Document and Entity Information	3 Months Ended
Document and Entity Information	Jun. 30, 2013	Aug. 07, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	ORGANOVO HOLDINGS, INC.
Entity Central Index Key	0001497253
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		76,507,069

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Mar. 31, 2013
Current Assets
Cash and cash equivalents	$ 12,849,000	$ 15,628,000
Grant receivable		101,000
Inventory	85,000	88,000
Prepaid expenses and other current assets	327,000	327,000
Total current assets	13,261,000	16,144,000
Fixed Assets - Net	1,113,000	1,045,000
Restricted Cash	38,300	88,300
Other Assets - Net	96,000	98,000
Total assets	14,508,000	17,375,000
Current Liabilities
Accounts payable	374,000	641,000
Accrued expenses	1,143,000	780,000
Deferred revenue	28,000	53,000
Capital lease obligation, current portion	10,000	10,000
Warrant liabilities	6,025,000	6,898,000
Total current liabilities	7,580,000	8,382,000
Deferred revenue, net of current portion	8,000	9,000
Capital lease obligation, net of current portion	12,000	15,000
Total liabilities	7,600,000	8,406,000
Commitments and Contingencies (Note 5)
Stockholders' Equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 64,951,014 and 64,686,919 shares issued and outstanding at June 30, 2013 and March 31, 2013, respectively	65,000	65,000
Additional paid-in capital	76,979,000	75,269,000
Deficit accumulated during the development stage	(70,136,000)	(66,365,000)
Total stockholders' equity	6,908,000	8,969,000
Total Liabilities and Stockholders' Equity	$ 14,508,000	$ 17,375,000

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Mar. 31, 2013
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	64,951,014	64,686,919
Common stock, shares outstanding	64,951,014	64,686,919

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		74 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Revenue
Product			$ 224
Collaborations	94	259	1,990
Grants	12		955
Total Revenues	106	259	3,169
Cost of product revenue			134
Selling, general, and administrative expenses	2,378	1,056	14,917
Research and development expenses	1,462	653	9,544
Loss from Operations	(3,734)	(1,450)	(21,426)
Other Income (Expense)
Fair value of warrant liabilities in excess of proceeds received			(19,019)
Change in fair value of warrant liabilities	(23)	(33,937)	(21,995)
Financing transaction costs in excess of proceeds received			(2,130)
Loss on inducement to exercise warrants			(1,904)
Loss on disposal of fixed assets	(4)		(162)
Interest expense	(13)		(3,484)
Interest income	3	2	14
Other expense			(30)
Total Other Income (Expense)	(37)	(33,935)	(48,710)
Net Loss	$ (3,771)	$ (35,385)	$ (70,136)
Net loss per common share - basic and diluted	$ (0.06)	$ (0.82)
Weighted average shares used in computing net loss per common share - basic and diluted	64,794,144	43,029,026

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (USD $)	Total	Common Stock	Additional Paid-in Capital	Deficit Accumulated During the Development Stage
Beginning balance at Apr. 19, 2007
Beginning balance, Shares at Apr. 19, 2007
Issuance of Common stock
Stock-based compensation expense
Net Loss
Ending balance at Dec. 31, 2007
Ending balance, Shares at Dec. 31, 2007
Issuance of Common stock to founders		2,000	(2,000)
Issuance of Common stock to founders, Shares		1,730,000
Issuance of restricted common stock		12,000	(12,000)
Issuance of restricted common stock, Shares		12,628,000
Stock-based compensation expense	2,000		2,000
Net Loss	(98,000)			(98,000)
Ending balance at Dec. 31, 2008	(96,000)	14,000	(12,000)	(98,000)
Ending balance, Shares at Dec. 31, 2008		14,358,000
Issuance of restricted common stock, Shares		130,000
Stock-based compensation expense	2,000		2,000
Net Loss	(872,000)			(872,000)
Ending balance at Dec. 31, 2009	(966,000)	14,000	(10,000)	(970,000)
Ending balance, Shares at Dec. 31, 2009		14,488,000
Issuance of restricted common stock, Shares		219,000
Stock-based compensation expense	4,000		4,000
Net Loss	(1,339,000)			(1,339,000)
Ending balance at Dec. 31, 2010	(2,301,000)	14,000	(6,000)	(2,309,000)
Ending balance, Shares at Dec. 31, 2010		14,707,000
Issuance of Common stock through conversion of notes payable	3,490,000	8,000	3,482,000
Issuance of Common stock through conversion of notes payable, Shares		7,677,000
Issuance of warrants to consultants/Warrants issued with convertible notes and conversion of notes	1,111,000		1,111,000
Issuance of restricted common stock, Shares		61,000
Beneficial conversion feature of convertible notes payable	239,000		239,000
Stock-based compensation expense	9,000		9,000
Net Loss	(4,383,000)			(4,383,000)
Ending balance at Dec. 31, 2011	(1,835,000)	22,000	4,835,000	(6,692,000)
Ending balance, Shares at Dec. 31, 2011		22,445,000
Issuance of Common stock in connection with the merger		6,000	(6,000)
Issuance of Common stock in connection with the merger, Shares		6,000,000
Issuance of Common stock through private placements in connection with merger	13,723,000	14,000	13,709,000
Issuance of Common stock through private placements in connection with merger, Shares		13,723,000
Costs associated with the merger	(13,723,000)		(13,723,000)
Issuance of Common stock through conversion of notes payable and accrued interest in connection with the merger	1,526,000	2,000	1,524,000
Issuance of Common stock through conversion of notes payable and accrued interest in connection with the merger, Shares		1,525,000
Issuance of warrants to consultants/Warrants issued with convertible notes and conversion of notes	890,000		890,000
Issuance of Common stock from warrant exercises, net	10,991,000	14,000	10,977,000
Issuance of Common stock from warrant exercises, net, Shares		13,424,000
Issuance of restricted common stock		1,000	(1,000)
Issuance of restricted common stock, Shares		1,380,000
Restricted stock forfeitures and adjustments		(186,000)
Warrant liability removed due to exercises of warrants	23,321,000		23,321,000
Issuances of Common stock from stock option exercises	18,000		18,000
Issuances of Common stock from stock option exercises, Shares	224,064	224,000
Stock-based compensation expense	1,435,000		1,435,000
Loss on inducement to exercise warrants	1,904,000		1,904,000
Net Loss	(43,553,000)			(43,553,000)
Ending balance at Dec. 31, 2012	(5,303,000)	59,000	44,883,000	(50,245,000)
Ending balance, Shares at Dec. 31, 2012		58,535,000
Issuance of Common stock from warrant exercises, net	3,724,000	6,000	3,718,000
Issuance of Common stock from warrant exercises, net, Shares		6,131,000
Issuance of restricted common stock, Shares		55,000
Restricted stock forfeitures and adjustments		(34,000)
Warrant liability removed due to exercises of warrants	23,869,000		23,869,000
Stock-based compensation expense	848,000		848,000
Expense related to modification of warrants	65,000		65,000
Warrant liability reclassified to equity	1,886,000		1,886,000
Net Loss	(16,120,000)			(16,120,000)
Ending balance at Mar. 31, 2013	8,969,000	65,000	75,269,000	(66,365,000)
Ending balance, Shares at Mar. 31, 2013		64,687,000
Issuance of warrants to consultants/Warrants issued with convertible notes and conversion of notes	767,000
Issuance of Common stock from warrant exercises, net
Issuance of Common stock from warrant exercises, net, Shares		200,000
Issuance of restricted common stock
Issuance of restricted common stock, Shares		60,000
Restricted stock forfeitures and adjustments		4,000
Warrant liability removed due to exercises of warrants	129,000		129,000
Issuances of Common stock from stock option exercises, Shares
Stock-based compensation expense	802,000		802,000
Expense related to modification of warrants	12,000		12,000
Warrant liability reclassified to equity	767,000		767,000
Net Loss	(3,771,000)			(3,771,000)
Ending balance at Jun. 30, 2013	$ 6,908,000	$ 65,000	$ 76,979,000	$ (70,136,000)
Ending balance, Shares at Jun. 30, 2013		64,951,000

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		74 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Cash Flows From Operating Activities
Net loss	$ (3,771)	$ (35,385)	$ (70,136)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred financing costs			438
Amortization of warrants issued for services	72		889
Depreciation and amortization	93	20	524
Loss on disposal of fixed assets	4		162
Amortization of debt discount			2,084
Interest accrued on convertible notes payable			495
Fair value of warrant liabilities in excess of proceeds			19,019
Change in fair value of warrant liabilities	23	33,937	21,995
Loss on inducement to exercise warrants			1,904
Expense associated with warrant modification	12		77
Stock-based compensation	802	39	3,102
Warrants issued in connection with exchange agreement			528
Increase (decrease) in cash resulting from changes in:
Grants receivable	101
Inventory	3	(190)	(748)
Prepaid expenses and other assets	(72)	(60)	(327)
Accounts payable	(267)	(181)	374
Accrued expenses	363	5	1,143
Deferred revenue	(26)	(46)	36
Net cash used in operating activities	(2,663)	(1,861)	(18,441)
Cash Flows From Investing Activities
Deposits released from restriction (restricted cash deposits)	50	(50)	(38)
Purchases of fixed assets	(163)	(72)	(1,084)
Purchases of intangible assets			(114)
Net cash used in investing activities	(113)	(122)	(1,236)
Cash Flows From Financing Activities
Proceeds from issuance of convertible notes payable			4,630
Proceeds from issuance of common stock and warrants		99	28,438
Proceeds from exercise of stock options			18
Proceeds from issuance of related party notes payable			250
Repayment of related party notes payable			(250)
Principal payments on capital lease obligation	(3)		(12)
Repayment of convertible notes and interest payable			(110)
Deferred financing costs			(438)
Net cash provided by (used in) financing activities	(3)	99	32,526
Net Increase (Decrease) in Cash and Cash Equivalents	(2,779)	(1,884)	12,849
Cash and Cash Equivalents at Beginning of Period	15,628	10,353
Cash and Cash Equivalents at End of Period	12,849	8,469	12,849
Supplemental Disclosure of Cash Flow Information:
Interest			10
Income Taxes			$ 3

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $)	3 Months Ended	74 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Condensed Consolidated Statements of Cash Flows [Abstract]
Warrant liability increased	$ 129,000
Warrant liability reduced	129,000	47,319,000
Warrant reclassified as equity instruments	767,000	2,653,000
Warrants and related beneficial conversion feature valued		824,000
Warrant issued in connection with convertible notes payable		1,260,000
Issuance of common stock to note holders		9,202,215
Convertible notes principal balance		4,530,000
Accrued interest		485,000
Issued warrants with connection with reverse merger and private placement		32,743,000
Purchased equipment through capital lease		34,000
Issued warrants to purchase share of common stock for consulting services shares		650,000
Issued warrants to purchase shares of common stock for consulting services		$ 889,000

Change in Fiscal Year End

3 Months Ended

Jun. 30, 2013

Change in Fiscal Year End [Abstract]

Change in Fiscal Year End

1. Change in Fiscal Year End

On March 31, 2013, the Board of Directors of the Company (the “Board”) approved a change in the Company’s fiscal year end from December 31 to March 31. As a result of this change, the Company filed a Transition Report on Form 10-KT for the three-month transition period ended March 31, 2013. References to any of the Company’s fiscal years mean the fiscal year ending March 31 of that calendar year.

