Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 20, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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, $.0001 par value | |
Trading Symbol | SIGA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,091,616 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 71,114,114 | $ 98,790,622 |
Accounts receivable | 8,050,059 | 45,406,960 |
Inventory | 64,950,228 | 39,273,090 |
Prepaid expenses and other current assets | 1,856,291 | 2,315,672 |
Total current assets | 145,970,692 | 185,786,344 |
Property, plant and equipment, net | 1,469,298 | 1,848,314 |
Deferred tax asset, net | 7,897,576 | 6,250,385 |
Goodwill | 898,334 | 898,334 |
Other assets | 2,144,938 | 252,546 |
Total assets | 158,380,838 | 195,035,923 |
Current liabilities | ||
Accounts payable | 564,272 | 3,355,268 |
Accrued expenses and other current liabilities | 30,125,855 | 16,852,781 |
Income tax payable | 54,432 | 1,309,672 |
Total current liabilities | 30,744,559 | 21,517,721 |
Other liabilities | 3,495,466 | 3,358,160 |
Total liabilities | 34,240,025 | 24,875,881 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock ($.0001 par value, 600,000,000 shares authorized, 71,091,616 and 72,675,190, issued and outstanding at September 30, 2023 and December 31, 2022, respectively) | 7,109 | 7,268 |
Additional paid-in capital | 235,332,951 | 233,957,767 |
Accumulated deficit | (111,199,247) | (63,804,993) |
Total stockholders’ equity | 124,140,813 | 170,160,042 |
Total liabilities and stockholders’ equity | $ 158,380,838 | $ 195,035,923 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 71,091,616 | 72,675,190 |
Common stock, shares outstanding (in shares) | 71,091,616 | 72,675,190 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Total revenues | $ 9,235,171 | $ 72,211,127 | $ 23,436,361 | $ 99,417,471 |
Operating expenses | ||||
Cost of sales and supportive services | 896,537 | 3,948,974 | 3,021,145 | 9,551,186 |
Selling, general and administrative | 5,999,761 | 19,656,138 | 14,660,828 | 29,241,565 |
Research and development | 3,648,117 | 5,732,982 | 13,810,307 | 16,119,858 |
Total operating expenses | 10,544,415 | 29,338,094 | 31,492,280 | 54,912,609 |
Operating (loss)/income | (1,309,244) | 42,873,033 | (8,055,919) | 44,504,862 |
Gain from change in fair value of warrant liability | 0 | 0 | 0 | 400,663 |
Other income, net | 883,148 | 258,975 | 2,964,482 | 354,670 |
(Loss)/income before income taxes | (426,096) | 43,132,008 | (5,091,437) | 45,260,195 |
Benefit/(Provision) for income taxes | 33,030 | (10,091,420) | 904,638 | (10,543,595) |
Net and comprehensive (loss)/income | $ (393,066) | $ 33,040,588 | $ (4,186,799) | $ 34,716,600 |
Basic (loss)/income per share (in dollars per share) | $ (0.01) | $ 0.45 | $ (0.06) | $ 0.48 |
Diluted (loss)/income per share (in dollars per share) | $ (0.01) | $ 0.45 | $ (0.06) | $ 0.47 |
Weighted average shares outstanding: basic (in shares) | 71,084,735 | 73,024,147 | 71,453,397 | 72,924,178 |
Weighted average shares outstanding: diluted (in shares) | 71,084,735 | 73,259,272 | 71,453,397 | 73,616,837 |
Product Sales and Supportive Services [Member] | ||||
Revenues | ||||
Total revenues | $ 7,958,289 | $ 65,621,511 | $ 14,924,058 | $ 81,558,148 |
Research and Development [Member] | ||||
Revenues | ||||
Total revenues | $ 1,276,882 | $ 6,589,616 | $ 8,512,303 | $ 17,859,323 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss)/income | $ (4,186,799) | $ 34,716,600 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation and other amortization | 400,702 | 386,440 |
Gain on change in fair value of warrant liability | 0 | (400,663) |
Stock-based compensation | 1,589,993 | 1,092,893 |
Write down of inventory, net | 562,941 | 168,446 |
Deferred income taxes, net | (1,647,191) | (1,761,279) |
Changes in assets and liabilities: | ||
Accounts receivable | 37,356,901 | 28,724,892 |
Inventory | (26,240,079) | (11,919,413) |
Prepaid expenses and other assets | (1,433,011) | 1,514,150 |
Accounts payable, accrued expenses and other liabilities | (701,185) | 914,139 |
Income tax payable | (1,255,240) | (10,083,889) |
Deferred revenue | 11,320,569 | 6,364,971 |
Net cash provided by operating activities | 15,767,601 | 49,717,287 |
Cash flows from investing activities: | ||
Capital expenditures | (21,686) | 0 |
Cash used in investing activities | (21,686) | 0 |
Cash flows from financing activities: | ||
Payment of employee tax obligations for common stock tendered | (214,794) | (12,533) |
Repurchase of common stock | (11,072,511) | (10,149,704) |
Payment of dividend | (32,135,118) | (32,944,314) |
Cash used in financing activities | (43,422,423) | (43,106,551) |
Net (decrease)/increase in cash and cash equivalents | (27,676,508) | 6,610,736 |
