0001564590-21-042137 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	ONVO
Entity Registrant Name	Organovo Holdings, Inc.
Entity Central Index Key	0001497253
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		8,705,358
Entity File Number	001-35996
Entity Current Reporting Status	Yes
Entity Tax Identification Number	27-1488943
Entity Address, Address Line One	440 Stevens Ave
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Solana Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92075
City Area Code	858
Local Phone Number	224-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current Assets
Cash and cash equivalents	$ 36,008	$ 37,364
Prepaid expenses and other current assets	650	1,034
Total current assets	36,658	38,398
Fixed assets, net	554	381
Restricted cash	111	111
Prepaid expenses and other assets, net	971	1,027
Total assets	38,294	39,917
Current Liabilities
Accounts payable	577	281
Accrued expenses	387	440
Total current liabilities	964	721
Stockholders’ Equity
Common stock, $0.001 par value; 200,000,000 shares authorized, 8,698,128 and 8,670,492 shares issued and outstanding at June 30, 2021 and March 31, 2021, respectively	9	9
Additional paid-in capital	336,145	335,479
Accumulated deficit	(298,823)	(296,291)
Treasury stock, 46 shares at cost	(1)	(1)
Total stockholders’ equity	37,330	39,196
Total Liabilities and Stockholders’ Equity	$ 38,294	$ 39,917

Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Expenses
Research and development expenses	$ 580	$ 0
Selling, general and administrative expenses	1,979	2,786
Total costs and expenses	2,559	2,786
Loss from Operations	(2,559)	(2,786)
Other Income (Expense)
Gain on fixed asset disposals	0	6
Interest income	2	8
Other income	25	5
Total Other Income (Expense)	27	19
Income Tax Expense	0	(2)
Net Loss	$ (2,532)	$ (2,769)
Net loss per common share—basic and diluted	$ (0.29)	$ (0.40)
Weighted average shares used in computing net loss per common share—basic and diluted	8,696,683	6,529,424
Comprehensive Loss:
Net loss	$ (2,532)	$ (2,769)
Comprehensive loss	$ (2,532)	$ (2,769)

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Beginning balance at Mar. 31, 2020	$ 26,631	$ 7	$ 306,089	$ 0	$ (279,465)
Beginning balance, Shares at Mar. 31, 2020		6,528
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans	(1)	$ 0	(1)	0	0
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans, Shares		3
Stock-based compensation expense	925	$ 0	925	0	0
Net loss	(2,769)	0	0	0	(2,769)
Ending balance at Jun. 30, 2020	24,786	$ 7	307,013	$ 0	(282,234)
Ending balance, Shares at Jun. 30, 2020		6,531		0
Beginning balance at Mar. 31, 2021	39,196	$ 9	335,479	$ (1)	(296,291)
Beginning balance, Shares at Mar. 31, 2021		8,671		0
Issuance of common stock from public offering, net	251	$ 0	251	$ 0	0
Issuance of common stock from public offering, Shares		27
Stock-based compensation expense	415	$ 0	415	0	0
Net loss	(2,532)	0	0	0	(2,532)
Ending balance at Jun. 30, 2021	$ 37,330	$ 9	$ 336,145	$ (1)	$ (298,823)
Ending balance, Shares at Jun. 30, 2021		8,698		0

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities
Net loss	$ (2,532)	$ (2,769)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on disposal of fixed assets	0	(6)
Depreciation and amortization	25	4
Stock-based compensation	415	925
Increase (decrease) in cash resulting from changes in:
Accounts receivable	0	27
Prepaid expenses and other assets	436	224
Accounts payable	296	(610)
Accrued expenses	(53)	(365)
Net cash used in operating activities	(1,413)	(2,570)
Cash Flows From Investing Activities
Purchases of fixed assets	(194)	0
Proceeds from disposals of fixed assets	0	2
Net cash provided by (used in) investing activities	(194)	2
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net	251	0
Employee taxes paid related to net share settlement of equity awards	0	(1)
Net cash provided by (used in) financing activities	251	(1)
Net decrease in cash, cash equivalents, and restricted cash	(1,356)	(2,569)
Cash, cash equivalents, and restricted cash at beginning of period	37,475	27,356
Cash, cash equivalents, and restricted cash at end of period	36,119	24,787
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	36,008	24,787
Restricted cash	111	0
Cash, cash equivalents, and restricted cash at end of period	36,119	24,787
Supplemental Disclosure of Cash Flow Information:
Receivable related to fixed asset sales	0	5
Assets held for sale	0	1
Income taxes paid	$ 0	$ (2)

