Document and Entity Information	6 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 01, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	ONVO
Entity Registrant Name	ORGANOVO HOLDINGS, INC.
Entity Central Index Key	0001497253
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		80,504,648

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Mar. 31, 2014
Current Assets
Cash and cash equivalents	$ 54,389	$ 48,167
Accounts receivable	30
Inventory	70	63
Prepaid expenses and other current assets	616	931
Total current assets	55,105	49,161
Fixed assets, net	1,273	857
Restricted cash	79	79
Other assets, net	85	89
Total assets	56,542	50,186
Current Liabilities
Accounts payable	530	326
Accrued expenses	1,559	822
Deferred rent	615	345
Deferred revenue	140	13
Capital lease obligation	10	10
Warrant liabilities	258	377
Total current liabilities	3,112	1,893
Deferred revenue, net of current portion	1	4
Capital lease obligation, net of current portion	1	5
Total liabilities	3,114	1,902
Commitments and Contingencies (Note 4)
Stockholders' Equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 80,404,648 and 78,113,639 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively	80	78
Additional paid-in capital	160,852	140,419
Accumulated deficit	(107,504)	(92,213)
Total stockholders' equity	53,428	48,284
Total Liabilities and Stockholders' Equity	$ 56,542	$ 50,186

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	80,404,648	78,113,639
Common stock, shares outstanding	80,404,648	78,113,639

Unaudited Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues
Collaborations	$ 45	$ 23	$ 114	$ 117
Grants	5		35	12
Total Revenues	50	23	149	129
Selling, general, and administrative expenses	5,777	4,003	9,472	6,361
Research and development expenses	3,229	1,622	6,043	3,104
Loss from Operations	(8,956)	(5,602)	(15,366)	(9,336)
Other Income (Expense)
Change in fair value of warrant liabilities	94	(4,787)	64	(4,811)
Loss on disposal of fixed assets	(3)		(3)	(4)
Interest expense				(13)
Interest income	7	3	14	7
Total Other Income (Expense)	98	(4,784)	75	(4,821)
Net Loss	$ (8,858)	$ (10,386)	$ (15,291)	$ (14,157)
Net loss per common share-basic and diluted	$ (0.11)	$ (0.14)	$ (0.19)	$ (0.21)
Weighted average shares used in computing net loss per common share-basic and diluted	78,933,884	72,716,031	78,589,521	68,776,718

Unaudited Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities
Net loss	$ (15,291)	$ (14,157)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets	3	4
Depreciation and amortization	208	190
Change in fair value of warrant liabilities	(64)	4,811
Expense associated with warrant modification		12
Stock-based compensation	3,634	2,088
Amortization of warrants issued for services	469	72
Increase (decrease) in cash resulting from changes in:
Grants receivable		101
Accounts receivable	(30)
Inventory	(7)	14
Prepaid expenses and other assets	113	(49)
Accounts payable	204	(164)
Accrued expenses	737	833
Deferred rent	223	(30)
Deferred revenue	124	19
Net cash used in operating activities	(9,677)	(6,256)
Cash Flows From Investing Activities
Deposits released from restriction		50
Purchases of fixed assets	(576)	(176)
Net cash used in investing activities	(576)	(126)
Cash Flows From Financing Activities
Proceeds from issuance of common stock and exercise of warrants, net	16,291	44,096
Proceeds from exercise of stock options	188	20
Principal payments on capital lease obligation	(4)	(5)
Net cash provided by financing activities	16,475	44,111
Net Increase in Cash and Cash Equivalents	6,222	37,729
Cash and Cash Equivalents at Beginning of Period	48,167	15,628
Cash and Cash Equivalents at End of Period	54,389	53,357
Supplemental Disclosure of Cash Flow Information:
Interest	0	0
Income Taxes	$ 0	$ 0

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Statement of Cash Flows [Abstract]
Warrant liability reduced	$ 55	$ 10,147
Warrant reclassified as equity instruments	0	767
Leasehold improvements	$ 47

Description of Business and Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

1. Description of Business and Summary of Significant Accounting Policies

Nature of operations and basis of presentation

References in these notes to the unaudited condensed consolidated 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 September 30, 2014, the Company has devoted its efforts primarily to developing a platform technology for the generation of functional 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, raising capital and building infrastructure. The Company has not yet realized significant revenues from its planned principal operations. The Company’s activities are subject to significant risks and uncertainties including failing to secure additional funding to operationalize the Company’s current technology before another company develops similar technology or products.

The accompanying interim condensed consolidated 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 and cash flows in accordance with generally accepted accounting principles (“GAAP”). The balance sheet at March 31, 2014 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 and cash flows. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended March 31, 2014 filed with the Securities and Exchange Commission (the “SEC”) on June 10, 2014. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2015.

NYSE:MKT Listing

On July 9, 2013, the Company announced that its common stock had been approved for listing on the NYSE:MKT. Shares began trading on the New York Stock Exchange on July 11, 2013 under the symbol “ONVO”. Prior to that time, the Company’s shares were quoted on the OTC QX.

Liquidity

As of September 30, 2014, the Company had an accumulated deficit of approximately $107.5 million. The Company also had negative cash flows from operations of approximately $9.7 million during the six months ended September 30, 2014.

Through September 30, 2014, the Company has financed its operations primarily through the sale of convertible notes, the private placement of equity securities, the public offering of common stock, 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 twelve months.

The Company will need additional capital to further fund 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, through additional financing from existing and prospective investors, from revenue derived from grants and collaborative research agreements, and revenue from the commercialization of products and services. However, we may not be successful in obtaining sufficient funding to support our operations from new or existing collaborative research agreements or the commercialization of products and services. In addition, we cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to us or to our stockholders. Further, we cannot assure you that we will receive 100% of the potential funding under existing grants, and we may not be successful in securing additional grants in the future.

Having insufficient funds may require us to delay, scale back, or eliminate some or all of our development programs or relinquish rights to our technology on less favorable terms than we would otherwise choose. Failure to obtain adequate financing could eventually adversely affect our ability to operate as a going concern. If we raise additional funds from the issuance of equity securities, substantial dilution to our existing stockholders would likely result. If we raise additional funds by incurring debt financing, the terms of the debt may involve significant cash payment obligations as well as covenants and specific financial ratios that may restrict our ability to operate our business.

