Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Sun BioPharma, Inc. | |
Entity Central Index Key | 1,029,125 | |
Trading Symbol | snbp | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 36,604,639 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,442,000 | $ 438,000 |
Prepaid expenses and other current assets | 81,000 | 118,000 |
Income tax receivable | 486,000 | 321,000 |
Total current assets | 3,009,000 | 877,000 |
Total assets | 3,009,000 | 877,000 |
Current liabilities: | ||
Accounts payable | 1,062,000 | 1,245,000 |
Accrued expenses | 1,011,000 | 842,000 |
Convertible notes payable - current portion, net | 2,733,000 | |
Term debt | 296,000 | 294,000 |
Demand notes payable | 250,000 | |
Accrued interest | 55,000 | 155,000 |
Total current liabilities | 2,424,000 | 5,519,000 |
Long-term liabilities: | ||
Convertible notes payable, net of unamortized debt discount | 237,000 | |
Accrued interest | 10,000 | |
Total long-term liabilities | 247,000 | |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.001 par value; 20,000,000 authorized; no shares issued or outstanding as of March 31, 2017 and December 31, 2016 | ||
Common stock, $0.001 par value; 200,000,000 authorized; 36,434,639 and 32,201,306 shares issued and outstanding, as of March 31, 2017 and December 31, 2016, respectively | 36,000 | 32,000 |
Additional paid-in capital | 24,740,000 | 14,029,000 |
Accumulated deficit | (24,352,000) | (18,779,000) |
Accumulated comprehensive gain (loss) | (86,000) | 76,000 |
Total stockholders’ equity (deficit) | 338,000 | (4,642,000) |
Total liabilities and stockholders’ equity (deficit) | $ 3,009,000 | $ 877,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 36,434,639 | 32,201,306 |
Common stock, shares outstanding (in shares) | 36,434,639 | 32,201,306 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses | ||
General and administrative | $ 1,250,000 | $ 481,000 |
Research and development | 744,000 | 494,000 |
Operating loss | (1,994,000) | (975,000) |
Other income (expense): | ||
Interest income | 1,000 | |
Interest expense | (199,000) | (45,000) |
Loss on induced debt conversions | (3,696,000) | |
Other income | 164,000 | 80,000 |
Total other income (expense) | (3,731,000) | 36,000 |
Loss before income tax benefit | (5,725,000) | (939,000) |
Income tax benefit | 152,000 | 115,000 |
Net loss | (5,573,000) | (824,000) |
Foreign currency translation adjustment loss | (162,000) | (75,000) |
Comprehensive loss | $ (5,735,000) | $ (899,000) |
Basic and diluted net loss per share (in dollars per share) | $ (0.17) | $ (0.03) |
Weighted average shares outstanding – basic and diluted (in shares) | 32,212,594 | 29,915,820 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2016 | 32,201,306 | ||||
Balances at Dec. 31, 2016 | $ 32,000 | $ 14,029,000 | $ (18,779,000) | $ 76,000 | $ (4,642,000) |
Conversion of convertible promissory notes (in shares) | 3,850,000 | ||||
Conversion of convertible promissory notes | $ 4,000 | 5,837,000 | 5,841,000 | ||
Conversion of demand notes payable (in shares) | 333,333 | ||||
Conversion of demand notes payable | 993,000 | 993,000 | |||
Beneficial conversion feature related to issued convertible notes payable | 2,954,000 | 2,954,000 | |||
Share-based compensation | 920,000 | $ 920,000 | |||
Exercise of common stock options (in shares) | 50,000 | 50,000 | |||
Exercise of common stock options | 7,000 | $ 7,000 | |||
Net loss | (5,573,000) | (5,573,000) | |||
Foreign currency translation adjustment loss | (162,000) | (162,000) | |||
Balances (in shares) at Mar. 31, 2017 | 36,434,639 | ||||
Balances at Mar. 31, 2017 | $ 36,000 | $ 24,740,000 | $ (24,352,000) | $ (86,000) | $ 338,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
AOCI Attributable to Parent [Member] | |
Foreign currency translation, tax | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (5,573,000) | $ (824,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on induced debt conversions | 3,696,000 | |
Share-based compensation | 920,000 | |
Amortization of debt discount | 106,000 | |
Amortization of debt issuance costs | 44,000 | 7,000 |
Non-cash interest expense | 10,000 | 3,000 |
Changes in operating assets and liabilities: | ||
Income and other tax receivables | (144,000) | (199,000) |
Prepaid expenses and other current assets | 38,000 | (22,000) |
Accounts payable | (367,000) | 204,000 |
Accrued liabilities | 198,000 | 289,000 |
Net cash used in operating activities | (1,072,000) | (542,000) |
Cash flows from financing activities: | ||
Proceeds from the sale of convertible promissory notes, net of offering costs of $16 | 3,059,000 | |
Proceeds from the exercise of stock options | 7,000 | |
Net cash provided by financing activities | 3,066,000 | |
Effect of exchange rate changes on cash and cash equivalents | 10,000 | |
Net increase (decrease) in cash and cash equivalents | 2,004,000 | (542,000) |
Cash and cash equivalents at beginning of period | 438,000 | 925,000 |
Cash and cash equivalents at end of period | 2,442,000 | 383,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 35,000 | |
Supplemental disclosure of non-cash transactions: | ||
Conversion of promissory notes and accrued interest into common stock | 2,888,000 | |
Intrinsic value of beneficial conversion feature in convertible notes | 2,954,000 | |