Description of Business and Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2013

Description of Business and Summary of Significant Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

2. Description of Business and Summary of Significant Accounting Policies

Nature of operations and basis of presentation

References in these notes to the unaudited condensed financial statements to “Organovo Holdings, Inc.,” “Organovo Holdings,” “we,” “us,” “our,” “the Company” and “our Company” refer to Organovo Holdings, Inc. and its consolidated subsidiary Organovo, Inc. The Company is developing and commercializing functional three-dimensional (3D) human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs.

As of June 30, 2013, the Company has devoted substantially all of its efforts to product development, raising capital, and building infrastructure. The Company has not realized significant revenues from its planned principal operations. Accordingly, the Company is considered to be in the development stage.

The accompanying interim condensed financial statements have been prepared by the Company, without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of its financial position, results of operations, stockholders’ equity (deficit) and cash flows in accordance with generally accepted accounting principles (“GAAP”). The balance sheet at March 31, 2013 is derived from the audited balance sheet at that date.

In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity (deficit) and cash flows. These financial statements should be read in conjunction with the financial statements included in the Company’s Transition Report filed on Form 10-KT for the transition period ended March 31, 2013 filed with the Securities and Exchange Commission (the “SEC”) on May 24, 2013. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2014.

Reverse merger transaction

On February 8, 2012, Organovo, Inc., a privately held Delaware corporation, merged with and into Organovo Acquisition Corp., a wholly-owned subsidiary of Organovo Holdings, Inc., a publicly traded Delaware corporation, with Organovo, Inc. surviving the merger as a wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, the Company acquired the business of Organovo, Inc., and will continue the existing business operations of Organovo, Inc.

Simultaneously with the Merger, on February 8, 2012 (the “closing date”), all of the issued and outstanding shares of Organovo, Inc.’s common stock converted, on a 1 for 1 basis, into shares of the Company’s common stock, par value $0.001 per share. Also, on the closing date, all of the issued and outstanding options to purchase shares of Organovo, Inc.’s common stock and other outstanding warrants to purchase Organovo, Inc.’s common stock, and all of the issued and outstanding bridge warrants to purchase shares of Organovo, Inc.’s common stock, converted on a 1 for 1 basis, into options, warrants and new bridge warrants to purchase shares of the Company’s common stock.

Immediately following the consummation of the Merger: (i) the former security holders of Organovo, Inc. common stock had an approximate 75% voting interest in the Company and the Company stockholders retained an approximate 25% voting interest, (ii) the former executive management team of Organovo, Inc. remained as the only continuing executive management team for the Company, and (iii) the Company’s ongoing operations consist solely of the ongoing operations of Organovo, Inc. Based primarily on these factors, the Merger was accounted for as a reverse merger and a recapitalization in accordance with GAAP. As a result, these financial statements reflect the historical results of Organovo, Inc. prior to the Merger, and the combined results of the Company following the Merger. The par value of Organovo, Inc. common stock immediately prior to the Merger was $0.0001 per share. The par value subsequent to the Merger is $0.001 per share, and therefore the historical results of Organovo, Inc. prior to the Merger have been retroactively adjusted to affect the change in par value.

In connection with three separate closings of a private placement transaction completed in connection with the Merger (the “Private Placement”), the Company received gross proceeds of approximately $5.0 million, $1.8 million and $6.9 million on closings on February 8, 2012, February 29, 2012 and March 16, 2012, respectively. In 2011, the Company received $1.5 million from the purchase of 6% convertible notes which were automatically converted into 1,500,000 shares of common stock, plus 25,387 shares for accrued interest of $25,387 on the principal, on February 8, 2012.

The cash transaction costs related to the Merger were approximately $2.1 million.

Before the Merger, Organovo Holdings’ Board of Directors and stockholders adopted the 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the issuance of 6,553,986 shares of the Company’s common stock to executive officers, directors, advisory board members and employees. In addition, Organovo Holdings assumed and adopted Organovo, Inc.’s 2008 Equity Incentive Plan, which provided for the issuance of 896,256 shares of common stock, for total shares available for issuance under these plans of 7,450,242.

Liquidity

As of June 30, 2013, the Company had an accumulated deficit of approximately $70.1 million. The Company also had negative cash flows from operations of approximately $2.7 million during the three months ended June 30, 2013.

On February 8, 2012, the Company received gross proceeds of approximately $5.0 million from the initial closing of a private placement offering in conjunction with the Merger (the “Private Placement”). On February 29, 2012 and March 16, 2012, the Company completed two additional closings of its Private Placement receiving gross proceeds of approximately $1.8 million and $6.9 million, respectively.

In December 2012, the Company consummated a warrant tender offer to the holders of outstanding warrants to purchase approximately 14.5 million shares of the Company’s common stock. The Company completed the tender offer on December 21, 2012, resulting in approximately 9.6 million warrants being exercised for gross proceeds of approximately $7.7 million. On February 5, 2013, the Company provided a Notice of Redemption to affected warrant holders, of approximately 2.4 million warrant shares, that they would have until March 14, 2013 to exercise their outstanding warrants at $1.00 per share. Thereafter, any warrants that remained unexercised would have been automatically redeemed by the Company at a redemption price of $0.0001 per share of common stock then issuable upon exercise of the redeemed warrant. As of March 14, 2013, all redeemable warrants had been exercised for net proceeds of approximately $2.3 million. During the three months ended March 31, 2013, the Company also received approximately $1.4 million of additional proceeds from the exercise of other warrants unrelated to the Redemption Notification.

Through June 30, 2013, the Company has financed its operations primarily through the sale of convertible notes, the private placement of equity securities, and through revenue derived from grants or collaborative research agreements. Based on its current operating plan and available cash resources, the Company has sufficient resources to fund its business for at least the next 12 months.

Moreover, subsequent to June 30, 2013, the Company raised net proceeds of approximately $43.3 million through the sale of 10,350,000 shares of its common stock in a public offering. Refer to Note 7, “Subsequent Events” below.

The Company cannot predict with certainty when, if ever, it will require additional capital to further fund the product development and commercialization of its human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs. The Company intends to cover its future operating expenses through cash on hand, and from revenue derived from grants and collaborative research agreements. However, the Company cannot provide assurance that it will not require additional funding in the future. In addition, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, financing will be obtained on terms favorable to the Company and its stockholders. Having insufficient funds may require the Company to delay, scale back, or eliminate some or all of its development programs or relinquish rights to its technology on less favorable terms than it would otherwise choose. Failure to obtain adequate financing could eventually adversely affect the Company’s ability to operate as a going concern.

Use of estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the consolidated financial statements include those assumed in computing the valuation of warrants, revenue recognized under the proportional performance model, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets.

Financial instruments

For certain of the Company’s financial instruments, including cash and cash equivalents, grants receivable, inventory, prepaid expenses and other assets, accounts payable, accrued expenses, deferred revenue and capital lease obligations, the carrying amounts are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

Cash and cash equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents.

Derivative financial instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency.

The Company reviews the terms of convertible debt and equity instruments it issues to determine whether there are derivative instruments, including an embedded conversion option that is required to be bifurcated and accounted for separately as a derivative financial instrument. In circumstances where a host instrument contains more than one embedded derivative instrument, including a conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Also, in connection with the sale of convertible debt and equity instruments, the Company may issue freestanding warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity.

Derivative instruments are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the convertible debt or equity instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds allocated to the convertible host instruments are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the convertible instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

Restricted cash

As of June 30, 2013 and March 31, 2013, the Company had approximately $38,300 and $88,300, respectively, of restricted cash deposited with a financial institution. $38,300 is held in certificates of deposit to support a letter of credit agreement related to the facility lease entered into during 2012. The additional $50,000 included in the March 31, 2013 balance represents funds held by the financial institution as a guarantee for the Company’s commercial credit cards. These funds were released from restriction during the three months ended June 30, 2013 as a result of the Company transferring its credit card program to a different financial institution.

Grant receivable

Grant receivable represents the amount due from the National Institutes of Health (“NIH”) under a research grant. The Company considers the grant receivable to be fully collectible; and accordingly, no allowance for doubtful amounts has been established. If amounts become uncollectible, they are charged to operations.

Inventory

Inventories are stated at the lower of the cost or market (first-in, first-out). Inventory at June 30, 2013 and March 31, 2013 consisted of approximately $85,000 and 88,000 in raw materials, respectively.

The Company provides inventory allowances based on excess or obsolete inventories determined based on anticipated use in the final product. There was no obsolete inventory reserve as of June 30, 2013 or March 31, 2013.

Fixed assets and depreciation

Property and equipment are carried at cost. Expenditures that extend the life of the asset are capitalized and depreciated. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets or, in the case of leasehold improvements, over the lesser of the useful life of the related asset or the lease term. The estimated useful lives of the fixed assets range between two and five years.