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 condensed 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, accounts receivable, inventory, prepaid expenses and other current 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 September 30, 2014 and March 31, 2014, the Company had approximately $78,800 of restricted cash deposited with a financial institution. The entire amount is held in certificates of deposit to support a letter of credit agreement related to the Company’s facility lease.

Inventory

Inventories are stated at the lower of the cost or market (first-in, first-out). Inventory consisted of approximately $70,000 and $63,000 in raw materials as of September 30, 2014 and March 31, 2014, respectively, net of reserves.

The Company provides inventory allowances based on excess or obsolete inventories determined based on anticipated use in the final product. The reserve for obsolete inventory at September 30, 2014 and March 31, 2014 was approximately $31,000.

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 remaining lease term. The estimated useful lives of the fixed assets range between two and seven 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 has occurred through September 30, 2014.

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 2). 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.

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


	Fair Value Measurements at September 30 and March 31, 2014 (in thousands):
	Balance at September 30, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	258		—		—	$	258


	Balance at March 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	377		—		—	$	377

The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the six months ended September 30, 2014:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Warrant Derivative Liability (in thousands)
Balance at March 31, 2014	$	377
Issuances		—
Adjustments to estimated fair value		(64	)
Warrant liability removal due to settlements		(55	)
Warrant liability reclassified to equity		—

Balance at September 30, 2014	$	258

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, grants from the National Institute of Health (“NIH”), U.S. Treasury Department and private not-for-profit organizations.

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 September 30, 2014 and March 31, 2014, the Company had approximately $141,000 and $17,000, respectively, in deferred revenue related to its grants and collaborative research programs.

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 up-front 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.

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.

Grant Revenues

During 2012, the NIH awarded the Company a research grant totaling approximately $290,000. Revenue from the NIH grant is based upon internal and subcontractor costs incurred that are specifically covered by the grant, and an additional facilities and administrative rate that provides funding for overhead expenses. This revenue is recognized when expenses have been incurred by subcontractors and as the Company incurs internal expenses that are related to the grants. Activities under this grant concluded in April 2013. Revenue recognized under the grant was approximately $0 and $12,000 for the three and six months, respectively, ended September 30, 2013.

During August of 2013, the Company was awarded a research grant by a private, not-for-profit organization for up to $251,700, contingent on go/no-go decisions made by the grantor at the completion of each stage of research as outlined in the grant award. Revenues from the grant are based upon internal costs incurred that are specifically covered by the grant, plus an additional rate that provides funding for overhead expenses. Revenue is recognized when the Company incurs expenses that are related to the grant. Revenue recognized under this grant was approximately $5,000 and $35,000 for the three and six months, respectively, ended September 30, 2014.

During September of 2014, the NIH awarded the Company a research grant totaling approximately $222,000. The grant provides for fixed payments based on the achievement of certain milestones. As such, revenue will be recognized upon completion of those milestones. Grant activities did not commence until the third quarter of fiscal 2015 and therefore no revenue has been recognized under this grant as of September 30, 2014.

Stock-based compensation

The Company accounts for stock-based compensation in accordance with the Financial Accounting Standards Board’s (“FASB”) 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 its estimated fair value as it vests.

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 and six months ended September 30, 2014 and 2013, respectively, 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 and six months ended September 30, 2014 or 2013, as the Company reported a net loss for each respective period and the effect would have been anti-dilutive. Common stock equivalents excluded from computing diluted net loss per share were approximately 7.9 million for the three and six months ended September 30, 2014, respectively, and 6.9 million for the three and six months ended September 30, 2013, respectively.

Reclassifications

Certain reclassifications were made to the Condensed Consolidated Balance Sheet as of March 31, 2014 and the Condensed Consolidated Statement of Operations for the three and six months ended September 30, 2013 in order to conform to the presentation of the Condensed Consolidated Balance Sheet as of September 30, 2014 and the Condensed Consolidated Statement of Operations for the three and six months ended September 30, 2014. The reclassifications did not have any effect on previously reported net loss or financial position.

Derivative Liability

6 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Liability

2. Derivative Liability

During 2011 and 2012, the Company issued five-year warrants to purchase its common stock. For certain of these warrants, the exercise price 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 was recorded as a derivative liability on the issuance dates.

The Company revalues the warrants classified as derivative liabilities as of the end of each reporting period. The estimated fair value of the outstanding warrant liabilities was approximately $0.3 million and $0.4 million as of September 30, 2014 and March 31, 2014, respectively. The changes in fair value of the derivative liabilities were approximately a $94,000 decrease and a $4.8 million increase for the three months ended September 30, 2014 and 2013, respectively, and were approximately a $64,000 decrease and a $4.8 million increase for the six months ended September 30, 2014 and 2013, respectively, and are included in other income (expense) in the statement of operations.

During the three months ended September 30, 2014 and 2013, 0 and 1,782,928 warrants, respectively, that were classified as derivative liabilities were exercised. During the six months ended September 30, 2014 and 2013, 8,647 and 1,817,928 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 six months ended September 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:


	September 30, 2014			March 31, 2014			September 30, 2013
Closing price per share of common stock	$	6.37		$	7.64		$	5.77
Exercise price per share	$	1.00		$	1.00		$	1.00
Expected volatility		76.5	%		76.5	%		82.6	%
Risk-free interest rate		0.58	%		0.90	%		0.63	%
Dividend yield		—			—			—
Remaining expected term of underlying securities (years)		2.46			2.96			3.44

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Stockholders' Equity

6 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stockholders' Equity

3. Stockholders’ Equity

Common stock

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 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, which includes the issuance and sale of 1,350,000 shares pursuant to an overallotment option exercised by the Underwriters on August 5, 2013 (the “Offering”). 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 $43.4 million, after deducting underwriting discounts and commissions and other offering expenses of $3.2 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.

