Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001010086 | |
Entity Registrant Name | Siga Technologies INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-23047 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3864870 | |
Entity Address, Address Line One | 31 East 62nd Street | |
Entity Address, Postal Zip Code | 10065 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
City Area Code | 212 | |
Local Phone Number | 672-9100 | |
Title of 12(b) Security | common stock, $.0001 par value | |
Trading Symbol | SIGA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,076,665 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 98,486,013 | $ 117,890,240 |
Accounts receivable | 7,206,135 | 3,340,263 |
Inventory | 19,599,891 | 20,265,519 |
Prepaid expenses and other current assets | 1,774,218 | 2,112,069 |
Total current assets | 127,066,257 | 143,608,091 |
Property, plant and equipment, net | 2,597,296 | 2,103,990 |
Deferred income taxes, net | 2,731,473 | 2,544,053 |
Goodwill | 898,334 | 898,334 |
Other assets | 392,665 | 676,923 |
Total assets | 133,686,025 | 149,831,391 |
Current liabilities | ||
Accounts payable | 675,403 | 1,278,217 |
Accrued expenses and other current liabilities | 7,295,055 | 9,205,293 |
Total current liabilities | 7,970,458 | 10,483,510 |
Warrant liability | 5,278,141 | 6,639,211 |
Other liabilities | 3,716,464 | 2,915,401 |
Total liabilities | 16,965,063 | 20,038,122 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock ($.0001 par value, 600,000,000 shares authorized, 75,389,417 and 77,195,704, issued and outstanding at June 30, 2021 and December 31, 2020, respectively) | 7,539 | 7,720 |
Additional paid-in capital | 225,678,876 | 224,978,430 |
Accumulated deficit | (108,965,453) | (95,192,881) |
Total stockholders’ equity | 116,720,962 | 129,793,269 |
Total liabilities and stockholders’ equity | $ 133,686,025 | $ 149,831,391 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 75,389,417 | 77,195,704 |
Common stock, shares outstanding (in shares) | 75,389,417 | 77,195,704 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Total revenues | $ 8,653,289 | $ 40,348,777 | $ 13,467,033 | $ 42,968,542 |
Operating expenses | ||||
Cost of sales and supportive services | 995,990 | 4,796,768 | 1,246,838 | 4,905,863 |
Selling, general and administrative | 5,216,059 | 3,870,927 | 9,272,243 | 7,046,952 |
Research and development | 2,263,971 | 2,709,743 | 4,566,756 | 5,859,847 |
Patent expenses | 176,167 | 174,203 | 369,501 | 356,800 |
Total operating expenses | 8,652,187 | 11,551,641 | 15,455,338 | 18,169,462 |
Operating income/(loss) | 1,102 | 28,797,136 | (1,988,305) | 24,799,080 |
Gain/(loss) from change in fair value of warrant liability | 442,269 | (1,619,587) | 1,361,070 | (1,635,652) |
Loss on extinguishment of Term Loan | 0 | 0 | 0 | (4,981,461) |
Interest expense | 0 | 0 | 0 | (3,016,817) |
Other income, net | 24,235 | 31,931 | 49,803 | 444,295 |
Income/(loss) before income taxes | 467,606 | 27,209,480 | (577,432) | 15,609,445 |
Provision for income taxes | (298,406) | (6,319,322) | (65,473) | (3,616,816) |
Net and comprehensive income/(loss) | $ 169,200 | $ 20,890,158 | $ (642,905) | $ 11,992,629 |
Basic income/(loss) per share (in dollars per share) | $ 0 | $ 0.26 | $ (0.01) | $ 0.15 |
Diluted (loss)/income per share (in dollars per share) | $ 0 | $ 0.26 | $ (0.03) | $ 0.15 |
Weighted average shares outstanding: basic (in shares) | 75,810,641 | 80,340,695 | 76,281,211 | 80,790,400 |
Weighted average shares outstanding: diluted (in shares) | 76,660,054 | 80,516,863 | 77,128,973 | 80,959,812 |
Product Sales and Supportive Services [Member] | ||||
Revenues | ||||
Total revenues | $ 6,924,162 | $ 38,624,450 | $ 10,447,505 | $ 38,737,459 |
Research and Development [Member] | ||||
Revenues | ||||
Total revenues | $ 1,729,127 | $ 1,724,327 | $ 3,019,528 | $ 4,231,083 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | |||
Net (loss)/income | $ 169,200 | $ (642,905) | $ 11,992,629 |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and other amortization | 264,834 | 267,669 | |
(Gain)/loss on change in fair value of warrant liability | (442,269) | (1,361,070) | 1,635,652 |
Stock-based compensation | 713,817 | 582,549 | |
Loss on inventory, net | 600,000 | 630,707 | 0 |
Deferred income taxes, net | (187,420) | 2,967,402 | |
Loss on extinguishment of Term Loan | 0 | 0 | 4,981,461 |
Non-cash interest expense | 0 | 887,132 | |
Changes in assets and liabilities: | |||
Accounts receivable | (3,865,872) | (32,443,665) | |
Inventory | 34,921 | (1,751,459) | |
Prepaid expenses and other assets | 622,109 | 1,203,690 | |
Accounts payable, accrued expenses and other liabilities | (2,819,298) | (4,421,690) | |
Deferred revenue | 373,593 | 8,332,405 | |