Impairment of long-lived assets

In accordance with authoritative guidance, the Company reviews its long-lived assets, including property and equipment and other assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. To determine recoverability of its long-lived assets, the Company evaluates whether future undiscounted net cash flows will be less than the carrying amount of the assets and adjusts the carrying amount of its assets to fair value. Management has determined that no impairment of long-lived assets occurred in the period from inception through June 30, 2013.

Fair value measurement

Financial assets and liabilities are measured at fair value, which is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company has issued warrants, of which some are classified as derivative liabilities as a result of the terms in the warrants that provide for down-round protection in the event of a dilutive issuance. The Company uses Level 3 inputs for its valuation methodology for the warrant derivative liabilities. The estimated fair values were determined using a Monte Carlo option pricing model based on various assumptions (see Note 3). The Company’s derivative liabilities are adjusted to reflect estimated fair value at each period end, with any decrease or increase in the estimated fair value being recorded in other income or expense accordingly, as adjustments to the fair value of derivative liabilities. Various factors are considered in the pricing models the Company uses to value the warrants, including the Company’s current stock price, the remaining life of the warrants, the volatility of the Company’s stock price, and the risk-free interest rate. Future changes in these factors will have a significant impact on the computed fair value of the warrant liability. As such, the Company expects future changes in the fair value of the warrants to continue to vary significantly from quarter to quarter.

The estimated fair values of the liabilities measured on a recurring basis are as follows:


	Fair Value Measurements at June 30 and March 31, 2013 (in thousands):
	Balance at June 30, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	6,025		—		—	$	6,025



	Balance at March 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	6,898		—		—	$	6,898

The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for 2012 through June 30, 2013:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Warrant Derivative Liability ($000’s)
Balance at December 31, 2011		1,267
Issuances		32,742
Adjustments to estimated fair value		9,931
Warrant liability removal due to settlements		(23,321	)

Balance at December 31, 2012		20,619
Issuances		—
Adjustments to estimated fair value		12,034
Warrant liability removal due to settlements		(23,869	)
Warrant liability reclassified to equity		(1,886	)

Balance at March 31, 2013	$	6,898
Issuances		—
Adjustments to estimated fair value		23
Warrant liability removal due to settlements		(129	)
Warrant liability reclassified to equity		(767	)

Balance at June 30, 2013	$	6,025

Research and development

Research and development expenses, including direct and allocated expenses, consist of independent research and development costs, as well as costs associated with sponsored research and development. Research and development costs are expensed as incurred.

Income taxes

Deferred income taxes are recognized for the tax consequences in future years for differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the combination of the tax payable for the year and the change during the year in deferred tax assets and liabilities.

Revenue recognition

The Company’s revenues are derived from collaborative research agreements, NIH and U.S. Treasury Department Grants, the sale of bioprinter related products and services, and license agreements.

The Company recognizes revenue when the following criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) services have been rendered or product has been delivered; (iii) price to the customer is fixed and determinable; and (iv) collection of the underlying receivable is reasonably assured.

Billings to customers or payments received from customers are included in deferred revenue on the balance sheet until all revenue recognition criteria are met. As of June 30, 2013 and March 31, 2013, the Company had approximately $36,000 and $62,000, respectively, in deferred revenue related to its collaborative research programs.

Product Revenue

The Company recognizes product revenue at the time of shipment to the customer, provided all other revenue recognition criteria have been met. The Company recognizes product revenues upon shipment to distributors, provided that (i) the price is substantially fixed or determinable at the time of sale; (ii) the distributor’s obligation to pay the Company is not contingent upon resale of the products; (iii) title and risk of loss passes to the distributor at time of shipment; (iv) the distributor has economic substance apart from that provided by the Company; (v) the Company has no significant obligation to the distributor to bring about resale of the products; and (vi) future returns can be reasonably estimated. For any sales that do not meet all of the above criteria, revenue is deferred until all such criteria have been met.

Research and Development Revenue Under Collaborative Agreements

The Company’s collaboration revenue consists of license and collaboration agreements that contain multiple elements, including non-refundable upfront fees, payments for reimbursement of third-party research costs, payments for ongoing research, payments associated with achieving specific development milestones and royalties based on specified percentages of net product sales, if any. The Company considers a variety of factors in determining the appropriate method of revenue recognition under these arrangements, such as whether the elements are separable, whether there are determinable fair values and whether there is a unique earnings process associated with each element of a contract.

The Company recognizes revenue from research funding under collaboration agreements when earned on a “proportional performance” basis as research hours are incurred. The Company performs services as specified in each respective agreement on a best-efforts basis, and is reimbursed based on labor hours incurred on each contract. The Company initially defers revenue for any amounts billed or payments received in advance of the services being performed and recognizes revenue pursuant to the related pattern of performance, based on total labor hours incurred relative to total labor hours estimated under the contract.

In December 2010, the Company entered into a 12 month research contract agreement with a third party, whereby the Company was engaged to perform research and development services on a fixed-fee basis for approximately $600,000. Based on the proportional performance criteria, total revenue recognized on the contract from inception through June 30, 2013 was approximately $600,000.

In October 2011, the Company entered into a research contract agreement with a third party, whereby the Company is performing research and development services on a fixed-fee basis for $1,365,000. The agreement included an initial payment to the Company of approximately $239,000 with remaining payments expected to occur over a twenty-one month period. On November 27, 2012, the agreement was amended to include additional research and development services, for an additional $135,000, bringing the total contract value to $1,500,000. This extends the original contract (which runs concurrently) from twenty-one months to twenty-eight months. The Company recorded approximately $94,000 and $259,000 in revenue related to the research contract in recognition of the proportional performance achieved, for the three months ended June 30, 2013 and 2012, respectively. Total revenue recognized on the contract from inception through June 30, 2013 was approximately $1,313,000.

Revenue Arrangements with Multiple Deliverables

The Company occasionally enters into revenue arrangements that contain multiple deliverables. Judgment is required to properly identify the accounting units of the multiple deliverable transactions and to determine the manner in which revenue should be allocated among the accounting units. Moreover, judgment is used in interpreting the commercial terms and determining when all criteria of revenue recognition have been met for each deliverable in order for revenue recognition to occur in the appropriate accounting period. For multiple deliverable agreements, consideration is allocated at the inception of the agreement to all deliverables based on their relative selling price. The relative selling price for each deliverable is determined using vendor-specific objective evidence (“VSOE”) of selling price or third-party evidence of selling price if VSOE does not exist. If neither VSOE nor third-party evidence of selling price exists, the Company uses its best estimate of the selling price for the deliverable.

The Company recognizes revenue for delivered elements only when it determines there are no uncertainties regarding customer acceptance. While changes in the allocation of the arrangement consideration between the units of accounting will not affect the amount of total revenue recognized for a particular sales arrangement, any material changes in these allocations could impact the timing of revenue recognition, which could affect the Company’s results of operations.

The Company expects to periodically receive license fees for non-exclusive research licensing associated with funded research projects. License fees under these arrangements are recognized over the term of the contract or development period as it has been determined that such licenses do not have stand-alone value.

NIH and U.S. Treasury Grant Revenues

During 2010, the U.S. Treasury awarded the Company two one-time grants totaling approximately $397,000 for investments in qualifying therapeutic discovery projects under section 48D of the Internal Revenue Code. The grants cover reimbursement for qualifying expenses incurred by the Company in 2010 and 2009. The proceeds from these grants are classified in “Revenues — Grants” for the period from inception through June 30, 2013.

During 2012, 2010 and 2009, the NIH awarded the Company three research grants totaling approximately $558,000. Revenues from the NIH grants are based upon internal and subcontractor costs incurred that are specifically covered by the grants, and where applicable, an additional facilities and administrative rate that provides funding for overhead expenses. These revenues are recognized when expenses have been incurred by subcontractors and as the Company incurs internal expenses that are related to the grants. Revenue recognized under these grants for the three months ended June 30, 2013 and 2012 was approximately $12,000 and $0, respectively. Total revenue recorded under these grants from inception through June 30, 2013 was approximately $558,000.

Stock-based compensation

The Company accounts for stock-based compensation in accordance with the Financial Accounting and Standards Board’s ASC Topic 718, Compensation — Stock Compensation, which establishes accounting for equity instruments exchanged for employee services. Under such provisions, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense, under the straight-line method, over the employee’s requisite service period (generally the vesting period of the equity grant).

The Company accounts for equity instruments, including restricted stock or stock options, issued to non-employees in accordance with authoritative guidance for equity based payments to non-employees. Stock options issued to non-employees are accounted for at their estimated fair value determined using the Black-Scholes option-pricing model. The fair value of options granted to non-employees is re-measured as they vest, and the resulting increase in value, if any, is recognized as expense during the period the related services are rendered. Restricted stock issued to non-employees is accounted for at their estimated fair value as they vest.

Comprehensive income (loss)

Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company is required to record all components of comprehensive income (loss) in the financial statements in the period in which they are recognized. Net income (loss) and other comprehensive income (loss), including unrealized gains and losses on investments, are reported, net of their related tax effect, to arrive at comprehensive income (loss). For the three months ended June 30, 2013 and 2012, and for the period April 19, 2007 (inception) through June 30, 2013, the comprehensive loss was equal to the net loss.

Net loss per share

Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options and warrants, the assumed release of restriction of restricted stock units, and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three months ended June 30, 2013 or 2012, as the Company reported a net loss for each respective period and the effect would have been anti-dilutive. Total common stock equivalents that were excluded from computing diluted net loss per share were approximately 8.7 million and 25.9 million for the three months ended June 30, 2013 and 2012, respectively.

Derivative Liability

3 Months Ended

Jun. 30, 2013

Derivative Liability [Abstract]

Derivative Liability

3. Derivative Liability

During 2012, in relation to the reverse Merger and the three offerings under the Private Placement, the Company issued 21,347,182 five-year warrants to purchase the Company’s common stock. In October and November of 2011, the Company issued 1,500,000 five-year warrants in connection with Convertible Notes. The exercise price of the warrants is protected against down-round financing throughout the term of the warrant. Pursuant to ASC 815-15 and ASC 815-40, the fair value of the warrants of approximately $32.7 million and $1.3 million in 2012 and 2011, respectively, was recorded as a derivative liability on the issuance dates.