Description of Business

3 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business

Note 1. Description of Business

Nature of Operations

Organovo Holdings, Inc. (“Organovo Holdings,” “Organovo,” and the “Company”) is an early-stage biotechnology company that focuses on building high fidelity, 3D tissues that recapitulate key aspects of human disease. The Company uses these models to identify gene targets capable of modulating the disease phenotype across multiple patients and intends to initiate drug discovery programs around these validated targets. The Company is initially targeting the intestine and has ongoing 3D tissue development efforts in Ulcerative colitis (“UC”) and Crohn’s disease (“CD”). The Company intends to add additional tissues/diseases/targets to its portfolio in the coming year. In line with these plans, the Company is building upon both its external and in house scientific expertise, which will be essential to its drug development effort.

The Company uses its proprietary technology to build functional 3D human tissues that mimic key aspects of native human tissue composition, architecture, function and disease. Organovo’s advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures. Management believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs for a variety of therapeutic areas.

The Company’s NovoGen Bioprinters^® are automated devices that enable the fabrication of 3D living tissues comprised of mammalian cells. The Company believes that the use of its bioprinting platform as well as complementary 3D technologies will allow it to develop an understanding of disease biology that leads to validated novel drug targets, and that it can develop therapeutics to those targets to treat disease.

The majority of the Company’s current focus is in inflammatory bowel disease (“IBD”), including CD and UC. The Company expects to create disease models, leveraging its prior work including the work found in its peer-reviewed publication on bioprinted intestinal tissues (Madden et al. Bioprinted 3D Primary Human Intestinal Tissues Model Aspects of Native Physiology and ADME/Tox Functions. iScience. 2018 Apr 27;2:156-167. doi: 10.1016/j.isci.2018.03.015.) The Company’s current understanding of intestinal tissue models and IBD disease models leads it to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. Using these disease models, the Company intends to identify and validate therapeutic targets. After finding novel therapeutic drug targets, the Company intends to develop novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug (“IND”) filing and clinical trials.

The Company expects to broaden its work into additional therapeutic areas over time and is currently exploring specific tissues for development. In the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity.

Except where specifically noted or the context otherwise requires, references to “Organovo Holdings”, “the Company”, and “Organovo” in these notes to the unaudited condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc. and Opal Merger Sub, Inc.

COVID-19

In December 2019, a respiratory illness caused by a novel strain of coronavirus, SARS-CoV-2, causing the Coronavirus Disease 2019, also known as COVID-19 emerged. While initially the outbreak was largely concentrated in China, it has since spread globally and has been declared a pandemic by the World Health Organization. Global health concerns relating to the COVID-19 pandemic have been weighing on the macroeconomic environment, and the pandemic has significantly increased economic volatility and uncertainty. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In 2020, the Company adapted quickly to COVID-19, instituting universal masking and distancing in the lab and in the offices. The Company encouraged and enabled remote work whenever possible. The Company instituted safety check software to monitor symptoms and successfully maintained a robust level of progress while ensuring the safety of its employees. As the viral load and variants allow, the Company intends to carefully return to more typical lab and office work flow.

The extent to which COVID-19 impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the rise of vaccine-resistant variants, duration of the outbreak, travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In particular, the continued COVID-19

pandemic could adversely impact various aspects of the Company’s operations, including among others, the ability to raise additional capital, the timing and ability to pursue the Company’s strategy, given the impact the pandemic may have on the manufacturing and supply chain, sales and marketing and clinical trial operations of potential strategic partners, and the ability to advance its research and development activities and pursue development of its pipeline products, each of which could have an adverse impact on the Company’s business and financial results.

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at March 31, 2021 is derived from the Company’s audited consolidated balance sheet at that date.

The unaudited condensed consolidated financial statements include the accounts of Organovo and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2022 (see “Note 1. Description of Business”).

Liquidity

As of June 30, 2021, the Company had cash and cash equivalents of approximately $36.0 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $298.8 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreement for its facilities. The Company also had negative cash flows from operations of approximately $1.4 million during the three months ended June 30, 2021.

Through June 30, 2021, the Company has financed its operations primarily through the sale of convertible notes, warrants, the private placement of equity securities, the sale of common stock through public and at-the-market (“ATM”) offerings, and through revenue derived from product and research service-based agreements, collaborative agreements, licenses, and grants. During the three months ended June 30, 2021, the Company issued 27,545 shares of its common stock through its ATM facility and received net proceeds of approximately $0.3 million.