Net cash used in operating activities | (6,236,584) | (5,766,225) | |
Cash flows from investing activities: | |||
Capital expenditures | (24,424) | (15,501) | |
Net cash used in investing activities | (24,424) | (15,501) | |
Cash flows from financing activities: | |||
Payment of employee tax obligations for common stock tendered | (13,361) | (9,746) | |
Repurchase of common stock | (13,129,858) | (16,216,170) | |
Repayment of Term Loan | 0 | (85,913,459) | |
Net cash used in financing activities | (13,143,219) | (102,139,375) | |
Net decrease in cash, cash equivalents and restricted cash | (19,404,227) | (107,921,101) | |
Cash, cash equivalents and restricted cash at the beginning of period | 117,890,240 | 160,986,934 | |
Cash and cash equivalents at end of period | $ 98,486,013 | $ 98,486,013 | $ 53,065,833 |
Note 1 - Condensed Consolidated
Note 1 - Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Condensed Consolidated Financial Statements The financial statements of SIGA Technologies, Inc. (“we,” “our,” “us,” “SIGA” or the “Company”) 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, 2020 2020 10 March 4, 2021 ( "2020 10 not 2020 10 2020 not three six June 30, 2021 not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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” June 30, 2021 Note 3 six two one June 30, 2021 not Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. Contract modifications may not The Company’s performance obligations are satisfied over time as work progresses or at a point in time. All of the Company’s revenue related to current research and development performance obligations is recognized over time, because the customer simultaneously receives and consumes the benefits provided by the services as the Company performs these services. The Company recognizes revenue related to these services based on the progress toward complete satisfaction of the performance obligation and measures this progress under an input method, which is based on the Company’s cost incurred relative to total estimated costs. Under this method, progress is measured based on the cost of resources consumed (i.e., cost of third third Contract Balances The timing of revenue recognition, billings and cash collections may June 30, 2021 six June 30, 2021 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). Recent Accounting Pronouncements In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes December 15, 2020, first 2021 no |
Note 3 - Procurement Contracts
Note 3 - Procurement Contracts and Research Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Procurement Contract and Research Agreements [Text Block] | 3. 19C On September 10, 2018, June 30, 2021 "19C five may ten 19C The base period of performance specifies potential payments of approximately $51.7 million for the following activities: payments of approximately $11.1 million for the delivery of approximately 35,700 courses of oral TPOXX® to the Strategic Stockpile; payments of $8.0 million for the manufacture of 20,000 courses of final drug product of IV TPOXX® ("IV FDP"), of which $3.2 million of payments are related to the manufacture of bulk drug substance ("IV BDS") to be used in the manufacture of IV FDP; payments of approximately $32.0 million to fund advanced development of IV TPOXX®; and payments of approximately $0.6 million for supportive procurement activities. As of June 30, 2021 June 30, 2021 December 31, 2020 The options that have been exercised to date provide for payments up to approximately $127.1 million. There are exercised options for the following activities: payments up to $11.2 million for the procurement of raw materials to be used in the manufacture of at least 363,070 June 30, 2021 2020 Unexercised options specify potential payments up to approximately $423.7 million in total (if all such options are exercised). There are options for the following activities: payments of up to $337.7 million for the delivery of up to approximately 1,089,000 courses of oral TPOXX® to the Strategic Stockpile; payments of up to $76.8 million for the manufacture of up to 192,000 courses of IV FDP, of which 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 million to fund post-marketing activities for IV TPOXX®; and payments of up to approximately $5.6 million for supportive procurement activities. The options related to IV TPOXX® are divided into two may none 19C three three not 64,000 Revenues in connection with the 19C 19C three June 30, 2021 2020 six June 30, 2021 2020 three six June 30, 2021 three six June 30, 2020 International Procurement Contracts On January 13, 2021, five March 31, 2023; March 31, 2023 On April 3, 2020, four second 2020, six June 30, 2021 no The PHAC and CDND contract awards were both coordinated between SIGA and Meridian under the international