Quarterly report pursuant to Section 13 or 15(d)

Organization, Description of Business, Basis of Presentation, Merger with NovellusDx, Ltd., Recently Adopted Accounting Standards, Acquisition, Reclassifications and Recent Accounting Pronouncements (Tables)

v3.10.0.1
Organization, Description of Business, Basis of Presentation, Merger with NovellusDx, Ltd., Recently Adopted Accounting Standards, Acquisition, Reclassifications and Recent Accounting Pronouncements (Tables)
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Financial Statement Line Items Affected by Adoption of New Revenue Recognition Guidance
The following table presents the amounts by which each line item in the Consolidated Statements of Operations and Other Comprehensive Loss was affected by adopting the new revenue recognition guidance for the three and nine months ended September 30, 2018 (in thousands):
 
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
 
As Reported
 
ASC 606 Adjustments
 
Balances Without Adoption
 
As Reported
 
ASC 606 Adjustments
 
Balances Without Adoption
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
Biopharma Services
 
$
3,850

 
$
(35
)
 
3,815

 
11,099

 
$
(797
)
 
10,302

Clinical Services
 
1,555

 

 
1,555

 
6,019

 

 
6,019

Discovery Services
 
535

 

 
535

 
3,525

 
(650
)
 
2,875

 
 
$
5,940

 
$
(35
)
 
$
5,905

 
$
20,643

 
$
(1,447
)
 
$
19,196



The following table presents the amounts by which each line item in the Consolidated Balance Sheet was affected by adopting the new revenue recognition guidance at September 30, 2018 (in thousands):
 
 
September 30, 2018
 
 
As Reported
 
ASC 606 Adjustments
 
Balances Without Adoption
CURRENT LIABILITIES
 
 
 
 
 
 
Deferred revenue
 
 
 
 
 
 
Biopharma Services
 
$
1,180

 
$
(1,062
)
 
$
118

Clinical Services
 

 

 

Discovery Services
 
1,229

 

 
1,229

 
 
$
2,409

 
$
(1,062
)
 
$
1,347

 
 
 
 
 
 
 
NON-CURRENT LIABILITIES
 
 
 
 
 
 
Deferred revenue
 
 
 
 
 
 
Biopharma Services
 
$
428

 
$

 
$
428

Clinical Services
 

 

 

Discovery Services
 
14

 

 
14

 
 
$
442

 
$

 
$
442

 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY
 
 
 
 
 
 
Accumulated (deficit)
 
$
(153,951
)
 
$
1,062

 
$
(152,889
)
Assets and Liabilities Acquired in Business Acquisition
The final allocation of the purchase price as of August 15, 2017 consists of the following (in thousands):
Cash
 
$
544

Accounts receivable
 
905

Lab supplies
 
350

Prepaid expenses and other current assets
 
60

Fixed assets
 
765

Intangible assets
 
3,160

Goodwill
 
5,960

Accounts payable and accrued expenses
 
(913
)
Deferred revenue
 
(814
)
Deferred rent and other
 
(222
)
Obligations under capital leases
 
(76
)
Total purchase price
 
$
9,719

Business Acquisition, Pro Forma Information
The following table provides certain pro forma financial information for the Company as if the acquisition of vivoPharm discussed above occurred on January 1, 2017 (in thousands except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2017
Revenue
$
9,069

 
$
25,335

Net loss
(976
)
 
(13,788
)
 
 
 
 
Basic net loss per share
$
(0.04
)
 
$
(0.61
)
Dilutive net loss per share
(0.16
)
 
(0.61
)
Restructuring and Related Costs
The costs associated with the restructuring activities incurred are as follows:

 
 
For the Three Months Ended September 30, 2018
 
For the Nine Months Ended September 30, 2018
Disposal activity costs
 
$
243

 
$
692

Costs to consolidate facilities
 
375

 
405

Contract termination costs
 
267

 
521

Employee termination costs
 
533

 
533

 
 
$
1,418

 
$
2,151


 
 
Restructuring Liability at December 31, 2017
 
Cost Incurred / Additions
 
Payments / Adjustments
 
Restructuring Liability at September 30, 2018
Disposal activity costs
 
$

 
$
692

 
$
(692
)
 
$

Costs to consolidate facilities
 

 
405

 
(319
)
 
86

Contract termination costs
 

 
521

 
(304
)
 
217

Employee termination costs
 

 
533

 
(91
)
 
442

 
 
$

 
$
2,151

 
$
(1,406
)
 
$
745