Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 22, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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, $.0001 par value | |
Trading Symbol | SIGA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 73,024,147 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 114,530,926 | $ 103,138,819 |
Accounts receivable | 19,598,122 | 83,650,450 |
Inventory | 16,431,382 | 19,510,379 |
Prepaid expenses and other current assets | 3,083,027 | 2,453,444 |
Total current assets | 153,643,457 | 208,753,092 |
Property, plant and equipment, net | 2,109,720 | 2,365,957 |
Deferred income taxes, net | 3,039,814 | 2,422,607 |
Goodwill | 898,334 | 898,334 |
Other assets | 249,170 | 286,585 |
Total assets | 159,940,495 | 214,726,575 |
Current liabilities | ||
Accounts payable | 1,214,617 | 2,028,004 |
Accrued expenses and other current liabilities | 14,844,830 | 9,252,812 |
Income tax payable | 634,619 | 19,207,042 |
Total current liabilities | 16,694,066 | 30,487,858 |
Warrant liability | 0 | 6,521,441 |
Other liabilities | 3,477,575 | 3,402,869 |
Total liabilities | 20,171,641 | 40,412,168 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock ($.0001 par value, 600,000,000 shares authorized, 73,024,147 and 73,543,602, issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 7,302 | 7,354 |
Additional paid-in capital | 232,942,666 | 226,070,308 |
Accumulated deficit | (93,181,114) | (51,763,255) |
Total stockholders’ equity | 139,768,854 | 174,314,407 |
Total liabilities and stockholders’ equity | $ 159,940,495 | $ 214,726,575 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 73,024,147 | 73,543,602 |
Common stock, shares outstanding (in shares) | 73,024,147 | 73,543,602 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Total revenues | $ 16,667,045 | $ 8,653,289 | $ 27,206,345 | $ 13,467,033 |
Operating expenses | ||||
Cost of sales and supportive services | 882,096 | 995,990 | 5,602,212 | 1,246,838 |
Selling, general and administrative | 5,874,139 | 5,392,226 | 9,585,427 | 9,641,744 |
Research and development | 6,840,099 | 2,263,971 | 10,386,876 | 4,566,756 |
Total operating expenses | 13,596,334 | 8,652,187 | 25,574,515 | 15,455,338 |
Operating income/(loss) | 3,070,711 | 1,102 | 1,631,830 | (1,988,305) |
Gain from change in fair value of warrant liability | 49,559 | 442,269 | 400,663 | 1,361,070 |
Other income, net | 72,373 | 24,235 | 95,694 | 49,803 |
Income/(loss) before income taxes | 3,192,643 | 467,606 | 2,128,187 | (577,432) |
Provision for income taxes | (1,155,581) | (298,406) | (452,175) | (65,473) |
Net and comprehensive income/(loss) | $ 2,037,062 | $ 169,200 | $ 1,676,012 | $ (642,905) |
Basic income/(loss) per share (in dollars per share) | $ 0.03 | $ 0 | $ 0.02 | $ (0.01) |
Diluted income/(loss) per share (in dollars per share) | $ 0.03 | $ 0 | $ 0.02 | $ (0.03) |
Weighted average shares outstanding: basic (in shares) | 72,678,333 | 75,810,641 | 72,873,366 | 76,281,211 |
Weighted average shares outstanding: diluted (in shares) | 73,332,888 | 76,660,054 | 73,699,226 | 77,128,973 |
Product Sales and Supportive Services [Member] | ||||
Revenues | ||||
Total revenues | $ 8,615,765 | $ 6,924,162 | $ 15,936,637 | $ 10,447,505 |
Research and Development [Member] | ||||
Revenues | ||||
Total revenues | $ 8,051,280 | $ 1,729,127 | $ 11,269,708 | $ 3,019,528 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,676,012 | $ (642,905) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and other amortization | 256,237 | 264,834 |
Gain on change in fair value of warrant liability | (400,663) | (1,361,070) |
Stock-based compensation | 764,208 | 713,817 |
Write down of inventory, net | 157,740 | 630,707 |
Deferred income taxes, net | (617,207) | (187,420) |
Changes in assets and liabilities: | ||
Accounts receivable | 64,052,328 | (3,865,872) |
Inventory | 2,921,257 | 34,921 |
Prepaid expenses and other assets | (592,168) | 622,109 |
Accounts payable, accrued expenses and other liabilities | 1,582,679 | (1,927,150) |
Income tax payable | (18,572,423) | (892,148) |
Deferred revenue | 3,270,658 | 373,593 |
Net cash provided by/(used in) operating activities | 54,498,658 | (6,236,584) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | (24,424) |
Cash used in investing activities | 0 | (24,424) |
Cash flows from financing activities: | ||
Payment of employee tax obligations for common stock tendered | (12,533) | (13,361) |
Repurchase of common stock | (10,149,704) | (13,129,858) |
Payment of dividend | (32,944,314) | 0 |
