Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Siga Technologies INC | |
Entity Central Index Key | 0001010086 | |
Trading Symbol | siga | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 81,047,424 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, par value $.0001, per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 77,377,300 | $ 65,249,072 |
Restricted cash and cash equivalents, short-term | 95,737,862 | |
Accounts receivable | 1,685,642 | 4,167,996 |
Inventory | 16,342,014 | 9,652,855 |
Prepaid expenses and other current assets | 2,617,852 | 5,234,000 |
Total current assets | 98,022,808 | 180,041,785 |
Property, plant and equipment, net | 2,500,641 | 2,618,303 |
Deferred tax assets, net | 16,304,697 | 14,151,002 |
Goodwill | 898,334 | 898,334 |
Other assets | 847,983 | 856,766 |
Total assets | 118,574,463 | 198,566,190 |
Current liabilities | ||
Accounts payable | 4,765,817 | 3,054,032 |
Accrued expenses and other current liabilities | 16,658,698 | 8,636,911 |
Total debt, current | 80,044,866 | |
Total current liabilities | 21,424,515 | 91,735,809 |
Warrant liability | 6,132,947 | 6,116,882 |
Other liabilities | 2,874,879 | 2,929,743 |
Total liabilities | 30,432,341 | 100,782,434 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock ($.0001 par value, 600,000,000 shares authorized, 81,047,424 and 81,269,868 issued and outstanding at March 31, 2020, and December 31, 2019, respectively) | 8,105 | 8,127 |
Additional paid-in capital | 221,057,307 | 220,808,037 |
Accumulated deficit | (132,923,290) | (123,032,408) |
Total stockholders’ equity | 88,142,122 | 97,783,756 |
Total liabilities and stockholders’ equity | $ 118,574,463 | $ 198,566,190 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 81,047,424 | 81,269,868 |
Common stock, shares outstanding (in shares) | 81,047,424 | 81,269,868 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Total revenues | $ 2,619,765 | $ 10,459,084 |
Operating expenses | ||
Cost of sales and supportive services | 109,094 | 915,367 |
Selling, general and administrative | 3,176,024 | 3,166,566 |
Research and development | 3,150,105 | 3,997,281 |
Patent expenses | 182,597 | 187,916 |
Total operating expenses | 6,617,820 | 8,267,130 |
Operating (loss) income | (3,998,055) | 2,191,954 |
(Loss) gain from change in fair value of warrant liability | (16,065) | 3,136,265 |
Loss on extinguishment of Term Loan | (4,981,461) | |
Interest expense | (3,016,817) | (3,928,418) |
Other income, net | 412,363 | 736,129 |
(Loss) income before income taxes | (11,600,035) | 2,135,930 |
Benefit (provision) for income taxes | 2,702,506 | (506,153) |
Net and comprehensive (loss) income | $ (8,897,529) | $ 1,629,777 |
Basic (loss) income per share (in dollars per share) | $ (0.11) | $ 0.02 |
Diluted (loss) per share (in dollars per share) | $ (0.11) | $ (0.02) |
Weighted average shares outstanding: basic (in shares) | 81,240,105 | 80,913,320 |
Weighted average shares outstanding: diluted (in shares) | 81,240,105 | 82,139,108 |
Product Sales and Supportive Services [Member] | ||
Revenues | ||
Total revenues | $ 113,009 | $ 7,142,400 |
Research and Development [Member] | ||
Revenues | ||
Total revenues | $ 2,506,756 | $ 3,316,684 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss)/income | $ (8,897,529) | $ 1,629,777 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation and other amortization | 133,163 | 137,724 |
Loss/(gain) on change in fair value of warrant liability | 16,065 | (3,136,265) |
Stock-based compensation | 259,016 | 408,894 |
Deferred income taxes, net | (2,153,695) | 505,678 |
Loss on extinguishment of Term Loan | 4,981,461 | |
Non-cash interest expense | 887,132 | 1,108,916 |
Changes in assets and liabilities: | ||
Accounts receivable | 2,482,354 | (2,140,821) |
Inventory | (4,086,487) | 891,133 |
Prepaid expenses and other assets | 22,259 | 508,400 |
Accounts payable, accrued expenses and other liabilities | (1,624,681) | (1,181,885) |
Deferred revenue | 11,303,389 | 1,277,828 |
Net cash provided by operating activities | 3,322,447 | 9,379 |
Cash flows from investing activities: | ||
Capital expenditures | (15,501) | (8,951) |
Net cash used in investing activities | (15,501) | (8,951) |
Cash flows from financing activities: | ||
Payment of employee tax obligations for common stock tendered | (9,746) | (56,590) |
Repurchase of common stock | (993,375) | |
Repayment of Term Loan | (85,913,459) | |
Net cash used in financing activities | (86,916,580) | (56,590) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (83,609,634) | (56,162) |
Cash, cash equivalents and restricted cash at the beginning of period | 160,986,934 | 180,396,910 |
Cash, cash equivalents and restricted cash at end of period | 77,377,300 | 180,340,748 |
Supplemental disclosure of non-cash activities: | ||
Conversion of warrants to common stock | 1,172,801 | |
Issuance of common stock upon cashless exercise | $ 118,500 |
Note 1 - Condensed Consolidated
Note 1 - Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 Condensed Consolidated Financial Statements The financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for quarterly reports on Form 10 December 31, 2019 2019 10 not 2019 10 March 5, 2020. 2019 not three March 31, 2020 not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 Revenue Recognition All of the Company’s revenue is derived from long-term contracts that span multiple years. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers 606” March 31, 2020 Note 3 five one one $47.0 March 31, 2020 not Contract Balances The timing of revenue recognition, billings and cash collections may three March 31, 2020 ue of $0.1 million t Restricted Cash and Cash Equivalents On March 13, 2020, October 31, 2018 t (as required under the Loan Agreement related to the Term Loan). Cash Note 8 second 2019, second 2019. The following tables reconcile cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the condensed consolidated balance sheet for each respective period: As of March 31, 2020 December 31, 2019 Cash and cash equivalents $ 77,377,300 $ 65,249,072 Restricted cash-short term — 95,737,862 Cash, cash equivalents and restricted cash $ 77,377,300 $ 160,986,934 March 31, 2019 December 31, 2018 Cash and cash equivalents $ 102,085,215 $ 100,652,809 Restricted cash-short term 11,461,290 11,452,078 Restricted cash-long term 66,794,243 68,292,023 Cash, cash equivalents and restricted cash $ 180,340,748 $ 180,396,910 Repurchase of shares When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. The excess of the purchase price above par value of repurchased shares that are retired is presented as an increase to accumulated deficit (or a reduction of retained earnings, if any). |