promotion agreement (as amended, the "International Promotion Agreement") that was entered into by the parties on June 3, 2019. Under the terms of the International Promotion Agreement, Meridian was granted exclusive rights to market, advertise, promote, offer for sale, or sell oral TPOXX® in a field of use specified in the International Promotion Agreement in all geographic regions except for the United States (the “Territory”), and Meridian has agreed not The fee Meridian retains pursuant to the International Promotion Agreement will be a specified percentage of the collected proceeds of sales of oral TPOXX® net of certain expenses, for years in which customer invoiced amounts net of such expenses are less than or equal to a specified threshold, and a higher specified percentage of such collected net proceeds for years in which such net invoiced amounts exceed the specified threshold. Revenue in connection with international procurement contracts for the delivery of product are recognized at a point in time. During the three six June 30, 2021 Research Agreements and Grants The Company has an R&D program for IV TPOXX®. This program is funded by the 19C February 2024. June 30, 2021 three June 30, 2021 2020 six June 30, 2021 2020 In July 2019, May 2020, April 2021, April 30, 2024. three June 30, 2021 2020 six June 30, 2021 2020 On May 13, 2011, "2011 no The 2011 June 30, 2021 The 2011 December 2024. Remaining performance obligations under the 2011 three June 30, 2021 2020 six June 30, 2021 2020 Contracts and grants include, among other things, options that may may not may not |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 Raw materials $ 14,908 $ 2,628,153 Work in-process 17,844,691 15,415,425 Finished goods 1,740,292 2,221,941 Inventory $ 19,599,891 $ 20,265,519 For the three six June 30, 2021, |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 484,866 532,125 Furniture and fixtures 377,859 377,859 Operating lease right-of-use assets 3,678,647 2,944,932 6,961,400 6,274,944 Less - accumulated depreciation and amortization (4,364,104 ) (4,170,954 ) Property, plant and equipment, net $ 2,597,296 $ 2,103,990 Depreciation and amortization expense on property, plant, and equipment was $0.3 million and $0.3 million for the six June 30, 2021 2020 |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 Deferred revenue $ 3,654,540 $ 3,280,947 Compensation 1,672,113 2,933,738 Professional fees 630,506 251,824 Lease liability, current portion 433,437 449,940 Vacation 432,621 405,176 Other 278,788 486,158 Research and development vendor costs 144,973 327,606 Income tax payable 27,407 919,555 Inventory 20,670 150,349 Accrued expenses and other current liabilities $ 7,295,055 $ 9,205,293 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 7. Financial Instruments 2016 On September 2, 2016, Note 8 8 ten June 30, 2021 The Company accounts 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 June 30, 2021 |
Note 8 - Debt
Note 8 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. On March 13, 2020, six June 30, 2020 On September 2, 2016, November 16, 2016 The Term Loan had a maturity date on the earliest to occur of (i) the four |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Financial Instruments The carrying value of cash equivalents, 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 June 30, 2021 There were no six June 30, 2021 June 30, 2021 December 31, 2020 1 2 June 30, 2021 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, 2020 $ 6,639,211 Decrease in fair value of warrant liability (1,361,070 ) Exercise of warrants — Warrant liability at June 30, 2021 $ 5,278,141 |
Note 10 - Per Share Data
Note 10 - Per Share Data | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income/(loss) for basic earnings per share $ 169,200 $ 20,890,158 $ (642,905 ) $ 11,992,629 Less: Change in fair value of warrants and cash-based RSUs 428,128 — 1,346,929 — Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share $ (258,928 ) $ 20,890,158 $ (1,989,834 ) $ 11,992,629 Weighted-average shares 75,810,641 80,340,695 76,281,211 80,790,400 Effect of potential common shares 849,413 176,168 847,762 169,412 Weighted-average shares: diluted 76,660,054 80,516,863 77,128,973 80,959,812 Income/(loss) per share: basic $ 0.00 $ 0.26 $ (0.01 ) $ 0.15 (Loss)/income per share: diluted $ (0.00 ) $ 0.26 $ (0.03 ) $ 0.15 For the three six June 30, 2020, not three six June 30, 2020 three six June 30, 2020, For the three six June 30, 2021 Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Stock options 123,667 154,617 Restricted stock units (stock settled) 166,683 165,309 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 , the Company had approximat |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. Related Party Transactions Board of Directors and Outside Counsel A former member of the Company’s Board of Directors who did not 2021 not three June 30, 2021. three June 30, 2020 six June 30, 2021 2020, June 30, 2021. Real Estate Leases On May 26, 2017, ten 31 62 nd first sixty-three first six first sixty-fourth first second five three six June 30, 2021 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