The Company revalues the warrants as of the end of each reporting period, and the estimated fair value of the outstanding warrant liabilities was approximately $6.0 million and $6.9 million, as of June 30, 2013 and March 31, 2013, respectively. The changes in fair value of the derivative liabilities for the three months ended June 30, 2013 and 2012 were increases of approximately $23,000 and $33,937,000, respectively, and are included in other expense in the statement of operations.

During the three months ended June 30, 2013 and 2012, 35,000 and 100,000 warrants, respectively, that were classified as derivative liabilities were exercised. The warrants were revalued as of the settlement dates, and the change in fair value was recognized to earnings. In addition, during the three month period ended June 30, 2013, the Company entered into amendment agreements with certain of the warrant holders, which removed the down-round pricing protection provisions, resulting in 269,657 of these warrants being reclassified from liability instruments to equity instruments. The Company also recognized a reduction in the warrant liability based on the fair value as of the settlement date for the warrants exercised and as of the modification date for the warrants that were amended, with a corresponding increase in additional paid-in capital.

The derivative liabilities were valued at the closing dates of the Private Placement and the end of each reporting period using a Monte Carlo valuation model with the following assumptions:


	June 30, 2013			March 31, 2013			June 30, 2012

Closing price per share of common stock	$	3.78		$	3.68		$	3.99
Exercise price per share	$	1.00		$	1.00		$	1.00
Expected volatility		86.9	%		88.8	%		102.9	%
Risk-free interest rate		1.04	%		0.57	%		0.72	%
Dividend yield		—			—			—
Remaining expected term of underlying securities (years)		3.63			3.88			4.80

In addition, as of the valuation dates, management assessed the probabilities of future financing assumptions in the Monte Carlo valuation models. Management also applied a discount for lack of marketability to the valuation of the derivative liabilities based on such trading restrictions due to certain of the shares not being registered.

Stockholders' Equity

3 Months Ended

Jun. 30, 2013

Stockholders' Equity [Abstract]

Stockholders' Equity

4. Stockholders’ Equity

Common stock

During the three months ended June 30, 2013 and 2012, the Company issued 200,135 and 137,584 shares of common stock upon exercise of 252,129 and 145,000 warrants, respectively.

Restricted stock awards

In May of 2008, the Board of Directors of the Company approved the 2008 Equity Incentive Plan (the “2008 Plan”). The 2008 Plan authorized the issuance of up to 1,521,584 common shares for awards of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock award units, and stock appreciation rights. The 2008 Plan terminates on July 1, 2018. No shares were issued under the 2008 Plan during 2012 or the six months ended June 30, 2013, and the Company does not intend to issue any additional shares from the 2008 Plan in the future.

From 2008 through December 31, 2011, the Company issued a total of 1,258,934 shares of restricted common stock to various employees, advisors, and consultants of the Company. Of those shares, 1,086,662 were issued under the 2008 Plan and the remaining 172,272 shares were issued outside the plan.

In January of 2012, the Board of Directors of the Company approved the 2012 Equity Incentive Plan (the “2012 Plan). The 2012 Plan authorized the issuance of up to 6,553,986 shares of common stock for awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, and other stock or cash awards. The 2012 Plan terminates ten years after its adoption.

No restricted stock was issued during the three months ended June 30, 2012. There were 58,342 shares of restricted stock cancelled due to terminations during the three months ended June 30, 2012.

During the three months ended June 30, 2013, the Company issued an aggregate of 60,000 restricted stock units with immediate vesting to a consultant.

A summary of the Company’s restricted stock award activity for 2012 through June 30, 2013 is as follows:


	Number of Shares
Unvested at December 31, 2011		1,111,295
Granted		1,380,000
Vested		(1,143,735	)
Canceled / forfeited		(185,516	)

Unvested at December 31, 2012		1,162,044
Granted		55,000
Vested		(196,612	)
Canceled / forfeited		(34,690	)

Unvested at March 31, 2013		985,742
Granted		60,000
Vested		(60,000	)
Canceled / forfeited		—

Unvested at June 30, 2013		985,742

The fair value of each restricted common stock award is recognized as stock-based expense over the vesting term of the award. The Company recorded restricted stock-based compensation expense in operating expenses for employees and non-employees of approximately $402,000 and $190 during the three months ended June 30, 2013 and 2012, respectively. The Company recorded restricted stock-based compensation expense of approximately $1,723,000 for the period from April 19, 2007 (inception) through June 30, 2013. Expense included approximately $4,000 and $50 for research and development during the three months ended June 30, 2013 and 2012, respectively. General and administrative expense for the three months ended June 30, 2013 and 2012 was approximately $398,000 and $140, respectively.

As of June 30, 2013, total unrecognized restricted stock-based compensation expense was approximately $1,161,000, which will be recognized over a weighted average period of 2.17 years.

Stock options

Under the 2008 Plan, on October 12, 2011, the Company granted an officer incentive stock options to purchase 896,256 shares of common stock at an exercise price of $0.08 per share, a quarter of which vested on the one year anniversary of employment, in May 2012, and the remaining options are vesting ratably over the remaining 36 month term. Other than this grant, the Company does not intend to issue any additional shares under the 2008 Plan.

Under the 2012 Plan, 51,500 and 305,658 incentive stock options were issued during the three months ended June 30, 2013 and 2012, respectively, at various exercise prices, a quarter of which will vest on either the one year anniversary of employment or the one year anniversary of the vesting commencement date, and the remaining options will vest ratably over the remaining 36 month terms. The Company also issued 45,500 non-qualified stock option grants during the three month period ended June 30, 2013, which vest quarterly over three years.

A summary of the Company’s stock option activity for 2012 through June 30, 2013 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2011		896,256		$	0.08		—
Options granted		2,023,394		$	1.95
Options canceled		(5,000	)	$	2.25
Options exercised		(224,064	)	$	0.08	$	564,641

Outstanding at December 31, 2012		2,690,586		$	1.48	$	3,041,476
Options granted		927,981		$	3.93
Options canceled		—			—
Options exercised		—			—		—

Outstanding at March 31, 2013		3,618,567		$	2.11	$	5,909,154
Options granted		97,000		$	4.15
Options canceled		—			—
Options exercised		—			—		—

Outstanding at June 30, 2013		3,715,567		$	2.16	$	6,178,212

Vested and Exercisable at June 30, 2013		757,717		$	1.43	$	1,802,924

The weighted-average remaining contractual term of options exercisable and outstanding at June 30, 2013 was approximately 8.71 years and 9.44 years, respectively.

The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. Stock-based compensation expense is recognized over the vesting period using the straight-line method. The fair value of stock options was estimated at the grant date using the following weighted average assumptions:


	Three Months Ended June 30, 2013			Three Months Ended June 30, 2012
Dividend yield		—			—
Volatility		86.90	%		95.77	%
Risk-free interest rate		1.04	%		1.21	%
Expected life of options		6.00 years			6.04 years
Weighted average grant date fair value	$	2.99		$	1.73

The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Due to the Company’s limited historical data, the estimated volatility incorporates the historical and implied volatility of comparable companies whose share prices are publicly available. The risk-free interest rate assumption was based on the U.S. Treasury rates. The weighted average expected life of options was estimated using the average of the contractual term and the weighted average vesting term of the options. Certain options granted to consultants are subject to variable accounting treatment and are required to be revalued until vested.

The total stock option-based compensation recorded as operating expense was approximately $400,000 and $39,000 for the three months ended June 30, 2013 and 2012, respectively. The Company recorded stock-based compensation expense of approximately $1,379,000 for the period from April 19, 2007 (inception) through June 30, 2013. Expense included approximately $67,000 and $35,000 for research and development during the three months ended June 30, 2013 and 2012, respectively. General and administrative expense for the three months ended June 30, 2013 and 2012 were approximately $333,000, and $4,000, respectively.

The total unrecognized compensation cost related to unvested stock option grants as of June 30, 2013 was approximately $4,816,000 and the weighted average period over which these grants are expected to vest is 3.3 years.

Warrants

During the three months ended June 30, 2013 and 2012, 252,129 and 45,000 warrants were exercised through a cashless exercise provision for issuance of 200,135 and 37,584 shares of common stock, respectively. Additionally, during the three months ended June 30, 2012, 100,000 warrants were exercised at $1.00 for total proceeds of $100,000.

In December 2012, the Company consummated a warrant tender offer to the holders of outstanding warrants to purchase approximately 14.5 million shares of the Company’s common stock. In accordance with the tender offer, for those warrant holders that elected to participate, this resulted in a reduction of the exercise price of the warrants from $1.00 per share to $0.80 per share of common stock in cash, shortened the exercise period of the warrants so that they expired concurrently with the tender offer, and removed the price-based anti-dilution provisions contained in the warrants. The Company completed the tender offer on December 21, 2012, resulting in approximately 9.6 million warrants being exercised for gross proceeds of approximately $7,700,000. In connection with the transaction, the Company recognized an expense for the inducement to exercise the warrants of approximately $1,900,000. The Company also incurred approximately $400,000 in placement agent fees, legal costs, and other related fees, which have been recognized as an offset to the proceeds received from the warrant exercises.

35,000 and 145,000 of the warrants exercised during the three months ended June 30, 2013 and 2012, respectively, were derivative liabilities and were valued at the settlement date. For the three months ended June 30, 2013 and 2012, respectively, $129,000 and $874,000 of the warrant liability was removed due to the exercise of warrants. See Note 3.

During April 2013, the Company entered into amendment agreements for 269,657 warrants to purchase common stock which reduced the exercise price of the warrants from $1.00 to $0.85 and removed the down-round price protection provision of the warrant agreement related to the adjustment of exercise price upon issuance of additional shares of common stock. As a result of the removal of the down-round price protection provision, the warrants were reclassified from liability to equity instruments at their fair value of $767,000. The Company determined the incremental expense associated with the modification based on the fair value of the awards prior to and subsequent to the modification. The fair value of the awards subsequent to modification was calculated using the Black-Scholes model. The incremental expense associated with the modification of approximately $12,000 was recognized as interest expense for the three months ended June 30, 2013.