Cash and cash equivalents at the beginning of period | 98,790,622 | 103,138,819 |
Cash and cash equivalents at end of period | 71,114,114 | 109,749,555 |
Supplemental disclosure of non-cash financing activities: | ||
Conversion of warrant to common stock | 0 | 6,120,778 |
Issuance of common stock upon cashless exercise | $ 87,540 | $ 0 |
Note 1 - Condensed Consolidated
Note 1 - Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
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 for quarterly reports on Form 10 December 31, 2022 2022 10 March 2, 2023 ( 2022 10 not 2022 10 2022 not three nine September 30, 2023 not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers 606” September 30, 2023 Note 3 September 30, 2023 not 12 three 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. A portion of the Company's revenue is derived from long-term contracts that span multiple years. 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 September 30, 2023 nine September 30, 2023 |
Note 3 - Procurement Contracts
Note 3 - Procurement Contracts and Research Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Procurement Contract and Research Agreements [Text Block] | 3. 19C On September 10, 2018, September 30, 2023, "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 reimbursed activities; and payments of approximately $0.6 million for supportive procurement activities. As of September 30, 2023 December 31, 2021, 2022, The options that have been exercised to date provide for payments up to approximately $407.1 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 September 30, 2023 the delivery (and related procurement of raw materials) of oral TPOXX® to the Strategic Stockpile; $20.5 million for the completed manufacture of IV BDS, of which million has been recorded as deferred revenue as of September 30, 2023 ; and October 2023, TPOXX®. Une xercised options specify potential payments up to approx ately not The options related to IV TPOXX® are divided into two may none 19C three three not two three two three 64,000 Revenues in connection with the 19C 19C three September 30, 2023 2022 nine September 30, 2023 2022 nine September 30, 2022 three September 30, 2022 three nine September 30, 2023 U.S. Department of Defense Procurement Contracts On May 12, 2022, #1" #1 second 2022, #1. third 2022, September 2022 On September 28, 2022, #2" #2 In March 2023, March 2023 #2 International Procurement Contracts As of October 31, 2023, two one In addition to the above-mentioned contracts with firm commitments, the Company has a contract with the Canadian Department of National Defence ("CDND") under which the CDND has an option until March 31, 2024, April 2020, 2023, In 2022, 13 2022, 2022, 2023. Under the International Promotion Agreement, Meridian is the counterparty in connection with international contracts for oral TPOXX® and SIGA is responsible for manufacture and delivery of any oral TPOXX® purchased thereunder. Under the terms of the International Promotion Agreement, as amended, which has an initial term that expires on May 31, 2024, not Sales to international customers pursuant to the International Promotion Agreement are invoiced and collected by Meridian, and such collections are remitted, less Meridian's fees, to the Company under a quarterly process specified in the International Promotion Agreement. 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. 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 nine September 30, 2023 three nine September 30, 2022 Research Agreements and Grants In July 2019, January 31, 2025. September 30, 2023 three September 30, 2023 2022 nine September 30, 2023 2022 Contracts and grants include, among other things, options that may may not may not |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 December 31, 2022 Raw materials $ 64,186 $ 6,370,581 Work in-process 54,980,066 27,038,845 Finished goods 9,905,976 5,863,664 Inventory $ 64,950,228 $ 39,273,090 For the nine September 30, 2023 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 December 31, 2022 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 470,830 449,143 Furniture and fixtures 347,045 347,045 Operating lease right-of-use assets 3,678,647 3,678,647 6,916,550 6,894,863 Less - accumulated depreciation and amortization (5,447,252 ) (5,046,549 ) Property, plant and equipment, net $ 1,469,298 $ 1,848,314 Depreciation and amortization expense on property, plant, and equipment was $0.4 million for each of the nine September 30, 2023 2022 |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of September 30, 2023 December 31, 2022 Deferred revenue $ 21,901,715 $ 10,581,146 Compensation 2,214,827 2,378,035 Inventory 2,208,391 31,160 Research and development vendor costs 1,143,488 1,551,920 Other 1,073,214 1,245,353 Professional fees 1,029,488 536,997 Lease liability, current portion 554,732 528,170 Accrued expenses and other current liabilities $ 30,125,855 $ 16,852,781 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 7. Financial Instruments 2016 On September 2, 2016, 2020. September 2, 2016 November 16, 2016. 2022, December 31, 2022. nine September 30, 2022 |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value of Financial Instruments The carrying value of cash and 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 nine September 30, 2023 September 30, 2023 December 31, 2022 1 2 September 30, 2023 December 31, 2022 2 no 3 September 30, 2023 December 31, 2022 |