The Company believes its cash and cash equivalents on hand will be sufficient to meet its financial obligations for at least the next 12 months of operations. As the Company continues to recommence operations and focus its efforts on drug discovery and development, it will need to raise additional capital to implement this new business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. If required, the Company may seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company’s business, operating results, financial condition and ability to continue as a going concern.

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the unaudited condensed consolidated financial statements include those assumed in the valuation of stock-based compensation expense and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates.

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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed vesting of restricted stock units (“RSUs”), and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three months ended June 30, 2021 and 2020 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 due to their anti-dilutive effect were approximately 1.0 million at June 30, 2021 and 0.6 million at June 30, 2020.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies. Unless otherwise stated, the Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

Stockholders' Equity

3 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

Note 3. Stockholders’ Equity

Stock-based Compensation Expense and Valuation Information

Stock-based awards include stock options and RSUs under the Company’s Amended and Restated 2012 Equity Incentive Plan (“2012 Plan”), inducement awards, performance-based RSUs under an Incentive Award Performance-Based Restricted Stock Unit Agreement, the Company’s 2021 Inducement Equity Incentive Plan (“Inducement Plan”), and rights to purchase stock under the ESPP. The Company calculates the grant date fair value of all stock-based awards in determining the stock-based compensation expense.

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):

	Three Months Ended		Three Months Ended
	June 30, 2021		June 30, 2020
Research and development	$	76	$	—
General and administrative	$	339	$	925
Total	$	415	$	925

The total unrecognized compensation cost related to unvested stock option grants as of June 30, 2021 was approximately $3.7 million and the weighted average period over which these grants are expected to vest is 2.62 years.

The total unrecognized compensation cost related to unvested RSUs (not including performance-based RSUs) as of June 30, 2021 was approximately $0.2 million, which will be recognized over a weighted average period of 3.52 years.

The Company uses either the Black-Scholes or Monte Carlo option-pricing models to calculate the fair value of stock options, depending on the complexity of the equity grants. Stock-based compensation expense is recognized over the vesting period using the straight-line method. The assumed dividend yield is based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses the Company-specific historical volatility rate as the indicator of expected volatility. The risk-free interest rate assumption is based on 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. The measurement and classification of share-based payments to non-employees is consistent with the measurement and classification of share-based payments to employees. There were no options granted in the three months ended June 30, 2021 and 2020.

The fair value of each RSU and performance-based RSU is recognized as stock-based compensation expense over the vesting term of the award. The fair value is based on the closing stock price on the date of the grant.

The Company uses the Black-Scholes valuation model to calculate the fair value of shares issued pursuant to the ESPP. Stock-based compensation expense is recognized over the purchase period using the straight-line method. The assumed dividend yield is based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses the Company-specific historical volatility rate as the indicator of expected volatility. The risk-free interest rate assumption is based on U.S. Treasury rates. The expected life is the 6-month purchase period. There were no participants in the ESPP for the purchase periods March 1, 2020 – August 31, 2020, nor any participants in the ESPP for the current purchase period (beginning March 1, 2021).

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 current plans to issue shares of preferred stock.

Common Stock

The Company previously had an effective shelf registration statement on Form S-3 (File No. 333-222929) and the related prospectus previously declared effective by the SEC on February 22, 2018 (the “2018 Shelf”), which registered $100.0 million of common stock, preferred stock, warrants and units, or any combination of the foregoing, that was set to expire on February 22, 2021. On January 19, 2021, the Company filed a shelf registration statement on Form S-3 (File No. 333-252224) to register $150.0 million of the Company’s common stock, preferred stock, debt securities, warrants and units, or any combination of the foregoing (the “2021 Shelf”) and a related prospectus. The 2021 Shelf was declared effective by the SEC on January 29, 2021 and replaced the 2018 Shelf at that time.

On January 29, 2021, the Company entered into a Sales Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC and Jones Trading Institutional Services LLC (each an “Agent” and together, the “Agents”) and filed a prospectus supplement to the 2021 Shelf, pursuant to which the Company could offer and sell, from time to time through the Agents, shares of its common stock in at-the-market sales transactions having an aggregate offering price of up to $50.0 million. Any shares offered and sold will be issued pursuant to the 2021 Shelf. During the three months ended June 30, 2021, the Company issued 27,545 shares of common stock for net proceeds of $0.3 million in at-the-market offerings under the Sales Agreement. As of June 30, 2021, the Company has sold an aggregate of 1,580,862 shares of common stock in at-the-market offerings under the Sales Agreement, with gross proceeds of approximately $21.7 million. As of June 30, 2021, there was approximately $128.3 million available for future offerings under the 2021 Shelf, and approximately $28.3 million available for future offerings through the Company’s ATM program under the Sales Ageement.