Additionally, during the year ended December 31, 2012 the Company entered into four agreements with consultants for services. In connection with the agreements, the Company issued a total of 650,000 warrants to purchase common stock, at prices ranging from $1.70 to $3.24, with lives ranging from two to five years, to be earned over service periods of up to six months. The fair value of the warrants was estimated to be approximately $889,000, which was recognized as a prepaid asset and was amortized over the term of the consulting agreements. These warrants were classified as equity instruments because they do not contain any anti-dilution provisions. The Black-Scholes model, using volatility rates ranging from 79.8% to 103.8% and risk-free interest rate factors ranging from 0.24% to 0.63%, were used to determine the value. The value has been amortized over the term of the agreements. The Company recognized approximately $72,000 and $889,000 during the three months ended June 30, 2013 and for the period from April 19, 2007 (inception) through June 30, 2013, respectively related to these services.

The following table summarizes warrant activity for 2012 through June 30, 2013:


	Warrants			Weighted- Average Exercise Price
Balance at December 31, 2011		2,909,750		$	1.00
Granted		21,997,182		$	1.04
Exercised		(13,532,487	)	$	0.84

Balance at December 31, 2012		11,374,445		$	1.08
Granted		—			—
Exercised		(7,090,556	)	$	1.01

Balance at March 31, 2013		4,283,889		$	1.17
Granted		—			—
Exercised		(252,129	)	$	0.88

Balance at June 30, 2013		4,031,760		$	1.18

The warrants outstanding at June 30, 2013 are immediately exercisable at prices between $0.85 and $3.24 per share, and have a weighted average remaining term of approximately 3.33 years.

Common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following at June 30, 2013:


Common stock warrants outstanding			4,031,760
Common stock options outstanding under the 2008 Plan			672,192
Common stock options outstanding and reserved under the 2012 Plan			4,612,630

Total			9,316,582

Commitments and Contingencies

3 Months Ended

Jun. 30, 2013

Commitments and Contingencies [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Operating leases

The Company leases office and laboratory space under a non-cancelable operating lease which was entered into in February 2012 with the future minimum lease payments from the current lease included below. The Company records rent expense on a straight-line basis over the life of the lease and records the excess of expense over the amounts paid as deferred rent. Deferred rent is included in accrued expenses in the condensed consolidated balance sheets.

Rent expense was approximately $105,000 and $52,000 for the three months ended June 30, 2013 and 2012, respectively, and $860,700 for the period from April 19, 2007 (inception) through June 30, 2013.

The Company entered into a new facilities lease at 6275 Nancy Ridge Drive, San Diego, CA 92121. The lease was signed on February 27, 2012 with occupancy as of July 15, 2012. The base rent under the lease is approximately $38,800 per month with 3% annual escalators. The lease term is 48 months with an option for the Company to extend the lease at the end of the lease term.

Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2013, are as follows (in thousands):


Fiscal year ended March 31, 2014	$	362
Fiscal year ended March 31, 2015		493
Fiscal year ended March 31, 2016		506
Fiscal year ended March 31, 2017		170
Fiscal year ended March 31, 2018		—

Total	$	1,531

Legal Matters

In addition to commitments and obligations in the ordinary course of business, the Company is subject to various claims and pending and potential legal actions arising out of the normal conduct of our business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. An estimated loss contingency is accrued in its financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against it may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of its potential liability. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. The amount of ultimate loss may differ from these estimates. It is possible that cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one or more of these contingencies. Whether any losses finally determined in any claim, action, investigation or proceeding could reasonably have a material effect on the Company’s business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses; the structure and type of any remedies; the monetary significance of any such losses, damages or remedies may have on our consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors.

Spencer Trask Matter. On June 28, 2013, the Company filed a lawsuit for declaratory relief in the Supreme Court for the State of New York (case # 652305/2013) against Spencer Trask Ventures, Inc. (“STV”) in connection with a Warrant Solicitation Agency Agreement (the “WSAA”) that the Company entered into with STV in February 2013. In this action, the Company is seeking a declaration that the WSAA remains a valid and enforceable agreement. Over the course of several weeks in February 2013, Organovo and STV, through their respective attorneys, negotiated the WSAA pursuant to which the Company engaged STV as the Company’s warrant solicitation agent in connection with the Company’s efforts to solicit the exercise of outstanding Organovo warrants during the first quarter of 2013. STV’s President signed the WSAA on behalf of STV, and the Company’s CEO executed the agreement on behalf of Organovo. Spencer Trask provided services to the Company pursuant to the WSAA, and the Company has paid STV for those services.

The Company’s dispute with Spencer Trask arose in March 2013 after the Company approached Spencer Trask about exercising their outstanding warrants to help the Company qualify for up listing its common stock on the NYSE MKT. Previously, Spencer Trask had not asserted any claims for additional compensation as a result of the warrant tender offer the Company completed in December 2012. In March 2013, the Company received two demand letters from STV, and a demand for arbitration notice in June 2013. In the first demand letter, STV alleges that it is entitled to compensation (including a cash fee and warrants to purchase common stock) as a result of the warrant tender offer the Company completed in December 2012 and as a result of the notice of warrant redemption the Company completed in March 2013. In the second letter, STV alleges it is entitled to damages because the Company allegedly violated confidentiality provisions in the Placement Agency Agreement (the “PAA”) the Company had previously entered into with STV in December 2012 in connection with the private placement financings the Company completed in February and March 2012 (the “Private Placements”), by contacting the warrant holders who participated in the warrant tender offer. In response, on June 28, 2013, the Company filed a lawsuit for declaratory relief in the Supreme Court for the State of New York against STV. The Company’s tender offer was made to warrant holders of record relating to warrants already owned by them and whose identity was public information via a Registration Statement on Form S-1 the Company was required to file to register the resale of the shares underlying their warrants. For these and other reasons, including applicability of the WSAA, the Company believes STV is not entitled to compensation under the PAA and there was no violation of confidentiality. The Company received notice on August 5, 2013 that STV had filed its arbitration demand with the arbitrator.

The Company believes that the assertions made against it by STV are without merit and the Company intends to continue to vigorously defend against the claims made by STV, including any arbitration matter filed by STV. The Company has not established a loss contingency accrual for these claims because any potential liability is not probable or estimable. Nonetheless, an unfavorable resolution of these claims could have a material adverse effect on the Company’s business, liquidity or financial condition in the reporting period in which such resolution occurs.

Other Legal Matters. In addition to the matter described above, the Company is subject to normal and routine litigation in the ordinary course of business. We have not accrued any loss contingencies for such matters. We intend to defend ourselves in any such matters and do not currently believe that the outcome of such matters will have a material adverse effect on our business, liquidity or financial position.

Concentrations

3 Months Ended

Jun. 30, 2013

Concentrations [Abstract]

Concentrations

6. Concentrations

Credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company maintains cash balances at various financial institutions primarily located in San Diego. Accounts at these institutions are secured by the Federal Deposit Insurance Corporation. At times, balances may exceed federally insured limits. The Company has not experienced losses in such accounts, and management believes that the Company is not exposed to any significant credit risk with respect to its cash and cash equivalents.

Subsequent Events

3 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events

On July 9, 2013, the Company announced that its common stock had been approved to list on the NYSE MKT. Shares began trading on the New York Stock Exchange on July 11, 2013. The Company continues to trade under the symbol “ONVO” but withdrew its shares from quotation on the OTC QX concurrent with listing its shares on the NYSE MKT.

On July 18, 2013, the Company announced that Richard A. Heyman, Ph.D. has been nominated to be elected to the Company’s Board of Directors at the Annual Meeting of the Stockholders scheduled to be held on August 21, 2013. Dr. Heyman is expected to replace Andras Forgacs on the Company’s Board. Following Dr. Heyman’s election to the Company’s Board of Directors, the Board will increase the current majority of independent directors from three to four members. The Company’s Board has formally endorsed Dr. Heyman’s candidacy in the Company’s Proxy Statement, filed on July 12, 2013.

A shelf registration statement on Form S-3 (File No. 333-189995), or shelf, was filed with the SEC on July 17, 2013 authorizing the offer and sale in one or more offerings of up to $100,000,000 in aggregate of common stock, preferred stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities. This shelf was declared effective by the SEC on July 26, 2013.

On July 25, 2013, Andras Forgacs, a member of the Board of Directors, announced his resignation from the Board, effective immediately. There were no disagreements between Mr. Forgacs and the Company relative to his resignation.

Subsequent to June 30, 2013, the Company had 1,242,478 warrants exercised on a cashless basis, for a net issuance of 981,055 shares and 225,000 warrants exercised for 225,000 common shares for cash proceeds to the Company of $609,000.

On August 2, 2013, the Company, entered into an Underwriting Agreement (the “Underwriting Agreement”) with Lazard Capital Markets LLC, acting as representative of the underwriters named in the Underwriting Agreement (the “Underwriters”) and joint book-runner with Oppenheimer & Co. Inc., relating to the issuance and sale of 10,350,000 shares of the Company’s common stock, par value $0.001 per share (the “Offering”), which includes the issuance and sale of 1,350,000 shares pursuant to an overallotment option exercised by the Underwriters on August 5, 2013. JMP Securities LLC and Maxim Group LLC each acted as co-managers for the offering. The price to the public in the Offering was $4.50 per share, and the Underwriters purchased the shares from the Company pursuant to the Underwriting Agreement at a price of $4.23 per share. The net proceeds to the Company from the Offering were approximately $43.3 million, after deducting underwriting discounts and commissions and estimated Offering expenses of $2.8 million payable by the Company, including the Underwriters’ exercise of the overallotment option. The transactions contemplated by the Underwriting Agreement closed on August 7, 2013.

The Underwriting Agreement contained customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions.

The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of the Underwriting Agreement as of specific dates indicated therein, were solely for the benefit of the parties to the Underwriting Agreement, and may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Underwriting Agreement.

Description of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2013

Change in Fiscal Year End [Abstract]

Nature of operations and basis of presentation

Nature of operations and basis of presentation

Reverse merger transaction

Reverse merger transaction

The cash transaction costs related to the Merger were approximately $2.1 million.