Cash used in financing activities | (43,106,551) | (13,143,219) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 11,392,107 | (19,404,227) |
Cash, cash equivalents and restricted cash at the beginning of period | 103,138,819 | 117,890,240 |
Cash and cash equivalents at end of period | 114,530,926 | 98,486,013 |
Supplemental disclosure of non-cash financing activities: | ||
Conversion of warrant to common stock | $ 6,120,778 | $ 0 |
Note 1 - Condensed Consolidated
Note 1 - Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 2021 10 March 3, 2022 ( "2021 10 not 2021 10 2021 not three six June 30, 2022 not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Note 3 five six June 30, 2022 not three 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, 2022 six June 30, 2022 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 | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Procurement Contract and Research Agreements [Text Block] | 3. 19C On September 10, 2018, June 30, 2022 "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, 2022 December 31, 2021, six June 30, 2022 The options that have been exercised to date provide for payments up to approximately $239.7 million. There are exercised options for the following activities: payments up to $11.2 million for the procurement of raw materials used in the 2020 June 30, 2022 2021; Unexercised options specify potential payments up to approximately $311.1 million in total (if all such options are exercised). There are options for the following activities: payments of up to $225.1 million for the delivery of oral TPOXX® to the Strategic Stockpile; payments of up to $76.8 million for the manufacture of 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, 2022 2021 six June 30, 2022 2021 six June 30, 2022 no three June 30, 2022 three six June 30, 2021 U.S. Department of Defense Procurement Contract ( DoD Contract ) On May 12, 2022, second 2022, International Procurement Contracts This year, through July 31, ten three June 30, 2022. On January 13, 2021, five March 2022 July 2022, 2022, No first six 2022. July 2022, July 31, 2022, July, On April 3, 2020, four 2022, No first six 2022. June 30, 2022, The above-listed contract awards were 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 is a specified percentage of the collected proceeds of sales of oral TPOXX® net of certain expenses, for calendar years in which customer collected 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 calendar years in which such net collected amounts exceed the specified threshold. It is probable that we will exceed the specified threshold in 2022 2022. Revenue in connection with international procurement contracts for the delivery of product are recognized at a point in time on a gross basis, as the Company acts as the principal in the transaction. During the three six June 30, 2022 three six June 30, 2021 Research Agreements and Grants In July 2019, January 31, 2025. June 30, 2022 three June 30, 2022 2021 six June 30, 2022 2021 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, 2022 | |
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, 2022 December 31, 2021 Raw materials $ 22,047 $ 22,047 Work in-process 9,287,024 17,453,358 Finished goods 7,122,311 2,034,974 Inventory $ 16,431,382 $ 19,510,379 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 473,386 511,062 Furniture and fixtures 377,859 377,859 Operating lease right-of-use assets 3,678,647 3,678,647 6,949,920 6,987,596 Less - accumulated depreciation and amortization (4,840,200 ) (4,621,639 ) Property, plant and equipment, net $ 2,109,720 $ 2,365,957 Depreciation and amortization expense on property, plant, and equipment was $0.3 million for each of the six June 30, 2022 2021 |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Deferred revenue $ 7,035,354 $ 3,764,696 Research and development vendor costs 3,657,403 256,397 Compensation 1,424,067 2,811,700 Other 934,745 938,082 Professional fees 808,246 527,026 Lease liability, current portion 507,140 466,830 Inventory 477,875 488,081 Accrued expenses and other current liabilities $ 14,844,830 $ 9,252,812 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 7. Financial Instruments 2016 On September 2, 2016, 2020. September 2, 2016 ten December 31, 2021. During the three June 30, 2022, June 30, 2022 Note 8 three June 30, 2022 As of December 31, 2021, 1.21%; no |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value of Financial Instruments The carrying value of cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities, and income tax payable approximates fair value due to the relatively short maturity of these instruments. Prior to being fully exercised, common stock warrants, which were classified as a liability, were 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 There were no six June 30, 2022 June 30, 2022 December 31, 2021 1 2 June 30, 2022 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, 2021 $ 6,521,441 Decrease in fair value of Warrant liability (400,663 ) Exercise of Warrant (6,120,778 ) Warrant liability at June 30, 2022 $ - |
