Liquidity and Uncertainties

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity, Uncertainties and Going Concern

Liquidity and Uncertainties

The Company is subject to a number of risks similar to those of early stage commercial companies, including dependence on key individuals, the difficulties inherent in the development of a commercial market, the potential need to obtain additional capital necessary to fund the development of its products, and competition from larger companies. The Company expects that its sales performance and the resulting operating income or loss, as well as the status of each of its new product development programs, will significantly impact its cash requirements.

The Company has incurred losses each year since inception and has experienced negative cash flows from operations in each year since inception. As of March 31, 2017, the Company had $51.2 million in cash and cash equivalents and an accumulated deficit of $436.4 million. The Company's restructured Term Loan includes a liquidity covenant whereby the Company must maintain a cash balance greater than $2.0 million. The Company’s cash balance will be sufficient to satisfy the Company’s operations for the next 12 months from this report issuance date and maintain its liquidity covenant through that date. The Company estimates that the cash balance will be sufficient to satisfy the Company's operations through the third quarter of 2018.