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. For the three June 30, 2021 2020 For the six June 30, 2021 2020 The effective tax rate for the three June 30, 2021 three June 30, 2020 three June 30, 2021 162 The effective tax rate for the six June 30, 2021 six June 30, 2020 six June 30, 2021 162 |
Note 14 - Equity
Note 14 - Equity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. The tables below present changes in stockholders' equity for the three six June 30, 2021 2020 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at March 31, 2021 76,240,439 $ 7,625 $ 225,211,481 $ (102,534,239 ) $ — $ 122,684,867 Net income — — 169,200 — 169,200 Repurchase of common stock (956,022 ) (96 ) — (6,600,414 ) — (6,600,510 ) Issuance of common stock upon vesting of RSUs 105,000 10 (10 ) — — — Stock-based compensation — — 467,405 — — 467,405 Balances at June 30, 2021 75,389,417 $ 7,539 $ 225,678,876 $ (108,965,453 ) $ — $ 116,720,962 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2020 77,195,704 $ 7,720 $ 224,978,430 $ (95,192,881 ) $ — $ 129,793,269 Net loss — — — (642,905 ) — (642,905 ) Repurchase of common stock (1,913,927 ) (191 ) — (13,129,667 ) — (13,129,858 ) Payment of common stock tendered for employee stock-based compensation tax obligations (1,902 ) — (13,361 ) — — (13,361 ) Issuance of common stock upon vesting of RSUs 109,542 10 (10 ) — — — Stock-based compensation — — 713,817 — — 713,817 Balances at June 30, 2021 75,389,417 $ 7,539 $ 225,678,876 $ (108,965,453 ) $ — $ 116,720,962 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at March 31, 2020 81,047,424 $ 8,105 $ 221,057,307 $ (132,923,290 ) $ — $ 88,142,122 Net income — — — 20,890,158 — 20,890,158 Repurchase of common stock (2,548,681 ) (255 ) — (15,222,540 ) — (15,222,795 ) Payment of common stock tendered for employee stock-based compensation tax obligations — — — — — — Issuance of common stock upon vesting of RSUs 120,000 12 (12 ) — — — Stock-based compensation — — 323,533 — — 323,533 Balances at June 30, 2020 78,618,743 $ 7,862 $ 221,380,828 $ (127,255,672 ) $ — $ 94,133,018 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 income — — — 11,992,629 — 11,992,629 Repurchase of common stock (2,773,775 ) (277 ) — (16,215,893 ) — (16,216,170 ) 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 124,542 12 (12 ) — — — Stock-based compensation — — 582,549 — — 582,549 Balances at June 30, 2020 78,618,743 $ 7,862 $ 221,380,828 $ (127,255,672 ) $ — $ 94,133,018 On March 5, 2020, may December 31, 2021. may may 10b5 1 1934, three six June 30, 2021 See Note 16 |
Note 15 - Leases
Note 15 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
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. second 2021, second December 31, 2024. second second 2021. On May 26, 2017 ten no Operating lease costs totaled $0.1 million and $0.1 million for the three June 30, 2021 2020 six June 30, 2021 2020 three June 30, 2021 2020 six June 30, 2021 2020 June 30, 2021 Future cash flows under operating leases as of June 30, 2021 2021 $ 251,289 2022 627,731 2023 669,048 2024 678,627 2025 406,994 Thereafter 575,887 Total undiscounted cash flows under leases 3,209,576 Less: Imputed interest (373,593 ) Present value of lease liabilities $ 2,835,983 As of June 30, 2021 |
Note 16 - Subsequent Event
Note 16 - Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. On August 2, 2021, may December 31, 2023. March 2020 may may 10b5 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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” June 30, 2021 Note 3 six two one June 30, 2021 not Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. Contract modifications may not The Company’s performance obligations are satisfied over time as work progresses or at a point in time. All of the Company’s revenue related to current research and development performance obligations is recognized over time, because the customer simultaneously receives and consumes the benefits provided by the services as the Company performs these services. The Company recognizes revenue related to these services based on the progress toward complete satisfaction of the performance obligation and measures this progress under an input method, which is based on the Company’s cost incurred relative to total estimated costs. Under this method, progress is measured based on the cost of resources consumed (i.e., cost of third third Contract Balances The timing of revenue recognition, billings and cash collections may June 30, 2021 six June 30, 2021 |