Conversion of demand notes into common stock | 250,000 | |
Issuance of common stock for services | $ 75,000 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Proceeds from the sale of convertible promissory notes, offering costs | $ 16 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Sun BioPharma, Inc. and its wholly-owned subsidiary Sun BioPharma Australia Pty Ltd. (collectively “we,” “us,” “our,” and the “Company”) exist for the primary purpose of advancing the commercial development of a proprietary polyamine analogue for pancreatic cancer and for a second 101, |
Note 2 - Risks and Uncertaintie
Note 2 - Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 2. The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (“FDA”) in the United States, the Therapeutic Goods Administration (“TGA”) in Australia, the European Medicines Agency (“EMA”) in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may We have incurred losses of $24.4 2011. three March 31, 2017, $5.6 $3.7 $2.9 2013 2014, $250,000 September 2015. $1.1 101 . As of March 31, 2017, $2.4 $585,000 $338,000. The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our current independent registered public accounting firm, included a paragraph emphasizing this going concern uncertainty in their audit report regarding our 2016 March 30, 2017. 101 101 4 |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 3. We have prepared the accompanying interim condensed consolidated financial statements in accordance with accounting principles general accepted in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10 condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on December 31. condensed consolidated balance sheet as of December 31, 2016 condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto included in our Annual Report on Form 10 March 30, 2017 may Recently Adopted Accounting Pronouncement In March 2016, 2016 09, 2016 09 December 15, 2016, |
Note 4 - Liquidity and Manageme
Note 4 - Liquidity and Management Plans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 4. We will need to obtain additional funds to continue our operations and execute our current business plans. We may During the quarter ended March 31, 2017, $3.1 $2.0 $3.1 4,183,333 7 If we are unable to obtain additional financing when needed, we will need to reduce our operations by taking actions that may 101 , licensing rights to third 101 for pancreatic cancer, acute pancreatitis or other applications that we would otherwise seek to pursue, or discontinuing operations entirely. Our future success is dependent upon our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our SBP- 101 in the United States or other markets and ultimately our ability to market and sell our SBP- 101 . If we are unable to obtain additional financing when needed, if our clinical trials are not successful or if we are unable to obtain marketing approval, we would not be able to continue as a going concern and would be forced to cease operations and liquidate our company. There can be no assurances that we will be able to obtain additional financing on commercially reasonable terms, or at all. The sale of additional convertible debt or equity securities would likely result in dilution to our current stockholders. |
Note 5 - Summary of Significant
Note 5 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 5. Principles of consolidation The accompanying condensed consolidated financial statements include the assets, liabilities and expenses of Sun BioPharma, Inc. and our wholly-owned subsidiary, Sun BioPharma Australia Pty Ltd. All significant intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Beneficial Conversion Feature For convertible debt where the rate of conversion is below fair market value for our common stock, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount which is presented as a direct deduction from the carrying amount of the related debt and as an increase to additional paid-in capital. The debt discount is amortized through interest expense over the life of the related debt. Debt issuance costs Costs associated with the issuance of debt instruments are capitalized and presented as a direct deduction from the carrying amount of the related debt liability. These costs are amortized through interest expense over the life of the related debt. Research and development costs Research and development costs include expenses incurred in the conduct of our Phase 1 third 101 101 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are, and will be, performed at clinical trial sites and are administered jointly by us with assistance from contract research organizations (“CROs”). Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. All material CRO contracts are terminable by us upon written notice and we are generally only liable for actual effort expended by the CROs and certain non-cancelable expenses incurred at any point of termination. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. Share-based In accounting for share-based incentive awards we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the grant date fair value of those awards. Calculating share-based compensation expense requires the input of highly subjective assumptions, which represent our best estimates and involve inherent uncertainties and the application of management’s judgment. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. The performance date for non-employee awards is generally not met until the individual award vests. Accordingly we re-measure the current fair value each quarter until the award vests. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of share-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of share-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based primarily on the volatility rates of a set of guideline companies, which consist of public and recently public biotechnology companies. The assumed dividend yield is zero, Foreign currency translation adjustments The functional currency of Sun BioPharma Australia Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Sun BioPharma Australia Pty Ltd are translated into U.S. dollars at period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive loss presented within the stockholders’ equity (deficit). During the three March 31, 2017 2016, Comprehensive loss Comprehensive loss consists of our net loss and the effects of foreign currency translation. Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is based on the weighted-average common shares outstanding during the period plus dilutive potential common shares calculated using the treasury stock method. Such potentially dilutive shares are excluded when the effect would be anti-dilutive, or reduce a net loss per share. The Company’s potential dilutive shares, which include outstanding common stock options and warrants, have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive. The following table summarizes the calculation of basic and diluted net loss per share for each of the periods presented (in thousands, except share and per share data): Three Months Ended March 31, 2017 2016 Net loss $ (5,573 ) $ (824 ) Weighted average shares outstanding—basic and diluted 32,212,594 29,915,820 Basic and diluted net loss per share $ (0.17 ) $ ( 0.03 ) The following table sets forth the potential shares of common stock that were not included in the calculation of diluted net loss per share as their effects would have been anti-dilutive: Three Months Ended March 31, 2017 2016 Employee and non-employee stock options 7,009,600 3,163,600 Common shares issuable upon conversion of notes payable 3,078,383 2,466,667 Common shares issuable under common stock purchase warrants 3,615,000 2,550,000 13,702,983 8,180,267 |
Note 6 - Accrued Liabilities
Note 6 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Accrued Liabilities [Text Block] | 6. Accrued liabilities consist of the following (in thousands): March 31, 2017 December 31, 2016 Deferred payroll and related expenses $ 838 $ 637 Clinical trial related expense 89 97 Professional services 42 70 Product and process development expenses 31 29 Other 11 9 Total accrued liabilities $ 1,011 $ 842 |
Note 7 - Indebtedness
Note 7 - Indebtedness | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. 2017 Convertible notes payable On each of February 17, March 3, March 10 March 17, 2017, “2017 $3.1 2017 December 1, 2018 5.0% 2017 may 2017 2017 $2.0 2017 2017 $1.01 2017 $1.01 $1.50 $3.90 2017 $3.0 2017 2017 2017 10% $200,000 2017 2013 Convertible notes payable In 2013, “2013 $3.1 2013 5% $1.125 December 2018. 2013 March 31, 2016. In March 2017, 2013 March 31, 2017 $0.75 $0.375, 33.3%, 2013 $1.125 $2,750,000 2013 March 31, 2017 3,850,000 2013 $138,000 $11.5 $8.5 $3.0 10% $700,000 2013 $35,000 980,000 The shares were issued in reliance on the exemption from registration set forth in Section 3(a)(9) Demand notes payable In September 2015 $250,000 We included the holders of Demand Notes in our offer to convert all outstanding principal into shares of our common stock at a rate of $0.75 $250,000 March 31, 2017 333,333 $1.0 $700,000. 3(a)(9) The following table sets forth the changes in convertible and demand notes payable during the quarter (in thousands): Convertible Notes Payable Principal Accrued Interest Demand Notes Principal value at December 31, 2016 $ 2,775 $ 105 $ 250 Accrued interest in current quarter — 43 — Aggregate principal value of 2017 Notes sold 3,076 — — Aggregate principal value of 2013 Notes and accrued interest converted into common stock (2,750 ) (138 ) — Aggregate principal value of Demand Notes converted into common stock — — (250 ) Principal value at March 31, 2017 $ 3,101 $ 10 $ — Term debt On October 26, 2012, $300,000 4.125%. October 26, 2017, Debt issuance costs and discount The following table summarizes the deferred financing costs which are presented as a direct deduction from the carrying amount of their related debt liabilities (in thousands): March 31, 2017 December 31, 2016 Convertible Notes Payable Long-Term Debt Convertible Notes Payable Long-Term Debt Loan principal amount $ 3,101 $ 300 $ 2,775 $ 300 Deferred financing costs 16 37 105 37 Accumulated amortization — (33 ) (63 ) (31 ) Unamortized balance 16 4 42 6 Discount on debt 2,954 Accumulated amortization (106 ) Unamortized balance 2,848 Loan carrying amounts, net $ 237 $ 296 $ 2,733 $ 294 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . S tock holders’ Equity (Deficit) Shares reserved Shares of common stock reserved for future issuance are as follows: December 31, 2016 Stock options outstanding 7,009,600 Shares available for grant under equity incentive plan 11,104,000 Estimated common shares issuable upon conversion of notes payable 3,078,383 Common shares issuable under common stock purchase warrants 3,615,000 Total 24,806,983 |