Note 9 - Per Share Data
Note 9 - Per Share Data | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net (loss)/income for basic earnings per share $ (393,066 ) $ 33,040,588 $ (4,186,799 ) $ 34,716,600 Less: Change in fair value of warrants — — — 400,663 Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share $ (393,066 ) $ 33,040,588 $ (4,186,799 ) $ 34,315,937 Weighted-average shares 71,084,735 73,024,147 71,453,397 72,924,178 Effect of potential common shares — 235,125 — 692,659 Weighted-average shares: diluted 71,084,735 73,259,272 71,453,397 73,616,837 (Loss)/Income per share: basic $ (0.01 ) $ 0.45 $ (0.06 ) $ 0.48 (Loss)/Income per share: diluted $ (0.01 ) $ 0.45 $ (0.06 ) $ 0.47 For the nine September 30, 2022 not three nine September 30, 2022 three nine September 30, 2022 For the three nine September 30, 2023 Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Stock options 240,006 232,873 Restricted stock units (1) 486,635 404,240 ( 1 three nine September 30, 2023 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. From time to time, we may not Purchase Commitments In the course of our business, the Company regularly enters into agreements with third not September 30, 2023 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions Real Estate Leases On May 26, 2017, ten 31 62 nd first sixty-three first six first sixty-fourth first second five three nine September 30, 2023 September 30, 2023 Board of Directors and Outside Consultant Effective June 13, 2023, three nine September 30, 2023 September 30, 2023 |
Note 12 - Revenues by Geographi
Note 12 - Revenues by Geographic Region | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 1,406,175 $ 10,925,562 $ 14,376,182 $ 33,180,163 International Asia-Pacific — 8,946,221 — 13,875,644 Canada — 35,120,212 — 35,120,212 Europe, Middle East and Africa (EMEA) 7,828,996 16,255,715 9,060,179 16,278,035 Other — 963,417 — 963,417 Total International 7,828,996 61,285,565 9,060,179 66,237,308 Total revenues $ 9,235,171 $ 72,211,127 $ 23,436,361 $ 99,417,471 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 2022 For the nine September 30, 2023 2022 The effective tax rate for the three September 30, 2023 three September 30, 2022 three September 30, 2023 162 The effective tax rate for the nine September 30, 2023 nine September 30, 2022 nine September 30, 2023 162 The Inflation Reduction Act of 2022 August 16, 2022. three $1 not Effective beginning in fiscal 2022, 2017 5 15 not |
Note 14 - Equity
Note 14 - Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 14. The tables below present changes in stockholders' equity for the three nine September 30, 2023 2022 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at June 30, 2023 71,082,944 $ 7,109 $ 234,873,128 $ (110,806,181 ) $ — $ 124,074,056 Net loss (393,066 ) (393,066 ) Issuance of common stock upon exercise of stock options 8,672 — — — — — Stock-based compensation — — 459,823 — — 459,823 Balances at September 30, 2023 71,091,616 $ 7,109 $ 235,332,951 $ (111,199,247 ) $ — $ 124,140,813 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2022 72,675,190 $ 7,268 $ 233,957,767 $ (63,804,993 ) $ — $ 170,160,042 Net loss (4,186,799 ) (4,186,799 ) Issuance of common stock upon exercise of stock options 8,672 — — — — — Repurchase of common stock (including excise tax) (1,736,822 ) (174 ) — (11,072,337 ) — (11,072,511 ) Issuance of common stock upon vesting of RSUs 144,576 15 (15 ) — — — Payment of common stock tendered for employee stock-based compensation tax obligations — — (214,794 ) — — (214,794 ) Cash dividend ($ 0.45 — — — (32,135,118 ) — (32,135,118 ) Stock-based compensation — — 1,589,993 — — 1,589,993 Balances at September 30, 2023 71,091,616 $ 7,109 $ 235,332,951 $ (111,199,247 ) $ — $ 124,140,813 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at June 30, 2022 73,024,147 $ 7,302 $ 232,942,666 $ (93,181,114 ) $ — $ 139,768,854 Net income — — — 33,040,588 — 33,040,588 Stock-based compensation — — 328,685 — — 328,685 Balances at September 30, 2022 73,024,147 $ 7,302 $ 233,271,351 $ (60,140,526 ) $ — $ 173,138,127 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 — — — 34,716,600 — 34,716,600 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 — — 1,092,893 — — 1,092,893 Balances at September 30, 2022 73,024,147 $ 7,302 $ 233,271,351 $ (60,140,526 ) $ — $ 173,138,127 On August 2, 2021, may December 31, 2023. fourth 2021. may may 10b5 1 1934, three September 30, 2023 not nine September 30, 2023 nine September 30, 2023 On May 4, 2023, June 1, 2023 May 16, 2023. |
