$TTOO
T2 Biosystems, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020039633 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $2.552M $1.804M
YoY Change 41.46% -54.11%
Cost Of Revenue $2.300M $4.820M
YoY Change -52.28% 39.31%
Gross Profit $250.0K -$3.020M
YoY Change -108.28% -742.55%
Gross Profit Margin 9.8% -167.41%
Selling, General & Admin $4.610M $6.722M
YoY Change -31.42% -11.68%
% of Gross Profit 1844.0%
Research & Development $3.580M $4.048M
YoY Change -11.56% 7.98%
% of Gross Profit 1432.0%
Depreciation & Amortization $400.0K $600.0K
YoY Change -33.33% 0.0%
% of Gross Profit 160.0%
Operating Expenses $8.590M $10.77M
YoY Change -20.24% -5.19%
Operating Profit -$8.340M -$13.79M
YoY Change -39.5% 26.63%
Interest Expense -$1.840M -$2.000M
YoY Change -8.0% 32.45%
% of Operating Profit
Other Income/Expense, Net $0.00 $140.0K
YoY Change -100.0% 102.9%
Pretax Income -$10.69M -$15.65M
YoY Change -31.69% 27.03%
Income Tax
% Of Pretax Income
Net Earnings -$10.69M -$15.65M
YoY Change -31.71% 26.96%
Net Earnings / Revenue -418.69% -867.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$88.87K -$352.2K
COMMON SHARES
Basic Shares Outstanding 44.34M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.80M $28.42M
YoY Change 25.97% -59.81%
Cash & Equivalents $26.50M $28.42M
Short-Term Investments $9.250M
Other Short-Term Assets $6.170M $710.0K
YoY Change 769.01% -17.44%
Inventory $4.111M $3.100M
Prepaid Expenses
Receivables $1.300M $1.179M
Other Receivables $0.00 $0.00
Total Short-Term Assets $47.37M $33.41M
YoY Change 41.77% -55.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.900M $7.262M
YoY Change -46.3% -14.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $370.0K $206.0K
YoY Change 79.61% -47.18%
Total Long-Term Assets $6.340M $11.76M
YoY Change -46.07% 32.39%
TOTAL ASSETS
Total Short-Term Assets $47.37M $33.41M
Total Long-Term Assets $6.340M $11.76M
Total Assets $53.71M $45.17M
YoY Change 18.91% -46.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.780M $2.911M
YoY Change -38.85% 153.13%
Accrued Expenses $5.971M $8.823M
YoY Change -32.32% 109.57%
Deferred Revenue $677.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $42.89M
YoY Change -100.0% 1037.67%
Total Short-Term Liabilities $7.950M $57.80M
YoY Change -86.25% 460.34%
LONG-TERM LIABILITIES
Long-Term Debt $44.00M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $6.150M $2.990M
YoY Change 105.69% 210.81%
Total Long-Term Liabilities $50.15M $2.990M
YoY Change 1577.26% 210.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.950M $57.80M
Total Long-Term Liabilities $50.15M $2.990M
Total Liabilities $58.10M $60.79M
YoY Change -4.43% 439.06%
SHAREHOLDERS EQUITY
Retained Earnings -$401.8M -$348.0M
YoY Change 15.47% 19.47%
Common Stock $332.3M
YoY Change 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.388M -$15.62M
YoY Change
Total Liabilities & Shareholders Equity $53.71M $45.17M
YoY Change 18.91% -46.36%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$10.69M -$15.65M
YoY Change -31.71% 26.96%
Depreciation, Depletion And Amortization $400.0K $600.0K
YoY Change -33.33% 0.0%
Cash From Operating Activities -$13.49M -$8.840M
YoY Change 52.6% 2.55%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$250.0K
YoY Change -76.0% -53.7%
Acquisitions
YoY Change
Other Investing Activities -$9.240M
YoY Change
Cash From Investing Activities -$9.300M -$250.0K
YoY Change 3620.0% -53.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.00M 110.0K
YoY Change 11718.18% -99.78%
NET CHANGE
Cash From Operating Activities -13.49M -8.840M
Cash From Investing Activities -9.300M -250.0K
Cash From Financing Activities 13.00M 110.0K
Net Change In Cash -9.790M -8.980M
YoY Change 9.02% -121.91%
FREE CASH FLOW
Cash From Operating Activities -$13.49M -$8.840M
Capital Expenditures -$60.00K -$250.0K
Free Cash Flow -$13.43M -$8.590M
YoY Change 56.34% 6.31%

Facts In Submission

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<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-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 <span style="font-style:italic;">in vitro</span> 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, cerebral spinal fluid 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<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup> Instrument (the “T2Dx”) and T2Candida<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup> Panel (“T2Candida”). On May 24, 2018, the Company received market clearance from the FDA for its T2Bacteria<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup> Panel (“T2Bacteria”). On February 6, 2019, the FDA granted the Company’s T2Resistance<sup style="font-size:85%;line-height:120%;vertical-align:top">TM</sup> Panel (“T2Resistance”) designation as a Breakthrough Device. On August 2, 2019, the Center for Medicare &amp; Medicaid Services (CMS) granted approval for a New Technology Add-on Payment for the T2Bacteria Panel for fiscal year 2020. On November 20, 2019, the Company’s T2Resistance Panel was granted a CE-Mark. <span style="color:#000000;">On June 30, 2020, the Company announced the US launch of its COVID-19 molecular diagnostic test, the T2SARS-CoV-2 Panel, after validation of the test meeting the FDA’s requirements for an Emergency Use Authorization (EUA). On July 1, 2020, the Company submitted an EUA request to the FDA for the T2SARS-CoV-2 Panel.