XML 32 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Convertible Notes and Warrants - Additional Information (Detail)
3 Months Ended 9 Months Ended
Dec. 01, 2017
$ / shares
Jul. 14, 2016
USD ($)
Investor
shares
Jun. 09, 2016
USD ($)
Apr. 25, 2016
USD ($)
Investor
shares
Apr. 21, 2016
USD ($)
$ / shares
shares
Sep. 30, 2016
USD ($)
$ / shares
Sep. 30, 2016
USD ($)
$ / shares
shares
Debt Instrument [Line Items]              
Aggregate principal amount           $ 23,000,000 $ 23,000,000
Debt conversion, initial conversion ratio, numerator | shares             191.9386
Debt conversion, initial conversion ratio, denominator             $ 1,000
Debt conversion, initial conversion price per share | $ / shares           $ 5.21 $ 5.21
Purchasable portion of notes equal to percentage of principal amount of notes         100.00%    
Proceeds from issuance of convertible debt             $ 3,050,000
Proceeds from related party convertible debt             19,950,000
Fair value of the warrants issued             662,000
Amortization of financing cost           $ 51,000 81,000
Financing costs, derivative liability and warrant             997,000
Gain recognized on derivative and warrant liabilities             386,000
Reclassifications to equity             8,373,000
Accrued interest payable           $ 832,000 832,000
Debt instrument, If-converted value exceeds principal balance             $ 6,300,000
Second and Final Closing [Member]              
Debt Instrument [Line Items]              
Escrow deposit   $ 216,000          
Class of warrants or rights, issued | shares   259,117          
Effective interest rate on liability component           16.24% 16.24%
Fair value of the warrants issued   $ 662,000          
Class of Warrant Issued April 22, 2016 [Member]              
Debt Instrument [Line Items]              
Warrants exercisable, description             The Warrants are exercisable commencing on the later of October 25, 2016 and the date of the public release of top line data related to the conclusion of ORBIT-3 and ORBIT-4 Phase 3 pivotal clinical trials for the Company’s investigational product Pulmaquin® inhaled ciprofloxacin. If, at any time from and after October 25, 2016, the daily volume-weighted average price of the shares of the Company’s common stock for each of ten consecutive trading days exceeds 150% of the Exercise Price, the Company will have the right to call all or a portion of the Warrants for redemption upon twenty business days prior notice to the holders, at a redemption price of $0.01 per Warrant; provided that the holders of the Warrants may elect to exercise their Warrants upon receipt of any redemption notice from the Company.
Class of Warrant Issued April 22, 2016 [Member] | Initial Closing [Member]              
Debt Instrument [Line Items]              
Amount funded by number of investors | Investor       2      
Class of warrants or rights, issued | shares       4,319      
Class of Warrant Issued April 22, 2016 [Member] | Second and Final Closing [Member]              
Debt Instrument [Line Items]              
Amount funded by number of investors | Investor   2          
Convertible Debt [Member]              
Debt Instrument [Line Items]              
Financing cost           $ 2,400,000 $ 2,400,000
Amortization of financing cost             1,400,000
Financing costs, derivative liability and warrant           $ 61,000 $ 997,000
Senior Convertible Notes Due 2021 [Member] | Convertible Debt [Member]              
Debt Instrument [Line Items]              
Unamortized debt discount remaining amortization period             4 years 7 months 2 days
Senior Convertible Notes Due 2021 [Member] | Convertible Debt [Member] | Initial Closing [Member]              
Debt Instrument [Line Items]              
Proceeds from issuance of convertible debt       $ 20,000,000      
Escrow deposit       $ 1,800,000      
Number of common shares convertible to derivative liability due to Conversion Share Cap | shares       3,319,820      
Effective interest rate on liability component           22.90% 22.90%
Senior Convertible Notes Due 2021 [Member] | Convertible Debt [Member] | Second and Final Closing [Member]              
Debt Instrument [Line Items]              
Proceeds from issuance of convertible debt   $ 3,000,000          
Senior Convertible Notes Due 2021 [Member] | Convertible Debt [Member] | Grifols [Member] | Initial Closing [Member]              
Debt Instrument [Line Items]              
Proceeds from related party convertible debt       $ 19,900,000      
Derivative Liability [Member]              
Debt Instrument [Line Items]              
Gain recognized on derivative and warrant liabilities             $ 386,000
Reclassifications to equity     $ 8,400,000       8,362,000
Derivative Liability [Member] | Fair Value, Inputs, Level 3 [Member]              
Debt Instrument [Line Items]              
Gain recognized on derivative and warrant liabilities             386,000
Warrants Liability [Member]              
Debt Instrument [Line Items]              
Reclassifications to equity             11,000
Warrants Liability [Member] | Fair Value, Inputs, Level 3 [Member]              
Debt Instrument [Line Items]              
Gain recognized on derivative and warrant liabilities             $ 500
Private Placement [Member] | Class of Warrant Issued April 22, 2016 [Member]              
Debt Instrument [Line Items]              
Number of shares into which the class of warrant may be converted | shares         263,436    
Private Placement [Member] | Senior Convertible Notes Due 2021 [Member]              
Debt Instrument [Line Items]              
Debt conversion, initial conversion ratio, numerator | shares         191.9386    
Debt conversion, initial conversion ratio, denominator         $ 1,000    
Debt conversion, initial conversion price per share | $ / shares         $ 5.21    
Debt conversion, initial conversion ratio         0.191939    
Debt conversion, description             The Convertible Notes are initially convertible into the Company’s common stock at a conversion rate of 191.9386 shares of common stock per $1,000 principal amount of Convertible Notes, representing an initial effective conversion price of $5.21 per share of common stock.
Private Placement [Member] | Senior Convertible Notes Due 2021 [Member] | Convertible Debt [Member]              
Debt Instrument [Line Items]              
Aggregate principal amount         $ 23,000,000    
Maturity date         May 01, 2021    
Notes bear interest rate         9.00%    
Frequency of periodic payment of interest             Payable semiannually in arrears on November 1 and May 1 of each year commencing on November 1, 2016.
Scenario, Forecast [Member]              
Debt Instrument [Line Items]              
Number of trading days for effectiveness preceding issuance of redemption notice 20 days            
Redeemable portion of notes equal to percentage of principal amount of notes 100.00%            
Scenario, Forecast [Member] | Minimum [Member]              
Debt Instrument [Line Items]              
Redeemable portion of notes equal to or greater than percentage of sale price of common stock 200.00%            
Scenario, Forecast [Member] | Class of Warrant Issued April 22, 2016 [Member]              
Debt Instrument [Line Items]              
Warrants term 5 years            
Warrants, exercise price | $ / shares $ 5.21            
Warrants, exercisable commencing date Oct. 25, 2016            
Warrants redemption Price | $ / shares $ 0.01            
Scenario, Forecast [Member] | Senior Convertible Notes Due 2021 [Member] | Convertible Debt [Member]              
Debt Instrument [Line Items]              
Percentage of principal amount of outstanding debt held by trustee or holders, in which they may declare debt to be due and payable immediately in event of default 25.00%