Note 15 - Leases
Note 15 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
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 $0.2 million for the three September 30, 2023 2022 nine September 30, 2023 2022 three September 30, 2023 2022 nine September 30, 2023 2022 September 30, 2023 Future cash flows under operating leases as of September 30, 2023 2023 $ 111,979 2024 678,627 2025 406,994 2026 409,971 2027 165,916 Total undiscounted cash flows under leases 1,773,487 Less: Imputed interest (132,590 ) Present value of lease liabilities $ 1,640,897 As of September 30, 2023 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None 10b5 1 10b5 1 September 30, 2023 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers 606” September 30, 2023 Note 3 September 30, 2023 not 12 three 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. A portion of the Company's revenue is derived from long-term contracts that span multiple years. 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 September 30, 2023 nine September 30, 2023 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of September 30, 2023 December 31, 2022 Raw materials $ 64,186 $ 6,370,581 Work in-process 54,980,066 27,038,845 Finished goods 9,905,976 5,863,664 Inventory $ 64,950,228 $ 39,273,090 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of September 30, 2023 December 31, 2022 Leasehold improvements $ 2,420,028 $ 2,420,028 Computer equipment 470,830 449,143 Furniture and fixtures 347,045 347,045 Operating lease right-of-use assets 3,678,647 3,678,647 6,916,550 6,894,863 Less - accumulated depreciation and amortization (5,447,252 ) (5,046,549 ) Property, plant and equipment, net $ 1,469,298 $ 1,848,314 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of September 30, 2023 December 31, 2022 Deferred revenue $ 21,901,715 $ 10,581,146 Compensation 2,214,827 2,378,035 Inventory 2,208,391 31,160 Research and development vendor costs 1,143,488 1,551,920 Other 1,073,214 1,245,353 Professional fees 1,029,488 536,997 Lease liability, current portion 554,732 528,170 Accrued expenses and other current liabilities $ 30,125,855 $ 16,852,781 |
Note 9 - Per Share Data (Tables
Note 9 - Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net (loss)/income for basic earnings per share $ (393,066 ) $ 33,040,588 $ (4,186,799 ) $ 34,716,600 Less: Change in fair value of warrants — — — 400,663 Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share $ (393,066 ) $ 33,040,588 $ (4,186,799 ) $ 34,315,937 Weighted-average shares 71,084,735 73,024,147 71,453,397 72,924,178 Effect of potential common shares — 235,125 — 692,659 Weighted-average shares: diluted 71,084,735 73,259,272 71,453,397 73,616,837 (Loss)/Income per share: basic $ (0.01 ) $ 0.45 $ (0.06 ) $ 0.48 (Loss)/Income per share: diluted $ (0.01 ) $ 0.45 $ (0.06 ) $ 0.47 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Stock options 240,006 232,873 Restricted stock units (1) 486,635 404,240 |
Note 12 - Revenues by Geograp_2
Note 12 - Revenues by Geographic Region (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 1,406,175 $ 10,925,562 $ 14,376,182 $ 33,180,163 International Asia-Pacific — 8,946,221 — 13,875,644 Canada — 35,120,212 — 35,120,212 Europe, Middle East and Africa (EMEA) 7,828,996 16,255,715 9,060,179 16,278,035 Other — 963,417 — 963,417 Total International 7,828,996 61,285,565 9,060,179 66,237,308 Total revenues $ 9,235,171 $ 72,211,127 $ 23,436,361 $ 99,417,471 |
Note 14 - Equity (Tables)
Note 14 - Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 June 30, 2023 71,082,944 $ 7,109 $ 234,873,128 $ (110,806,181 ) $ — $ 124,074,056 Net loss (393,066 ) (393,066 ) Issuance of common stock upon exercise of stock options 8,672 — — — — — Stock-based compensation — — 459,823 — — 459,823 Balances at September 30, 2023 71,091,616 $ 7,109 $ 235,332,951 $ (111,199,247 ) $ — $ 124,140,813 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at December 31, 2022 72,675,190 $ 7,268 $ 233,957,767 $ (63,804,993 ) $ — $ 170,160,042 Net loss (4,186,799 ) (4,186,799 ) Issuance of common stock upon exercise of stock options 8,672 — — — — — Repurchase of common stock (including excise tax) (1,736,822 ) (174 ) — (11,072,337 ) — (11,072,511 ) Issuance of common stock upon vesting of RSUs 144,576 15 (15 ) — — — Payment of common stock tendered for employee