In November 2013, the Company entered into an equity distribution agreement with an investment banking firm. Under the terms of the distribution agreement, the Company may offer and sell up to 4,000,000 shares of its common stock, from time to time, through the investment bank in “at the market” offerings, as defined by the SEC, and pursuant to the Company’s effective shelf registration statement previously filed with the SEC. During the year ended March 31, 2014, the Company issued 334,412 shares of common stock in at the market offerings under the distribution agreement with net proceeds of $3.5 million. During the three and six months ended September 30, 2014, the Company issued 2,197,768 shares of common stock in at the market offerings under the distribution agreement with net proceeds of $16.1 million.

In addition, during the three months ended September 30, 2014 and 2013, the Company issued 0 and 1,670,851 shares of common stock upon exercise of 0 and 2,026,428 warrants, respectively. During the six months ended September 30, 2014 and 2013, the Company issued 110,600 and 1,870,986 shares of common stock upon exercise of 111,647 and 2,278,557 warrants, respectively.

Finally, during the three and six months ended September 30, 2014, the Company issued 28,224 and 88,746 shares of common stock upon exercise of 28,224 and 88,746 stock options, respectively. During the three and six months ended September 30, 2013, the Company issued 7,300 shares of common stock upon exercise of 7,300 stock options.

Restricted stock awards

In May 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 have been issued under the 2008 Plan since 2011, and the Company does not intend to issue any additional shares from the 2008 Plan in the future.

In January 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 Board of Directors and stockholders of the Company approved an amendment to the 2012 Plan in August 2013 to increase the number of shares of common stock that may be issued under the 2012 Plan by 5,000,000 shares, for an aggregate of 11,553,986 shares issuable under the 2012 Plan. The 2012 Plan terminates ten years after its adoption.

During the six months ended September 30, 2013, the Company issued an aggregate of 60,000 restricted stock units with immediate vesting to a consultant. No restricted stock units were awarded during the six months ended September 30, 2014.

During the three months ended September 30, 2014 and 2013, there were 103,804 and 160,540 shares of restricted stock, respectively, cancelled related to shares of common stock returned to the Company, at the option of the holders, to cover the tax liability related to the vesting of 190,000 and 296,250 restricted stock units, respectively. During the six months ended September 30, 2014 and 2013, there were 106,105 and 163,083 shares of restricted stock, respectively, cancelled related to shares of common stock returned to the Company, at the option of the holders, to cover the tax liability related to the vesting of 196,250 and 302,500 restricted stock units, respectively. Upon the return of the common stock, an equal number of stock options with immediate vesting were granted to the individuals at the vesting date market value strike price.

There are 200,000 of restricted stock awards that were issued to a member of senior management in a prior year, the vesting of which is performance based. As of September 30, 2014, the Company believed the financial targets would be met, and accordingly is recognizing the related stock-based compensation expense over the requisite service period.

A summary of the Company’s restricted stock award activity from March 31, 2014 through September 30, 2014 is as follows:


	Number of Shares
Unvested at March 31, 2014		573,495
Granted		—
Vested		(196,250	)
Canceled / forfeited		—

Unvested at September 30, 2014		377,245

The fair value of each restricted common stock award is recognized as stock-based compensation 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 $134,000 and $131,000 for the three months ended September 30, 2014 and 2013, respectively, and approximately $267,000 and $533,000 for the six months ended September 30, 2014 and 2013, respectively. Stock-based compensation expense included in research and development was $4,000 and $4,000 for the three months ended September 30, 2014 and 2013, respectively, and $8,000 and $8,000 for the six months ended September 30, 2014 and 2013, respectively. Stock-based compensation expense included in general and administrative expense was $130,000 and $127,000 for the three months ended September 30, 2014 and 2013, respectively, and $259,000 and $525,000 for the six months ended September 30, 2014 and 2013, respectively.

As of September 30, 2014, total unrecognized restricted stock-based compensation expense was approximately $466,000, which will be recognized over a weighted average period of 1.02 years.

Stock options

Under the 2012 Plan, 290,054 and 475,540 stock options were issued during the three months ended September 30, 2014 and 2013, respectively, and 556,855 and 572,540 stock options were issued during the six months ended September 30, 2014 and 2013, respectively, at various exercise prices. The stock options generally vest on the one year anniversary of the grant date, quarterly over a three year period, or over a four-year period, with a quarter vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date, and the remainder vesting ratably over the remaining 36 month terms.

A summary of the Company’s stock option activity for the six months ended September 30, 2014 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2014		5,935,888		$	4.87	$	20,482,823
Options granted		556,855		$	7.53
Options canceled		(22,125	)	$	7.22
Options exercised		(88,746	)	$	2.12	$	425,156

Outstanding at September 30, 2014		6,381,872		$	5.14	$	14,989,496

Vested and Exercisable at September 30, 2014		2,349,427		$	2.95	$	8,414,477

The weighted-average remaining contractual term of options exercisable and outstanding at September 30, 2014 was approximately 8.07 years and 8.55 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 September 30, 2014			Three Months Ended September 30, 2013			Six Months Ended September 30, 2014			Six Months Ended September 30, 2013
Dividend yield		—			—			—			—
Volatility		76.3	%		82.6	%		77.1	%		84.8	%
Risk-free interest rate		1.66	%		0.63	%		1.61	%		0.84	%
Expected life of options		6.00 years			6.00 years			6.00 years			6.00 years
Weighted average grant date fair value	$	5.16		$	4.00		$	5.06		$	3.81

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 $1,962,000 and $1,155,000 for the three months ended September 30, 2014 and 2013, respectively, and $3,367,000 and $1,555,000 for the six months ended September 30, 2014 and 2013, respectively. Expense included in research and development was $281,000 and $66,000 for the three months ended September 30, 2014 and 2013, respectively, and $529,000 and $133,000 for the six months ended September 30, 2014 and 2013, respectively. Expense included in general and administrative was $1,681,000 and $1,089,000 for the three months ended September 30, 2014 and 2013, respectively and $2,838,000 and $1,422,000 for the six months ended September 30, 2014 and 2013, respectively.