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). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes December 15, 2020, first 2021 no |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of June 30, 2021 December 31, 2020 Raw materials $ 14,908 $ 2,628,153 Work in-process 17,844,691 15,415,425 Finished goods 1,740,292 2,221,941 Inventory $ 19,599,891 $ 20,265,519 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2021 December 31, 2020 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 484,866 532,125 Furniture and fixtures 377,859 377,859 Operating lease right-of-use assets 3,678,647 2,944,932 6,961,400 6,274,944 Less - accumulated depreciation and amortization (4,364,104 ) (4,170,954 ) Property, plant and equipment, net $ 2,597,296 $ 2,103,990 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Accrued Expenses and Other Current Liabilities [Table Text Block] | As of June 30, 2021 December 31, 2020 Deferred revenue $ 3,654,540 $ 3,280,947 Compensation 1,672,113 2,933,738 Professional fees 630,506 251,824 Lease liability, current portion 433,437 449,940 Vacation 432,621 405,176 Other 278,788 486,158 Research and development vendor costs 144,973 327,606 Income tax payable 27,407 919,555 Inventory 20,670 150,349 Accrued expenses and other current liabilities $ 7,295,055 $ 9,205,293 |
Note 9 - Fair Value of Financ_2
Note 9 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 $ 6,639,211 Decrease in fair value of warrant liability (1,361,070 ) Exercise of warrants — Warrant liability at June 30, 2021 $ 5,278,141 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income/(loss) for basic earnings per share $ 169,200 $ 20,890,158 $ (642,905 ) $ 11,992,629 Less: Change in fair value of warrants and cash-based RSUs 428,128 — 1,346,929 — Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share $ (258,928 ) $ 20,890,158 $ (1,989,834 ) $ 11,992,629 Weighted-average shares 75,810,641 80,340,695 76,281,211 80,790,400 Effect of potential common shares 849,413 176,168 847,762 169,412 Weighted-average shares: diluted 76,660,054 80,516,863 77,128,973 80,959,812 Income/(loss) per share: basic $ 0.00 $ 0.26 $ (0.01 ) $ 0.15 (Loss)/income per share: diluted $ (0.00 ) $ 0.26 $ (0.03 ) $ 0.15 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Stock options 123,667 154,617 Restricted stock units (stock settled) 166,683 165,309 |
Note 14 - Equity (Tables)
Note 14 - Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 March 31, 2021 76,240,439 $ 7,625 $ 225,211,481 $ (102,534,239 ) $ — $ 122,684,867 Net income — — 169,200 — 169,200 Repurchase of common stock (956,022 ) (96 ) — (6,600,414 ) — (6,600,510 ) Issuance of common stock upon vesting of RSUs 105,000 10 (10 ) — — — Stock-based compensation — — 467,405 — — 467,405 Balances at June 30, 2021 75,389,417 $ 7,539 $ 225,678,876 $ (108,965,453 ) $ — $ 116,720,962 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2020 77,195,704 $ 7,720 $ 224,978,430 $ (95,192,881 ) $ — $ 129,793,269 Net loss — — — (642,905 ) — (642,905 ) Repurchase of common stock (1,913,927 ) (191 ) — (13,129,667 ) — (13,129,858 ) Payment of common stock tendered for employee stock-based compensation tax obligations (1,902 ) — (13,361 ) — — (13,361 ) Issuance of common stock upon vesting of RSUs 109,542 10 (10 ) — — — Stock-based compensation — — 713,817 — — 713,817 Balances at June 30, 2021 75,389,417 $ 7,539 $ 225,678,876 $ (108,965,453 ) $ — $ 116,720,962 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at March 31, 2020 81,047,424 $ 8,105 $ 221,057,307 $ (132,923,290 ) $ — $ 88,142,122 Net income — — — 20,890,158 — 20,890,158 Repurchase of common stock (2,548,681 ) (255 ) — (15,222,540 ) — (15,222,795 ) Payment of common stock tendered for employee stock-based compensation tax obligations — — — — — — Issuance of common stock upon vesting of RSUs 120,000 12 (12 ) — — — Stock-based compensation — — 323,533 — — 323,533 Balances at June 30, 2020 78,618,743 $ 7,862 $ 221,380,828 $ (127,255,672 ) $ — $ 94,133,018 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 income — — — 11,992,629 — 11,992,629 Repurchase of common stock (2,773,775 ) (277 ) — (16,215,893 ) — (16,216,170 ) 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 124,542 12 (12 ) — — — Stock-based compensation — — 582,549 — — 582,549 Balances at June 30, 2020 78,618,743 $ 7,862 $ 221,380,828 $ (127,255,672 ) $ — $ 94,133,018 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 251,289 2022 627,731 2023 669,048 2024 678,627 2025 406,994 Thereafter 575,887 Total undiscounted cash flows under leases 3,209,576 Less: Imputed interest (373,593 ) Present value of lease liabilities $ 2,835,983 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 68 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 6.1 |