stock-based compensation tax obligations — — (214,794 ) — — (214,794 ) Cash dividend ($ 0.45 — — — (32,135,118 ) — (32,135,118 ) Stock-based compensation — — 1,589,993 — — 1,589,993 Balances at September 30, 2023 71,091,616 $ 7,109 $ 235,332,951 $ (111,199,247 ) $ — $ 124,140,813 Common Stock Additional Paid-in Accumulated Other Comprehensive Total Stockholders' Shares Amount Capital Deficit Income Equity Balances at June 30, 2022 73,024,147 $ 7,302 $ 232,942,666 $ (93,181,114 ) $ — $ 139,768,854 Net income — — — 33,040,588 — 33,040,588 Stock-based compensation — — 328,685 — — 328,685 Balances at September 30, 2022 73,024,147 $ 7,302 $ 233,271,351 $ (60,140,526 ) $ — $ 173,138,127 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 — — — 34,716,600 — 34,716,600 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 — — 1,092,893 — — 1,092,893 Balances at September 30, 2022 73,024,147 $ 7,302 $ 233,271,351 $ (60,140,526 ) $ — $ 173,138,127 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2023 $ 111,979 2024 678,627 2025 406,994 2026 409,971 2027 165,916 Total undiscounted cash flows under leases 1,773,487 Less: Imputed interest (132,590 ) Present value of lease liabilities $ 1,640,897 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies 1 (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 189.1 |
Unbilled Receivables, Current | 6.9 |
Contract with Customer, Liability, Revenue Recognized | $ 0.1 |
Research and Development [Member] | |
Revenue, Performance Obligation, Number of Obligations | 5 |
Manufacture and Delivery [Member] | |
Revenue, Performance Obligation, Number of Obligations | 5 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies 2 (Details Textual) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-31 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
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 | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 USD ($) | Sep. 28, 2022 USD ($) | May 12, 2022 USD ($) | Sep. 10, 2018 USD ($) | Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2019 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 100 | ||||||||||||||||
The 19C BARDA Contract [Member] | |||||||||||||||||
Number of Courses to Be Delivered | 1,488,000 | ||||||||||||||||
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 Related To Exercised Options | $ 407,100 | ||||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Procurement of Raw Materials | 143,700 | $ 143,700 | |||||||||||||||
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 | ||||||||||||||||
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 | $ 21,700 | ||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 0 | ||||||||||||||||
Government Contract, Value, Payments Remaining Related to Exercised Options | 407,100 | ||||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | 143,700 | ||||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Supportive Activities Not Currently Required | 200 | ||||||||||||||||
Government Contract, Value of Unexercised Options, Supportive Procurement Activities | $ 5,400 | ||||||||||||||||
The 19C BARDA Contract [Member] | Transferred at Point in Time [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 0 | $ 0 | 0 | $ 7,200 | |||||||||||||
The 19C BARDA Contract [Member] | IV TPOXX [Member] | |||||||||||||||||
Government Contract, Base Period, Number of Courses Manufactured | 20,000 | ||||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Funding of Post-Marketing Activities | $ 3,600 | ||||||||||||||||
Government Contract, Value, Payments Related to Unexercised Options, Delivery of Courses | 112,500 | 112,500 | |||||||||||||||
Government Contract, Value, Payments Related to Unexercised Options, Funding of Post-Marketing Activities | $ 10,200 | $ 10,200 | |||||||||||||||
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 | $ 20,500 | $ 20,500 | $ 3,200 | ||||||||||||||
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 BDS [Member] | Subsequent Event [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 55,000 | ||||||||||||||||
The 19C BARDA Contract [Member] | IV FDP Containing IV BDS [Member] | |||||||||||||||||
Contract with Customer, Liability, Total | $ 300 | $ 20,400 | $ 20,400 | $ 300 | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | 2,900 | ||||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Manufacture of Courses | $ 51,200 | $ 51,200 | |||||||||||||||
The 19C BARDA Contract [Member] | Oral TPOXX [Member] | |||||||||||||||||
Number of Courses to Be Delivered | 1,100,000 | 1,100,000 | |||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Procurement of Raw Materials | $ 11,200 | 225,100 | $ 11,200 | ||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Delivery of Courses | 326,500 | 326,500 | |||||||||||||||