Note 3 - Procurement Contracts
Note 3 - Procurement Contracts and Research Agreements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Procurement Contract and Research Agreements [Text Block] | 3 19C On September 10, 2018, 1,488,000 212,000 April 29, 2020, "19C 602.5 51.7 five 127.1 423.7 may ten 19C May 20, 2019, 363,070 four four 11.2 363,070 three 121,000 33.8 April 29, 2020. four May 2019 363,070 112.5 not 19C The base period of performance specifies potential payments of approximately $ 51.7 $11.1 35,700 $8.0 20,000 $3.2 $32.0 $0.6 March 31, 2020 $11.1 35,700 $3.2 $4.7 20,000 $3.2 March 31, 2020 December 31, 2019 The options that have been exercised to date provide for additional potential payments up to approximately $ 127.1 11.2 363,070 $101.3 363,070 14.6 $2.3 March 31, 2020 11.2 March 31, 2020 Unexercised options specify potential payments up to approximately $ 423.7 337.7 1,089,000 76.8 192,000 up to $ 30.7 million of payments would be paid upon the manufacture of IV BDS to be used in the manufacture of IV FDP; payments of up to approximately $3.6 5.6 The options related to IV TPOXX® are divided into two may none 19C three 64,000 three 64,000 $30.7 $76.8 64,000 Revenues in connection with the 19C or at a point in time. Performance obligations related to product delivery generate revenue at a point in time. Other performance obligations under the 19C three March 31, 2020 2019 , the Company recognized revenues of $2.1 $1.3 three March 31, 2019 was $7.1 no three March 31, 2020 . 2011 On May 13, 2011, 1.7 300,000 no The contract with BARDA (as amended, modified, or supplemented from time to time the "2011 "2011 2011 $508.4 March 31, 2020 $459.8 1.7 $45.1 $3.5 For courses of oral TPOXX® that have been physically delivered to the Strategic Stockpile under the 2011 no not July 13, 2018, no The 2011 July 30, 2018, 2011 84 $50.0 August 2018. 2011 2011 $50.0 $72.7 $58.3 $14.4 may not 2015, two The 2011 September 2020. Revenues in connection with the 2011 2011 For the three March 31, 2020 2019 , the Company recognized revenue of $0.1 $0.1 no three March 31, 2020 or 2019 Research Agreements and Grants The Company has an R&D program for IV TPOXX®. This program is funded by the 19C December 30, 2020. March 31, 2020 $2.6 Revenues in connection with the IV Formulation R&D Contract are recognized over time. For the three March 31, 2020 2019 $0.4 $1.9 In July 2019, $19.5 $12.4 five February 2020, $19.5 March 31, 2020 the PEP Label Expansion R&D Contract provides for future aggregate research and development funding under the initial award of approximately $19.2 three March 31, 2020 $0.1 Contracts and grants include, among other things, options that may may not may not |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 Inventory Inventory includes costs related to the manufacture of TPOXX®. Inventory consisted of the following: As of March 31, 2020 December 31, 2019 Raw materials $ 2,602,672 $ - Work in-process 12,779,944 8,693,457 Finished goods 959,398 959,398 Inventory $ 16,342,014 $ 9,652,855 |
Note 5 - Property, Plant, and E
Note 5 - Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 Property, Plant and Equipment Property, plant and equipment consisted of the following: As of March 31, 2020 December 31, 2019 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 617,298 601,797 Furniture and fixtures 377,859 377,859 Operating lease right-of-use assets 2,944,932 2,944,932 6,360,117 6,344,616 Less - accumulated depreciation and amortization (3,859,476 ) (3,726,313 ) Property, plant and equipment, net $ 2,500,641 $ 2,618,303 Depreciation and amortization expense on property, plant, and equipment was $ 133,163 $137,724 three March 31, 2020 2019 |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accrued Expenses and Other Liabilities [Text Block] | 6 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of March 31, 2020 December 31, 2019 Compensation $ 955,494 $ 2,966,139 Deferred revenue 13,601,728 2,298,341 Interest payable — 977,724 Lease liability, current portion 427,064 419,709 Research and development vendor costs 231,832 707,685 Professional fees 401,073 288,707 Vacation 340,242 256,402 Other 701,265 722,204 Accrued expenses and other current liabilities $ 16,658,698 $ 8,636,911 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 7 Financial Instruments 2016 On September 2, 2016, Note 8 $4.0 $2.29 ten 10 $1.50 $1.50 2.7 1.5 March 31, 2020 The Company accounted for the Warrant in accordance with the authoritative guidance which requires that free-standing derivative financial instruments with certain anti-dilution and cash settlement features be classified as assets or liabilities at the time of the transaction, and recorded at their fair value. Any changes in the fair value of the derivative instruments are reported in earnings or loss as long as the derivative contracts are classified as assets or liabilities. The Company classified the Warrant as a liability and reports the change in fair value in the statement of operations. As of March 31, 2020 $6.1 0.50% no 6.42 75% |
Note 8 - Debt