Contract with Customer, Liability, Revenue Recognized | $ 0.1 |
Note 3 - Procurement Contract_2
Note 3 - Procurement Contracts and Research Agreements (Details Textual) $ in Thousands | Jan. 13, 2021USD ($) | Apr. 03, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2020USD ($) | May 31, 2020USD ($) | Jul. 31, 2019USD ($) | Sep. 10, 2018 | May 13, 2011USD ($) |
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 | ||||||||||||
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 | $ 11,000 | ||||||||||||
Government Contract, Value of Unexercised Options, Supportive Procurement Activities | 5,600 | 5,600 | |||||||||||
The 19C BARDA Contract [Member] | Transferred over Time [Member] | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | 800 | $ 1,400 | 1,700 | $ 3,500 | |||||||||
The 19C BARDA Contract [Member] | Transferred at Point in Time [Member] | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 0 | 36,200 | $ 0 | 36,200 | |||||||||
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, Value, Payments Related to Exercised Options, Funding of Post-Marketing Activities | $ 3,600 | $ 3,600 | |||||||||||
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] | |||||||||||||
Number of Courses to Be Delivered | 363,070 | 363,070 | |||||||||||
Proceeds from Delivery of Courses | $ 6,800 | ||||||||||||
Number of Courses Delivered | 363,000 | ||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Procurement of Raw Materials | $ 11,200 | $ 11,200 | |||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Delivery of Courses | $ 101,300 | ||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Funding of Post-Marketing Activities | 14,600 | 14,600 | |||||||||||
Proceeds for the Procurement of Raw Materials | 112,500 | ||||||||||||
The 19C BARDA Contract [Member] | IV FDP [Member] | |||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Delivery of Courses | $ 76,800 | $ 76,800 | |||||||||||
Government Contract, Value, Unexercised Options, Manufacture of Courses | 192,000 | 192,000 | |||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Manufacture of Courses | $ 76,800 | $ 76,800 | |||||||||||
Government Contract, Number of Options for Manufacture of Product | 3 | 3 | |||||||||||
Government Contract, Courses Manufactured Upon Exercise of Options | 64,000 | 64,000 | |||||||||||
Meridian Contract [Member] | Oral TPOXX [Member] | |||||||||||||
Government Contract Receivable | $ 33,000 | ||||||||||||
Government Contract, Term (Year) | 5 years | ||||||||||||
Government Contract Receivable, Year One | $ 17,000 | ||||||||||||
Canadian Contract [Member] | Meridian Medical Technologies [Member] | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 6,900 | $ 10,300 | |||||||||||
Government Contract Receivable | $ 14,000 | 2,300 | 2,300 | ||||||||||
Government Contract, Term (Year) | 4 years | ||||||||||||
The IV Formulation R & D Contract with BARDA [Member] | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | 300 | 300 | 500 | 700 | |||||||||
Government Contract, Future Aggregate Research and Development Funding | 1,000 | 1,000 | |||||||||||
The PEP Label Expansion R & D Contract with the Department of Defense [Member] | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | 500 | 100 | 600 | 100 | |||||||||
Grants Receivable | $ 26,000 | $ 26,000 | $ 19,500 | ||||||||||
Government Contract, Initial Award | $ 23,000 | $ 12,400 | |||||||||||
The 2011 BARDA Contract [Member] | |||||||||||||
Number of Courses to Be Delivered | 1,700,000 | ||||||||||||
Government Contract, Value of Award | $ 508,400 | ||||||||||||
Contract with Customer, Liability, Revenue Recognized | 100 | $ 100 | 100 | $ 100 | |||||||||
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 | 45,800 | ||||||||||||
Amount Eligible to be Received for Reimbursements of Development and Supportive Activities | $ 2,800 | $ 2,800 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Inventory, Writedown Net of Credits | $ 600,000 | $ 630,707 | $ 0 |
Inventory Write-down | $ 900,000 | $ 900,000 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Raw materials | $ 14,908 | $ 2,628,153 |
Work in-process | 17,844,691 | 15,415,425 |
Finished goods | 1,740,292 | 2,221,941 |
Inventory | $ 19,599,891 | $ 20,265,519 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Depletion and Amortization, Total | $ 264,834 | $ 267,669 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 6,961,400 | $ 6,274,944 |
Operating lease right-of-use assets | 3,678,647 | 2,944,932 |
Less - accumulated depreciation and amortization | (4,364,104) | (4,170,954) |
Property, plant and equipment, net | 2,597,296 | 2,103,990 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 2,420,028 | 2,420,028 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 484,866 | 532,125 |