Note 9 - Per Share Data
Note 9 - Per Share Data | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. 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, 2022 2021 2022 2021 Net income/(loss) for basic earnings per share $ 2,037,062 $ 169,200 $ 1,676,012 $ (642,905 ) Less: Change in fair value of warrants and cash-based RSUs 49,559 428,128 400,663 1,346,929 Net income/(loss), adjusted for change in fair value of warrants and cash-based RSUs for diluted earnings per share $ 1,987,503 $ (258,928 ) $ 1,275,349 $ (1,989,834 ) Weighted-average shares 72,678,333 75,810,641 72,873,366 76,281,211 Effect of potential common shares 654,555 849,413 825,860 847,762 Weighted-average shares: diluted 73,332,888 76,660,054 73,699,226 77,128,973 Income/(loss) per share: basic $ 0.03 $ 0.00 $ 0.02 $ (0.01 ) Income/(loss) per share: diluted $ 0.03 $ (0.00 ) $ 0.02 $ (0.03 ) For the three six June 30, 2022 not three six June 30, 2022 three six June 30, 2022 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 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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 June 30, 2022 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. 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, 2022 2021 six June 30, 2022 six June 30, 2021 June 30, 2022 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, 2022 |
Note 12 - Revenues by Geographi
Note 12 - Revenues by Geographic Region | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. Revenues by Geographic Region Revenues by geographic region were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 11,715,302 $ 1,673,083 $ 22,254,602 $ 2,911,455 International Asia-Pacific 4,929,423 — 4,929,423 — Canada — 6,980,206 — 10,555,578 Other 22,320 — 22,320 — Total International 4,951,743 6,980,206 4,951,743 10,555,578 Total revenues $ 16,667,045 $ 8,653,289 $ 27,206,345 $ 13,467,033 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 For the six June 30, 2022 2021 The effective tax rate for the three June 30, 2022 three June 30, 2021 three June 30, 2022 162 The effective tax rate for the six June 30, 2022 six June 30, 2021 six June 30, 2022 162 |
Note 14 - Equity
Note 14 - Equity | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at March 31, 2022 72,566,367 $ 7,256 $ 226,426,529 $ (58,696,989 ) $ — $ 167,736,796 Net income — — 2,037,062 — 2,037,062 Repurchase of common stock (494,979 ) (49 ) — (3,576,873 ) — (3,576,922 ) Issuance of common stock upon vesting of RSUs 127,856 13 (13 ) — — — Issuance of common stock upon exercise of warrants 824,903 82 6,120,696 — — 6,120,778 Cash dividend ($ 0.45 — — — (32,944,314 ) — (32,944,314 ) Stock-based compensation — — 395,454 — — 395,454 Balances at June 30, 2022 73,024,147 $ 7,302 $ 232,942,666 $ (93,181,114 ) $ — $ 139,768,854 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2021 73,543,602 $ 7,354 $ 226,070,308 $ (51,763,255 ) $ — $ 174,314,407 Net income — — — 1,676,012 — 1,676,012 Repurchase of common stock (1,474,781 ) (147 ) — (10,149,557 ) — (10,149,704 ) Payment of common stock tendered for employee stock-based compensation tax obligations (1,973 ) — (12,533 ) — — (12,533 ) Issuance of common stock upon vesting of RSUs 132,396 13 (13 ) — — — Issuance of common stock upon exercise of warrants 824,903 82 6,120,696 — 6,120,778 Cash dividend ($ 0.45 — — (32,944,314 ) (32,944,314 ) Stock-based compensation — — 764,208 — — 764,208 Balances at June 30, 2022 73,024,147 $ 7,302 $ 232,942,666 $ (93,181,114 ) $ — $ 139,768,854 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 On August 2, 2021, may December 31, 2023. fourth 2021. may may 10b5 1 1934, three six June 30, 2022 Prior to the effective date of the New Repurchase Authorization, the Company repurchased shares under a program that was announced in March 2020. three June 30, 2021 six June 30, 2021 On May 5, 2022, June 2, 2022 May 17, 2022. |
Note 15 - Leases
Note 15 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