Liquidity

Liquidity

Use of estimates

Use of estimates

Financial instruments

Financial instruments

Cash and cash equivalents

Cash and cash equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents.

Derivative financial instruments

Derivative financial instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency.

Restricted cash

Restricted cash

Grant receivable

Grant receivable

Inventory

Inventory

Fixed assets and depreciation

Fixed assets and depreciation

Impairment of long-lived assets

Impairment of long-lived assets

Fair value measurement

Fair value measurement

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The estimated fair values of the liabilities measured on a recurring basis are as follows:


	Fair Value Measurements at June 30 and March 31, 2013 (in thousands):
	Balance at June 30, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	6,025		—		—	$	6,025



	Balance at March 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	6,898		—		—	$	6,898

The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for 2012 through June 30, 2013:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Warrant Derivative Liability ($000’s)
Balance at December 31, 2011		1,267
Issuances		32,742
Adjustments to estimated fair value		9,931
Warrant liability removal due to settlements		(23,321	)

Balance at December 31, 2012		20,619
Issuances		—
Adjustments to estimated fair value		12,034
Warrant liability removal due to settlements		(23,869	)
Warrant liability reclassified to equity		(1,886	)

Balance at March 31, 2013	$	6,898
Issuances		—
Adjustments to estimated fair value		23
Warrant liability removal due to settlements		(129	)
Warrant liability reclassified to equity		(767	)

Balance at June 30, 2013	$	6,025

Research and development

Research and development

Income taxes

Income taxes

Revenue recognition

Revenue recognition

The Company’s revenues are derived from collaborative research agreements, NIH and U.S. Treasury Department Grants, the sale of bioprinter related products and services, and license agreements.

Product Revenue

Research and Development Revenue Under Collaborative Agreements

Revenue Arrangements with Multiple Deliverables

NIH and U.S. Treasury Grant Revenues

Stock-based compensation

Stock-based compensation

Comprehensive income (loss)

Comprehensive income (loss)

Net loss per share

Net loss per share

Description of Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2013

Description of Business and Summary of Significant Accounting Policies [Abstract]

Estimated fair values of the liabilities measured on a recurring basis

The estimated fair values of the liabilities measured on a recurring basis are as follows:


	Fair Value Measurements at June 30 and March 31, 2013 (in thousands):
	Balance at June 30, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	6,025		—		—	$	6,025



	Balance at March 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	6,898		—		—	$	6,898

Activity for liabilities measured at estimated fair value using unobservable inputs

The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for 2012 through June 30, 2013:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Warrant Derivative Liability ($000’s)
Balance at December 31, 2011		1,267
Issuances		32,742
Adjustments to estimated fair value		9,931
Warrant liability removal due to settlements		(23,321	)

Balance at December 31, 2012		20,619
Issuances		—
Adjustments to estimated fair value		12,034
Warrant liability removal due to settlements		(23,869	)
Warrant liability reclassified to equity		(1,886	)

Balance at March 31, 2013	$	6,898
Issuances		—
Adjustments to estimated fair value		23
Warrant liability removal due to settlements		(129	)
Warrant liability reclassified to equity		(767	)

Balance at June 30, 2013	$	6,025

Derivative Liability (Tables)

3 Months Ended

Jun. 30, 2013

Derivative Liability [Abstract]

Assumptions used to value derivative liabilities at closing dates of the Private Placements

The derivative liabilities were valued at the closing dates of the Private Placement and the end of each reporting period using a Monte Carlo valuation model with the following assumptions:


	June 30, 2013			March 31, 2013			June 30, 2012

Closing price per share of common stock	$	3.78		$	3.68		$	3.99
Exercise price per share	$	1.00		$	1.00		$	1.00
Expected volatility		86.9	%		88.8	%		102.9	%
Risk-free interest rate		1.04	%		0.57	%		0.72	%
Dividend yield		—			—			—
Remaining expected term of underlying securities (years)		3.63			3.88			4.80

Stockholders' Equity (Tables)

3 Months Ended

Jun. 30, 2013

Stockholders' Equity [Abstract]

Summary of the Company's restricted stock award activity

A summary of the Company’s restricted stock award activity for 2012 through June 30, 2013 is as follows:


	Number of Shares
Unvested at December 31, 2011		1,111,295
Granted		1,380,000
Vested		(1,143,735	)
Canceled / forfeited		(185,516	)

Unvested at December 31, 2012		1,162,044
Granted		55,000
Vested		(196,612	)
Canceled / forfeited		(34,690	)

Unvested at March 31, 2013		985,742
Granted		60,000
Vested		(60,000	)
Canceled / forfeited		—

Unvested at June 30, 2013		985,742

Summary of stock option activity

A summary of the Company’s stock option activity for 2012 through June 30, 2013 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2011		896,256		$	0.08		—
Options granted		2,023,394		$	1.95
Options canceled		(5,000	)	$	2.25
Options exercised		(224,064	)	$	0.08	$	564,641

Outstanding at December 31, 2012		2,690,586		$	1.48	$	3,041,476
Options granted		927,981		$	3.93
Options canceled		—			—
Options exercised		—			—		—

Outstanding at March 31, 2013		3,618,567		$	2.11	$	5,909,154
Options granted		97,000		$	4.15
Options canceled		—			—
Options exercised		—			—		—

Outstanding at June 30, 2013		3,715,567		$	2.16	$	6,178,212

Vested and Exercisable at June 30, 2013		757,717		$	1.43	$	1,802,924

Fair value of employee stock options

The fair value of stock options was estimated at the grant date using the following weighted average assumptions:


	Three Months Ended June 30, 2013			Three Months Ended June 30, 2012
Dividend yield		—			—
Volatility		86.90	%		95.77	%
Risk-free interest rate		1.04	%		1.21	%
Expected life of options		6.00 years			6.04 years
Weighted average grant date fair value	$	2.99		$	1.73

Summary of warrant activity

The following table summarizes warrant activity for 2012 through June 30, 2013:


	Warrants			Weighted- Average Exercise Price
Balance at December 31, 2011		2,909,750		$	1.00
Granted		21,997,182		$	1.04
Exercised		(13,532,487	)	$	0.84

Balance at December 31, 2012		11,374,445		$	1.08
Granted		—			—
Exercised		(7,090,556	)	$	1.01

Balance at March 31, 2013		4,283,889		$	1.17
Granted		—			—
Exercised		(252,129	)	$	0.88

Balance at June 30, 2013		4,031,760		$	1.18

Common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following at June 30, 2013:


Common stock warrants outstanding			4,031,760
Common stock options outstanding under the 2008 Plan			672,192
Common stock options outstanding and reserved under the 2012 Plan			4,612,630

Total			9,316,582

Commitments and Contingencies (Tables)

3 Months Ended

Jun. 30, 2013

Commitments and Contingencies [Abstract]

Future minimum rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year

Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2013, are as follows (in thousands):


Fiscal year ended March 31, 2014	$	362
Fiscal year ended March 31, 2015		493
Fiscal year ended March 31, 2016		506
Fiscal year ended March 31, 2017		170
Fiscal year ended March 31, 2018		—

Total	$	1,531

Description of Business and Summary of Significant Accounting Policies (Details) (Warrant [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Significant Other Unobservable Inputs (Level 3) [Member]
Estimated fair values of the liabilities measured on a recurring basis
Warrant liability	$ 6,025	$ 6,898	$ 20,619	$ 1,267
Fair Value, Measurements, Recurring [Member]
Estimated fair values of the liabilities measured on a recurring basis
Warrant liability	6,025	6,898
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Estimated fair values of the liabilities measured on a recurring basis
Warrant liability
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Estimated fair values of the liabilities measured on a recurring basis
Warrant liability
Fair Value, Measurements, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Estimated fair values of the liabilities measured on a recurring basis
Warrant liability	$ 6,025	$ 6,898

Description of Business and Summary of Significant Accounting Policies (Details 1) (USD $)	3 Months Ended		74 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013 Significant Other Unobservable Inputs (Level 3) [Member] Warrant [Member]	Mar. 31, 2013 Significant Other Unobservable Inputs (Level 3) [Member] Warrant [Member]	Dec. 31, 2012 Significant Other Unobservable Inputs (Level 3) [Member] Warrant [Member]
Activity for liabilities measured at estimated fair value using unobservable inputs
Warrant Derivative Liability ( $000's)				$ 6,898,000	$ 20,619,000	$ 1,267,000
Issuances						32,742,000
Adjustments to estimated fair value	23,000	33,937,000	21,995,000	23,000	12,034,000	9,931,000
Warrant liability removal due to settlements	(23,000,000)			(129,000)	(23,869,000)	(23,321,000)
Warrant liability reclassified to equity	(767,000)		(2,653,000)	(767,000)	(1,886,000)
Warrant Derivative Liability ( $000's)				$ 6,025,000	$ 6,898,000	$ 20,619,000