Government Contract, Value, Payments Related to Exercised Options, Funding of Post-Marketing Activities | $ 14,600 | ||||||||||||||||
Proceeds from Payments Received for Post-marketing Activities | 7,800 | ||||||||||||||||
The 19C BARDA Contract [Member] | IV FDP [Member] | |||||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Manufacture of Courses | $ 25,600 | $ 25,600 | |||||||||||||||
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] | Maximum [Member] | |||||||||||||||||
Number of Courses to Be Delivered | 212,000 | ||||||||||||||||
IC BARDA [Member] | Transferred over Time [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 200 | 2,700 | $ 2,300 | 4,600 | |||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options, Manufacture of Courses | 10,200 | 10,200 | |||||||||||||||
Government Contract, Value, Payments Related to Unexercised Options, Funding of Post-Marketing Activities | 25,600 | 25,600 | |||||||||||||||
U.S. Department of Defense (“DoD”) [Member] | Oral TPOXX [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 5,100 | $ 3,600 | |||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | $ 5,500 | $ 3,800 | |||||||||||||||
Government Contract, Value Ordered | $ 5,100 | $ 3,600 | |||||||||||||||
Government Contract, Value, Option Exercised | $ 5,500 | 3,800 | |||||||||||||||
International Procurement [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 7,800 | 61,300 | 9,100 | 66,200 | |||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | |||||||||||||||||
Government Contract, Value of Award | 77,000 | 9,000 | 9,000 | 77,000 | |||||||||||||
Contract with Customer, Liability, Revenue Recognized | 8,000 | 71,000 | |||||||||||||||
Government Contract, Value, Payments Currently Specified as Unexercised Options | 6,000 | ||||||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | CANADA | |||||||||||||||||
Government Contract, Value of Award | 39,000 | 39,000 | |||||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | Europe, Asia Pacific and the Middle East [Member] | |||||||||||||||||
Government Contract, Value of Award | $ 38,000 | $ 38,000 | |||||||||||||||
International Procurement [Member] | Oral TPOXX [Member] | Scenario, Plan [Member] | |||||||||||||||||
Government Contract, Value of Award | 14,000 | 14,000 | |||||||||||||||
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 | 900 | $ 4,200 | 6,400 | $ 13,100 | |||||||||||||
Government Contract, Initial Award | 12,400 | ||||||||||||||||
Government Contract, Increased Value of Award | $ 27,000 | ||||||||||||||||
Contract with Customer, Liability, Remaining Revenue Recognized | $ 0 | $ 0 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Inventory Write-down | $ 0.6 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 64,186 | $ 6,370,581 |
Work in-process | 54,980,066 | 27,038,845 |
Finished goods | 9,905,976 | 5,863,664 |
Inventory | $ 64,950,228 | $ 39,273,090 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Depreciation, Depletion and Amortization | $ 400,702 | $ 386,440 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 6,916,550 | $ 6,894,863 |
Less - accumulated depreciation and amortization | (5,447,252) | (5,046,549) |
Property, plant and equipment, net | 1,469,298 | 1,848,314 |
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 | 470,830 | 449,143 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 347,045 | $ 347,045 |
Note 6 - Accrued Expenses - Acc
Note 6 - Accrued Expenses - Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred revenue | $ 21,901,715 | $ 10,581,146 |
Compensation | 2,214,827 | 2,378,035 |
Inventory | 2,208,391 | 31,160 |
Research and development vendor costs | 1,143,488 | 1,551,920 |
Other | 1,073,214 | 1,245,353 |
Professional fees | 1,029,488 | 536,997 |
Accrued expenses and other current liabilities | 30,125,855 | 16,852,781 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Lease liability, current portion | $ 554,732 | $ 528,170 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 02, 2016 | |
Fair Value Adjustment of Warrants | $ 0 | $ 0 | $ 0 | $ 400,663 | ||
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) | $ 2.29 | |||||
Class of Warrant or Right, Subscription Price of Warrants or Rights (in dollars per share) | 1.5 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.5 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 0 | 2,700 | ||||
Fair Value Adjustment of Warrants | $ (400,000) |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 54,200 | $ 100 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 40,500 |
Note 9 - Per Share Data (Detail
Note 9 - Per Share Data (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 32,180 | 12,901 | ||