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 for each of the three June 30, 2022 2021 six June 30, 2022 2021 three June 30, 2022 2021 six June 30, 2022 2021 June 30, 2022 Future cash flows under operating leases as of June 30, 2022 2022 $ 272,625 2023 669,048 2024 678,627 2025 406,994 2026 409,971 Thereafter 165,916 Total undiscounted cash flows under leases 2,603,181 Less: Imputed interest (251,805 ) Present value of lease liabilities $ 2,351,376 As of June 30, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Note 3 five six June 30, 2022 not three 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, 2022 six June 30, 2022 |
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 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of June 30, 2022 December 31, 2021 Raw materials $ 22,047 $ 22,047 Work in-process 9,287,024 17,453,358 Finished goods 7,122,311 2,034,974 Inventory $ 16,431,382 $ 19,510,379 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2022 December 31, 2021 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 473,386 511,062 Furniture and fixtures 377,859 377,859 Operating lease right-of-use assets 3,678,647 3,678,647 6,949,920 6,987,596 Less - accumulated depreciation and amortization (4,840,200 ) (4,621,639 ) Property, plant and equipment, net $ 2,109,720 $ 2,365,957 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Accrued Expenses and Other Current Liabilities [Table Text Block] | As of June 30, 2022 December 31, 2021 Deferred revenue $ 7,035,354 $ 3,764,696 Research and development vendor costs 3,657,403 256,397 Compensation 1,424,067 2,811,700 Other 934,745 938,082 Professional fees 808,246 527,026 Lease liability, current portion 507,140 466,830 Inventory 477,875 488,081 Accrued expenses and other current liabilities $ 14,844,830 $ 9,252,812 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 $ 6,521,441 Decrease in fair value of Warrant liability (400,663 ) Exercise of Warrant (6,120,778 ) Warrant liability at June 30, 2022 $ - |
Note 9 - Per Share Data (Tables
Note 9 - Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income/(loss) for basic earnings per share $ 2,037,062 $ 169,200 $ 1,676,012 $ (642,905 ) Less: Change in fair value of warrants and cash-based RSUs 49,559 428,128 400,663 1,346,929 Net income/(loss), adjusted for change in fair value of warrants and cash-based RSUs for diluted earnings per share $ 1,987,503 $ (258,928 ) $ 1,275,349 $ (1,989,834 ) Weighted-average shares 72,678,333 75,810,641 72,873,366 76,281,211 Effect of potential common shares 654,555 849,413 825,860 847,762 Weighted-average shares: diluted 73,332,888 76,660,054 73,699,226 77,128,973 Income/(loss) per share: basic $ 0.03 $ 0.00 $ 0.02 $ (0.01 ) Income/(loss) per share: diluted $ 0.03 $ (0.00 ) $ 0.02 $ (0.03 ) |
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 12 - Revenues by Geograp_2
Note 12 - Revenues by Geographic Region (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 11,715,302 $ 1,673,083 $ 22,254,602 $ 2,911,455 International Asia-Pacific 4,929,423 — 4,929,423 — Canada — 6,980,206 — 10,555,578 Other 22,320 — 22,320 — Total International 4,951,743 6,980,206 4,951,743 10,555,578 Total revenues $ 16,667,045 $ 8,653,289 $ 27,206,345 $ 13,467,033 |
Note 14 - Equity (Tables)
Note 14 - Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 72,566,367 $ 7,256 $ 226,426,529 $ (58,696,989 ) $ — $ 167,736,796 Net income — — 2,037,062 — 2,037,062 Repurchase of common stock (494,979 ) (49 ) — (3,576,873 ) — (3,576,922 ) Issuance of common stock upon vesting of RSUs 127,856 13 (13 ) — — — Issuance of common stock upon exercise of warrants 824,903 82 6,120,696 — — 6,120,778 Cash dividend ($ 0.45 — — — (32,944,314 ) — (32,944,314 ) Stock-based compensation — — 395,454 — — 395,454 Balances at June 30, 2022 73,024,147 $ 7,302 $ 232,942,666 $ (93,181,114 ) $ — $ 139,768,854 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2021 73,543,602 $ 7,354 $ 226,070,308 $ (51,763,255 ) $ — $ 174,314,407 Net income — — — 1,676,012 — 1,676,012 Repurchase of common stock (1,474,781 ) (147 ) — (10,149,557 ) — (10,149,704 ) Payment of common stock tendered for employee stock-based compensation tax obligations (1,973 ) — (12,533 ) — — (12,533 ) Issuance of common stock upon vesting of RSUs 132,396 13 (13 ) — — — Issuance of common stock upon exercise of warrants 824,903 82 6,120,696 — 6,120,778 Cash dividend ($ 0.45 — — (32,944,314 ) (32,944,314 ) Stock-based compensation — — 764,208 — — 764,208 Balances at June 30, 2022 73,024,147 $ 7,302 $ 232,942,666 $ (93,181,114 ) $ — $ 139,768,854 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 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 272,625 2023 669,048 2024 678,627 2025 406,994 2026 409,971 Thereafter 165,916 Total undiscounted cash flows under leases 2,603,181 Less: Imputed interest (251,805 ) Present value of lease liabilities $ 2,351,376 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 64.8 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 14 |