Note 8 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 On March 13, 2020, $87.2 $80.0 $4.0 $1.2 $1.9 three March 31, 2020 $5.0 On September 2, 2016, $80.0 November 16, 2016 $80.0 September 30, 2016 ( November 16, 2016), not not no no November 16, 2016. 11.5%, The Term Loan had a maturity date on the earliest to occur of (i) the four Through the three one May 17, 2020) 0.50% $4.0 In connection with the issuance of the Loan Agreement, the Company incurred $8.2 September 30, 2016 November 15, 2016). $4.0 10 $5.8 not |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9 Fair Value of Financial Instruments The carrying value of cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and other current liabilities approximates fair value due to the relatively short maturity of these instruments. Common stock warrants which are classified as a liability are recorded at their fair market value as of each reporting period. The measurement of fair value requires the use of techniques based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The inputs create the following fair value hierarchy: • Level 1 • Level 2 not • Level 3 third The Company uses model-derived valuations where certain inputs are unobservable to third 3. Note 7 $6.1 March 31, 2020 There were no three March 31, 2020 March 31, 2020 December 31, 2019, $58.7 $56.7 1 no 2 March 31, 2020. December 31, 2019, $5.6 $90.0 1 2 The following table presents changes in the liability-classified warrant measured at fair value using Level 3 Fair Value Measurements of Level 3 liability-classified warrant Warrant liability at December 31, 2019 $ 6,116,882 Increase in fair value of warrant liability 16,065 Exercise of warrants — Warrant liability at March 31, 2020 $ 6,132,947 |
Note 10 - Per Share Data
Note 10 - Per Share Data | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10 Per Share Data The Company computes, presents and discloses earnings per share in accordance with the authoritative guidance which specifies the computation, presentation and disclosure requirements for earnings per share of entities with publicly held common stock or potential common stock. The objective of basic EPS is to measure the performance of an entity over the reporting period by dividing income (loss) by the weighted average shares outstanding. The objective of diluted EPS is consistent with that of basic EPS, except that it also gives effect to all potentially dilutive common shares outstanding during the period. The following is a reconciliation of the basic and diluted loss per share computation: Three Months Ended March 31, 2020 2019 Net (loss)/income for basic earnings per share $ (8,897,529 ) $ 1,629,777 Less: Change in fair value of warrants — (3,136,265 ) Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share $ (8,897,529 ) $ (1,506,488 ) Weighted-average shares 81,240,105 80,913,320 Effect of potential common shares — 1,225,788 Weighted-average shares: diluted 81,240,105 82,139,108 (Loss)/income per share: basic $ (0.11 ) $ 0.02 (Loss) per share: diluted $ (0.11 ) $ (0.02 ) For the three March 31, 2019 The Company incurred losses for the three March 31, 2020 three March 31, 2019 Three Months Ended March 31, 2020 2019 Stock options 280,835 377,011 Stock-settled stock appreciation rights — 6,756 Restricted stock units 236,848 509,411 Warrants 1,547,296 — The appreciation of each stock-settled stock appreciation right was capped at a determined maximum value. As a result, the weighted average number shown in the table above for stock-settled stock appreciation rights reflected the weighted average maximum number of shares that could be issued. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11 Commitments and Contingencies From time to time, we may not Purchase Commitments In the course of our business, the Company regularly enters into agreements with third not ds. As of March 31, 2020 , the Company had approximately $22.5 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12 Related Party Transactions Board of Directors and Outside Counsel A member of the Company’s Board of Directors is a partner at the Company’s outside counsel. During the three March 31, 2020 2019 117,000 d $113,000, re March 31, 2020 78,000 Board of Directors-Consulting Agreement On October 13, 2018, two $200,000. three March 31, 2020 2019 $50,000 March 31, 2020 $50,000 Real Estate Leases On May 26, 2017, ten 3,200 31 62 nd $25,333 first sixty-three first six first sixty-fourth $29,333 first $3,333 second five $4,925 On July 31, 2017, January 9, 2013 6,676 660 1700, Effectiveness of the Old HQ Sublease Termination Agreement was conditioned upon the commencement of a sublease for the Old HQ between M&F and a new subtenant (the “Replacement M&F Sublease”), which occurred on August 2, 2017. 660 Under the Old HQ Sublease, the Company was obligated to pay fixed rent of approximately $60,000 August 2018 $63,400 August 31, 2020. 660 Under the Replacement M&F Sublease, the subtenant’s rental obligations were excused for the first two 2 $36,996 first twelve 12 $37,831 12 $38,665 August 24, 2020. For the time period between August 2, 2017 August 31, 2020 ( $0.9 $1.1 $2.0 $2.4 not may As a result of the above-mentioned transactions, the Company discontinued usage of Old HQ in the third 2017. December 31, 2017 $1.1 420, Exit or Disposal Obligations $0.1 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13 Income Taxes The Company’s provision for income taxes consists of federal and state taxes, as applicable, in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that it expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. On March 27, 2020, 19 740, 163 2019 2020 168 2018, 2019, 2020 five $19,000 2019 $0.7 For the three March 31, 2020 2019 $11.6 $2.1 $2.7 $0.5 The effective tax rate for the three March 31, 2020 23.3% 23.7% three March 31, 2020 2019 21% 162 |
Note 14 - Equity