Description of Business and Summary of Significant Accounting Policies (Details Textual) (USD $)	1 Months Ended				3 Months Ended			12 Months Ended	74 Months Ended		1 Months Ended	3 Months Ended		1 Months Ended	3 Months Ended			1 Months Ended	74 Months Ended		3 Months Ended			3 Months Ended	1 Months Ended			3 Months Ended	1 Months Ended		3 Months Ended	12 Months Ended	3 Months Ended		37 Months Ended	74 Months Ended
	Dec. 31, 2012	Mar. 16, 2012	Feb. 29, 2012	Feb. 08, 2012	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Dec. 31, 2012	Jun. 30, 2013	Feb. 07, 2012	Aug. 31, 2013 Subsequent Event [Member]	Jun. 30, 2013 Subsequent Event [Member]	Aug. 02, 2013 Subsequent Event [Member]	Oct. 31, 2011 Research and Development Services [Member]	Jun. 30, 2013 Research and Development Services [Member]	Jun. 30, 2012 Research and Development Services [Member]	Mar. 31, 2013 Research and Development Services [Member]	Dec. 31, 2010 12 month research contract agreement [Member]	Jun. 30, 2013 12 month research contract agreement [Member]	Mar. 14, 2013 Common Stock [Member]	Jun. 30, 2013 Maximum [Member]	Jun. 30, 2013 Minimum [Member]	Feb. 08, 2012 Convertible Notes Payable [Member]	Jun. 30, 2013 2012 Equity Incentive Plan [Member]	Mar. 16, 2012 Merger transition [Member]	Feb. 29, 2012 Merger transition [Member]	Feb. 08, 2012 Merger transition [Member]	Jun. 30, 2013 Merger transition [Member] Private_Placement	Feb. 08, 2012 Outstanding Principal Assumed on Acquisition [Member]	Feb. 08, 2012 Accrued Interest Assumed on Acquisition [Member]	Jun. 30, 2013 U.S. Treasury [Member]	Dec. 31, 2010 U.S. Treasury [Member] Grants	Jun. 30, 2013 NHLBI [Member]	Jun. 30, 2012 NHLBI [Member]	Dec. 31, 2012 NHLBI [Member] Grants	Jun. 30, 2013 NHLBI [Member]
Description Of Business And Summary Of Significant Accounting Policies (Textual) [Abstract]
Number of private placement transactions																												3
Total gross proceeds of approximately		$ 6,900,000	$ 1,800,000	$ 5,000,000																					$ 6,900,000	$ 1,800,000	$ 5,000,000
Convertible notes, interest rate																							6.00%
Convertible notes converted into shares of common stock																													1,500,000	25,387
Issuance of common stock																								6,553,986
Number of additional private placement transactions																												2
Maturity of highly liquid investment																					90 days
Useful life of fixed assets, range																					5 years	2 years
Term of research contract agreement with third party																		12 months
Revenue related to research contract															94,000	259,000
Total revenue recognized from inception on the contract					106,000		259,000		3,169,000						1,313,000				600,000
Research and development services on a fixed-fee basis														1,365,000				600,000
Initial payment to the Company from Agreement														239,000
Remaining payments expected to occur over														21 months
Grants					12,000				955,000																						397,000		12,000	0	558,000	558,000
Deferred revenue related to its collaborative research programs					28,000	53,000			28,000						36,000		62,000
Number of grants issued																																2			3
Redemption to affected warrant holders					2,400,000
Five-year warrants to purchase shares, exercise price per share	1.00							1.00												1.00	3.24	0.85
Net proceeds to company from offering											43,300,000	43,300,000
Sale of common stock in a public offering												1,035,000
Redemption price of common stock issuable					$ 0.0001
Warrant reclassified as equity instruments					23,000,000
Maximum extended period remaining for payment of additional research and development services															28 months
Description of Business and Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Conversion ratio into common stock on merger				0.0001
Common stock, par value				$ 0.001	$ 0.001	$ 0.001			$ 0.001	$ 0.0001			$ 0.001
Other than common stock business acquisition conversion ratio				0.0001
Former security holders common stock voting interest					75.00%
Company's stockholders retained voting interest					25.00%
Proceeds from issuance of convertible notes payable				1,500,000					4,630,000
Accrued interest				25,387					485,000
Cash transaction costs related to the Merger approximately					2,100,000
Equity Incentive Plan, shares					896,256				896,256
Stock Issued During Period, Shares, Share-based Compensation, Gross					7,450,242				7,450,242
Accumulated deficit					70,136,000	66,365,000			70,136,000
Outstanding warrants to purchase								14,500,000
Exercise price of warrant Amended	0.80							0.80
Warrant Tender Offer								9,600,000
Aggregate proceeds of Warrants tendered	7,700,000								32,743,000			609,000
Redemption price of common stock issuable					$ 0.0001
Total common stock equivalents					8,700,000		25,900,000
Cash flow from operations					(2,663,000)		(1,861,000)		(18,441,000)
Expiration date of Warrant Tender Offer					Dec. 21, 2012
Additional proceeds from exercise of warrants						1,400,000
Restricted Cash					38,300	88,300			38,300
Restricted cash	38,300							38,300
Additional restricted cash						50,000
Inventory of raw materials					85,000	88,000			85,000
Obsolete inventory reserve					0	0			0
Impairment of long-lived assets									0
Estimated useful life of the fixed assets					The estimated useful life of the fixed assets range between two and five years.
Dilutive effect					$ 0.00		$ 0.00
Fee for additional research and development services					135,000
Total contract value					1,500,000
Total stock reserved for future issuance					9,316,582				9,316,582
Recognized expenses of warrants								1,900,000
Proceeds received from exercise of warrants								$ 400,000

Derivative Liability (Details) (Warrant Derivative Liability [Member], USD $)	3 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012
Warrant Derivative Liability [Member]
Assumptions used to value derivative liabilities at closing dates of the Private Placements
Closing price per share of common stock	$ 3.78	$ 3.68	$ 3.99
Exercise price per share	$ 1.00	$ 1.00	$ 1.00
Expected volatility	86.90%	88.80%	102.90%
Risk-free interest rate	1.04%	0.57%	0.72%
Dividend yield
Remaining expected term of underlying securities (years)	3 years 7 months 17 days	3 years 10 months 17 days	4 years 9 months 18 days

Derivative Liability (Details Textual) (USD $)	3 Months Ended			12 Months Ended
Derivative Liability (Details Textual) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2011	Dec. 31, 2012	Mar. 31, 2013
Derivative Liability (Textual) [Abstract]
Number of offerings under private placement reverse merger				3
Derivative Liability (Additional Textual) [Abstract]
Warrants maturity term				5 years
Warrant [Member]
Derivative Liability (Textual) [Abstract]
Warrants Issued			1,500,000	21,347,182
Fair value of the warrant liabilities			$ 1,300,000	$ 32,700,000
Estimated fair value of the outstanding warrant liabilities	6,000,000				6,900,000
Change in fair value of the derivative liabilities	$ 23,000	$ 33,937,000
Exercised derivative liabilities	35,000	100,000
Reclassification of warrant	269,657

Stockholders' Equity (Details)	3 Months Ended		12 Months Ended
Stockholders' Equity (Details)	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Summary of the Company's restricted stock award activity
Beginning balance, Unvested, Number of Shares	985,742	1,162,044	1,111,295
Granted, Number of Shares	60,000	55,000	1,380,000
Vested, Number of Shares	(60,000)	(196,612)	(1,143,735)
Canceled / forfeited, Number of Shares		(34,690)	(185,516)
Ending balance, Unvested, Number of Shares	985,742	985,742	1,162,044

Stockholders' Equity (Details 1) (USD $)	3 Months Ended		12 Months Ended
Stockholders' Equity (Details 1) (USD $)	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Summary of stock option activity
Options Outstanding, Beginning Balance	3,618,567	2,690,586	896,256
Granted, Options Outstanding	97,000	927,981	2,023,394
Canceled, Options Outstanding			(5,000)
Exercised, Options Outstanding			(224,064)
Options Outstanding, Ending Balance	3,715,567	3,618,567	2,690,586
Vested and Exercisable, Options Outstanding	757,717
Weighted-Average Exercise Price, Options Beginning Balance	$ 2.11	$ 1.48	$ 0.08
Options granted, Weighted-Average Exercise Price	$ 4.15	$ 3.93	$ 1.95
Options canceled, Weighted-Average Exercise Price			$ 2.25
Options exercised, Weighted-Average Exercise Price			$ 0.08
Weighted-Average Exercise Price, Options Ending Balance	$ 2.16	$ 2.11	$ 1.48
Vested and Exercisable, Weighted-Average Exercise Price	$ 1.43
Options Exercised, Aggregate Intrinsic Value			$ 564,641
Aggregate Intrinsic Value, Options Ending Balance	6,178,212	5,909,154	3,041,476
Vested and Exercisable, Aggregate Intrinsic Value	$ 1,802,924

Stockholders' Equity (Details 2) (USD $)	3 Months Ended
Stockholders' Equity (Details 2) (USD $)	Jun. 30, 2013	Jun. 30, 2012
Fair value of employee stock options
Dividend yield
Volatility	86.90%	95.77%
Risk-free interest rate	1.04%	1.21%
Expected life of options	6 years	6 years 15 days
Weighted average grant date fair value	$ 2.99	$ 1.73

Stockholders' Equity (Details 3) (USD $)	3 Months Ended		12 Months Ended
Stockholders' Equity (Details 3) (USD $)	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Summary of warrant activity
Options Outstanding, Beginning Balance	3,618,567	2,690,586	896,256
Granted, Options Outstanding	97,000	927,981	2,023,394
Expired / Canceled Options Outstanding			5,000
Exercised, Options Outstanding			(224,064)
Options Outstanding, Ending Balance	3,715,567	3,618,567	2,690,586
Weighted-Average Exercise Price, Options Beginning Balance	$ 2.11	$ 1.48	$ 0.08
Granted, Weighted-Average Exercise Price	$ 4.15	$ 3.93	$ 1.95
Expired / Canceled Weighted-Average Exercise Price			$ 2.25
Exercised, Weighted-Average Exercise Price			$ 0.08
Weighted-Average Exercise Price, Options Ending Balance	$ 2.16	$ 2.11	$ 1.48
Warrant [Member]
Summary of warrant activity
Options Outstanding, Beginning Balance	4,283,889	11,374,445	2,909,750
Granted, Options Outstanding			21,997,182
Exercised, Options Outstanding	(252,129)	(7,090,556)	(13,532,487)
Options Outstanding, Ending Balance	4,031,760	4,283,889	11,374,445
Weighted-Average Exercise Price, Options Beginning Balance	$ 1.17	$ 1.08	$ 1.00
Granted, Weighted-Average Exercise Price			$ 1.04
Exercised, Weighted-Average Exercise Price	$ 0.88	$ 1.01	$ 0.84
Weighted-Average Exercise Price, Options Ending Balance	$ 1.18	$ 1.17	$ 1.08

Stockholders' Equity (Details 4)	Jun. 30, 2013
Common stock capital shares reserved for future issuance
Common stock reserved for future issuance	9,316,582
Warrant [Member]
Common stock capital shares reserved for future issuance
Common stock reserved for future issuance	4,031,760
Equity Incentive Plan 2008 [Member]
Common stock capital shares reserved for future issuance
Common stock reserved for future issuance	672,192
Equity Incentive Plan 2012 [Member]
Common stock capital shares reserved for future issuance
Common stock reserved for future issuance	4,612,630