Contract with Customer, Liability, Revenue Recognized | $ 3 |
Note 3 - Procurement Contract_2
Note 3 - Procurement Contracts and Research Agreements (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 01, 2022 USD ($) | May 12, 2022 USD ($) | Jan. 13, 2021 USD ($) | Apr. 03, 2020 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jul. 15, 2022 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2019 USD ($) | Sep. 10, 2018 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 3,000 | ||||||||||||||
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 | $ 51,700 | ||||||||||||
Base Period of Performance (Year) | 5 years | ||||||||||||||
Government Contract, Value, Payments Remaining Related to Exercised Options | $ 239,700 | ||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | $ 311,100 | ||||||||||||||
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 | ||||||||||||||
Government Contract, Base Period, Number of Deliveries | 35,700 | ||||||||||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Manufacture of Courses | $ 8,000 | ||||||||||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Advanced Development | 32,000 | ||||||||||||||
Government Contract, Base Period, Value of Award for Delivery and Support Activities, Supportive Procurement Activities | $ 600 | ||||||||||||||
Proceeds from Delivery of Courses | $ 11,100 | ||||||||||||||
Number of Courses Delivered | 35,700 | ||||||||||||||
Proceeds from Other Base Period Activities | $ 15,500 | ||||||||||||||
Government Contract, Value of Unexercised Options, Supportive Procurement Activities | 5,600 | 5,600 | |||||||||||||
The 19C BARDA Contract [Member] | IV TPOXX [Member] | |||||||||||||||
Government Contract, Base Period, Number of Courses Manufactured | 20,000 | ||||||||||||||
Government Contract, Value, Payments Related to Unexercised Options, Delivery of Courses | 225,100 | 225,100 | |||||||||||||
Government Contract, Value, Payments Related to Unexercised Options, Funding of Post-Marketing Activities | $ 3,600 | $ 3,600 | |||||||||||||
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 | ||||||||||||||
Proceeds from the Manufacture of Courses | $ 3,200 | ||||||||||||||
Proceeds from the Delivery of Courses | 4,300 | ||||||||||||||
Contract with Customer, Liability, Total | $ 3,200 | ||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 2,900 | ||||||||||||||
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] | IV FDP [Member] | |||||||||||||||
Contract with Customer, Liability, Total | $ 300 | $ 300 | |||||||||||||
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 | |||||||||||||
The 19C BARDA Contract [Member] | Oral TPOXX [Member] | |||||||||||||||
Number of Courses to Be Delivered | 726,140 | ||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Procurement of Raw Materials | $ 225,100 | $ 225,100 | $ 11,200 | ||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Delivery of Courses | 213,900 | ||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Funding of Post-Marketing Activities | $ 14,600 | ||||||||||||||
Proceeds for the Procurement of Raw Materials | 112,500 | ||||||||||||||
Proceeds from Payments Received for Post-marketing Activities | 7,600 | ||||||||||||||
IC BARDA [Member] | Transferred over Time [Member] | |||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 1,300 | $ 800 | |||||||||||||
IC BARDA [Member] | Transferred at Point in Time [Member] | |||||||||||||||
Proceeds from the Delivery of Courses | 7,200 | ||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 0 | 1,900 | $ 1,700 | ||||||||||||
U.S. Department of Defense (“DoD”) [Member] | Oral TPOXX [Member] | |||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | $ 3,800 | ||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 3,600 | ||||||||||||||
Government Contract, Value Ordered | $ 3,600 | ||||||||||||||
International Procurement [Member] | |||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 5,000 | 5,000 | |||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | |||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 5,000 | ||||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | Subsequent Event [Member] | |||||||||||||||
Government Contract, Value of Award | $ 60,000 | ||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | 6,000 | ||||||||||||||