Note 14 - Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14 The tables below present changes in stockholders' equity for the three March 31, 2020 2019 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2019 81,269,868 $ 8,127 $ 220,808,037 $ (123,032,408 ) $ — $ 97,783,756 Net loss — — (8,897,529 ) — (8,897,529 ) Repurchase of common stock (225,094 ) (22 ) — (993,353 ) — (993,375 ) Payment of common stock tendered for employee stock-based compensation tax obligations (1,892 ) — (9,746 ) — — (9,746 ) Issuance of common stock upon vesting of RSUs 4,542 — — — - Stock-based compensation — — 259,016 — — 259,016 Balances at March 31, 2020 81,047,424 $ 8,105 $ 221,057,307 $ (132,923,290 ) $ — $ 88,142,122 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2018 80,763,350 $ 8,076 $ 218,697,872 $ (115,791,261 ) $ — $ 102,914,687 Net income — — — 1,629,777 — 1,629,777 Issuance of common stock upon exercise of stock options 9,769 1 (1 ) — — — Issuance of common stock upon exercise of stock-settled appreciation rights 16,771 2 (2 ) — — — Issuance of common stock upon exercise of warrants 159,782 16 1,172,785 — — 1,172,801 Payment of common stock tendered for employee stock-based compensation tax obligations (8,148 ) (1 ) (56,589 ) — — (56,590 ) Stock-based compensation — — 408,894 — — 408,894 Balances at March 31, 2019 $ 80,941,524 $ 8,094 $ 220,222,959 $ (114,161,484 ) $ — $ 106,069,569 On March 5, 2020, may $50 December 31, 2021. may may 10b5 1 1934, three March 31, 2020, 225,094 $1 |
Note 15 - Leases
Note 15 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15 The Company leases its Corvallis, Oregon, facilities and office space under an operating lease which was signed on November 3, 2017 January 1, 2018. December 31, 2019 two one two three second 2019, first December 31, 2021. On May 26, 2017 ten 3,200 no Operating lease costs totaled $0.1 $0.1 three March 31, 2020 2019 $0.1 $0.1 three March 31, 2020 2019 March 31, 2020 6.10 4.53% Future undiscounted cash flows under operating leases as of March 31, 2020 2020 $ 396,034 2021 600,362 2022 368,467 2023 402,078 2024 404,258 Thereafter 982,880 Total undiscounted cash flows under leases 3,154,079 Less: Imputed interest (449,481 ) Present value of lease liabilities $ 2,704,598 As of March 31, 2020 $2.3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition All of the Company’s revenue is derived from long-term contracts that span multiple years. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers 606” March 31, 2020 Note 3 five one one $47.0 March 31, 2020 not Contract Balances The timing of revenue recognition, billings and cash collections may three March 31, 2020 ue of $0.1 million t |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash and Cash Equivalents On March 13, 2020, October 31, 2018 t (as required under the Loan Agreement related to the Term Loan). Cash Note 8 second 2019, second 2019. The following tables reconcile cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the condensed consolidated balance sheet for each respective period: As of March 31, 2020 December 31, 2019 Cash and cash equivalents $ 77,377,300 $ 65,249,072 Restricted cash-short term — 95,737,862 Cash, cash equivalents and restricted cash $ 77,377,300 $ 160,986,934 March 31, 2019 December 31, 2018 Cash and cash equivalents $ 102,085,215 $ 100,652,809 Restricted cash-short term 11,461,290 11,452,078 Restricted cash-long term 66,794,243 68,292,023 Cash, cash equivalents and restricted cash $ 180,340,748 $ 180,396,910 |
Stockholders' Equity, Policy [Policy Text Block] | Repurchase of shares When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. The excess of the purchase price above par value of repurchased shares that are retired is presented as an increase to accumulated deficit (or a reduction of retained earnings, if any). |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | As of March 31, 2020 December 31, 2019 Cash and cash equivalents $ 77,377,300 $ 65,249,072 Restricted cash-short term — 95,737,862 Cash, cash equivalents and restricted cash $ 77,377,300 $ 160,986,934 March 31, 2019 December 31, 2018 Cash and cash equivalents $ 102,085,215 $ 100,652,809 Restricted cash-short term 11,461,290 11,452,078 Restricted cash-long term 66,794,243 68,292,023 Cash, cash equivalents and restricted cash $ 180,340,748 $ 180,396,910 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of March 31, 2020 December 31, 2019 Raw materials $ 2,602,672 $ - Work in-process 12,779,944 8,693,457 Finished goods 959,398 959,398 Inventory $ 16,342,014 $ 9,652,855 |
Note 5 - Property, Plant, and_2
Note 5 - Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of March 31, 2020 December 31, 2019 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 617,298 601,797 Furniture and fixtures 377,859 377,859 Operating lease right-of-use assets 2,944,932 2,944,932 6,360,117 6,344,616 Less - accumulated depreciation and amortization (3,859,476 ) (3,726,313 ) Property, plant and equipment, net $ 2,500,641 $ 2,618,303 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Accrued Expenses and Other Current Liabilities [Table Text Block] | As of March 31, 2020 December 31, 2019 Compensation $ 955,494 $ 2,966,139 Deferred revenue 13,601,728 2,298,341 Interest payable — 977,724 Lease liability, current portion 427,064 419,709 Research and development vendor costs 231,832 707,685 Professional fees 401,073 288,707 Vacation 340,242 256,402 Other 701,265 722,204 Accrued expenses and other current liabilities $ 16,658,698 $ 8,636,911 |
Note 9 - Fair Value of Financ_2
Note 9 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurements of Level 3 liability-classified warrant Warrant liability at December 31, 2019 $ 6,116,882 Increase in fair value of warrant liability 16,065 Exercise of warrants — Warrant liability at March 31, 2020 $ 6,132,947 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Net (loss)/income for basic earnings per share $ (8,897,529 ) $ 1,629,777 Less: Change in fair value of warrants — (3,136,265 ) Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share $ (8,897,529 ) $ (1,506,488 ) Weighted-average shares 81,240,105 80,913,320 Effect of potential common shares — 1,225,788 Weighted-average shares: diluted 81,240,105 82,139,108 (Loss)/income per share: basic $ (0.11 ) $ 0.02 (Loss) per share: diluted $ (0.11 ) $ (0.02 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2020 2019 Stock options 280,835 377,011 Stock-settled stock appreciation rights — 6,756 Restricted stock units 236,848 509,411 Warrants 1,547,296 — |