Note 9 - Stock-Based Compensati
Note 9 - Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 . Share-based Compensation 2016 The Sun BioPharma, Inc. 2016 “2016 March 2016 May 2016. 2016 2016 ten 15,000,000 March 31, 2017, 3,896,000 2016 2011 The Sun BioPharma, Inc. 2011 “2011 2016 2011 2011 ten zero two March 31, 2017, 3,113,600 2011 Share-based compensation expense for each of the periods presented is as follows (in thousands): Three Months Ended March 31, 2017 March 31, 2016 Research and development $ 119 $ — General and administrative 801 — Total share-based compensation $ 920 $ — A summary of option activity is as follows: Shares Available for Grant Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2016 11,144,000 7,019,600 $ 0.95 $ 3,896,235 Granted (40,000 ) 40,000 1.01 Exercised — (50,000 ) 0.14 Cancelled — — — Balances at March 31, 2017 11,104,000 7,009,600 $ 0.95 $ 14,183,383 Information about stock options outstanding, vested and expected to vest as of March 31, 2017, Outstanding, Vested and Expected to Vest Options Vested and Exercisable Weighted Average Weighted Average Remaining Weighted Remaining Per Share Contractual Average Options Contractual Exercise Price Shares Life (Years) Exercise Price Exercisable Life (Years) $0.09 – 0.11 523,600 5.55 $ 0.10 523,600 5.55 0.23 – 0.25 450,000 6.86 0.25 450,000 6.86 0.32 2,140,000 7.93 0.32 2,140,000 7.93 1.01 40,000 4.78 1.01 — 4.78 1.51 3,856,000 9.26 1.51 1,375,500 9.57 7,009,600 8.44 $ 0.95 4,489,100 8.05 As of March 31, 2017 $1.4 1.7 Nonemployee share-based compensation We account for stock options granted to nonemployees in accordance with FASB Accounting Standards Codification Topic 505. $392,000 $0 three March 31, 2017 2016, The estimated grant-date fair values of the stock options were calculated using the Black-Scholes valuation model, based on the following assumptions for the three March, 31, 2017 2016: 2017 2016 Common stock fair value $1.01 - $2.98 n/a Risk-free interest rate 1.52% n/a Expected dividend yield 0% n/a Expected option life (years) 3.25 n/a Expected stock price volatility 75.0% n/a |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying condensed consolidated financial statements include the assets, liabilities and expenses of Sun BioPharma, Inc. and our wholly-owned subsidiary, Sun BioPharma Australia Pty Ltd. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. |
Beneficial Conversion Feature, Policy [Policy Text Block] | Beneficial Conversion Feature For convertible debt where the rate of conversion is below fair market value for our common stock, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount which is presented as a direct deduction from the carrying amount of the related debt and as an increase to additional paid-in capital. The debt discount is amortized through interest expense over the life of the related debt. |
Debt Issuance Costs [Policy Text Block] | Debt issuance costs Costs associated with the issuance of debt instruments are capitalized and presented as a direct deduction from the carrying amount of the related debt liability. These costs are amortized through interest expense over the life of the related debt. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs Research and development costs include expenses incurred in the conduct of our Phase 1 third 101 101 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are, and will be, performed at clinical trial sites and are administered jointly by us with assistance from contract research organizations (“CROs”). Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials generally are accrued based on contracted amounts and the achievement of agreed upon milestones, such as patient enrollment, patient follow-up, etc. We monitor levels of performance under each significant contract, including the extent of patient enrollment and other activities through communications with the clinical trial sites and CROs, and adjust the estimates, if required, on a quarterly basis so that clinical expenses reflect the actual effort expended at each clinical trial site and by each CRO. All material CRO contracts are terminable by us upon written notice and we are generally only liable for actual effort expended by the CROs and certain non-cancelable expenses incurred at any point of termination. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no alternative future use of the intellectual property subject to the license. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based In accounting for share-based incentive awards we measure and recognize the cost of employee and non-employee services received in exchange for awards of equity instruments based on the grant date fair value of those awards. Calculating share-based compensation expense requires the input of highly subjective assumptions, which represent our best estimates and involve inherent uncertainties and the application of management’s judgment. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. The performance date for non-employee awards is generally not met until the individual award vests. Accordingly we re-measure the current fair value each quarter until the award vests. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of share-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of share-based awards is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon U.S. Treasury rates appropriate for the expected term of each award. Expected volatility rates are based primarily on the volatility rates of a set of guideline companies, which consist of public and recently public biotechnology companies. The assumed dividend yield is zero, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation adjustments The functional currency of Sun BioPharma Australia Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Sun BioPharma Australia Pty Ltd are translated into U.S. dollars at period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect for the period. The resulting translation gains and losses are recorded as a component of accumulated comprehensive loss presented within the stockholders’ equity (deficit). During the three March 31, 2017 2016, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive loss Comprehensive loss consists of our net loss and the effects of foreign currency translation. |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is based on the weighted-average common shares outstanding during the period plus dilutive potential common shares calculated using the treasury stock method. Such potentially dilutive shares are excluded when the effect would be anti-dilutive, or reduce a net loss per share. The Company’s potential dilutive shares, which include outstanding common stock options and warrants, have not been included in the computation of diluted net loss per share for all periods as the result would be anti-dilutive. The following table summarizes the calculation of basic and diluted net loss per share for each of the periods presented (in thousands, except share and per share data): Three Months Ended March 31, 2017 2016 Net loss $ (5,573 ) $ (824 ) Weighted average shares outstanding—basic and diluted 32,212,594 29,915,820 Basic and diluted net loss per share $ (0.17 ) $ ( 0.03 ) The following table sets forth the potential shares of common stock that were not included in the calculation of diluted net loss per share as their effects would have been anti-dilutive: Three Months Ended March 31, 2017 2016 Employee and non-employee stock options 7,009,600 3,163,600 Common shares issuable upon conversion of notes payable 3,078,383 2,466,667 Common shares issuable under common stock purchase warrants 3,615,000 2,550,000 13,702,983 8,180,267 |
Note 5 - Summary of Significa19
Note 5 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Net loss $ (5,573 ) $ (824 ) Weighted average shares outstanding—basic and diluted 32,212,594 29,915,820 Basic and diluted net loss per share $ (0.17 ) $ ( 0.03 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2017 2016 Employee and non-employee stock options 7,009,600 3,163,600 Common shares issuable upon conversion of notes payable 3,078,383 2,466,667 Common shares issuable under common stock purchase warrants 3,615,000 2,550,000 13,702,983 8,180,267 |
Note 6 - Accrued Liabilities (T
Note 6 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2017 December 31, 2016 Deferred payroll and related expenses $ 838 $ 637 Clinical trial related expense 89 97 Professional services 42 70 Product and process development expenses 31 29 Other 11 9 Total accrued liabilities $ 1,011 $ 842 |
Note 7 - Indebtedness (Tables)
Note 7 - Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Debt Activity [Table Text Block] | Convertible Notes Payable Principal Accrued Interest Demand Notes Principal value at December 31, 2016 $ 2,775 $ 105 $ 250 Accrued interest in current quarter — 43 — Aggregate principal value of 2017 Notes sold 3,076 — — Aggregate principal value of 2013 Notes and accrued interest converted into common stock (2,750 ) (138 ) — Aggregate principal value of Demand Notes converted into common stock — — (250 ) Principal value at March 31, 2017 $ 3,101 $ 10 $ — |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2017 December 31, 2016 Convertible Notes Payable Long-Term Debt Convertible Notes Payable Long-Term Debt Loan principal amount $ 3,101 $ 300 $ 2,775 $ 300 Deferred financing costs 16 37 105 37 Accumulated amortization — (33 ) (63 ) (31 ) Unamortized balance 16 4 42 6 Discount on debt 2,954 Accumulated amortization (106 ) Unamortized balance 2,848 Loan carrying amounts, net $ 237 $ 296 $ 2,733 $ 294 |
Note 8 - Stockholders' Equity22
Note 8 - Stockholders' Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | December 31, 2016 Stock options outstanding 7,009,600 Shares available for grant under equity incentive plan 11,104,000 Estimated common shares issuable upon conversion of notes payable 3,078,383 Common shares issuable under common stock purchase warrants 3,615,000 Total 24,806,983 |
Note 9 - Stock-Based Compensa23