Government Contract, Value, Payments Related to Unexercised Options, Delivery of Courses | 60,000 | ||||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | Subsequent Event [Member] | CANADA | |||||||||||||||
Government Contract, Value of Award | 39,000 | ||||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | Subsequent Event [Member] | Europe, Asia Pacific and the Middle East [Member] | |||||||||||||||
Government Contract, Value of Award | $ 21,000 | ||||||||||||||
Meridian Contract [Member] | |||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 6,900 | 10,300 | |||||||||||||
Meridian Contract [Member] | Oral TPOXX [Member] | |||||||||||||||
Government Contract, Value of Award | $ 33,000 | ||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 10,000 | ||||||||||||||
Government Contract, Term (Year) | 5 years | ||||||||||||||
Government Contract, Increased Value of Award | $ 45,000 | ||||||||||||||
Meridian Contract [Member] | Oral TPOXX [Member] | Subsequent Event [Member] | |||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 16,000 | ||||||||||||||
Government Contract, Award, Target Delivery Amount | $ 19,000 | ||||||||||||||
Canadian Contract [Member] | Meridian Medical Technologies [Member] | |||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 4,000 | ||||||||||||||
Government Contract, Term (Year) | 4 years | ||||||||||||||
Government Contract, Award, Target Delivery Amount | 4,000 | 4,000 | |||||||||||||
Other Commitment, Total | $ 14,000 | ||||||||||||||
Government Contract, Unexercised Options | 6,000 | ||||||||||||||
The PEP Label Expansion R & D Contract with the Department of Defense [Member] | |||||||||||||||
Government Contract, Value of Award | $ 19,500 | ||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 6,600 | $ 500 | 8,900 | $ 600 | |||||||||||
Government Contract, Increased Value of Award | 27,000 | ||||||||||||||
Government Contract, Initial Award | $ 12,400 | ||||||||||||||
Contract with Customer, Liability, Remaining Revenue Recognized | $ 15,400 | $ 15,400 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 22,047 | $ 22,047 |
Work in-process | 9,287,024 | 17,453,358 |
Finished goods | 7,122,311 | 2,034,974 |
Inventory | $ 16,431,382 | $ 19,510,379 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation, Depletion and Amortization, Total | $ 256,237 | $ 264,834 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 6,949,920 | $ 6,987,596 |
Less - accumulated depreciation and amortization | (4,840,200) | (4,621,639) |
Property, plant and equipment, net | 2,109,720 | 2,365,957 |
Other Assets [Member] | ||
Property, plant and equipment, gross | 3,678,647 | 3,678,647 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 2,420,028 | 2,420,028 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 473,386 | 511,062 |
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, 2022 | Dec. 31, 2021 |
Deferred revenue | $ 7,035,354 | $ 3,764,696 |
Research and development vendor costs | 3,657,403 | 256,397 |
Compensation | 1,424,067 | 2,811,700 |
Other | 934,745 | 938,082 |
Professional fees | 808,246 | 527,026 |
Inventory | 477,875 | 488,081 |
Accrued expenses and other current liabilities | 14,844,830 | 9,252,812 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Lease liability, current portion | $ 507,140 | $ 466,830 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments (Details Textual) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) shares | Sep. 02, 2016 USD ($) $ / shares shares | |
(Gain) Loss on Change in Fair Value of Warrant Liability | $ (49,559) | $ (442,269) | $ (400,663) | $ (1,361,070) | ||
Warrants and Rights Outstanding | 0 | $ 0 | $ 6,521,441 | |||
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 | ||||
(Gain) Loss on Change in Fair Value of Warrant Liability | $ 50,000 | |||||
Warrants and Rights Outstanding | $ 6,500,000 | |||||
The 2016 Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | 0 | |||
The 2016 Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.0121 | |||||
The 2016 Warrant [Member] | Measurement Input, Expected Term [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 4.7 | |||||
The 2016 Warrant [Member] | Measurement Input, Price Volatility [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.55 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 100 | $ 100 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 |
Note 8 - Fair Value of Financ_4
Note 8 - Fair Value of Financial Instruments - Changes in the Liability-classified Warrant Measured at Fair Value (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Warrant liability | $ 6,521,441 |