</span> The test is designed to detect the presence of the SARS-CoV-2 virus in a nasopharyngeal swab sample.<span style="color:#000000;">  </span></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 June 30, 2020, the Company had cash and cash equivalents of $26.5 million, marketable securities of $9.2 million, an accumulated deficit of $401.8 million, a stockholders’ deficit of $4.4 million, and has experienced cash outflows from operating activities over the past years. 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, 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.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.15%;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-top:12pt;margin-bottom:0pt;text-indent:5.15%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The COVID-19 pandemic has impacted and may continue to impact operations. The Company has established protocols for continued manufacturing, distribution and servicing of its products with safe social distancing and personal protective equipment measures and for remote work for employees not essential to on-site operations. To date these measures have been successful but may not continue to function should the pandemic escalate and impact personnel. The Company’s hospital customers have restricted the sales team’s access to their facilities and as a result, the Company significantly reduced its sales and general and administrative staffing levels to reduce expenses. The Company’s customers may reduce their purchases of products. Customers may cease to comply with the terms of sales agreements and this may impact the ability to recognize revenue and hinder receivables collections. The Company has a significant development contract with a United States Government agency and should the agency reduce, cancel or not grant additional milestone projects, the Company’s ability to continue its future product development may be impacted. The ability of the Company’s shipping carriers to deliver products to customers may be disrupted. The Company has reviewed its suppliers and quantities of key materials and believes that it has sufficient stocks and alternate sources of critical materials including personal protective equipment should the supply chains become disrupted. As further described in Note 5., the Company believes the pandemic’s impact on its sales has impacted the recoverability of the value of T2-owned instruments and components. The COVID-19 pandemic also caused the Company to reassess its build plan and evaluate its inventories accordingly, which resulted in an additional charge to cost of product revenue. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.15%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="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.</span></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;">Pursuant to the requirements of Accounting Standards Codification (“ASC”) 205-40, <span style="font-style:italic;">Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</span>, 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-top:12pt;margin-bottom:0pt;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 and marketable securities at June 30, 2020, <span style="color:#000000;">along with the $33.4 million of additional funding available through the Company’s Equity Distribution Agreement (the “Sales Agreement”) with Canaccord Genuity LLC, as agent (“Canaccord”) (Note 7) which was raised in July 2020, will be sufficient to allow the Company to fund its current operating plan, at least a year from issuance of these financial statements. Certain elements of the Company’s operating plan are outside of the Company’s control, those elements cannot be considered probable; under ASC 205-40, the future receipt of potential funding from the Company’s Co-Development partners and other resources cannot be considered probable at this time because none of the plans are entirely within the Company’s control. During the three months ended March 31, 2020, management implemented a cost improvement strategy which is focused on reducing operating expenses and improving our cost of goods sold. The Company reduced its total employee headcount by 22% as compared to headcount at December 31, 2019, resulting in severance of $0.4 million, all of which was paid by June 30, 2020. The Term Loan Agreement with CRG Servicing LLC (“CRG”) (Note 6) has certain covenants which require the Company 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. As of the date of these financial statements, it is probable the Company will not achieve the revenue target of $15.0 million for the twenty-four month period ended December 31, 2020, and there are no assurances that the Company will achieve the revenue target of $43.0 million for the twenty-four month period ended December 31, 2021. Should the Company fail to meet 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. If the Company is unsuccessful in obtaining a waiver, it would pay the cure amount set forth under the Term Loan Agreement. While the Company believes it can continue as a going concern for at least a year from issuance of these financial statements, there can be no assurances the Company will continue to be in compliance with the cash covenant in future periods without additional funding.</span></p> <p style="margin-top:12pt;margin-bottom:0pt;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;">On April 7, 2020, the Company received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). On June 16, 2020, the Company received a letter from the Nasdaq stating that the Company had regained compliance. <span style="color:#000000;"> </span></p>