Note 14 - Equity (Tables)
Note 14 - Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2019 81,269,868 $ 8,127 $ 220,808,037 $ (123,032,408 ) $ — $ 97,783,756 Net loss — — (8,897,529 ) — (8,897,529 ) Repurchase of common stock (225,094 ) (22 ) — (993,353 ) — (993,375 ) Payment of common stock tendered for employee stock-based compensation tax obligations (1,892 ) — (9,746 ) — — (9,746 ) Issuance of common stock upon vesting of RSUs 4,542 — — — - Stock-based compensation — — 259,016 — — 259,016 Balances at March 31, 2020 81,047,424 $ 8,105 $ 221,057,307 $ (132,923,290 ) $ — $ 88,142,122 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2018 80,763,350 $ 8,076 $ 218,697,872 $ (115,791,261 ) $ — $ 102,914,687 Net income — — — 1,629,777 — 1,629,777 Issuance of common stock upon exercise of stock options 9,769 1 (1 ) — — — Issuance of common stock upon exercise of stock-settled appreciation rights 16,771 2 (2 ) — — — Issuance of common stock upon exercise of warrants 159,782 16 1,172,785 — — 1,172,801 Payment of common stock tendered for employee stock-based compensation tax obligations (8,148 ) (1 ) (56,589 ) — — (56,590 ) Stock-based compensation — — 408,894 — — 408,894 Balances at March 31, 2019 $ 80,941,524 $ 8,094 $ 220,222,959 $ (114,161,484 ) $ — $ 106,069,569 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 $ 396,034 2021 600,362 2022 368,467 2023 402,078 2024 404,258 Thereafter 982,880 Total undiscounted cash flows under leases 3,154,079 Less: Imputed interest (449,481 ) Present value of lease liabilities $ 2,704,598 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 47 |
Contract with Customer, Liability, Revenue Recognized | $ 0.1 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 77,377,300 | $ 65,249,072 | $ 102,085,215 | $ 100,652,809 |
Restricted cash-short term | 95,737,862 | 11,461,290 | 11,452,078 | |
Cash, cash equivalents and restricted cash | $ 77,377,300 | $ 160,986,934 | 180,340,748 | 180,396,910 |
Restricted cash-long term | $ 66,794,243 | $ 68,292,023 |
Note 3 - Procurement Contract_2
Note 3 - Procurement Contracts and Research Agreements (Details Textual) $ in Thousands | May 20, 2019USD ($)shares | Jul. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Sep. 10, 2018 | May 13, 2011USD ($) |
Contract with Customer, Liability, Revenue Recognized | $ 100 | ||||||||
The 19C BARDA Contract [Member] | |||||||||
Number of Courses to Be Delivered | 1,488,000 | ||||||||
Number of Courses Stored As Vendor Managed Inventory | 212,000 | ||||||||
Government Contract, Value of Award | 602,500 | $ 602,500 | |||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities | $ 51,700 | 51,700 | |||||||
Base Period of Performance (Year) | 5 years | ||||||||
Government Contract, Value, Payments Remaining Related to Exercised Options | $ 127,100 | 127,100 | |||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | $ 423,700 | 423,700 | |||||||
Base Period of Performance, Exercise of Options, Term (Year) | 10 years | ||||||||
Number of Courses Divided into Procurement-Related Options | 363,070 | ||||||||
Number of Procurement-related Options, Conversion of Option, Manufacture and Delivery of Courses (in shares) | shares | 4 | ||||||||
Payments to be Received, Procurement-related Options Providing for Payment for Procurement of Raw Materials | $ 11,200 | ||||||||
Number of Procurement-related Options Specifying Delivery of Courses for Consideration (in shares) | shares | 3 | ||||||||
Courses to be Delivered, Procurement-related Options Specifying Delivery of Courses for Consideration | 121,000 | ||||||||
Payments to be Received, Procurement-related Options Specifying Delivery of Courses for Consideration | $ 33,800 | ||||||||
Payments to be Received, Procurement-related Options | $ 112,500 | ||||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Delivery of Courses | $ 11,100 | $ 11,100 | |||||||
Government Contract, Base Period, Number of Deliveries | 35,700 | 35,700 | |||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Manufacture of Courses | $ 8,000 | $ 8,000 | |||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Advanced Development | 32,000 | 32,000 | |||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Supportive Procurement Activities | 600 | 600 | |||||||
Proceeds from Delivery of Courses | $ 11,100 | ||||||||
Number of Courses Delivered | 35,700 | ||||||||
Proceeds from Other Base Period Activities | $ 4,700 | ||||||||
Contract with Customer, Liability, Total | 11,200 | 11,200 | |||||||
Government Contract, Value, Payments Related to Exercised Options, Procurement of Raw Materials | 11,200 | ||||||||
Government Contract, Value, Payments Related to Exercised Options, Funding of Post-Marketing Activities | 14,600 | 14,600 | |||||||
Proceeds for the Funding of Post-marketing Activities | 2,300 | ||||||||
Government Contract, Value, Payments Related to Unexercised Options, Funding of Post-Marketing Activities | 3,600 | 3,600 | |||||||
Government Contract, Value of Unexercised Options, Supportive Procurement Activities | 5,600 | $ 5,600 | |||||||
Number of Procurement-related Options Providing for Payment for Procurement of Raw Materials (in shares) | shares | 1 | ||||||||
The 19C BARDA Contract [Member] | Transferred over Time [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | 2,100 | $ 1,300 | |||||||
The 19C BARDA Contract [Member] | Transferred at Point in Time [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | $ 0 | 7,100 | |||||||
The 19C BARDA Contract [Member] | IV TPOXX [Member] | |||||||||