Decrease in fair value of Warrant liability | (400,663) |
Exercise of Warrant | (6,120,778) |
Warrant liability | $ 0 |
Note 9 - Per Share Data (Detail
Note 9 - Per Share Data (Details Textual) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 51,930 | 53,353 |
Note 9 - Per Share Data - Recon
Note 9 - Per Share Data - Reconciliation of the Basic and Diluted Loss Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) | $ 2,037,062 | $ 169,200 | $ 1,676,012 | $ (642,905) |
Less: Change in fair value of warrants and cash-based RSUs | 49,559 | 428,128 | 400,663 | 1,346,929 |
Net income/(loss), adjusted for change in fair value of warrants and cash-based RSUs for diluted earnings per share | $ 1,987,503 | $ (258,928) | $ 1,275,349 | $ (1,989,834) |
Weighted average shares outstanding: basic (in shares) | 72,678,333 | 75,810,641 | 72,873,366 | 76,281,211 |
Effect of potential common shares (in shares) | 654,555 | 849,413 | 825,860 | 847,762 |
Weighted average shares outstanding: diluted (in shares) | 73,332,888 | 76,660,054 | 73,699,226 | 77,128,973 |
Basic income/(loss) per share (in dollars per share) | $ 0.03 | $ 0 | $ 0.02 | $ (0.01) |
Diluted income/(loss) per share (in dollars per share) | $ 0.03 | $ 0 | $ 0.02 | $ (0.03) |
Note 9 - Per Share Data - Antid
Note 9 - Per Share Data - Antidilutive Securities Excluded from Computation (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Antidilutive securities (in shares) | 51,930 | 53,353 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 123,667 | 154,617 | ||
Restricted Stock Units (Stock Settled) [Member] | ||||
Antidilutive securities (in shares) | [1] | 166,683 | 165,309 | |
[1]For the three months ended March 31, 2022, this includes 54,792 units which are expected to settle in cash. |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value, Total | $ 114,530,926 | $ 103,138,819 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 21,700,000 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) | 3 Months Ended | 6 Months Ended | ||
May 26, 2017 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Outside Counsel [Member] | ||||
Legal Fees | $ 0 | $ 100,000 | ||
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% | |||
Monthly Facility Fee, Final Year | $ 4,925 | |||
Operating Lease, Expense | $ 100,000 | $ 200,000 |
Note 12 - Revenues by Geograp_3
Note 12 - Revenues by Geographic Region - Revenues by Geographic Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total revenues | $ 16,667,045 | $ 8,653,289 | $ 27,206,345 | $ 13,467,033 |
UNITED STATES | ||||
Total revenues | 11,715,302 | 1,673,083 | 22,254,602 | 2,911,455 |
Asia Pacific [Member] | ||||
Total revenues | 4,929,423 | 0 | 4,929,423 | 0 |
CANADA | ||||
Total revenues | 0 | 6,980,206 | 0 | 10,555,578 |
Other [Member] | ||||
Total revenues | 22,320 | 0 | 22,320 | 0 |
Non-US [Member] | ||||
Total revenues | $ 4,951,743 | $ 6,980,206 | $ 4,951,743 | $ 10,555,578 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income (Loss) Attributable to Parent, before Tax, Total | $ 3,200,000 | $ 500,000 | $ 2,100,000 | $ 600,000 |
Income Tax Expense (Benefit), Total | $ 1,155,581 | $ 298,406 | $ 452,175 | $ 65,473 |
Effective Income Tax Rate Reconciliation, Percent, Total | 36.20% | 63.80% | 21.20% | 11.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 14 - Equity (Details Textu
Note 14 - Equity (Details Textual) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | ||||
May 05, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Aug. 02, 2021 | |
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | |||||
Stock Repurchased During Period, Shares (in shares) | 0.5 | 1.5 | ||||
Stock Repurchased During Period, Value | $ 3,576,922 | $ 6,600,510 | $ 10,149,704 | $ 13,129,858 | ||
Special Dividend [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.45 | |||||
Dividends, Total | $ 32,900,000 | |||||
New Repurchase Authorization [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | |||||
Stock Repurchased During Period, Shares (in shares) | 1 | 1.9 | ||||
Stock Repurchased During Period, Value | $ 6,600,000 | $ 13,100,000 |
Note 14 - Equity - Changes in S
Note 14 - Equity - Changes in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balances | $ 167,736,796 | $ 122,684,867 | $ 174,314,407 | $ 129,793,269 |
Net income (loss) | $ 2,037,062 | 169,200 | $ 1,676,012 | (642,905) |
Repurchase of common stock (in shares) | (500,000) | (1,500,000) | ||
Repurchase of common stock | $ (3,576,922) | (6,600,510) | $ (10,149,704) | (13,129,858) |
Issuance of common stock upon vesting of RSUs | 0 | 0 | 0 | 0 |