The total unrecognized compensation cost related to unvested stock option grants as of September 30, 2014 was approximately $15,400,000 and the weighted average period over which these grants are expected to vest is 3.03 years.

Warrants

During the three months ended September 30, 2014 and 2013, 0 and 1,782,928 warrants, respectively, were exercised through a cashless exercise provision for issuance of 0 and 1,427,351 shares of common stock, respectively. During the six months ended September 30, 2014 and 2013, 8,647 and 2,035,057 warrants, respectively, were exercised through a cashless exercise provision for issuance of 7,600 and 1,627,486 shares of common stock, respectively. During the three and six months ended September 30, 2014, 0 and 103,000 warrants, respectively, were exercised at prices ranging from $1.00 to $2.21 for total proceeds of $0 and $224,000, respectively and during the three and six months ended September 30, 2013, 243,500 warrants were exercised at prices ranging from $2.28 and $3.24 for total proceeds of $651,180.

Of the warrants exercised during the three months ended September 30, 2014 and 2013, 0 and 1,782,928, respectively, were derivative liabilities and were valued at the settlement date. Of the warrants exercised during the six months ended September 30, 2014 and 2013, 8,647 and 1,817,928, respectively, were derivative liabilities and were valued at the settlement date. For the three months ended September 30, 2014 and 2013, and the six months ended September 30, 2014 and 2013, respectively, approximately $0, $10,018,000, $55,000, and $10,147,000, of the warrant liability was removed due to the exercise of these warrants. (See Note 2).

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 six months ended September 30, 2013.

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 $890,000, 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 during the six months ended September 30, 2013 related to these services.

During November 2013 the Company entered into an agreement with a consultant for services. In connection with the agreement, the Company issued 75,000 warrants to purchase common stock, at a price of $7.36, with a life of five years, to be earned over a twelve month service period. The fair value of the warrants was estimated to be approximately $404,000, which was recognized as a prepaid asset and is being amortized over the term of the consulting agreement. These warrants were classified as equity instruments because they do not contain any anti-dilution provisions. The Black-Scholes model, using a volatility rate of 96.90% and a risk-free interest rate factor of 0.60%, was used to determine the value. The Company recognized approximately $101,000 and $202,000 during the three and six months ended September 30, 2014, respectively, related to these services.

Additionally, during September 2014, the Company issued 50,000 warrants to a consultant in recognition of services previously provided. These warrants were classified as equity instruments because they do not contain any anti-dilution provisions.

The following table summarizes warrant activity for the six months ended September 30, 2014:


	Warrants			Weighted- Average Exercise Price
Balance at March 31, 2014		1,194,756		$	1.79
Granted		50,000		$	7.62
Exercised		(111,647	)	$	2.08

Balance at September 30, 2014		1,133,109		$	2.02

The warrants outstanding at September 30, 2014 are immediately exercisable at prices between $0.85 and $7.62 per share, and have a weighted average remaining term of approximately 2.34 years.

Common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following at September 30, 2014:


Common stock warrants outstanding			1,133,109
Common stock options outstanding under the 2008 Plan			672,192
Common stock options outstanding and reserved under the 2012 Plan			9,502,348

Total			11,307,649

Preferred stock

The Company is authorized to issue 25,000,000 shares of preferred stock. There are no shares of preferred stock currently outstanding, and the Company has no present plans to issue shares of preferred stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Commitments and Contingencies

6 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. 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 and amended in December 2013, with the future minimum lease payments from the 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. In addition, the lease provides for certain improvements made for the Company’s benefit to be funded by the landlord. Such costs, totaling approximately $47,000 to date, have been capitalized as fixed assets and included in deferred rent.

Rent expense was approximately $235,000 and $105,000 for the three months ended September 30, 2014 and 2013, respectively, and $470,000 and $210,000 for the six months ended September 30, 2014 and 2013, respectively.

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

On December 5, 2013, the Company entered into a First Amendment (the “Amendment”) to the Original Lease, together with the Amendment, (the “Amended Lease”). Pursuant to the Amendment, the Company expanded the size of its facility by approximately 15,268 square feet (the “Expansion Premises”) from approximately 15,539 square feet (the “Original Premises”) for a total of approximately 30,807 square feet. The Amended Lease provides for base rent (i) on the Original Premises to continue at approximately $38,800 per month, with annual escalators, until August 1, 2016, at which point the base rent shall be payable at the same rate per rentable square foot as the Expansion Premises and (ii) on the Expansion Premises of approximately $38,934 per month, with 3% annual escalators, not to commence until two months after the earlier of (A) the date that the landlord delivers possession of the Expansion Premises to the Company with the work in the Expansion Lab Premises (as defined in the Amendment) substantially complete and (B) the date the landlord could have delivered the Expansion Premises with the work in the Expansion Lab Premises (as defined in the Amendment) substantially complete but for certain delays of the Company. Additionally, the Company has a right of first refusal on adjacent additional premises of approximately 14,500 square feet. The term of the Amended Lease expires on the seven-year anniversary of the earlier of (A) the date that the landlord delivers possession of the Expansion Premises to the Company and (B) the date the landlord could have delivered the Expansion Premises but for certain delays of the Company (the “Expansion Premises Commencement Date”). The Expansion Premises Commencement Date was September 1, 2014. The Company also has the option to terminate the Amended Lease on the 5-year anniversary of the Expansion Premises Commencement Date. The Expansion Premises contains office, laboratory, and clean room areas.

Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2014, are as follows (in thousands):


Fiscal year ended March 31, 2015	$	444
Fiscal year ended March 31, 2016		979
Fiscal year ended March 31, 2017		984
Fiscal year ended March 31, 2018		1,001
Fiscal year ended March 31, 2019		1,031
Thereafter		2,527

Total	$	6,966

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 its business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. 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. During the period presented, the Company has not recorded any accrual for loss contingencies associated with such claims or legal proceedings; determined that an unfavorable outcome is probable or reasonably possible; or determined that the amount or range of any possible loss is reasonably estimable. However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period, the Company’s consolidated financial statements for that reporting period could be materially adversely affected.