In March 2021, the Company’s Board of Directors (“Board”) approved the Inducement Plan. The Inducement Plan authorized the issuance of up to 750,000 shares of common stock for awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, RSUs, performance units, performance shares, and other stock or cash awards.

RSUs

The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2021 through June 30, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2021		21,057		$	10.79
Granted		—		$	—
Vested		(146	)	$	21.68
Cancelled / forfeited		—		$	—
Unvested at June 30, 2021		20,911		$	10.71

Performance-based RSUs

On July 2, 2019, the Company issued Performance-Based Restricted Stock Unit Awards (the “PBRSU Retention Awards”) for an aggregate of 301,391 shares of common stock to its management team. The PBRSUs were issued pursuant to the 2012 Plan. The PBRSU Retention Awards vest in full upon the earlier of: (i) the Company’s engagement in a pre-IND meeting with the FDA, (ii) twenty-four months from the grant date, or (iii) a change in control. As of June 30, 2021, 111,682 shares were forfeited due to terminations and vesting for 177,480 shares was accelerated due to a change in control that was triggered by changes to the Board in 2020. The remaining 12,229 shares are expected to vest twenty-four months from the grant date as these particular shares require two of the conditions to be met in order to vest.

The following table summarizes the Company’s performance-based RSUs activity from March 31, 2021 through June 30, 2021:

	Number of Shares		Weighted Average Price
Unvested at March 31, 2021		12,229	$	9.80
Granted		—	$	—
Vested		—	$	—
Cancelled / forfeited		—	$	—
Unvested at June 30, 2021		12,229	$	9.80

Stock Options

The following table summarizes the Company’s stock option activity from March 31, 2021 to June 30, 2021:

	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2021		1,004,655		$	20.03	$	856,400
Options granted		—		$	—	$	—
Options cancelled / forfeited		(20,712	)	$	10.30	$	—
Options exercised		—		$	—	$	—
Outstanding at June 30, 2021		983,943		$	20.24	$	720,370
Vested and Exercisable at June 30, 2021		377,568		$	38.77	$	77,000

The weighted average remaining contractual term of stock options exercisable and outstanding at June 30, 2021 was approximately 1.25 years.

Employee Stock Purchase Plan

In June 2016, the Board adopted, and in August 2016, the Company’s stockholders subsequently approved, the ESPP. The Company reserved 75,000 shares of common stock for issuance thereunder. The ESPP permits employees after five months of service to purchase common stock through payroll deductions, limited to 15 percent of each employee’s compensation up to $25,000 per employee per year or 500 shares per employee per six-month purchase period. Shares under the ESPP are purchased at 85 percent of the fair market value at the lower of (i) the closing price on the first trading day of the six-month purchase period or (ii) the closing price on the last trading day of the six-month purchase period. The initial offering period commenced in September 2016. At June 30, 2021, there were 59,435 shares available for purchase under the ESPP.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at June 30, 2021:

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			879,533
Common stock reserved under the 2012 Plan			84,471
Common stock reserved under the ESPP			59,435
Common stock reserved under the Inducement Plan			750,000
Common stock issuable pursuant to RSUs outstanding under the 2012 Plan			20,911
Common stock issuable pursuant to performance-based RSUs outstanding under the 2012 Plan			12,229
Common stock issuable pursuant to options outstanding and reserved under the Incentive Award Agreements			104,410
Total at June 30, 2021			1,910,989

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at March 31, 2021 is derived from the Company’s audited consolidated balance sheet at that date. The unaudited condensed consolidated financial statements include the accounts of Organovo and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2022 (see “Note 1. Description of Business”).
Liquidity	Liquidity As of June 30, 2021, the Company had cash and cash equivalents of approximately $36.0 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $298.8 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreement for its facilities. The Company also had negative cash flows from operations of approximately $1.4 million during the three months ended June 30, 2021. Through June 30, 2021, the Company has financed its operations primarily through the sale of convertible notes, warrants, the private placement of equity securities, the sale of common stock through public and at-the-market (“ATM”) offerings, and through revenue derived from product and research service-based agreements, collaborative agreements, licenses, and grants. During the three months ended June 30, 2021, the Company issued 27,545 shares of its common stock through its ATM facility and received net proceeds of approximately $0.3 million. The Company believes its cash and cash equivalents on hand will be sufficient to meet its financial obligations for at least the next 12 months of operations. As the Company continues to recommence operations and focus its efforts on drug discovery and development, it will need to raise additional capital to implement this new business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. If required, the Company may seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company’s business, operating results, financial condition and ability to continue as a going concern.
Use of Estimates	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 unaudited condensed consolidated financial statements include those assumed in the valuation of stock-based compensation expense and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates.
Net Loss Per Share	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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed vesting of restricted stock units (“RSUs”), and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three months ended June 30, 2021 and 2020 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 due to their anti-dilutive effect were approximately 1.0 million at June 30, 2021 and 0.6 million at June 30, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies. Unless otherwise stated, the Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

