2019 Q4 Form 10-Q Financial Statement
#000156459019043531 Filed on November 14, 2019
Income Statement
Concept | 2019 Q4 | 2019 Q3 | 2018 Q3 |
---|---|---|---|
Revenue | $497.0K | $472.0K | $2.246M |
YoY Change | -71.87% | -78.98% | 39.5% |
Cost Of Revenue | $120.0K | $364.0K | $1.784M |
YoY Change | -92.5% | -79.6% | 78.22% |
Gross Profit | $373.0K | $108.0K | $462.0K |
YoY Change | 123.35% | -76.62% | -24.14% |
Gross Profit Margin | 75.05% | 22.88% | 20.57% |
Selling, General & Admin | $4.290M | $3.486M | $5.372M |
YoY Change | -29.09% | -35.11% | 9.57% |
% of Gross Profit | 1150.13% | 3227.78% | 1162.77% |
Research & Development | $4.150M | $3.379M | $2.672M |
YoY Change | 70.08% | 26.46% | 46.33% |
% of Gross Profit | 1112.6% | 3128.7% | 578.35% |
Depreciation & Amortization | $110.0K | $90.00K | $110.0K |
YoY Change | 0.0% | -18.18% | -8.33% |
% of Gross Profit | 29.49% | 83.33% | 23.81% |
Operating Expenses | $8.440M | $7.727M | $9.008M |
YoY Change | -0.47% | -14.22% | 22.42% |
Operating Profit | -$8.126M | -$7.619M | -$8.546M |
YoY Change | -8.46% | -10.85% | 26.63% |
Interest Expense | $260.0K | $40.00K | $20.00K |
YoY Change | 1200.0% | 100.0% | -33.33% |
% of Operating Profit | |||
Other Income/Expense, Net | $35.00K | ||
YoY Change | |||
Pretax Income | -$7.870M | -$7.580M | -$8.520M |
YoY Change | -11.17% | -11.03% | 26.79% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$7.868M | -$7.584M | -$8.522M |
YoY Change | -11.18% | -11.01% | 26.89% |
Net Earnings / Revenue | -1583.1% | -1606.78% | -379.43% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$504.2K | -$486.8K | -$990.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 124.6M | 124.6M | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2019 Q4 | 2019 Q3 | 2018 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $11.33M | $18.46M | $4.970M |
YoY Change | 153.47% | 271.43% | -62.74% |
Cash & Equivalents | $11.33M | $18.46M | $4.972M |
Short-Term Investments | |||
Other Short-Term Assets | $300.0K | $370.0K | $510.0K |
YoY Change | -78.57% | -27.45% | 10.87% |
Inventory | $1.029M | $1.264M | $3.604M |
Prepaid Expenses | |||
Receivables | $455.0K | $264.0K | $1.194M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $13.11M | $20.36M | $10.28M |
YoY Change | 36.28% | 98.07% | -42.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $1.122M | $1.125M | $1.114M |
YoY Change | 9.46% | 0.99% | -16.24% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $30.00K | $20.00K | $30.00K |
YoY Change | -25.0% | -33.33% | -25.0% |
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $3.489M | $3.542M | $1.143M |
YoY Change | 228.53% | 209.89% | -15.96% |
TOTAL ASSETS | |||
Total Short-Term Assets | $13.11M | $20.36M | $10.28M |
Total Long-Term Assets | $3.489M | $3.542M | $1.143M |
Total Assets | $16.60M | $23.90M | $11.42M |
YoY Change | 55.39% | 109.26% | -40.15% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.093M | $1.126M | $1.546M |
YoY Change | -16.25% | -27.17% | 86.27% |
Accrued Expenses | $1.889M | $2.082M | $1.975M |
YoY Change | -24.53% | 5.42% | -62.16% |
Deferred Revenue | $335.0K | $554.0K | $111.0K |
YoY Change | 100.6% | 399.1% | |
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $6.959M | $7.185M | $7.528M |
YoY Change | -8.41% | -4.56% | 23.21% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $2.370M | $2.430M | |
YoY Change | |||
Total Long-Term Liabilities | $2.370M | $2.430M | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $6.959M | $7.185M | $7.528M |
Total Long-Term Liabilities | $2.370M | $2.430M | $0.00 |
Total Liabilities | $9.324M | $9.612M | $7.530M |
YoY Change | 22.72% | 27.65% | 23.24% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$304.8M | -$296.9M | -$260.6M |
YoY Change | 13.1% | 13.93% | |
Common Stock | $264.0M | $263.7M | $221.8M |
YoY Change | 15.28% | 18.88% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $7.725M | $14.29M | $3.892M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $16.60M | $23.90M | $11.42M |
YoY Change | 55.39% | 109.26% | -40.15% |
Cashflow Statement
Concept | 2019 Q4 | 2019 Q3 | 2018 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$7.868M | -$7.584M | -$8.522M |
YoY Change | -11.18% | -11.01% | 26.89% |
Depreciation, Depletion And Amortization | $110.0K | $90.00K | $110.0K |
YoY Change | 0.0% | -18.18% | -8.33% |
Cash From Operating Activities | -$7.390M | -$6.450M | -$7.460M |
YoY Change | -4.4% | -13.54% | 59.74% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$100.0K | -$230.0K | -$20.00K |
YoY Change | 400.0% | 1050.0% | -33.33% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$100.0K | -$230.0K | -$20.00K |
YoY Change | 400.0% | 1050.0% | -33.33% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 350.0K | 0.000 | 4.970M |
YoY Change | -95.17% | -100.0% | |
NET CHANGE | |||
Cash From Operating Activities | -7.390M | -6.450M | -7.460M |
Cash From Investing Activities | -100.0K | -230.0K | -20.00K |
Cash From Financing Activities | 350.0K | 0.000 | 4.970M |
Net Change In Cash | -7.140M | -6.680M | -2.510M |
YoY Change | 1300.0% | 166.14% | -46.6% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$7.390M | -$6.450M | -$7.460M |
Capital Expenditures | -$100.0K | -$230.0K | -$20.00K |
Free Cash Flow | -$7.290M | -$6.220M | -$7.440M |
YoY Change | -5.45% | -16.4% | 60.34% |
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CY2018Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1285000 | |
CY2018Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
8000 | |
CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3531000 | |
CY2018Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
9978000 | |
CY2018Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
261000 | |
CY2018Q2 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
44000 | |
CY2018Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
627000 | |
CY2018Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
141000 | |
CY2018Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7961000 | |