Government Contract, Base Period, Number of Courses Manufactured | 20,000 | 20,000 | |||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Delivery of Courses | $ 337,700 | $ 337,700 | |||||||
Government Contract, Unexercised Options, Number of Deliveries | 1,089,000 | 1,089,000 | |||||||
Number of Manufacturing Steps | 2 | 2 | |||||||
The 19C BARDA Contract [Member] | IV BDS [Member] | |||||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Manufacture of Courses | $ 3,200 | $ 3,200 | |||||||
Proceeds from the Manufacture of Courses | 3,200 | ||||||||
Contract with Customer, Liability, Total | 3,200 | 3,200 | 3,200 | ||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Manufacture of Courses | $ 30,700 | $ 30,700 | |||||||
Government Contract, Number of Options for Manufacture of Product | 3 | 3 | |||||||
Government Contract, Courses Manufactured Upon Exercise of Options | 64,000 | 64,000 | |||||||
The 19C BARDA Contract [Member] | Oral TPOXX [Member] | |||||||||
Proceeds from Delivery of Courses | $ 101,300 | ||||||||
Number of Courses Delivered | 363,070 | ||||||||
The 19C BARDA Contract [Member] | IV FDP [Member] | |||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Manufacture of Courses | $ 76,800 | $ 76,800 | |||||||
Government Contract, Value, Unexercised Options, Manufacture of Courses | 192,000 | 192,000 | |||||||
Government Contract, Number of Options for Manufacture of Product | 3 | 3 | |||||||
Government Contract, Courses Manufactured Upon Exercise of Options | 64,000 | 64,000 | |||||||
The 2011 BARDA Contract [Member] | |||||||||
Number of Courses to Be Delivered | 1,700,000 | ||||||||
Government Contract, Value of Award | $ 508,400 | ||||||||
Government Contract, Value, Payments Remaining Related to Exercised Options | $ 72,700 | $ 72,700 | |||||||
Number of Courses Delivered | 1,700,000 | ||||||||
Number of Additional Courses to be Delivered at No Additional Cost | 300,000 | ||||||||
Proceeds from the Manufacture and Delivery of Courses | $ 459,800 | ||||||||
Proceeds from Reimbursements in Connection with Development and Supportive Activities | 45,100 | ||||||||
Amount Eligible to be Received for Reimbursements of Development and Supportive Activities | 3,500 | 3,500 | |||||||
Proceeds from Government Contract Options, Exercised | $ 50,000 | ||||||||
Government Contract, Increase (Decrease) in Value of Award, FDA Approval | $ 50,000 | ||||||||
Government Contract, Value, Payments Related to Exercised Options, Development and Supportive Activities | 58,300 | 58,300 | |||||||
Government Contract, Value, Payments Related to Exercised Options, Production-related Activities | 14,400 | 14,400 | |||||||
The 2011 BARDA Contract [Member] | Transferred over Time [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | 100 | 100 | |||||||
The 2011 BARDA Contract [Member] | Transferred at Point in Time [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | 0 | 0 | |||||||
The IV Formulation R & D Contract with BARDA [Member] | |||||||||
Government Contract, Future Aggregate Research and Development Funding | 2,600 | 2,600 | |||||||
The IV Formulation R & D Contract with BARDA [Member] | Transferred over Time [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | 400 | $ 1,900 | |||||||
The PEP Label Expansion R & D Contract with the Department of Defense [Member] | |||||||||
Grants Receivable | $ 19,500 | $ 19,500 | |||||||
Government Contract, Initial Award | $ 12,400 | 19,200 | $ 19,200 | ||||||
Government Contract, Term (Year) | 5 years | ||||||||
The PEP Label Expansion R & D Contract with the Department of Defense [Member] | Transferred over Time [Member] | |||||||||
Contract with Customer, Liability, Revenue Recognized | $ 100 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 2,602,672 | |
Work in-process | 12,779,944 | 8,693,457 |
Finished goods | 959,398 | 959,398 |
Inventory | $ 16,342,014 | $ 9,652,855 |
Note 5 - Property, Plant, and_3
Note 5 - Property, Plant, and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Depletion and Amortization, Total | $ 133,163 | $ 137,724 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 6,360,117 | $ 6,344,616 |
Operating lease right-of-use assets | 2,944,932 | 2,944,932 |
Less - accumulated depreciation and amortization | (3,859,476) | (3,726,313) |
Property, plant and equipment, net | 2,500,641 | 2,618,303 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 2,420,028 | 2,420,028 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 617,298 | 601,797 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 377,859 | $ 377,859 |
Note 6 - Accrued Expenses and_3
Note 6 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Compensation | $ 955,494 | $ 2,966,139 |
Deferred revenue | 13,601,728 | 2,298,341 |
Interest payable | 977,724 | |
Lease liability, current portion | 427,064 | 419,709 |
Research and development vendor costs | 231,832 | 707,685 |
Professional fees | 401,073 | 288,707 |
Vacation | 340,242 | 256,402 |
Other | 701,265 | 722,204 |
Accrued expenses and other current liabilities | $ 16,658,698 | $ 8,636,911 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments (Details Textual) $ / shares in Units, shares in Millions | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Sep. 02, 2016USD ($)$ / sharesshares |
Warrants and Rights Outstanding | $ | $ 6,132,947 | $ 6,116,882 | |
The 2016 Warrant [Member] | |||
Class of Warrant or Right Outstanding, Common Stock Value Used to Determine Number of Shares Called | $ | $ 4,000,000 | ||
Class of Warrant or Right Outstanding, Common Stock Price Per Share Used to Determine Number of Shares Called (in dollars per share) | $ / shares | $ 2.29 | ||
Warrants and Rights Outstanding, Term (Year) | 10 years | ||
Class of Warrant or Right, Subscription Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.50 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.50 | ||
Class of Warrant or Right, Outstanding (in shares) | shares | 1.5 | 2.7 | |
Warrants and Rights Outstanding | $ | $ 6,100,000 | ||