Issuance of common stock upon exercise of warrants | 6,120,778 | 6,120,778 | ||
Cash dividend ($0.45 per share) | (32,944,314) | (32,944,314) | ||
Stock-based compensation | 395,454 | 467,405 | 764,208 | 713,817 |
Payment of common stock tendered for employee stock-based compensation tax obligations | (12,533) | (13,361) | ||
Net income (loss) | 2,037,062 | 169,200 | 1,676,012 | (642,905) |
Balances | $ 139,768,854 | $ 116,720,962 | $ 139,768,854 | $ 116,720,962 |
Common Stock [Member] | ||||
Balances (in shares) | 72,566,367 | 76,240,439 | 73,543,602 | 77,195,704 |
Balances | $ 7,256 | $ 7,625 | $ 7,354 | $ 7,720 |
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Repurchase of common stock (in shares) | (494,979) | (956,022) | (1,474,781) | (1,913,927) |
Repurchase of common stock | $ (49) | $ (96) | $ (147) | $ (191) |
Issuance of common stock upon vesting of RSUs (in shares) | 127,856 | 105,000 | 132,396 | 109,542 |
Issuance of common stock upon vesting of RSUs | $ 13 | $ 10 | $ 13 | $ 10 |
Issuance of common stock upon exercise of warrants (in shares) | 824,903 | 824,903 | ||
Issuance of common stock upon exercise of warrants | $ 82 | $ 82 | ||
Cash dividend ($0.45 per share) | 0 | |||
Stock-based compensation | 0 | 0 | $ 0 | $ 0 |
Payment of common stock tendered for employee stock-based compensation tax obligations (in shares) | (1,973) | (1,902) | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | $ 0 | $ 0 | ||
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Balances (in shares) | 73,024,147 | 75,389,417 | 73,024,147 | 75,389,417 |
Balances | $ 7,302 | $ 7,539 | $ 7,302 | $ 7,539 |
Additional Paid-in Capital [Member] | ||||
Balances | 226,426,529 | 225,211,481 | 226,070,308 | 224,978,430 |
Net income (loss) | 0 | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 | 0 |
Issuance of common stock upon vesting of RSUs | (13) | (10) | (13) | (10) |
Issuance of common stock upon exercise of warrants | 6,120,696 | 6,120,696 | ||
Cash dividend ($0.45 per share) | 0 | 0 | ||
Stock-based compensation | 395,454 | 467,405 | 764,208 | 713,817 |
Payment of common stock tendered for employee stock-based compensation tax obligations | (12,533) | (13,361) | ||
Net income (loss) | 0 | 0 | 0 | 0 |
Balances | 232,942,666 | 225,678,876 | 232,942,666 | 225,678,876 |
Retained Earnings [Member] | ||||
Balances | (58,696,989) | (102,534,239) | (51,763,255) | (95,192,881) |
Net income (loss) | 2,037,062 | 169,200 | 1,676,012 | (642,905) |
Repurchase of common stock | (3,576,873) | (6,600,414) | (10,149,557) | (13,129,667) |
Issuance of common stock upon vesting of RSUs | 0 | 0 | 0 | 0 |
Issuance of common stock upon exercise of warrants | 0 | 0 | ||
Cash dividend ($0.45 per share) | (32,944,314) | (32,944,314) | ||
Stock-based compensation | 0 | 0 | 0 | 0 |
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | ||
Net income (loss) | 2,037,062 | 169,200 | 1,676,012 | (642,905) |
Balances | (93,181,114) | (108,965,453) | (93,181,114) | (108,965,453) |
AOCI Attributable to Parent [Member] | ||||
Balances | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 | 0 |
Issuance of common stock upon vesting of RSUs | 0 | 0 | 0 | 0 |
Issuance of common stock upon exercise of warrants | 0 | |||
Cash dividend ($0.45 per share) | 0 | |||
Stock-based compensation | 0 | 0 | 0 | 0 |
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 |
Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Note 14 - Equity - Changes in_2
Note 14 - Equity - Changes in Stockholders' Equity (Details) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Cash dividend, per share (in dollars per share) | $ 0.45 | $ 0.45 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2019 | May 26, 2017 ft² | |
Operating Lease, Cost | $ 100,000 | $ 100,000 | $ 300,000 | $ 300,000 | ||
Operating Lease, Payments | $ 200,000 | 200,000 | $ 300,000 | $ 300,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 1 month 6 days | 4 years 1 month 6 days | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.53% | 4.53% | ||||
Operating Lease, Liability, Total | $ 2,351,376 | $ 2,351,376 | ||||
Other Liabilities [Member] | ||||||
Operating Lease, Liability, Total | $ 1,800,000 | $ 1,800,000 | ||||
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 | |||||
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, 2022 USD ($) |
2022 | $ 272,625 |
2023 | 669,048 |
2024 | 678,627 |
2025 | 406,994 |
2026 | 409,971 |
Thereafter | 165,916 |
Total undiscounted cash flows under leases | 2,603,181 |
Less: Imputed interest | (251,805) |
Present value of lease liabilities | $ 2,351,376 |