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred revenue | $ 3,654,540 | $ 3,280,947 |
Compensation | 1,672,113 | 2,933,738 |
Professional fees | 630,506 | 251,824 |
Vacation | 432,621 | 405,176 |
Other | 278,788 | 486,158 |
Research and development vendor costs | 144,973 | 327,606 |
Income tax payable | 27,407 | 919,555 |
Inventory | 20,670 | 150,349 |
Accrued expenses and other current liabilities | 7,295,055 | 9,205,293 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Lease liability, current portion | $ 433,437 | $ 449,940 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments (Details Textual) $ / shares in Units, shares in Millions | Jun. 30, 2021USD ($)shares | Dec. 31, 2020USD ($) | Sep. 02, 2016USD ($)$ / sharesshares |
Warrants and Rights Outstanding | $ | $ 5,278,141 | $ 6,639,211 | |
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, Number of Securities Called by Warrants or Rights (in shares) | shares | 1 | 2.7 | |
Warrants and Rights Outstanding | $ | $ 5,300,000 | ||
The 2016 Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.0090 | ||
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 | 5.17 | ||
The 2016 Warrant [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.55 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) | Mar. 13, 2020 | Nov. 16, 2016 | Sep. 02, 2016 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Repayments of Long-term Debt, Principal | $ 0 | $ 85,913,459 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 0 | $ 0 | $ (4,981,461) | ||||
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 | |||||||
Debt Instrument, Term (Year) | 4 years |
Note 9 - Fair Value of Financ_3
Note 9 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Warrants and Rights Outstanding | $ 5,278,141 | $ 6,639,211 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 100,000 | $ 100,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
The 2016 Warrant [Member] | ||
Warrants and Rights Outstanding | $ 5,300,000 |
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) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Warrant liability | $ 6,639,211 |
Decrease in fair value of warrant liability | (1,361,070) |
Exercise of warrants | 0 |
Warrant liability | $ 5,278,141 |
Note 10 - Per Share Data (Detai
Note 10 - Per Share Data (Details Textual) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,140,713 | 1,108,753 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net (loss)/income | $ 169,200 | $ 20,890,158 | $ (642,905) | $ 11,992,629 |
Less: Change in fair value of warrants and cash-based RSUs | 428,128 | 0 | 1,346,929 | 0 |
Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share | $ (258,928) | $ 20,890,158 | $ (1,989,834) | $ 11,992,629 |
Weighted average shares outstanding: basic (in shares) | 75,810,641 | 80,340,695 | 76,281,211 | 80,790,400 |
Effect of potential common shares (in shares) | 849,413 | 176,168 | 847,762 | 169,412 |
Weighted average shares outstanding: diluted (in shares) | 76,660,054 | 80,516,863 | 77,128,973 | 80,959,812 |
Basic income/(loss) per share (in dollars per share) | $ 0 | $ 0.26 | $ (0.01) | $ 0.15 |
Diluted (loss)/income per share (in dollars per share) | $ 0 | $ 0.26 | $ (0.03) | $ 0.15 |
Note 10 - Per Share Data - Anti
Note 10 - Per Share Data - Antidilutive Securities Excluded from Computation (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 123,667 | 154,617 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 166,683 | 165,309 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2021USD ($) |
Purchase Commitment, Remaining Minimum Amount Committed | $ 15.4 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) | May 26, 2017USD ($)ft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Outside Counsel [Member] | |||||
Legal Fees | $ 0 | $ 200,000 | $ 100,000 | $ 300,000 | |
Accounts Payable, Related Parties | 0 | 0 | |||
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) | 63 months | ||||
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 | ||||
Operating Lease, Expense | $ 100,000 | $ 200,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income (Loss) Attributable to Parent, before Tax, Total | $ 500,000 | $ 27,200,000 | $ (600,000) | $ 15,600,000 |
Income Tax Expense (Benefit), Total | $ 298,406 | $ 6,319,322 | $ 65,473 | $ 3,616,816 |
Effective Income Tax Rate Reconciliation, Percent, Total | 63.80% | 23.20% | 11.30% | 23.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Effective Income Tax Rate Reconciliation, Expiration of Stock Options, Amount | $ 200,000 | $ 200,000 |
Note 14 - Equity (Details Textu
Note 14 - Equity (Details Textual) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 05, 2020 | |