Stockholders' Equity (Tables)

3 Months Ended

Jun. 30, 2021

Class Of Stock [Line Items]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):

	Three Months Ended		Three Months Ended
	June 30, 2021		June 30, 2020
Research and development	$	76	$	—
General and administrative	$	339	$	925
Total	$	415	$	925

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity from March 31, 2021 to June 30, 2021:

	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2021		1,004,655		$	20.03	$	856,400
Options granted		—		$	—	$	—
Options cancelled / forfeited		(20,712	)	$	10.30	$	—
Options exercised		—		$	—	$	—
Outstanding at June 30, 2021		983,943		$	20.24	$	720,370
Vested and Exercisable at June 30, 2021		377,568		$	38.77	$	77,000

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at June 30, 2021:

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			879,533
Common stock reserved under the 2012 Plan			84,471
Common stock reserved under the ESPP			59,435
Common stock reserved under the Inducement Plan			750,000
Common stock issuable pursuant to RSUs outstanding under the 2012 Plan			20,911
Common stock issuable pursuant to performance-based RSUs outstanding under the 2012 Plan			12,229
Common stock issuable pursuant to options outstanding and reserved under the Incentive Award Agreements			104,410
Total at June 30, 2021			1,910,989

RSUs [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity and Performance-Based RSUs Activity

The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2021 through June 30, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2021		21,057		$	10.79
Granted		—		$	—
Vested		(146	)	$	21.68
Cancelled / forfeited		—		$	—
Unvested at June 30, 2021		20,911		$	10.71

Performance-Based RSUs [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity and Performance-Based RSUs Activity

The following table summarizes the Company’s performance-based RSUs activity from March 31, 2021 through June 30, 2021:

	Number of Shares		Weighted Average Price
Unvested at March 31, 2021		12,229	$	9.80
Granted		—	$	—
Vested		—	$	—
Cancelled / forfeited		—	$	—
Unvested at June 30, 2021		12,229	$	9.80

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 36,008,000	$ 24,787,000	$ 37,364,000
Restricted cash	111,000	0	111,000
Accumulated deficit	(298,823,000)		$ (296,291,000)
Cash flow from operations	$ 1,413,000	2,570,000
Issuance of common stock	8,698,128		8,670,492
Proceeds from sale of common stock shares	$ 251,000	0
Dilutive effect	$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share	1,000,000.0	600,000
At-The-Market Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock	27,545
Proceeds from sale of common stock shares	$ 300,000

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($) Participant shares	Jun. 30, 2020 shares
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 3.7
Number of options granted \| shares	0	0
Expected term	6 months
Participants enrolled in the ESPP \| Participant	0
Stock options [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 7 months 13 days
RSUs [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	3 years 6 months 7 days
Unrecognized stock-based compensation expense	$ 0.2

Stockholders' Equity - Common Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jan. 29, 2021	Jan. 19, 2021
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount				$ 150,000,000.0
2021 Inducement Equity Plan [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued		750,000
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date	Feb. 22, 2021
Sales Agreement pursuant to 2021 Shelf [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares	1,580,862
Value of shares sold under equity distribution agreement	$ 21,700,000
2021 Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance	128,300,000
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount	$ 100,000,000.0
At-The-Market Facility [Member] \| Sales Agreement [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance			$ 50,000,000.0
At-The-Market Facility [Member] \| Sales Agreement pursuant to 2021 Shelf [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares	27,545
Value of shares sold under equity distribution agreement	$ 300,000
At-The-Market Facility [Member] \| 2021 Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance	$ 28,300,000