Restricted Stock Units RSU Settled in Cash [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 59,312 | 42,238 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss)/income | $ (393,066) | $ 33,040,588 | $ (4,186,799) | $ 34,716,600 |
Less: Change in fair value of warrants | 0 | 0 | 0 | 400,663 |
Net (loss)/income, adjusted for change in fair value of warrants for diluted earnings per share | $ (393,066) | $ 33,040,588 | $ (4,186,799) | $ 34,315,937 |
Weighted-average shares (in shares) | 71,084,735 | 73,024,147 | 71,453,397 | 72,924,178 |
Effect of potential common shares (in shares) | 0 | 235,125 | 0 | 692,659 |
Weighted-average shares: diluted (in shares) | 71,084,735 | 73,259,272 | 71,453,397 | 73,616,837 |
Basic (loss)/income per share (in dollars per share) | $ (0.01) | $ 0.45 | $ (0.06) | $ 0.48 |
Diluted (loss)/income per share (in dollars per share) | $ (0.01) | $ 0.45 | $ (0.06) | $ 0.47 |
Note 9 - Per Share Data - Antid
Note 9 - Per Share Data - Antidilutive Securities Excluded from Computation (Details) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Antidilutive securities (in shares) | 32,180 | 12,901 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Antidilutive securities (in shares) | 240,006 | 232,873 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive securities (in shares) | [1] | 486,635 | 404,240 | ||
[1]For the three and nine months ended September 30, 2023, the total includes a weighted average of 59,312 and 42,238 units which are expected to settle in cash, respectively. |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Purchase Commitment, Remaining Minimum Amount Committed | $ 18.5 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) | 3 Months Ended | 9 Months Ended | |
May 26, 2017 USD ($) ft² | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Director [Member] | |||
Accounts Payable and Accrued Liabilities | $ 0 | $ 0 | |
Consulting Agreement, Monthly Fee | 20,000 | 20,000 | |
Consulting Expense | 60,000 | 180,000 | |
MacAndrews and Forbes Incorporated [Member] | The New HQ Lease [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||
Area of Real Estate Property (Square Foot) | ft² | 3,200 | ||
Monthly Rent During Initial Period | $ 25,333 | ||
Monthly Rent, Initial Period (Month) | 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 | 300,000 | |
Accounts Payable and Accrued Liabilities | $ 0 | $ 0 |
Note 12 - Revenues by Geograp_3
Note 12 - Revenues by Geographic Region - Revenues by Geographic Region (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenues | $ 9,235,171 | $ 72,211,127 | $ 23,436,361 | $ 99,417,471 |
UNITED STATES | ||||
Total revenues | 1,406,175 | 10,925,562 | 14,376,182 | 33,180,163 |
Asia Pacific [Member] | ||||
Total revenues | 0 | 8,946,221 | 0 | 13,875,644 |
CANADA | ||||
Total revenues | 0 | 35,120,212 | 0 | 35,120,212 |
EMEA [Member] | ||||
Total revenues | 7,828,996 | 16,255,715 | 9,060,179 | 16,278,035 |
Other [Member] | ||||
Total revenues | 0 | 963,417 | 0 | 963,417 |
Non-US [Member] | ||||
Total revenues | $ 7,828,996 | $ 61,285,565 | $ 9,060,179 | $ 66,237,308 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income (Loss) Attributable to Parent, before Tax | $ (400,000) | $ 43,100,000 | $ (5,100,000) | $ 45,300,000 |
Income Tax Expense (Benefit) | $ (33,030) | $ 10,091,420 | $ (904,638) | $ 10,543,595 |
Effective Income Tax Rate Reconciliation, Percent | 7.80% | 23.40% | 17.80% | 23.30% |
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 Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 04, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Aug. 02, 2021 | |
Stock Repurchase Program, Authorized Amount | $ 50 | |||
Stock Repurchased During Period, Shares (in shares) | 0 | 1,700 | ||
Special Dividend [Member] | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.45 | |||
Dividends | $ 32 | |||
New Repurchase Authorization [Member] | ||||
Stock Repurchased During Period, Shares (in shares) | 11,000 | |||
Excise Tax on Corporate Shares Repurchased | $ 0.1 |
Note 14 - Equity - Changes in S
Note 14 - Equity - Changes in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balances | $ 124,074,056 | $ 139,768,854 | $ 170,160,042 | $ 174,314,407 |
Net (loss)/income | (393,066) | 33,040,588 | (4,186,799) | 34,716,600 |
Issuance of common stock upon exercise of stock options | 0 | 0 | ||
Stock-based compensation | 459,823 | 328,685 | 1,589,993 | 1,092,893 |
Balances | $ 124,140,813 | $ 173,138,127 | $ 124,140,813 | 173,138,127 |
Repurchase of common stock (including excise tax) (in shares) | 0 | (1,700,000) | ||
Repurchase of common stock (including excise tax) | $ (11,072,511) | (10,149,704) | ||
Issuance of common stock upon vesting of RSUs | 0 | 0 | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | (214,794) | (12,533) | ||
Cash dividend ($0.45 per share) | $ (32,135,118) | (32,944,314) | ||