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | ||||
Stock Repurchased During Period, Shares (in shares) | 1 | 1.9 | |||
Stock Repurchased During Period, Value | $ 6,600,510 | $ 15,222,795 | $ 13,129,858 | $ 16,216,170 |
Note 14 - Equity - Changes in S
Note 14 - Equity - Changes in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balances | $ 122,684,867 | $ 88,142,122 | $ 129,793,269 | $ 97,783,756 |
Net (loss)/income | $ 169,200 | 20,890,158 | $ (642,905) | 11,992,629 |
Repurchase of common stock (in shares) | (1,000,000) | (1,900,000) | ||
Repurchase of common stock | $ (6,600,510) | (15,222,795) | $ (13,129,858) | (16,216,170) |
Issuance of common stock upon vesting of RSUs | 0 | 0 | 0 | 0 |
Stock-based compensation | 467,405 | 323,533 | 713,817 | 582,549 |
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | (13,361) | (9,746) | |
Balances | $ 116,720,962 | $ 94,133,018 | $ 116,720,962 | $ 94,133,018 |
Common Stock [Member] | ||||
Balances (in shares) | 76,240,439 | 81,047,424 | 77,195,704 | 81,269,868 |
Balances | $ 7,625 | $ 8,105 | $ 7,720 | $ 8,127 |
Net (loss)/income | $ 0 | $ 0 | $ 0 | |
Repurchase of common stock (in shares) | (956,022) | (2,548,681) | (1,913,927) | (2,773,775) |
Repurchase of common stock | $ (96) | $ (255) | $ (191) | $ (277) |
Issuance of common stock upon vesting of RSUs (in shares) | 105,000 | 120,000 | 109,542 | 124,542 |
Issuance of common stock upon vesting of RSUs | $ 10 | $ 12 | $ 10 | $ 12 |
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Payment of common stock tendered for employee stock-based compensation tax obligations (in shares) | 0 | (1,902) | (1,892) | |
Payment of common stock tendered for employee stock-based compensation tax obligations | $ 0 | $ 0 | $ 0 | |
Balances (in shares) | 75,389,417 | 78,618,743 | 75,389,417 | 78,618,743 |
Balances | $ 7,539 | $ 7,862 | $ 7,539 | $ 7,862 |
Additional Paid-in Capital [Member] | ||||
Balances | 225,211,481 | 221,057,307 | 224,978,430 | 220,808,037 |
Net (loss)/income | 0 | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 | 0 |
Issuance of common stock upon vesting of RSUs | (10) | (12) | (10) | (12) |
Stock-based compensation | 467,405 | 323,533 | 713,817 | 582,549 |
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | (13,361) | (9,746) | |
Balances | 225,678,876 | 221,380,828 | 225,678,876 | 221,380,828 |
Retained Earnings [Member] | ||||
Balances | (102,534,239) | (132,923,290) | (95,192,881) | (123,032,408) |
Net (loss)/income | 169,200 | 20,890,158 | (642,905) | 11,992,629 |
Repurchase of common stock | (6,600,414) | (15,222,540) | (13,129,667) | (16,215,893) |
Issuance of common stock upon vesting of RSUs | 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 | 0 |
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | 0 | |
Balances | (108,965,453) | (127,255,672) | (108,965,453) | (127,255,672) |
AOCI Attributable to Parent [Member] | ||||
Balances | 0 | 0 | 0 | 0 |
Net (loss)/income | 0 | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 | 0 |
Issuance of common stock upon vesting of RSUs | 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 | 0 |
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | 0 | |
Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019 | May 26, 2017ft² | |
Operating Lease, Cost | $ 100,000 | $ 100,000 | $ 300,000 | $ 300,000 | ||
Operating Lease, Payments | $ 200,000 | $ 100,000 | $ 300,000 | $ 300,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 7 days | 5 years 7 days | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.53% | 4.53% | ||||
Operating Lease, Liability, Total | $ 2,835,983 | $ 2,835,983 | ||||
Other Liabilities [Member] | ||||||
Operating Lease, Liability, Total | 2,400,000 | $ 2,400,000 | ||||
Facilities and Office Space in Corvallis Oregon [Member] | ||||||
Lessee, Operating Lease, First Renewal Term (Year) | 2 years | |||||
Lessee, Operating Lease, Second Renewal Term (Year) | 3 years | |||||
Increase (Decrease) in Operating Lease Liability | 700,000 | |||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 700,000 | |||||
The New HQ Lease [Member] | MacAndrews and Forbes Incorporated [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) | Jun. 30, 2021USD ($) |
2021 | $ 251,289 |
2022 | 627,731 |
2023 | 669,048 |
2024 | 678,627 |
2025 | 406,994 |
Thereafter | 575,887 |
Total undiscounted cash flows under leases | 3,209,576 |
Less: Imputed interest | (373,593) |
Present value of lease liabilities | $ 2,835,983 |
Note 16 - Subsequent Event (Det
Note 16 - Subsequent Event (Details Textual) - USD ($) $ in Millions | Aug. 02, 2021 | Mar. 05, 2020 |
Stock Repurchase Program, Authorized Amount | $ 50 | |
Subsequent Event [Member] | New Repurchase Authorization[Member] | ||
Stock Repurchase Program, Authorized Amount | $ 50 |