Stockholders' Equity - Summary of Company's RSUs Activity and Performance-Based RSUs Activity (Detail)	3 Months Ended
	Jun. 30, 2021 $ / shares shares
RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	21,057
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(146)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	20,911
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 10.79
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	21.68
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 10.71
Performance-Based RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	12,229
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	0
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	12,229
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	0
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80

Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance	1,004,655
Granted, Options Outstanding	0	0
Cancelled / forfeited, Options Outstanding	(20,712)
Exercised, Options Outstanding	0
Options Outstanding, Ending balance	983,943
Vested and Exercisable, Options Outstanding	377,568
Weighted-Average Exercise Price, Options Beginning balance	$ 20.03
Options granted, Weighted-Average Exercise Price	0
Options cancelled / forfeited, Weighted-Average Exercise Price	10.30
Options exercised, Weighted-Average Exercise Price	0
Weighted-Average Exercise Price, Options Ending balance	20.24
Vested and Exercisable, Weighted-Average Exercise Price	$ 38.77
Aggregate Intrinsic Value, Options Beginning balance	$ 856,400
Options Exercised, Aggregate Intrinsic Value	0
Aggregate Intrinsic Value, Options Ending balance	720,370
Vested and Exercisable, Aggregate Intrinsic Value	$ 77,000

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2021 USD ($) shares
Class Of Stock [Line Items]
Weighted-average remaining contractual term of stock options exercisable	1 year 3 months
Weighted-average remaining contractual term of stock options outstanding	1 year 3 months
Number of common stock shares approved under ESPP	1,910,989
Expected term	6 months
ESPP [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP	75,000
Employee subscription rate	15.00%
Compensation amount per employee \| $	$ 25,000
Number of shares per employee	500
Fair market value at discount	85.00%
Purchase period	6 months
Initial offering period	2016-09
Description of plan	Shares under the ESPP are purchased at 85 percent of the fair market value at the lower of (i) the closing price on the first trading day of the six-month purchase period or (ii) the closing price on the last trading day of the six-month purchase period.
Expected term	6 months
Shares available for purchase under ESPP	59,435

Leases - Additional Information (Details)		1 Months Ended	3 Months Ended
Leases - Additional Information (Details)	Nov. 23, 2020 USD ($) ft² Agreement	Oct. 31, 2019 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Operating Lease [Line Items]
Monthly rental payments		$ 4,000
Number of lease agreement \| Agreement	2
Rent expense			$ 12,000	$ 12,000
Variable lease expense			9,000	0
Short term lease cost			$ 39,000	$ 0
San Diego Temporary Lease [Member]
Operating Lease [Line Items]
Office space under lease agreement \| ft²	3,212
Lease term	10 months
San Diego Permanent Lease [Member]
Operating Lease [Line Items]
Office space under lease agreement \| ft²	8,051
Lease term	62 months
Monthly rental payments	$ 32,000
Base rent escalators	3.00%

Stockholders' Equity - Preferred Stock - Additional Information (Detail)	Jun. 30, 2021 shares
Equity [Abstract]
Preferred stock, shares authorized	25,000,000
Preferred stock, shares outstanding	0

Stockholders' Equity - Summary of Company's RSUs Activity and Performance-Based RSUs Activity (Detail)	3 Months Ended
	Jun. 30, 2021 $ / shares shares
RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	21,057
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(146)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	20,911
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 10.79
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	21.68
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 10.71
Performance-Based RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	12,229
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	0
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	12,229
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	0
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80

Stockholders' Equity - Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units - Additional Information (Detail) - PBRSU Retention Awards [Member] - Management Team [Member] - shares		3 Months Ended
	Jul. 02, 2019	Jun. 30, 2021
Class Of Stock [Line Items]
Number of shares allocated	301,391
Vesting period	24 months	24 months
Shares forfeited due to terminations		111,682
Shares accelerated vesting due to a change in control		177,480
Shares that are expected to vest		12,229

Related Parties - Additional Information (Detail) - Viscient [Member]	1 Months Ended	3 Months Ended
	Sep. 30, 2020 Employee	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Number of employees hired \| Employee	3
Consulting expenses		$ 10,000
Histology services to related parties		$ 12,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,698,128	8,670,492
Common stock, shares outstanding	8,698,128	8,670,492
Treasury stock, shares	46	46

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 415	$ 925
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	76	0
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 339	$ 925

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Jun. 30, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,910,989
Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	84,471
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	75,000
Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	750,000
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	879,533
Stock options [Member] \| ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	59,435
Stock options [Member] \| Incentive Award Agreements [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	104,410
RSUs [Member] \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	20,911
Performance-Based RSUs [Member] \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	12,229