substantial doubt exists about the Company&#8217;s ability to continue as a going concern for a period of at least 12 months from the date of issuance of these consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;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-top:6pt;margin-bottom:0pt;text-indent:4.25%;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 in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the accounts receivable allowance, the excess and obsolete inventory, the net realizable value of inventory, the fair value of its stock options, as well as restricted stock units that have market conditions, deferred tax valuation allowances, revenue recognition, expenses relating to research and development contracts, accrued expenses, the fair value of a derivative liability, the fair value of warrants and classification of the value of instrument raw material and work-in-process inventory between inventory and property and equipment. The Company bases its estimates on historical experience and other market<font style="font-family:MS Mincho;">&#8209;</font>specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</p>
CY2019 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="margin-top:18pt;margin-bottom:0pt;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-top:6pt;margin-bottom:0pt;text-indent:4.83%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s request in such capacity. The term of the indemnification is the officer&#8217;s or director&#8217;s lifetime. The maximum potential amount of future payments the Company could be required to make is unlimited; however, the Company has directors&#8217; and officers&#8217; liability insurance coverage that limits its exposure and enables the Company to recover a portion of any future amounts paid.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.83%;color:#000000;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&#8217;s leases.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.83%;color:#000000;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&#8217;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-top:12pt;margin-bottom:0pt;text-indent:4.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December&#160;31, 2019 and 2018, 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>
CY2019 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q4 ttoo Number Of Financial Institutions
NumberOfFinancialInstitutions
1
CY2018Q4 ttoo Number Of Financial Institutions
NumberOfFinancialInstitutions
1
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1617000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
639000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1227000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1713000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
755000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
325000
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
200000
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3700000
CY2019 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.
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2018Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
200000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
600000
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
CY2019Q4 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2019 us-gaap Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
0
CY2018 us-gaap Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
0
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19081000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18622000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13236000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11307000
CY2019Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
600000
CY2018Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
300000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3193000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2940000
CY2019Q4 ttoo Accrued Final Fee Related To Debt
AccruedFinalFeeRelatedToDebt
2445000
CY2018Q4 ttoo Accrued Final Fee Related To Debt
AccruedFinalFeeRelatedToDebt
1375000
CY2019Q4 ttoo Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
267000
CY2018Q4 ttoo Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
359000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
511000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
576000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
908000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1983000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1900000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
823000
CY2019 ttoo Transfer Of Liabilities To Accrued Expenses And Other Current Liabilities
TransferOfLiabilitiesToAccruedExpensesAndOtherCurrentLiabilities
2400000
CY2018 ttoo Transfer Of Liabilities To Accrued Expenses And Other Current Liabilities
TransferOfLiabilitiesToAccruedExpensesAndOtherCurrentLiabilities
1400000
CY2019Q4 ttoo Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
48077000
CY2019Q4 ttoo Debt Instrument Carrying Amount Including Interest
DebtInstrumentCarryingAmountIncludingInterest
48077000
CY2019Q4 ttoo Debt Instrument Paid In Kind Interest Relating To Future Payments
DebtInstrumentPaidInKindInterestRelatingToFuturePayments
3284000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1891000
CY2018 ttoo Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3100000
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3500000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5437000
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9768000
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8746087
CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5969425
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4920538
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.026
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.036
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.065
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.012
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.006
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.025
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.010
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.010
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.015
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.527
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.234
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.250
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.122
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
86990000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
73612000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
8329000
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
7603000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2888000
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3156000
CY2019Q4 ttoo Deferred Tax Assets Start Up Expenditures
DeferredTaxAssetsStartUpExpenditures
2716000
CY2018Q4 ttoo Deferred Tax Assets Start Up Expenditures
DeferredTaxAssetsStartUpExpenditures
3026000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3450000
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3130000
CY2019Q4 ttoo Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
987000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
105360000
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
90527000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
104204000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
90361000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1156000
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
166000
CY2019Q4 ttoo Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
859000
CY2019Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
297000
CY2018Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
166000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
13800000
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
12800000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
235000
CY2019 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
36000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
1995000
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
659000
CY2019 us-gaap Lease Cost
LeaseCost
2925000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.119
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2314000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1951000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
23000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4288000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
432000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3856000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseRightOfUseAsset
CY2019Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:AccruedLiabilitiesCurrent
CY2019Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseLiabilityNoncurrent
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2225000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2277000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1926000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6428000
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2000000
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1900000
CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
195000
CY2018 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
126000
CY2017 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
190000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1785000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1804000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1677000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3069000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3901000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4048000
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4098000
CY2019Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4279000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7055000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6722000
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5981000
CY2019Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7546000
CY2019Q1 us-gaap Costs And Expenses
CostsAndExpenses
15344000
CY2019Q2 us-gaap Costs And Expenses
CostsAndExpenses
15590000
CY2019Q3 us-gaap Costs And Expenses
CostsAndExpenses
14023000
CY2019Q4 us-gaap Costs And Expenses
CostsAndExpenses
15436000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13559000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-13786000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-12346000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-12367000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-15147000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-15647000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-14171000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-14041000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.31
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2311000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3931000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2466000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1792000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4718000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3749000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5873000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2725000
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3297000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5755000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7611000
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6458000
CY2018Q1 us-gaap Costs And Expenses
CostsAndExpenses
13746000
CY2018Q2 us-gaap Costs And Expenses
CostsAndExpenses
14818000
CY2018Q3 us-gaap Costs And Expenses
CostsAndExpenses
11640000
CY2018Q4 us-gaap Costs And Expenses
CostsAndExpenses
15386000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11435000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-10887000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9174000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-13594000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-12913000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-12324000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-10767000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-15149000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.36
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.32
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34

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