Note 9 - Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2017 March 31, 2016 Research and development $ 119 $ — General and administrative 801 — Total share-based compensation $ 920 $ — |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Available for Grant Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2016 11,144,000 7,019,600 $ 0.95 $ 3,896,235 Granted (40,000 ) 40,000 1.01 Exercised — (50,000 ) 0.14 Cancelled — — — Balances at March 31, 2017 11,104,000 7,009,600 $ 0.95 $ 14,183,383 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Weighted Average Weighted Average Remaining Weighted Remaining Per Share Contractual Average Options Contractual Exercise Price Shares Life (Years) Exercise Price Exercisable Life (Years) $0.09 – 0.11 523,600 5.55 $ 0.10 523,600 5.55 0.23 – 0.25 450,000 6.86 0.25 450,000 6.86 0.32 2,140,000 7.93 0.32 2,140,000 7.93 1.01 40,000 4.78 1.01 — 4.78 1.51 3,856,000 9.26 1.51 1,375,500 9.57 7,009,600 8.44 $ 0.95 4,489,100 8.05 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 Common stock fair value $1.01 - $2.98 n/a Risk-free interest rate 1.52% n/a Expected dividend yield 0% n/a Expected option life (years) 3.25 n/a Expected stock price volatility 75.0% n/a |
Note 2 - Risks and Uncertaint24
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) | Mar. 31, 2017 | Sep. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net Income (Loss) Attributable to Parent | $ (5,573,000) | $ (824,000) | $ (24,400,000) | ||||
Induced Conversion of Convertible Debt Expense | 3,696,000 | ||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (1,072,000) | (542,000) | |||||
Cash and Cash Equivalents, at Carrying Value | $ 2,442,000 | 2,442,000 | $ 383,000 | 2,442,000 | $ 438,000 | $ 925,000 | |
Working Capital | 585,000 | 585,000 | 585,000 | ||||
Stockholders' Equity Attributable to Parent | 338,000 | 338,000 | $ 338,000 | $ (4,642,000) | |||
Unsecured Debt [Member] | Demand Notes [Member] | |||||||
Induced Conversion of Convertible Debt Expense | $ 700,000 | ||||||
Notes Assumed | $ 250,000 | ||||||
Conversion of 2013 Notes into Common Stock [Member] | |||||||
Debt Conversion, Original Debt, Amount Including Accrued, but Unpaid Interest | $ 2,900,000 |
Note 4 - Liquidity and Manage25
Note 4 - Liquidity and Management Plans (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 17, 2017 | Dec. 31, 2016 | |
Proceeds from Convertible Debt | $ 3,059,000 | |||
Convertible Debt [Member] | ||||
Proceeds from Convertible Debt | 3,076,000 | |||
Long-term Debt, Gross | $ 3,101,000 | $ 2,775,000 | ||
Debt Conversion, Converted Instrument, Shares Issued | 4,183,333 | |||
Convertible Debt [Member] | The 2017 Notes [Member] | ||||
Debt Instrument, Qualified Financing, Minimum Proceeds | $ 2,000,000 | $ 2,000,000 |
Note 5 - Summary of Significa26
Note 5 - Summary of Significant Accounting Policies (Details Textual) xbrli-pure in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Note 5 - Summary of Significa27
Note 5 - Summary of Significant Accounting Policies - Calculation of Net Loss per Common Share (Details) - USD ($) | 3 Months Ended | 75 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | |
Net loss | $ (5,573,000) | $ (824,000) | $ (24,400,000) |
Weighted average shares outstanding – basic and diluted (in shares) | 32,212,594 | 29,915,820 | |
Basic and diluted net loss per share (in dollars per share) | $ (0.17) | $ (0.03) |
Note 5 - Summary of Significa28
Note 5 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Anti-dilutive securities (in shares) | 13,702,983 | 8,180,267 |
Stock Compensation Plan [Member] | ||
Anti-dilutive securities (in shares) | 7,009,600 | 3,163,600 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities (in shares) | 3,078,383 | 2,466,667 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 3,615,000 | 2,550,000 |
Note 6 - Accrued Liabilities -
Note 6 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued liabilities | $ 1,011 | $ 842 |
Deferred payroll and Related Expense [Member] | ||
Accrued liabilities | 838 | 637 |
Clinical Trial Related Expense [Member] | ||
Accrued liabilities | 89 | 97 |
Professional Services [Member] | ||
Accrued liabilities | 42 | 70 |
Product and Process Development [Member] | ||
Accrued liabilities | 31 | 29 |
Other Accrued Liabilities [Member] | ||
Accrued liabilities | $ 11 | $ 9 |
Note 7 - Indebtedness (Details
Note 7 - Indebtedness (Details Textual) - USD ($) | Mar. 31, 2017 | Mar. 17, 2017 | Mar. 31, 2017 | Sep. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2013 | Oct. 26, 2012 |
Share Price | ||||||||
Proceeds from Convertible Debt | $ 3,059,000 | |||||||
Induced Conversion of Convertible Debt Expense | 3,696,000 | |||||||
Institute [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||
Conversion of 2013 Notes into Common Stock [Member] | ||||||||
Debt Conversion, Original Debt, Amount | $ 2,750,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,850,000 | |||||||
Debt Conversion, Original Debt, Amount of Accrued but Unpaid Interest | $ 138,000 | |||||||
Debt Conversion, Converted Instrument, Amount | 11,500,000 | |||||||
Debt Conversion, Converted Instrument, Initial Agreement Amount | 8,500,000 | $ 8,500,000 | $ 8,500,000 | |||||
Conversion of 2013 Notes into Common Stock by Stockholder [Member] | ||||||||
Debt Conversion, Original Debt, Amount | $ 700,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 980,000 | |||||||
Debt Conversion, Original Debt, Amount of Accrued but Unpaid Interest | $ 35,000 | |||||||