Spencer Trask Matter. In June 2013, the Company filed a declaratory relief action against Spencer Trask Ventures (“STV”) in the Supreme Court of New York (case #652305/2013) following claims by STV that it was entitled to additional compensation arising from a warrant tender offer the Company completed in December 2012. The Company is seeking a declaration that a Warrant Solicitation Agency Agreement (the “WSAA”) between the parties is a valid and enforceable agreement; the Company believes that under this agreement, STV is not entitled to the additional compensation it is seeking.

Also in June, 2013, STV initiated an arbitration in which it is alleging (1) breach of contract, and (2) breach of a confidentiality agreement. STV is seeking compensation (including a cash fee and warrants to purchase common stock) as a result of the Company’s warrant tender offer in December 2012 and its warrant redemption in 2013, and damages for breach of confidentiality provisions in relation to the contacting of warrant holders who participated in the warrant tender offer. The Company believes there was no breach of confidentiality, as 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.

In January 2014, the Supreme Court of New York stayed the New York litigation, finding that the arbitrator should determine in the first instance which disputes between the Company and STV should proceed in the Arbitration and which disputes between the Company and STV should proceed in the New York Court. The parties are proceeding in the Arbitration and the Company has reserved its right to file a summary disposition motion with regard to the proper venue for its claims under the WSAA. 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.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details

Concentrations	6 Months Ended
Concentrations	Sep. 30, 2014
Risks and Uncertainties [Abstract]
Concentrations	5. 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. 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.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References+ Details

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	6. Recent Accounting Pronouncements In May 2014, the Financial Accountings Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, or ASU 2014-09, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us on April 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. In June 2014, the FASB issued ASU 2014-10, Development Stage Entities, which eliminated certain financial reporting requirements under Topic 915 for entities considered to be in the development stage. This standard becomes effective for annual reporting periods beginning after December 15, 2014 and interim reporting periods beginning after December 15, 2015, with earlier application permitted. The Company adopted this standard prospectively as of April 1, 2014. This adoption had no effect on current or previously reported amounts, but eliminated the need to present inception-to-date financial information that was previously required under Topic 915.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 01

-Paragraph b

-Subparagraph 6

-Article 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

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-Topic 270

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-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

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-Paragraph 1

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Direct Effects of a Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6510796

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Indirect Effects of a Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6515603

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Accounting Change

-URI http://asc.fasb.org/extlink&oid=6503790

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-Name Accounting Standards Codification

-Glossary Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6507316

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-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

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-Paragraph 1

-Subparagraph (SX 210.10-01.(b)(6))

-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Retrospective Application

-URI http://asc.fasb.org/extlink&oid=6523989

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-Topic 250

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-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events In October 2014, we executed an amendment to our existing Research Agreement with United Therapeutics Corporation (“Unither”) to expand the scope of research we are conducting using the NovoGen Bioprinter technology. The term of our extended Research Agreement with Unither now runs through December 2015.

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

6 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Nature of operations and basis of presentation

Nature of operations and basis of presentation

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

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 September 30 and March 31, 2014 (in thousands):
	Balance at September 30, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	258		—		—	$	258


	Balance at March 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	377		—		—	$	377

The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the six months ended September 30, 2014:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Warrant Derivative Liability (in thousands)
Balance at March 31, 2014	$	377
Issuances		—
Adjustments to estimated fair value		(64	)
Warrant liability removal due to settlements		(55	)
Warrant liability reclassified to equity		—

Balance at September 30, 2014	$	258

Research and development

Research and development

Income taxes

Income taxes

Revenue recognition

Revenue recognition

Research and Development Revenue Under Collaborative Agreements

Revenue Arrangements with Multiple Deliverables

Grant Revenues

Stock-based compensation

Stock-based compensation

Comprehensive income (loss)

Comprehensive income (loss)

Net loss per share

Net loss per share

Reclassifications

Reclassifications

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

6 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Estimated Fair Values of Liabilities Measured on Recurring Basis

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


	Fair Value Measurements at September 30 and March 31, 2014 (in thousands):
	Balance at September 30, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	258		—		—	$	258


	Balance at March 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Warrant liability	$	377		—		—	$	377

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 the six months ended September 30, 2014:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Warrant Derivative Liability (in thousands)
Balance at March 31, 2014	$	377
Issuances		—
Adjustments to estimated fair value		(64	)
Warrant liability removal due to settlements		(55	)
Warrant liability reclassified to equity		—

Balance at September 30, 2014	$	258

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details

Derivative Liability (Tables)

6 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Assumptions Used to Value Derivative Liabilities at Closing Dates of 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:


	September 30, 2014			March 31, 2014			September 30, 2013
Closing price per share of common stock	$	6.37		$	7.64		$	5.77
Exercise price per share	$	1.00		$	1.00		$	1.00
Expected volatility		76.5	%		76.5	%		82.6	%
Risk-free interest rate		0.58	%		0.90	%		0.63	%
Dividend yield		—			—			—
Remaining expected term of underlying securities (years)		2.46			2.96			3.44

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n)(2))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Stockholders' Equity (Tables)

6 Months Ended

Sep. 30, 2014

Equity [Abstract]

Summary of Company's Restricted Stock Award Activity

A summary of the Company’s restricted stock award activity from March 31, 2014 through September 30, 2014 is as follows:


	Number of Shares
Unvested at March 31, 2014		573,495
Granted		—
Vested		(196,250	)
Canceled / forfeited		—

Unvested at September 30, 2014		377,245

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the six months ended September 30, 2014 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2014		5,935,888		$	4.87	$	20,482,823
Options granted		556,855		$	7.53
Options canceled		(22,125	)	$	7.22
Options exercised		(88,746	)	$	2.12	$	425,156

Outstanding at September 30, 2014		6,381,872		$	5.14	$	14,989,496

Vested and Exercisable at September 30, 2014		2,349,427		$	2.95	$	8,414,477

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 September 30, 2014			Three Months Ended September 30, 2013			Six Months Ended September 30, 2014			Six Months Ended September 30, 2013
Dividend yield		—			—			—			—
Volatility		76.3	%		82.6	%		77.1	%		84.8	%
Risk-free interest rate		1.66	%		0.63	%		1.61	%		0.84	%
Expected life of options		6.00 years			6.00 years			6.00 years			6.00 years
Weighted average grant date fair value	$	5.16		$	4.00		$	5.06		$	3.81