Stockholders' Equity (Details Textual) (USD $)	1 Months Ended	3 Months Ended			12 Months Ended		74 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended	3 Months Ended			12 Months Ended			3 Months Ended			48 Months Ended	74 Months Ended	3 Months Ended		74 Months Ended	12 Months Ended	3 Months Ended		12 Months Ended	48 Months Ended			3 Months Ended					3 Months Ended		48 Months Ended	3 Months Ended
Stockholders' Equity (Details Textual) (USD $)	Dec. 31, 2012	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Dec. 31, 2012 Agreements	Dec. 31, 2011	Jun. 30, 2013	Apr. 30, 2013	Dec. 31, 2012 Maximum [Member]	Jun. 30, 2013 Maximum [Member]	Dec. 31, 2012 Minimum [Member]	Jun. 30, 2013 Minimum [Member]	Dec. 31, 2012 Restricted Stock Units (RSUs) [Member]	Jun. 30, 2013 Warrant [Member]	Mar. 31, 2013 Warrant [Member]	Jun. 30, 2012 Warrant [Member]	Dec. 31, 2012 Warrant [Member]	Dec. 31, 2012 Warrant [Member] Maximum [Member]	Dec. 31, 2012 Warrant [Member] Minimum [Member]	Jun. 30, 2013 Restricted Stock [Member]	Mar. 31, 2013 Restricted Stock [Member]	Jun. 30, 2012 Restricted Stock [Member]	Dec. 31, 2011 Restricted Stock [Member]	Jun. 30, 2013 Restricted Stock [Member]	Jun. 30, 2013 Stock Options [Member]	Jun. 30, 2012 Stock Options [Member]	Jun. 30, 2013 Stock Options [Member]	Dec. 31, 2012 Performance Based Restricted Stock Units (RSUs) [Member]	Jun. 30, 2013 Equity Incentive Plan 2008 [Member]	Mar. 31, 2013 Equity Incentive Plan 2008 [Member]	Dec. 31, 2012 Equity Incentive Plan 2008 [Member]	Dec. 31, 2011 Equity Incentive Plan 2008 [Member]	May 31, 2008 Equity Incentive Plan 2008 [Member]	Jan. 31, 2012 Equity Incentive Plan 2012 [Member]	Jun. 30, 2013 2012 Plan [Member]	Jun. 30, 2012 2012 Plan [Member]	Jun. 30, 2013 2012 Plan [Member] Stock Options [Member]	Jun. 30, 2013 2008 Plan [Member]	Oct. 12, 2011 2008 Plan [Member]	Jun. 30, 2013 2008 Plan [Member] Stock Options [Member]	Oct. 12, 2011 2008 Plan [Member] Stock Options [Member]	Dec. 31, 2011 Other Plan [Member] Restricted Stock [Member]	Jun. 30, 2013 General and Administrative Expense [Member]	Jun. 30, 2012 General and Administrative Expense [Member]	Jun. 30, 2013 General and Administrative Expense [Member] Stock Options [Member]	Jun. 30, 2012 General and Administrative Expense [Member] Stock Options [Member]	Jun. 30, 2013 Research and Development Expense [Member]	Jun. 30, 2012 Research and Development Expense [Member]	Jun. 30, 2013 Research and Development Expense [Member] Stock Options [Member]	Jun. 30, 2012 Research and Development Expense [Member] Stock Options [Member]
Stockholders' Equity (Textual) [Abstract]
Restricted common stock to founders																							1,258,934									1,086,662										172,272
Restricted stock vesting conditions																																					A quarter of which will vest on either the one year anniversary of employment or the one year anniversary of the vesting commencement date			A quarter of which will vest on the one year anniversary of employment, in May 2012, and the remaining options are vesting ratably over the remaining 36 month term
Stock Option Granted, Quarterly Vesting Restricted Term																																			3 years
Common shares authorized to be issued		7,450,242					7,450,242																										1,521,584	6,553,986
Shares issued during the year																													0		0
Termination date of Equity Incentive Plan																														Jul. 01, 2018
Termination date of Equity Incentive Plan, Description			10 years
Stock options granted under 2008 equity incentive plan		97,000	927,981		2,023,394												21,997,182			60,000	55,000							950,000
Percentage of vesting schedule													25.00%
Period for vesting schedule over start date													4 years
Restricted stock cancelled			34,690		185,516																	58,342
Unrecognized stock-based compensation expense																				$ 1,161,000				$ 1,161,000
Equity Incentive Plan, shares		896,256					896,256																																		896,256
Remaining options vest																																						36 months
Issuances of Common stock from stock option exercises, Shares					224,064									252,129	7,090,556		13,532,487																		51,500	305,658
Total employee stock-based compensation recorded as operating expenses																				402,000		190		1,723,000	400,000	39,000	1,379,000																398,000	140	333,000	4,000	4,000	50	67,000	35,000
Research and development expenses		1,462,000		653,000			9,544,000
General and administrative expense		2,378,000		1,056,000			14,917,000
Restricted stock forfeitures, shares
Stock Option Granted, Restricted portion																																			45,500
Unrecognized stock-based compensation expense recognition maximum weighted average period																				2 years 2 months 1 day
Granted incentive stock options to purchase shares of Common stock, exercise price																																							$ 0.08
Total unrecognized compensation cost related to unvested stock option grants, weighted average period																									3 years 3 months 18 days
Estimated fair value of warrants																	889,000
Life of warrants									5 years		2 years
Volatility rate		86.90%		95.77%														103.80%	79.80%
Risk free factor		1.04%		1.21%														0.63%	0.24%
Warrants exercisable price, per share	1.00				1.00					3.24		0.85				1		3.24	1.70
Exercise price of warrants before amendment								1.00
Exercise price of warrants after amendment								0.85
Number of agreement with consultants					4
Number of warrant exercised		252,129		145,000												100,000
Proceeds from warrant exercise		23,000,000														100,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance restricted Common stock to certain employees, advisors and consultants		60,000	55,000		1,380,000								230,000
Weighted average remaining contractual term of options exercisable		8 years 8 months 16 days												3 years 3 months 29 days
Interest Expense		13,000					3,484,000							12,000
Stockholders' Equity (Additional Textual) [Abstract]
Restricted stock Issued				0
Number of shares issuable upon exercise of warrant		200,135		137,584			200,135
Weighted average remaining contractual term of options outstanding		9 years 5 months 9 days
Total unrecognized compensation cost related to unvested stock option grants		4,816,000					4,816,000
Cashless exercise for issuance of common stock		200,135		37,584			200,135
Outstanding warrants to purchase					14,500,000
Exercise price of warrant Amended	0.80				0.80
Warrant proceeds					9,600,000
Aggregate proceeds of Warrants tendered	7,700,000						32,743,000
Recognized expenses of warrants					1,900,000
Proceeds received from exercise of warrants					400,000
Number of warrant exercised through cashless		252,129		45,000
Price earned period					6 months
Recognized expenses of warrants		72,000					889,000
Warrants liability		129,000		874,000
Number of warrant exercised during period recorded as derivative liability		35,000		145,000
Warrants reclassified to additional paid in capital		767,000			890,000	1,111,000
Warrants reclassified to additional paid in capital		76,979,000	75,269,000				76,979,000
Research and development expenses		1,462,000		653,000			9,544,000
General and administrative expense		$ 2,378,000		$ 1,056,000			$ 14,917,000
Warrants to purchase common stock	650,000				650,000			269,657

Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013
Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year
Fiscal year ended March 31, 2014	$ 362
Fiscal year ended March 31, 2015	493
Fiscal year ended March 31, 2016	506
Fiscal year ended March 31, 2017	170
Fiscal year ended March 31, 2018
Total	$ 1,531

Commitments and Contingencies (Details Textual) (USD $)	3 Months Ended		74 Months Ended
Commitments and Contingencies (Details Textual) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Commitments and Contingencies (Textual) [Abstract]
Rent expense	$ 105,000	$ 52,000	$ 860,700
Base rent under the lease	$ 38,800		$ 38,800
Base rent escalators	3.00%		3.00%
Lease term with option to extend	48 months

Subsequent Events (Details Textual) (USD $)	1 Months Ended	3 Months Ended		74 Months Ended				1 Months Ended		3 Months Ended
Subsequent Events (Details Textual) (USD $)	Dec. 31, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Mar. 31, 2013	Feb. 08, 2012	Feb. 07, 2012	Aug. 31, 2013 Subsequent Event [Member]	Jul. 26, 2013 Subsequent Event [Member]	Jun. 30, 2013 Subsequent Event [Member]	Aug. 18, 2013 Subsequent Event [Member] Member	Aug. 05, 2013 Subsequent Event [Member]	Aug. 02, 2013 Subsequent Event [Member]	Jul. 17, 2013 Subsequent Event [Member]
Subsequent Events (Textual) [Abstract]
Number of independent directors prior to Election											3
Number of independent directors after Election											4
Aggregate securities														$ 100,000,000
Securities combination description									units comprised of one or more of the other securities
Number of warrants exercised on a cashless basis		252,129	45,000							1,242,478
Warrant exercise for common shares		200,135	37,584	200,135						225,000
Number of warrants exercised on a cashless basis										981,055
Common shares warrant exercised		200,135	137,584	200,135						225,000
Aggregate proceeds of Warrants tendered	7,700,000			32,743,000						609,000
Shares issuance and sale of an underwriting agreement								10,350,000
Issuance and sale of shares pursuant to an overallotment option exercised by the underwriters												1,350,000
Shares issuance and sale of an underwriting agreement share par value per share		$ 0.001		$ 0.001	$ 0.001	$ 0.001	$ 0.0001						$ 0.001
Price to public in offering per shares													$ 4.50
Underwriting agreement price per shares													$ 4.23
Net proceeds to company from offering								43,300,000		43,300,000
Underwriting discounts and commissions and estimated offering expenses								$ 3,300,000