CY2018Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-77000 | |
CY2018Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6544000 | |
CY2018Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
4969000 | |
CY2018Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
877000 | |
CY2018Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3892000 | |
CY2018Q4 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
-144000 | |
CY2019Q1 | eyes |
Stock Issued During Period Value Common Stock And Warrants In Connection With Rights Offering Net Of Issuance Costs
StockIssuedDuringPeriodValueCommonStockAndWarrantsInConnectionWithRightsOfferingNetOfIssuanceCosts
|
34399000 | |
CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
898000 | |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9700000 | |
CY2019Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-8000 | |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
28529000 | |
CY2019Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
238000 | |
CY2019Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
859000 | |
CY2019Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8440000 | |
CY2019Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
9000 | |
CY2019Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
21195000 | |
CY2019Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
686000 | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
293000 | ||
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
329000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2443000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2789000 | ||
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
-6000 | ||
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
13000 | ||
us-gaap |
Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
|
-793000 | ||
us-gaap |
Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
|
171000 | ||
us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
2587000 | ||
eyes |
Common Stock Issuable For Services
CommonStockIssuableForServices
|
109000 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-240000 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-639000 | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-186000 | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1082000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-1010000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-291000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-178000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
795000 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-282000 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-447000 | ||
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-227000 | ||
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
351000 | ||
eyes |
Increase Decrease Accrued Clinical Trial Expenses
IncreaseDecreaseAccruedClinicalTrialExpenses
|
-199000 | ||
eyes |
Increase Decrease Accrued Clinical Trial Expenses
IncreaseDecreaseAccruedClinicalTrialExpenses
|
155000 | ||
us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
388000 | ||
us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
63000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-20243000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-22079000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
394000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
144000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-394000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-144000 | ||
eyes |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
34399000 | ||
eyes |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
18939000 | ||
eyes |
Proceeds From Exercise Of Stock Options And Warrants
ProceedsFromExerciseOfStockOptionsAndWarrants
|
238000 | ||
eyes |
Proceeds From Exercise Of Stock Options And Warrants
ProceedsFromExerciseOfStockOptionsAndWarrants
|
417000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
34637000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
19356000 | ||
us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-9000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
13991000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-2867000 | ||
CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4471000 | |
CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
7839000 | |
CY2019Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
18462000 | |
CY2018Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4972000 | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="text-align:justify;margin-bottom:0pt;margin-top: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. Organization and Business Operations</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Second Sight Medical Products, Inc. (“Second Sight,” “we,” “us,” or “the Company”) was incorporated in the State of California in 2003. Second Sight develops, manufactures and markets implantable visual prosthetics to potentially enable blind individuals to achieve greater independence.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2007, Second Sight formed Second Sight Medical Products (Switzerland) Sàrl, initially to manage clinical trials for its products in Europe, and later to manage sales and marketing in Europe, the Middle East and Asia-Pacific. As the laws of Switzerland require at least two corporate stockholders, Second Sight Medical Products (Switzerland) Sàrl is 99.5% owned directly by us and 0.5% owned by an executive of Second Sight as of September 30, 2019. Accordingly, Second Sight Medical Products (Switzerland) Sàrl is considered 100% owned for financial statement purposes and is consolidated with Second Sight for all periods presented.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are currently developing the Orion<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup> Visual Cortical Prosthesis System (“Orion”), an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes including retinitis pigmentosa (RP), glaucoma, diabetic retinopathy, optic nerve injury or disease, or forms of cancer and trauma. A feasibility study of the Orion device is currently underway at the Ronald Reagan UCLA Medical Center in Los Angeles (“UCLA”) and Baylor College of Medicine in Houston (“Baylor”).