The 2016 Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.5 | ||
The 2016 Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | ||
The 2016 Warrant [Member] | Measurement Input, Expected Term [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 6.42 | ||
The 2016 Warrant [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 75 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) | Mar. 13, 2020 | Nov. 16, 2016 | Sep. 30, 2016 | Sep. 02, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Repayments of Long-term Debt, Principal | $ 85,913,459 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | (4,981,461) | ||||||
Warrants and Rights Outstanding | 6,132,947 | $ 6,116,882 | |||||
Warrant Issued Alongside Entry Into the Loan Agreement [Member] | |||||||
Warrants and Rights Outstanding | $ 5,800,000 | ||||||
Loan Agreement [Member] | Term Loan [Member] | OCM Strategic Credit SIGTEC Holdings, LLC [Member] | |||||||
Repayments of Long-term Debt Including Interest | $ 87,200,000 | ||||||
Repayments of Long-term Debt, Principal | 80,000,000 | ||||||
Repayments of Long-term Debt, Repayment Fee | 4,000,000 | ||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 1,200,000 | ||||||
Repayments of Long-term Debt, Prepayment Premium | $ 1,900,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (5,000,000) | ||||||
Proceeds from Issuance of Debt | $ 80,000,000 | ||||||
Proceeds from Issuance of Debt, Placed in Escrow | $ 80,000,000 | ||||||
Debt Instrument, Term (Year) | 4 years | ||||||
Debt Instrument, Repayment Fee | $ 4,000,000 | ||||||
Debt Issuance Costs, Gross | $ 8,200,000 | ||||||
Loan Agreement [Member] | Term Loan [Member] | OCM Strategic Credit SIGTEC Holdings, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 11.50% | ||||||
Loan Agreement [Member] | Term Loan [Member] | OCM Strategic Credit SIGTEC Holdings, LLC [Member] | US Treasury (UST) Interest Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 9 - Fair Value of Financ_3
Note 9 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Warrants and Rights Outstanding | $ 6,132,947 | $ 6,116,882 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 58,700,000 | 56,700,000 |
Restricted Cash and Cash Equivalents, Total | 5,600,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Restricted Cash and Cash Equivalents, Total | $ 90,000,000 | |
The 2016 Warrant [Member] | ||
Warrants and Rights Outstanding | $ 6,100,000 |
Note 9 - Fair Value of Financ_4
Note 9 - Fair Value of Financial Instruments - Changes in the Liability-classified Warrant Measured at Fair Value (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Warrant liability | $ 6,116,882 |
Increase in fair value of warrant liability | 16,065 |
Exercise of warrants | |
Warrant liability | $ 6,132,947 |
Note 10 - Per Share Data - Reco
Note 10 - Per Share Data - Reconciliation of the Basic and Diluted Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss)/income | $ (8,897,529) | $ 1,629,777 |
Less: Change in fair value of warrants | (3,136,265) | |
Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share | $ (8,897,529) | $ (1,506,488) |
Weighted average shares outstanding: basic (in shares) | 81,240,105 | 80,913,320 |
Effect of potential common shares (in shares) | 1,225,788 | |
Weighted average shares outstanding: diluted (in shares) | 81,240,105 | 82,139,108 |
Basic (loss) income per share (in dollars per share) | $ (0.11) | $ 0.02 |
Diluted (loss) per share (in dollars per share) | $ (0.11) | $ (0.02) |
Note 10 - Per Share Data - Anti
Note 10 - Per Share Data - Antidilutive Securities Excluded from Computation (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 280,835 | 377,011 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive securities (in shares) | 6,756 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 236,848 | 509,411 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 1,547,296 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2019USD ($) |
Purchase Commitment, Remaining Minimum Amount Committed | $ 22.5 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) | Oct. 13, 2018USD ($) | Jul. 31, 2017USD ($) | May 26, 2017USD ($)ft² | Jan. 09, 2013USD ($)ft² | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Aug. 02, 2017USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 3,154,079 | |||||||
Leasehold Improvements and Furniture and Fixtures [Member] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 100,000 | |||||||
Outside Counsel [Member] | ||||||||
Legal Fees | 117,000 | $ 113,000 | ||||||
Accounts Payable, Related Parties | 78,000 | |||||||
Dr. Eric A. Rose [Member] | Consulting Agreement [Member] | ||||||||
Accounts Payable, Related Parties | 50,000 | |||||||
Consulting Agreement, Term (Year) | 2 years | |||||||
Related Party Transaction, Annual Amount | $ 200,000 | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 50,000 | $ 50,000 | ||||||
MacAndrews and Forbes Incorporated [Member] | The New HQ Lease [Member] | ||||||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||||||
Area of Real Estate Property (Square Foot) | ft² | 3,200 | |||||||
Monthly Rent During Initial Period | $ 25,333 | |||||||
Monthly Rent, Initial Period (Month) | 5 years 90 days | |||||||
Monthly Rent After Initial Period | $ 29,333 | |||||||
Monthly Facility Fee, Second Year | $ 3,333 | |||||||
Monthly Facility Fee, Yearly Rate Increase After Second Year | 5.00% | |||||||
Monthly Facility Fee, Final Year | $ 4,925 | |||||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 900,000 | |||||||
MacAndrews and Forbes Incorporated [Member] | The Old HQ Sublease [Member] | ||||||||
Area of Real Estate Property (Square Foot) | ft² | 6,676 | |||||||
Monthly Rent During Initial Period | $ 60,000 | |||||||
Monthly Rent After Initial Period | $ 63,400 | |||||||
Lessee, Operating Lease, Liability, Estimate to be Paid Had No Changes Occurred | $ 2,400,000 | |||||||
Business Exit Costs | $ 1,100,000 | |||||||
MacAndrews and Forbes Incorporated [Member] | The Replacement M&F Sublease [Member] | ||||||||