Summary of Warrant Activity

The following table summarizes warrant activity for the six months ended September 30, 2014:


	Warrants			Weighted- Average Exercise Price
Balance at March 31, 2014		1,194,756		$	1.79
Granted		50,000		$	7.62
Exercised		(111,647	)	$	2.08

Balance at September 30, 2014		1,133,109		$	2.02

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at September 30, 2014:


Common stock warrants outstanding			1,133,109
Common stock options outstanding under the 2008 Plan			672,192
Common stock options outstanding and reserved under the 2012 Plan			9,502,348

Total			11,307,649

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments Required under Operating Leases that have Initial or Remaining Non-Cancelable 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 September 30, 2014, are as follows (in thousands):


Fiscal year ended March 31, 2015	$	444
Fiscal year ended March 31, 2016		979
Fiscal year ended March 31, 2017		984
Fiscal year ended March 31, 2018		1,001
Fiscal year ended March 31, 2019		1,031
Thereafter		2,527

Total	$	6,966

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) Share data in Millions, unless otherwise specified	3 Months Ended		6 Months Ended					1 Months Ended	3 Months Ended	6 Months Ended	1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Sep. 30, 2014 Research and Development Services [Member]	Mar. 31, 2014 Research and Development Services [Member]	Aug. 31, 2013 Private, Not-for-Profit Organization [Member]	Sep. 30, 2014 Private, Not-for-Profit Organization [Member]	Sep. 30, 2014 Private, Not-for-Profit Organization [Member]	Sep. 30, 2014 Nih Research Grant [Member]	Sep. 30, 2013 Nih Research Grant [Member]	Sep. 30, 2013 Nih Research Grant [Member]	Dec. 31, 2012 Nih Research Grant [Member]	Sep. 30, 2014 Maximum [Member]	Sep. 30, 2014 Minimum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ 107,504,000		$ 107,504,000		$ 92,213,000
Cash flow from operations			9,700,000
Maturity of highly liquid investment															90 days
Restricted cash	79,000		79,000		79,000
Inventory of raw materials, net of reserves	70,000		70,000		63,000
Obsolete inventory reserve	31,000		31,000		31,000
Estimated useful life of the fixed assets			The estimated useful lives of the fixed assets range between two and seven years.
Useful life of fixed assets, range															7 years	2 years
Impairment of long-lived assets			0
Deferred revenue related to collaborative research programs	140,000		140,000		13,000	141,000	17,000
Revenue recognized under grants	5,000		35,000	12,000				251,700	5,000	35,000	222,000	0	12,000	290,000
Dilutive effect	$ 0	$ 0	$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share	7.9	6.9	7.9	6.9

Description of Business and Summary of Significant Accounting Policies - Estimated Fair Values of Liabilities Measured on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Mar. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 258	$ 377
Warrants [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	258	377
Warrants [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	0	0
Warrants [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	0	0
Warrants [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	258	377
Warrants [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant liability	$ 258	$ 377

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

Description of Business and Summary of Significant Accounting Policies - Activity for Liabilities Measured at Estimated Fair Value Using Unobservable Inputs (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant Derivative Liability, Beginning balance			$ 377
Adjustments to estimated fair value	(94)	4,787	(64)	4,811
Warrant liability reclassified to equity			0	(767)
Warrant Derivative Liability, Ending balance	258		258
Significant Other Unobservable Inputs (Level 3) [Member] \| Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant Derivative Liability, Beginning balance			377
Issuances			0
Adjustments to estimated fair value			(64)
Warrant liability removal due to settlements			(55)
Warrant liability reclassified to equity			0
Warrant Derivative Liability, Ending balance	$ 258		$ 258

- Definition

+ References+ Details

Derivative Liability - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended		3 Months Ended		6 Months Ended
	Nov. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2012	Mar. 31, 2011	Sep. 30, 2014 Warrants [Member]	Sep. 30, 2013 Warrants [Member]	Sep. 30, 2014 Warrants [Member]	Sep. 30, 2013 Warrants [Member]	Mar. 31, 2014 Warrants [Member]
Derivative [Line Items]
Warrants maturity term	5 years					5 years	5 years
Estimated fair value of the outstanding warrant liabilities								$ 300,000		$ 300,000		$ 400,000
Change in fair value of warrant liabilities		$ 94,000	$ (4,787,000)	$ 64,000	$ (4,811,000)
Exercised derivative liabilities		0	1,782,928	8,647	1,817,928			0	1,782,928	8,647	1,817,928
Reclassification of warrant									269,657		269,657

Derivative Liability - Assumptions Used to Value Derivative Liabilities at Closing Dates of Private Placements (Detail) (Warrant Derivative Liability [Member], USD $)	6 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Warrant Derivative Liability [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Closing price per share of common stock	$ 6.37	$ 5.77	$ 7.64
Exercise price per share	$ 1.00	$ 1.00	$ 1.00
Expected volatility	76.50%	82.60%	76.50%
Risk-free interest rate	0.58%	0.63%	0.90%
Dividend yield	0.00%	0.00%	0.00%
Remaining expected term of underlying securities (years)	2 years 5 months 16 days	3 years 5 months 9 days	2 years 11 months 16 days

Stockholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended			3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended			12 Months Ended	1 Months Ended	3 Months Ended		6 Months Ended				3 Months Ended		6 Months Ended								6 Months Ended
	Aug. 02, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Sep. 30, 2014 Research and development expense [Member]	Sep. 30, 2013 Research and development expense [Member]	Sep. 30, 2014 Research and development expense [Member]	Sep. 30, 2013 Research and development expense [Member]	Sep. 30, 2014 General and administrative expense [Member]	Sep. 30, 2013 General and administrative expense [Member]	Sep. 30, 2014 General and administrative expense [Member]	Sep. 30, 2013 General and administrative expense [Member]	Sep. 30, 2014 Equity Distribution Agreement [Member]	Mar. 31, 2014 Equity Distribution Agreement [Member]	Nov. 30, 2013 Equity Distribution Agreement [Member] Maximum [Member]	Sep. 30, 2014 Restricted stock units (RSUs) [Member]	Sep. 30, 2013 Restricted stock units (RSUs) [Member]	Sep. 30, 2014 Restricted stock units (RSUs) [Member]	Sep. 30, 2013 Restricted stock units (RSUs) [Member]	Sep. 30, 2014 Restricted stock units (RSUs) [Member] Consultants [Member]	Sep. 30, 2013 Restricted stock units (RSUs) [Member] Consultants [Member]	Sep. 30, 2014 Restricted stock [Member]	Sep. 30, 2013 Restricted stock [Member]	Sep. 30, 2014 Restricted stock [Member]	Sep. 30, 2013 Restricted stock [Member]	Sep. 30, 2014 Equity Incentive Plan 2008 [Member]	Sep. 30, 2013 Equity Incentive Plan 2008 [Member]	May 31, 2008 Equity Incentive Plan 2008 [Member]	Aug. 02, 2013 Underwriting Agreement [Member]	Jul. 17, 2013 Underwriting Agreement [Member]	Aug. 02, 2013 Underwriting Agreement [Member] Overallotment Option Exercised [Member]	Sep. 30, 2014 Equity Incentive Plan 2012 [Member]	Aug. 31, 2013 Equity Incentive Plan 2012 [Member]	Jan. 31, 2012 Equity Incentive Plan 2012 [Member]
Class of Stock [Line Items]
Shares authorized under shelf registration statement		150,000,000		150,000,000		150,000,000																										100,000,000
Issuance of common stock		80,404,648		80,404,648		78,113,639																									10,350,000		1,350,000
Offering price per share	$ 4.50																														$ 4.23
Proceeds from issuance of common stock	$ 43,400,000
Underwriting discounts and commissions and other offering expenses	3,200,000
Number of shares to be offered and sold in equity distribution agreement																	4,000,000
Issuance of common stock from stock options exercises, net, Shares		28,224	7,300	88,746	7,300										2,197,768	334,412
Value of shares sold under equity distribution agreement															16,100,000	3,500,000
Issuance of common stock from warrant exercises, net, Shares		0	1,670,851	110,600	1,870,986
Warrants exercised		0	2,026,428	111,647	2,278,557
Stock option exercised		28,224	7,300	88,746	7,300
Common shares authorized to be issued																														1,521,584					5,000,000	6,553,986
Shares issued during the year																												0	0
Termination date of Equity Incentive Plan																												Jul. 01, 2018
Shares available for issuance																																			11,553,986
Termination period of Equity Incentive Plan																																		10 years
Restricted stock awards granted				0																		0	60,000
Restricted stock surrendered																		103,804	160,540	106,105	163,083
Restricted stock awards vested during the period				196,250														190,000	296,250	196,250	302,500
Stock option granted with immediate vesting																		103,804	160,540	106,105	163,083
Restricted stock awards issued to member of senior management				200,000
Total employee stock-based compensation recorded as operating expenses							4,000	4,000	8,000	8,000	130,000	127,000	259,000	525,000										134,000	131,000	267,000	533,000
Unrecognized restricted stock-based compensation expense																								$ 466,000		$ 466,000
Total unrecognized compensation cost related, weighted average period																										1 year 7 days

Stockholders' Equity - Summary of Company's Restricted Stock Award Activity (Detail)	6 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance, Unvested, Number of Shares	573,495
Granted, Number of Shares	0
Vested, Number of Shares	(196,250)
Canceled / forfeited, Number of Shares	0
Ending balance, Unvested, Number of Shares	377,245

Stockholders' Equity - Additional Information 1 (Detail) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Class of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares	28,224	7,300	88,746	7,300
Weighted-average remaining contractual term of options exercisable			8 years 26 days
Weighted-average remaining contractual term of options outstanding			8 years 6 months 18 days
Total unrecognized compensation cost related to unvested stock option grants	$ 15,400,000		$ 15,400,000
Research and development expense [Member]
Class of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	4,000	4,000	8,000	8,000
General and administrative expense [Member]
Class of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	130,000	127,000	259,000	525,000
2012 Plan [Member]
Class of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares	290,054	475,540	556,855	572,540
Remaining options vest			36 months
Stock options [Member]
Class of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	1,962,000	1,155,000	3,367,000	1,555,000
Total unrecognized compensation cost related, weighted average period			3 years 11 days
Stock options [Member] \| Research and development expense [Member]
Class of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	281,000	66,000	529,000	133,000
Stock options [Member] \| General and administrative expense [Member]
Class of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	$ 1,681,000	$ 1,089,000	$ 2,838,000	$ 1,422,000
Stock options [Member] \| 2012 Plan [Member]
Class of Stock [Line Items]
Restricted stock vesting conditions			Stock options generally vest on the one year anniversary of the grant date, quarterly over a three year period, or over a four-year period, with a quarter vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date
Stock option granted, quarterly vesting restricted term			4 years

Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options Outstanding, Beginning balance			5,935,888
Granted, Options Outstanding			556,855
Canceled, Options Outstanding			(22,125)
Exercised, Options Outstanding	(28,224)	(7,300)	(88,746)	(7,300)
Options Outstanding, Ending balance	6,381,872		6,381,872
Vested and Exercisable, Options Outstanding	2,349,427		2,349,427
Weighted-Average Exercise Price, Options Beginning balance			$ 4.87
Options granted, Weighted-Average Exercise Price			$ 7.53
Options canceled, Weighted-Average Exercise Price			$ 7.22
Options exercised, Weighted-Average Exercise Price			$ 2.12
Weighted-Average Exercise Price, Options Ending balance	$ 5.14		$ 5.14
Vested and Exercisable, Weighted-Average Exercise Price	$ 2.95		$ 2.95
Aggregate Intrinsic Value, Options Beginning balance			$ 20,482,823
Options Exercised, Aggregate Intrinsic Value			425,156
Aggregate Intrinsic Value, Options Ending balance	14,989,496		14,989,496
Vested and Exercisable at September 30, 2014	$ 8,414,477		$ 8,414,477