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us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<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;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 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 June 30, 2020 and December 31, 2019, 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>
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2552000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1804000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5097000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3589000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100000
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 18 months.
CY2020Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1388000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3193000
CY2019Q4 ttoo Accrued Final Fee Related To Debt
AccruedFinalFeeRelatedToDebt
2445000
CY2020Q2 ttoo Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
199000
CY2019Q4 ttoo Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
267000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
578000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
511000
CY2020Q2 us-gaap Interest Payable Current
InterestPayableCurrent
914000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
908000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2010000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1983000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
882000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1900000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3900000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5845000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5971000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11207000
CY2019Q4 ttoo Accrued Final Fee Related To Debt
AccruedFinalFeeRelatedToDebt
2400000
CY2020Q2 ttoo Accrued Final Fee Noncurrent Related To Debt
AccruedFinalFeeNoncurrentRelatedToDebt
2800000
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1203000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1617000
CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1368000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1227000
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1540000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
755000
CY2020Q2 us-gaap Inventory Net
InventoryNet
4111000
CY2019Q4 us-gaap Inventory Net
InventoryNet
3599000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17928000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19081000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14028000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13236000
CY2020Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
100000
CY2019Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
600000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
600000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1200000
CY2020Q2 ttoo Debt Instrument Carrying Amount Including Unamortized Paid In Kind Interest Discount And Issuance Costs
DebtInstrumentCarryingAmountIncludingUnamortizedPaidInKindInterestDiscountAndIssuanceCosts
48077000
CY2019Q4 ttoo Debt Instrument Carrying Amount Including Unamortized Paid In Kind Interest Discount And Issuance Costs
DebtInstrumentCarryingAmountIncludingUnamortizedPaidInKindInterestDiscountAndIssuanceCosts
48077000
CY2020Q2 ttoo Debt Instrument Unamortized Paid In Kind Interest Relating To Future Payments
DebtInstrumentUnamortizedPaidInKindInterestRelatingToFuturePayments
2488000
CY2019Q4 ttoo Debt Instrument Unamortized Paid In Kind Interest Relating To Future Payments
DebtInstrumentUnamortizedPaidInKindInterestRelatingToFuturePayments
3284000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1589000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1891000
CY2020Q2 us-gaap Notes Payable
NotesPayable
44000000
CY2019Q4 us-gaap Notes Payable
NotesPayable
42902000
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
1700000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
944000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1284000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2135000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3233000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12207818
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12207818
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7232641
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7232641

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