Rent Concession Period (Month) | 60 days | |||||||
Monthly Rent, First Twelve Months | $ 36,996 | |||||||
Monthly Rent, Year Two | 37,831 | |||||||
Monthly Rent, Thereafter | $ 38,665 | |||||||
MacAndrews and Forbes Incorporated [Member] | The Old HQ Sublease Termination Agreement [Member] | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | 1,100,000 | |||||||
MacAndrews and Forbes Incorporated [Member] | The New HQ Lease and Old HQ Sublease Termination Agreements [Member] | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 2,000,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 19,000 | |
Income Taxes Receivable | 700,000 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | (700,000) | |
Income (Loss) Attributable to Parent, before Tax, Total | (11,600,000) | $ 2,100,000 |
Income Tax Expense (Benefit), Total | $ (2,702,506) | $ 506,153 |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.30% | 23.70% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 14 - Equity (Details Textu
Note 14 - Equity (Details Textual) | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Stock Repurchase Program, Authorized Amount | $ 50,000,000 |
Stock Repurchased During Period, Shares (in shares) | shares | 225,094 |
Stock Repurchased During Period, Value | $ 993,375 |
Note 14 - Equity - Changes in S
Note 14 - Equity - Changes in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balances | $ 97,783,756 | $ 102,914,687 |
Net (loss)/income | $ (8,897,529) | 1,629,777 |
Repurchase of common stock (in shares) | (225,094) | |
Repurchase of common stock | $ (993,375) | |
Payment of common stock tendered for employee stock-based compensation tax obligations | (9,746) | (56,590) |
Issuance of common stock upon vesting of RSUs | ||
Stock-based compensation | 259,016 | 408,894 |
Issuance of common stock upon exercise of stock options | ||
Issuance of common stock upon exercise of stock-settled appreciation rights | ||
Issuance of common stock upon exercise of warrants | 1,172,801 | |
Balances | $ 88,142,122 | $ 106,069,569 |
Common Stock [Member] | ||
Balances (in shares) | 81,269,868 | 80,763,350 |
Balances | $ 8,127 | $ 8,076 |
Net (loss)/income | ||
Repurchase of common stock (in shares) | (225,094) | |
Repurchase of common stock | $ (22) | |
Payment of common stock tendered for employee stock-based compensation tax obligations (in shares) | (1,892) | (8,148) |
Payment of common stock tendered for employee stock-based compensation tax obligations | $ (1) | |
Issuance of common stock upon vesting of RSUs (in shares) | 4,542 | |
Issuance of common stock upon vesting of RSUs | ||
Stock-based compensation | ||
Issuance of common stock upon exercise of stock options (in shares) | 9,769 | |
Issuance of common stock upon exercise of stock options | $ 1 | |
Issuance of common stock upon exercise of stock-settled appreciation rights (in shares) | 16,771 | |
Issuance of common stock upon exercise of stock-settled appreciation rights | $ 2 | |
Issuance of common stock upon exercise of warrants (in shares) | 159,782 | |
Issuance of common stock upon exercise of warrants | $ 16 | |
Balances (in shares) | 81,047,424 | 80,941,524 |
Balances | $ 8,105 | $ 8,094 |
Additional Paid-in Capital [Member] | ||
Balances | 220,808,037 | 218,697,872 |
Net (loss)/income | ||
Repurchase of common stock | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | (9,746) | (56,589) |
Issuance of common stock upon vesting of RSUs | ||
Stock-based compensation | 259,016 | 408,894 |
Issuance of common stock upon exercise of stock options | (1) | |
Issuance of common stock upon exercise of stock-settled appreciation rights | (2) | |
Issuance of common stock upon exercise of warrants | 1,172,785 | |
Balances | 221,057,307 | 220,222,959 |
Retained Earnings [Member] | ||
Balances | (123,032,408) | (115,791,261) |
Net (loss)/income | (8,897,529) | 1,629,777 |
Repurchase of common stock | (993,353) | |
Payment of common stock tendered for employee stock-based compensation tax obligations | ||
Issuance of common stock upon vesting of RSUs | ||
Stock-based compensation | ||
Issuance of common stock upon exercise of stock options | ||
Issuance of common stock upon exercise of stock-settled appreciation rights | ||
Issuance of common stock upon exercise of warrants | ||
Balances | (132,923,290) | (114,161,484) |
AOCI Attributable to Parent [Member] | ||
Balances | ||
Net (loss)/income | ||
Repurchase of common stock | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | ||
Issuance of common stock upon vesting of RSUs | ||
Stock-based compensation | ||
Issuance of common stock upon exercise of stock options | ||
Issuance of common stock upon exercise of stock-settled appreciation rights | ||
Issuance of common stock upon exercise of warrants | ||
Balances |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019 | May 26, 2017ft² | |
Lessee, Operating Lease, First Renewal Term (Year) | 2 years | |||
Lessee, Operating Lease, Second Renewal Term (Year) | 3 years | |||
Operating Lease, Cost | $ 100,000 | $ 100,000 | ||
Operating Lease, Payments | $ 100,000 | $ 100,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 6 years 36 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.53% | |||
Operating Lease, Liability, Total | $ 2,704,598 | |||
Other Liabilities [Member] | ||||
Operating Lease, Liability, Total | $ 2,300,000 | |||
MacAndrews and Forbes Incorporated [Member] | The New HQ Lease [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||
Area of Real Estate Property (Square Foot) | ft² | 3,200 |
Note 15 - Leases - Future Undis
Note 15 - Leases - Future Undiscounted Cash Flows Under Operating Leases (Details) | Mar. 31, 2020USD ($) |
2020 | $ 396,034 |
2021 | 600,362 |
2022 | 368,467 |
2023 | 402,078 |
2024 | 404,258 |
Thereafter | 982,880 |
Total undiscounted cash flows under leases | 3,154,079 |
Less: Imputed interest | (449,481) |
Present value of lease liabilities | $ 2,704,598 |