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield		0.00%	0.00%	0.00%	0.00%
Volatility	96.90%	76.30%	82.60%	77.10%	84.80%
Risk-free interest rate	0.60%	1.66%	0.63%	1.61%	0.84%
Expected life of options		6 years	6 years	6 years	6 years
Weighted average grant date fair value		$ 5.16	$ 4.00	$ 5.06	$ 3.81

Stockholders' Equity - Additional Information 2 (Detail) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended					12 Months Ended		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended				12 Months Ended			1 Months Ended			6 Months Ended
	Nov. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2012 Agreement	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2012 Minimum [Member]	Sep. 30, 2014 Minimum [Member]	Dec. 31, 2012 Maximum [Member]	Sep. 30, 2014 Maximum [Member]	Nov. 30, 2013 Warrants [Member]	Sep. 30, 2014 Warrants [Member]	Sep. 30, 2013 Warrants [Member]	Sep. 30, 2014 Warrants [Member]	Sep. 30, 2013 Warrants [Member]	Dec. 31, 2012 Warrants [Member]	Dec. 31, 2012 Warrants [Member] Minimum [Member]	Sep. 30, 2014 Warrants [Member] Minimum [Member]	Sep. 30, 2013 Warrants [Member] Minimum [Member]	Dec. 31, 2012 Warrants [Member] Maximum [Member]	Sep. 30, 2014 Warrants [Member] Maximum [Member]	Sep. 30, 2013 Warrants [Member] Maximum [Member]	Apr. 30, 2013 Amendment March 2013 [Member]	Apr. 30, 2013 Amendment March 2013 [Member] Minimum [Member]	Apr. 30, 2013 Amendment March 2013 [Member] Maximum [Member]	Sep. 30, 2013 Amendment April 2013 [Member] Warrants [Member]
Class of Stock [Line Items]
Purchase shares of common stock for issued warrants		8,647	2,035,057	8,647	2,035,057
Cashless exercise for issuance of common stock														0	1,427,351	7,600	1,627,486
Number of warrant exercised through cashless														0	243,500	103,000	243,500
Warrants exercisable price, per share										0.85		7.62	7.36						1.70	1.00	2.28	3.24	2.21	3.24		1.00	0.85
Proceeds from warrant exercise														$ 0	$ 651,180	$ 224,000	$ 651,180
Warrants liability														0	10,018,000	55,000	10,147,000
Number of warrants exercised during period recorded as derivative liability		0	1,782,928	8,647	1,817,928
Warrants to purchase common stock	75,000					650,000																			269,657
Warrants reclassified to additional paid in capital																									767,000
Interest expense					13,000																							12,000
Number of agreement with consultants						4
Life of warrants	5 years						5 years	5 years	2 years		5 years
Estimated fair value of warrants													404,000					890,000
Volatility	96.90%	76.30%	82.60%	77.10%	84.80%														79.80%			103.80%
Risk-free interest rate	0.60%	1.66%	0.63%	1.61%	0.84%														0.24%			0.63%
Recognized expenses of warrants		$ 101,000		$ 202,000													$ 72,000
Warrants earned, service period	12 months
Warrants issued				50,000
Weighted-average remaining contractual term of options exercisable				8 years 26 days												2 years 4 months 2 days
Preferred stock, shares authorized		25,000,000		25,000,000
Preferred stock, shares outstanding		0		0

Stockholders' Equity - Summary of Warrant Activity (Detail) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Beginning balance			5,935,888
Granted, Options Outstanding			556,855
Exercised, Options Outstanding	(28,224)	(7,300)	(88,746)	(7,300)
Options Outstanding, Ending balance	6,381,872		6,381,872
Weighted-Average Exercise Price, Options Beginning balance			$ 4.87
Granted, Weighted-Average Exercise Price			$ 7.53
Exercised, Weighted-Average Exercise Price			$ 2.12
Weighted-Average Exercise Price, Options Ending balance	$ 5.14		$ 5.14
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Beginning balance			1,194,756
Granted, Options Outstanding			50,000
Exercised, Options Outstanding			(111,647)
Options Outstanding, Ending balance	1,133,109		1,133,109
Weighted-Average Exercise Price, Options Beginning balance			$ 1.79
Granted, Weighted-Average Exercise Price			$ 7.62
Exercised, Weighted-Average Exercise Price			$ 2.08
Weighted-Average Exercise Price, Options Ending balance	$ 2.02		$ 2.02

- Definition

Number of share options (or share units) exercised during the current period.

+ References+ Details

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	11,307,649
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	1,133,109
Stock options [Member] \| Equity Incentive Plan 2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	672,192
Stock options [Member] \| Equity Incentive Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	9,502,348

Commitments and Contingencies - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended
	Dec. 05, 2013 sqft	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 05, 2013 sqft
Commitments and Contingencies Disclosure [Abstract]
Leasehold improvements				$ 47,000
Rent expense		235,000	105,000	470,000	210,000
Base rent under the lease	38,800			38,800
Base rent escalators		3.00%		3.00%		3.00%
Lease term with option to extend				48 months
Lease expiration date	Aug. 01, 2016
Rent expense per month	$ 38,934
Area of leased office space						15,539
Additional office space	14,500
Increased office space size						15,268
Total office space under lease agreement	30,807
Expansion premises commencement date				Sep. 01, 2014

Commitments and Contingencies - Future Minimum Rental Payments Required under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Fiscal year ended March 31, 2015	$ 444
Fiscal year ended March 31, 2016	979
Fiscal year ended March 31, 2017	984
Fiscal year ended March 31, 2018	1,001
Fiscal year ended March 31, 2019	1,031
Thereafter	2,527
Total	$ 6,966

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member])	1 Months Ended
	Oct. 31, 2014
Subsequent Event [Member]
Subsequent Event [Line Items]
Term of extended Research Agreement	Dec. 31, 2015