</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our commercially approved product, the Argus<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup> II retinal prosthesis system (“Argus II”), entered clinical trials in 2006, received CE Mark approval for marketing and sales in the European Union (“EU”) in 2011, and received approval by the United States Food and Drug Administration (“FDA”) for marketing and sales in the United States in 2013. We began selling the Argus II in Europe at the end of 2011, Saudi Arabia in 2012, the United States and Canada in 2014, Turkey in 2015, Iran, Taiwan, South Korea and Russia in 2017, and Singapore in 2018. Given the limited addressable market of Argus II, we have made the decision to maximize capital efficiency with our Argus commercial and clinical activities and increase our investment of resources with our Orion clinical and R&D programs. See Note 2 for discussion of Discontinued Operations.</p> <p style="text-align:justify;margin-top:10pt;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="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From inception, our operations have been funded primarily through the sales of our common stock and warrants, as well as from the issuance of convertible debt, research and clinical grants, and limited product revenue generated from the sale of our Argus II product. Funding of our business since 2017 has been primarily provided by:</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"> </p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">•</p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue of $2.9 million for the nine months ended September 30, 2019 and $6.9 million for the year ended December 31, 2018 generated by sales of our Argus II product. </p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">•</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock and warrants in a rights offering in February 2019, which provided net cash proceeds of $34.4 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">•</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock in securities purchase agreements in May, August, October and December 2018, which provided net cash proceeds of $22.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">•</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock through our At Market Issuance Sales Agreement <font style="color:#000000;">(the “Sales Agreement”) </font>during the first quarter of 2018 which provided net cash proceeds of $4.0 million. <font style="font-size:12pt;color:#000000;"> </font></p></td></tr></table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <font style="font-size:10pt;">On September 17, 2019, we received a $2.4 million, four-year grant from the National Institutes of Health (NIH) to develop spatial localization and mapping technology (“SLAM”). This grant involves a joint collaboration with the Johns Hopkins University Applied Physics Laboratory, and is intended to speed the integration of SLAM into future generations of Orion. The goal is to give Orion users the ability to localize objects and navigate landmarks in unfamiliar surroundings in real time.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">     </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In a rights offering completed on February 22, 2019, we sold approximately 47.8 million units, each priced at $0.724 for gross proceeds of approximately $34.6 million. Each unit consisted of one share and one immediately exercisable warrant having an exercise price of $1.47 per share. Entities controlled by Gregg Williams, our Chairman of the Board of Directors, acquired approximately 41.4 million units in the offering for an aggregate investment of approximately $30 million.<font style="font-weight:bold;"> </font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.33%;font-weight:bold;;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.33%;font-weight:bold;;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2017, we entered into an At Market Issuance Sales Agreement with B. Riley FBR Inc. and H.C. Wainwright & Co., LLC, as agents (“Agents”) pursuant to which we may offer and sell, from time to time through either of the Agents, shares of our common stock having an aggregate offering price as set forth in the Sales Agreement and a related prospectus supplement filed with the SEC. We agreed to pay the Agents a cash commission of 3.0% of the aggregate gross proceeds from each sale of shares under the Sales Agreement. During January and February 2018, we sold 2.2 million shares of common stock which provided net proceeds of $4.0 million under the Sales Agreement. No shares have been sold since February 2018 under the Sales Agreement.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 25, 2019, we received a letter from The Nasdaq Stock Market advising us that for 30 consecutive trading days preceding the date of the letter, the bid price of our common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market pursuant to listing rules, and therefore we could become subject to delisting if we did not regain compliance within the compliance period. Nasdaq has extended the compliance period for an additional 180 days through January 20, 2020 and we continue to monitor and evaluate our options including, if necessary, effecting a reverse stock split to cure this deficiency within this extended compliance period.