Issuance of common stock upon exercise of warrants | $ 6,120,778 | |||
Common Stock [Member] | ||||
Balances (in shares) | 71,082,944 | 73,024,147 | 72,675,190 | 73,543,602 |
Balances | $ 7,109 | $ 7,302 | $ 7,268 | $ 7,354 |
Net (loss)/income | 0 | 0 | ||
Issuance of common stock upon exercise of stock options (in shares) | 8,672 | 8,672 | ||
Issuance of common stock upon exercise of stock options | $ 0 | $ 0 | ||
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 |
Balances (in shares) | 71,091,616 | 73,024,147 | 71,091,616 | 73,024,147 |
Balances | $ 7,109 | $ 7,302 | $ 7,109 | $ 7,302 |
Repurchase of common stock (including excise tax) (in shares) | (1,736,822) | (1,474,781) | ||
Repurchase of common stock (including excise tax) | $ (174) | $ (147) | ||
Issuance of common stock upon vesting of RSUs (in shares) | 144,576 | 132,396 | ||
Issuance of common stock upon vesting of RSUs | $ 15 | $ 13 | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | ||
Cash dividend ($0.45 per share) | 0 | $ 0 | ||
Payment of common stock tendered for employee stock-based compensation tax obligations (in shares) | (1,973) | |||
Issuance of common stock upon exercise of warrants (in shares) | 824,903 | |||
Issuance of common stock upon exercise of warrants | $ 82 | |||
Additional Paid-in Capital [Member] | ||||
Balances | 234,873,128 | 232,942,666 | 233,957,767 | 226,070,308 |
Net (loss)/income | 0 | 0 | ||
Issuance of common stock upon exercise of stock options | 0 | 0 | ||
Stock-based compensation | 459,823 | 328,685 | 1,589,993 | 1,092,893 |
Balances | 235,332,951 | 233,271,351 | 235,332,951 | 233,271,351 |
Repurchase of common stock (including excise tax) | 0 | 0 | ||
Issuance of common stock upon vesting of RSUs | (15) | (13) | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | (214,794) | (12,533) | ||
Cash dividend ($0.45 per share) | 0 | 0 | ||
Issuance of common stock upon exercise of warrants | 6,120,696 | |||
Retained Earnings [Member] | ||||
Balances | (110,806,181) | (93,181,114) | (63,804,993) | (51,763,255) |
Net (loss)/income | (393,066) | 33,040,588 | (4,186,799) | 34,716,600 |
Issuance of common stock upon exercise of stock options | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 |
Balances | (111,199,247) | (60,140,526) | (111,199,247) | (60,140,526) |
Repurchase of common stock (including excise tax) | (11,072,337) | (10,149,557) | ||
Issuance of common stock upon vesting of RSUs | 0 | 0 | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | ||
Cash dividend ($0.45 per share) | (32,135,118) | (32,944,314) | ||
Issuance of common stock upon exercise of warrants | 0 | |||
AOCI Attributable to Parent [Member] | ||||
Balances | 0 | 0 | 0 | 0 |
Net (loss)/income | 0 | 0 | ||
Issuance of common stock upon exercise of stock options | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 |
Balances | $ 0 | $ 0 | 0 | 0 |
Repurchase of common stock (including excise tax) | 0 | 0 | ||
Issuance of common stock upon vesting of RSUs | 0 | 0 | ||
Payment of common stock tendered for employee stock-based compensation tax obligations | 0 | 0 | ||
Cash dividend ($0.45 per share) | $ 0 | 0 | ||
Issuance of common stock upon exercise of warrants | $ 0 |
Note 14 - Equity - Changes in_2
Note 14 - Equity - Changes in Stockholders' Equity (Details) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 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 | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2019 | May 26, 2017 ft² | |
Operating Lease, Cost | $ 100,000 | $ 200,000 | $ 400,000 | $ 500,000 | |||
Operating Lease, Payments | $ 200,000 | $ 200,000 | $ 500,000 | $ 500,000 | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 18 days | 3 years 18 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.53% | 4.53% | |||||
Operating Lease, Liability | $ 1,640,897 | $ 1,640,897 | |||||
Other Liabilities [Member] | |||||||
Operating Lease, Liability | $ 1,100,000 | $ 1,100,000 | |||||
Facilities and Office Space in Corvallis Oregon [Member] | |||||||
Lessee, Operating Lease, Number of Renewal Options | 2 | ||||||
Two Years, Option Renewal Term [Member] | Facilities and Office Space in Corvallis Oregon [Member] | |||||||
Lessee, Operating Lease, Renewal Term (Year) | 2 years | ||||||
Three Years, Option RenewalTerm [Member] | Facilities and Office Space in Corvallis Oregon [Member] | |||||||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | ||||||
Increase (Decrease) in Operating Right-of-use Assets | $ 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) | Sep. 30, 2023 USD ($) |
2023 | $ 111,979 |
2024 | 678,627 |
2025 | 406,994 |
2026 | 409,971 |
2027 | 165,916 |
Total undiscounted cash flows under leases | 1,773,487 |
Less: Imputed interest | (132,590) |
Present value of lease liabilities | $ 1,640,897 |