Conversion of Demand Notes into Common Stock [Member] | ||||||||
Debt Conversion, Original Debt, Amount | $ 250,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 333,333 | |||||||
Debt Conversion, Converted Instrument, Amount | $ 1,000,000 | |||||||
Debt Conversion, Conversion Price | $ 0.75 | $ 0.75 | $ 0.75 | |||||
Minimum [Member] | ||||||||
Share Price | 1.01 | $ 1.50 | 1.01 | 1.01 | ||||
Maximum [Member] | ||||||||
Share Price | $ 2.98 | $ 3.90 | $ 2.98 | $ 2.98 | ||||
Convertible Debt [Member] | ||||||||
Proceeds from Convertible Debt | $ 3,076,000 | |||||||
Debt Conversion, Original Debt, Amount | $ 2,750,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,183,333 | |||||||
Debt Conversion, Original Debt, Amount of Accrued but Unpaid Interest | $ 138,000 | |||||||
Unsecured Debt [Member] | ||||||||
Debt Conversion, Original Debt, Amount | 250,000 | |||||||
The 2017 Notes [Member] | ||||||||
Proceeds from Convertible Debt, Gross | $ 3,100,000 | |||||||
The 2017 Notes [Member] | One Stockholder [Member] | ||||||||
Proceeds from Convertible Debt | $ 200,000 | |||||||
The 2017 Notes [Member] | Convertible Debt [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||
Debt Instrument, Qualified Financing, Minimum Proceeds | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 1.01 | |||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 3,000,000 | |||||||
The 2013 Notes [Member] | ||||||||
Proceeds from Convertible Debt, Gross | $ 3,100,000 | |||||||
The 2013 Notes [Member] | Convertible Debt [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||
Debt Instrument, Convertible, Conversion Price | $ 1.125 | $ 1.125 | $ 1.125 | $ 1.125 | ||||
Debt Instrument, Debt Default, Settlement Offer Conversion Rate | 0.75 | |||||||
Debt Instrument, Convertible, Conversion Price, Discount | $ 0.375 | |||||||
Debt Instrument, Convertible, Conversion Price, Discount rate | 33.30% | 33.30% | 33.30% | |||||
Induced Conversion of Convertible Debt Expense | $ 3,000,000 | |||||||
Demand Notes [Member] | Unsecured Debt [Member] | ||||||||
Induced Conversion of Convertible Debt Expense | $ 700,000 | |||||||
Notes Assumed | $ 250,000 |
Note 7 - Indebtedness - Changes
Note 7 - Indebtedness - Changes in Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Proceeds from the sale of convertible promissory notes, net of offering costs of $16 | $ 3,059 | |
Convertible Debt [Member] | ||
Principal value at December 31, 2016 | 2,775 | |
Accrued interest at December 31, 2016 | 105 | |
Accrued interest in current quarter | 43 | |
Proceeds from the sale of convertible promissory notes, net of offering costs of $16 | 3,076 | |
Aggregate principal value of notes converted into common stock | (2,750) | |
Accrued interest converted into common stock | (138) | |
Principal value at March 31, 2017 | 3,101 | |
Accrued interest at March 31, 2017 | 10 | |
Unsecured Debt [Member] | ||
Principal value at December 31, 2016 | 250 | |
Aggregate principal value of notes converted into common stock | (250) | |
Principal value at March 31, 2017 |
Note 7 - Indebtedness - Deferre
Note 7 - Indebtedness - Deferred Financing Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loan carrying amounts, net, convertible notes payable | $ 237 | |
Convertible Debt [Member] | ||
Long-term Debt, Gross | 3,101 | 2,775 |
Deferred financing costs, convertible notes payable | 16 | 105 |
Accumulated amortization, convertible notes payable | (63) | |
Unamortized balance, convertible notes payable | 16 | 42 |
Discount on debt, convertible notes payable | 2,954 | |
Accumulated amortization, convertible notes payable | (106) | |
Unamortized balance, convertible notes payable | 2,848 | |
Loan carrying amounts, net, convertible notes payable | 237 | 2,733 |
Long-term Debt, Net [Member] | ||
Long-term Debt, Gross | 300 | 300 |
Deferred financing costs, convertible notes payable | 37 | 37 |
Accumulated amortization, convertible notes payable | (33) | (31) |
Unamortized balance, convertible notes payable | 4 | 6 |
Loan carrying amounts, net, long term debt | $ 296 | $ 294 |
Note 8 - Stockholders' Equity33
Note 8 - Stockholders' Equity (Deficit) - Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Stock options outstanding (in shares) | 7,009,600 | |
Shares available for grant under equity incentive plan (in shares) | 11,104,000 | 11,144,000 |
Estimated common shares issuable upon conversion of notes payable (in shares) | 3,078,383 | |
Common shares issuable under common stock purchase warrants (in shares) | 3,615,000 | |
Total (in shares) | 24,806,983 |
Note 9 - Stock-Based Compensa34
Note 9 - Stock-Based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Common Stock, Capital Shares Reserved for Future Issuance | 24,806,983 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,009,600 | 7,019,600 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,400,000 | ||
Share-based Goods and Nonemployee Services Transaction, Compensation Expense | $ 392,000 | $ 0 | |
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | ||
Sun BioPharma, Inc. 2016 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Common Stock, Capital Shares Reserved for Future Issuance | 3,896,000 | ||
Sun BioPharma, Inc. 2016 Omnibus Incentive Plan [Member] | Employee Stock Option [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 15,000,000 | ||