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our financial statements have been presented on the basis that our business is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are subject to the risks and uncertainties associated with a business with one product line and limited commercial product revenues, including limitations on our operating capital resources and uncertain demand for our product. We have incurred recurring operating losses and negative operating cash flows since inception, and we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future. </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not have sufficient funds to support our operations for the next 12 months from the date of issuance of these financial statements. Accordingly, these and other related factors raise substantial doubt about our ability to continue as a going concern. We anticipate that we will seek to additionally fund our operations through public or private equity or debt financings, grants, collaborations, strategic partnerships or other sources. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or any other approved product candidates, or we may be unable to expand our operations, maintain our current organization and employee base or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</p> | ||
CY2019Q3 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
807000 | |
CY2018Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
791000 | |
CY2019Q3 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
1854000 | |
CY2018Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
3055000 | |
CY2019Q1 | eyes |
Closing Bid Price Of Common Stock Per Share
ClosingBidPriceOfCommonStockPerShare
|
1.00 | |
eyes |
Restructuring Charges Settled
RestructuringChargesSettled
|
400000 | ||
CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
2600000 | |
CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2800000 | |
CY2019Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
2174000 | |
CY2018Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
2089000 | |
CY2018Q4 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
2685000 | |
CY2019Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4675000 | |
CY2018Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4282000 | |
CY2019Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
3550000 | |
CY2018Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
3257000 | |
CY2019Q3 | us-gaap |
Deposit Assets
DepositAssets
|
100000 | |
CY2018Q4 | us-gaap |
Deposit Assets
DepositAssets
|
200000 | |
CY2019Q3 | us-gaap |
Inventory Gross
InventoryGross
|
4835000 | |
CY2018Q4 | us-gaap |
Inventory Gross
InventoryGross
|
5935000 | |
CY2019Q3 | us-gaap |
Inventory Adjustments
InventoryAdjustments
|
3571000 | |
CY2018 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
6900000 | |
us-gaap |
Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
|
us-gaap:ProductMember | ||
CY2018 | us-gaap |
Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
|
us-gaap:ProductMember | |
CY2019Q3 | eyes |
Grant Received To Develop Spatial Localization And Mapping Technology
GrantReceivedToDevelopSpatialLocalizationAndMappingTechnology
|
2400000 | |
CY2019Q3 | eyes |
Grant Received Funding Period
GrantReceivedFundingPeriod
|
P4Y | |
eyes |
Contract With Customer Liability Consideration Received In Advance Of Revenue Recognition
ContractWithCustomerLiabilityConsiderationReceivedInAdvanceOfRevenueRecognition
|
387000 | ||
CY2018Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
181000 | |
us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
64000 | ||
CY2019Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
117000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
|
P5Y | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.10 | |
CY2019Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
123000 | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
370000 | ||
CY2019Q3 | us-gaap |
Lease Cost
LeaseCost
|
123000 | |
us-gaap |
Lease Cost
LeaseCost
|
370000 | ||
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
357000 | ||
CY2019Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P7Y3M18D | |
CY2019Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | |
CY2019Q3 | eyes |
Lessee Discounted Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeDiscountedOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
53000 | |
CY2019Q3 | eyes |
Lessee Discounted Operating Lease Liability Payments Due Year Two
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearTwo
|
237000 | |
CY2019Q3 | eyes |
Lessee Discounted Operating Lease Liability Payments Due Year Three
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearThree
|
278000 | |
CY2019Q3 | eyes |
Lessee Discounted Operating Lease Liability Payments Due Year Four
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFour
|
322000 | |
CY2019Q3 | eyes |
Lessee Discounted Operating Lease Liability Payments Due Year Five
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFive
|
352000 | |
CY2019Q3 | eyes |
Lessee Discounted Operating Lease Liability Payments Due After Year Five
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
1413000 | |
CY2019Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2655000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
120000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
491000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
505000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
521000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
516000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
1704000 | |
CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
3857000 | |
CY2019Q1 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
||
CY2019Q2 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
||
CY2019Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
200000000 | |
CY2019Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
300000000 | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
71885000 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
22268000 | ||
CY2019Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
686000 | |
CY2018Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
877000 | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2443000 | ||
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2789000 |