Sun BioPharma, Inc. 2011 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,113,600 | ||
Sun BioPharma, Inc. 2011 Stock Option Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||
Sun BioPharma, Inc. 2011 Stock Option Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years |
Note 9 - Stock-Based Compensa35
Note 9 - Stock-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based compensation expense | $ 920 | |
Research and Development Expense [Member] | ||
Share-based compensation expense | 119 | |
General and Administrative Expense [Member] | ||
Share-based compensation expense | $ 801 |
Note 9 - Stock-Based Compensa36
Note 9 - Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Balance, shares available for grant (in shares) | 11,144,000 | |
Balance, shares underlying options (in shares) | 7,019,600 | |
Balance, weighted average exercise price per share (in dollars per share) | $ 0.95 | |
Aggregate intrinsic value | $ 14,183,383 | $ 3,896,235 |
Granted, shares available for grant (in shares) | (40,000) | |
Granted, shares underlying options (in shares) | 40,000 | |
Granted, weighted average exercise price per share (in dollars per share) | $ 1.01 | |
Exercised, shares underlying options (in shares) | (50,000) | |
Exercised, weighted average exercise price per share (in dollars per share) | $ 0.14 | |
Cancelled, shares underlying options (in shares) | ||
Cancelled, weighted average exercise price per share (in dollars per share) | ||
Balance, shares available for grant (in shares) | 11,104,000 | |
Balance, shares underlying options (in shares) | 7,009,600 | |
Balance, weighted average exercise price per share (in dollars per share) | $ 0.95 |
Note 9 - Stock-Based Compensa37
Note 9 - Stock-Based Compensation - Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Stock options outstanding (in shares) | shares | 7,009,600 |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 8 years 160 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.95 |
Options Exercisable (in shares) | shares | 4,489,100 |
Options Exercisable, Weighted Average Remaining Contractual Life (Year) | 8 years 18 days |
Exercise Price Range 1 [Member] | |
Per Share Exercise Price, Lower Limit (in dollars per share) | $ 0.09 |
Per Share Exercise Price, Upper Limit (in dollars per share) | $ 0.11 |
Stock options outstanding (in shares) | shares | 523,600 |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 200 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.10 |
Options Exercisable (in shares) | shares | 523,600 |
Options Exercisable, Weighted Average Remaining Contractual Life (Year) | 5 years 200 days |
Exercise Price Range 2 [Member] | |
Per Share Exercise Price, Lower Limit (in dollars per share) | $ 0.23 |
Per Share Exercise Price, Upper Limit (in dollars per share) | $ 0.25 |
Stock options outstanding (in shares) | shares | 450,000 |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 6 years 313 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.25 |
Options Exercisable (in shares) | shares | 450,000 |
Options Exercisable, Weighted Average Remaining Contractual Life (Year) | 6 years 313 days |
Exercise Price Range 3 [Member] | |
Per Share Exercise Price, Lower Limit (in dollars per share) | $ 0.32 |
Per Share Exercise Price, Upper Limit (in dollars per share) | $ 0.32 |
Stock options outstanding (in shares) | shares | 2,140,000 |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 7 years 339 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.32 |
Options Exercisable (in shares) | shares | 2,140,000 |
Options Exercisable, Weighted Average Remaining Contractual Life (Year) | 7 years 339 days |
Exercise Price Range 4 [Member] | |
Per Share Exercise Price, Lower Limit (in dollars per share) | $ 1.01 |
Per Share Exercise Price, Upper Limit (in dollars per share) | $ 1.01 |
Stock options outstanding (in shares) | shares | 40,000 |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 4 years 284 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.01 |
Options Exercisable (in shares) | shares | |
Options Exercisable, Weighted Average Remaining Contractual Life (Year) | 4 years 284 days |
Exercise Price Range 5 [Member] | |
Per Share Exercise Price, Lower Limit (in dollars per share) | $ 1.51 |
Per Share Exercise Price, Upper Limit (in dollars per share) | $ 1.51 |
Stock options outstanding (in shares) | shares | 3,856,000 |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 9 years 94 days |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.51 |
Options Exercisable (in shares) | shares | 1,375,500 |
Options Exercisable, Weighted Average Remaining Contractual Life (Year) | 9 years 208 days |
Note 9 - Stock-Based Compensa38
Note 9 - Stock-Based Compensation - Assumptions Used in Calculating Fair Value of Options (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 17, 2017 | |
Common stock fair value (in dollars per share) | |||
Risk-free interest rate | 1.52% | ||
Expected dividend yield | 0.00% | ||
Expected option life (years) (Year) | 3 years 91 days | ||
Expected stock price volatility | 75.00% | ||
Minimum [Member] | |||
Common stock fair value (in dollars per share) | $ 1.01 | $ 1.50 | |
Maximum [Member] | |||
Common stock fair value (in dollars per share) | $ 2.98 | $ 3.90 |