Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Sun BioPharma, Inc. | |
Entity Central Index Key | 0001029125 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,631,308 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 1,296 | $ 2,449 |
Prepaid expenses and other current assets | 389 | 283 |
Income tax receivable | 406 | 361 |
Total current assets | 2,091 | 3,093 |
Other noncurrent assets | 45 | 51 |
Total assets | 2,136 | 3,144 |
Current liabilities: | ||
Accounts payable | 271 | 597 |
Accrued expenses | 308 | 304 |
Term debt | 91 | 116 |
Unsecured promissory note payable | 742 | 742 |
Total current liabilities | 1,412 | 1,759 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued or outstanding as of March 31, 2020 and December 31 2019 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized; 6,631,308 shares issued and outstanding as of both March 31, 2020 and December 31, 2019 | 7 | 7 |
Additional paid-in capital | 42,671 | 42,331 |
Accumulated deficit | (43,056) | (41,258) |
Accumulated comprehensive income | 1,102 | 305 |
Total stockholders' equity | 724 | 1,385 |
Total liabilities and stockholders' equity | $ 2,136 | $ 3,144 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
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) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 6,631,308 | 6,631,308 |
Common stock, shares outstanding (in shares) | 6,631,308 | 6,631,308 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
General and administrative | $ 468 | $ 303 |
Research and development | 598 | 350 |
Operating loss | (1,066) | (653) |
Other (expense) income: | ||
Interest expense | (4) | (1,033) |
Other(expense) income | (820) | 34 |
Total other expense | (824) | (999) |
Loss before income tax benefit | (1,890) | (1,652) |
Income tax benefit | 92 | 71 |
Net loss | (1,798) | (1,581) |
Foreign currency translation adjustment | 797 | (32) |
Comprehensive loss | $ (1,001) | $ (1,613) |
Basic and diluted net loss per share (in dollars per share) | $ (0.27) | $ (0.31) |
Weighted average shares outstanding - basic and diluted (in shares) | 6,631,308 | 5,072,397 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2018 | 5,077 | ||||
Balances at Dec. 31, 2018 | $ 5 | $ 35,038 | $ (35,058) | $ 283 | $ 268 |
Beneficial conversion feature | 353 | 353 | |||
Warrants issued with sale of convertible notes payable | 419 | 419 | |||
Common stock converted into convertible notes payable (in shares) | (7) | ||||
Common stock converted into convertible notes payable | (25) | (25) | |||
Stock-based compensation | 10 | 10 | |||
Net loss | (1,581) | (1,581) | |||
Foreign currency translation adjustment | (32) | (32) | |||
Balances (in shares) at Mar. 31, 2019 | 5,070 | ||||
Balances at Mar. 31, 2019 | $ 5 | 35,795 | (36,639) | 251 | (588) |
Balances (in shares) at Dec. 31, 2019 | 6,631 | ||||
Balances at Dec. 31, 2019 | $ 7 | 42,331 | (41,258) | 305 | 1,385 |
Common stock converted into convertible notes payable | |||||
Stock-based compensation | 112 | 112 | |||
Net loss | (1,798) | (1,798) | |||
Foreign currency translation adjustment | 797 | 797 | |||
Warrants issued for future services | 228 | 228 | |||
Balances (in shares) at Mar. 31, 2020 | 6,631 | ||||
Balances at Mar. 31, 2020 | $ 7 | $ 42,671 | $ (43,056) | $ 1,102 | $ 724 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (1,798) | $ (1,581) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 112 | 10 |
Amortization of debt discount | 974 | |
Amortization of debt issuance costs | 6 | |
Non-cash interest expense | 48 | |
Changes in operating assets and liabilities: | ||
Income tax receivable | (97) | (74) |
Prepaid expenses and other current assets | 97 | 38 |
Accounts payable | 546 | (193) |
Accrued liabilities | 20 | (11) |
Net cash used in operating activities | (1,120) | (783) |
Cash flows from financing activities: | ||
Proceeds from the sale of convertible promissory notes, net of debt issuance costs of $7 | 810 | |
Repayment of demand note | (25) | |
Repayments of term debt | (26) | (27) |
Net cash provided by financing activities | (26) | 758 |
Effect of exchange rate changes on cash | (7) | (1) |
Net change in cash | (1,153) | (26) |
Cash at beginning of period | 2,449 | 1,405 |
Cash at end of period | 1,296 | 1,379 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 2 | 5 |
Supplemental disclosure of non-cash transactions: | ||
Warrants issued for future services | 228 | |
Beneficial conversion feature on convertible notes | 353 | |
Warrants issued with convertible notes | 419 | |
Common stock converted into convertible notes payable | $ 25 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Mar. 31, 2020 | |
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 the treatment of patients with pancreatic cancer. We have exclusively licensed the worldwide rights to this compound, which has been designated as SBP- 101, |
Note 2 - Risks and Uncertaintie
Note 2 - Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2020 | |
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 in Australia, the European Medicines Agency 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 $42.6 2011. three March 31, 2020, $1.8 $0.8 $1.2 101, March 31, 2020, $1.3 $0.7 $0.7 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 not 2019 March 24, 2020. 101 101 4 On March 11, 2020, 19” 19, 19 19 April 3, 2020, Q2 2020 |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 X not December 31. December 31, 2019 not 10 may not |
Note 4 - Liquidity and Business
Note 4 - Liquidity and Business Plan | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 4. Business Plan We need to obtain additional funds to continue our operations and execute our current business plans. We may no not If we are unable to obtain additional financing, we believe that we will need to reduce our operations by taking actions that may 101 third 101 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- 101 101 not not There can be no |
Note 5 - Summary of Significant
Note 5 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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 the Company. 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. Research and development costs Research and development costs include expenses incurred in the conduct of our second 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 Stock In accounting for stock-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 fair value of those awards on the grant date. Calculating stock-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. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-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, as we do not Foreign currency translation adjustments The functional currency of Sun BioPharma Australia Pty Ltd is the Australian Dollar. 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, 2020 2019, 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 of 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 convertible debt, outstanding common stock options, and warrants, have not The following table sets forth the potential shares of common stock that were not March 31, 2020 2019 Employee and non-employee stock options 1,745,811 1,032,211 Estimated common shares issuable upon conversion of notes payable and accrued interest - 636,234 Common stock issuable under common stock purchase warrants 3,497,099 2,509,477 5,242,910 4,177,922 5,242,910 4,177,922 |
Note 6 - Indebtedness
Note 6 - Indebtedness | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Indebtedness Term debt The terms of our unsecured loan (the “Term Debt”) payable to the Institute for Commercialization of Public Research, Inc. (the “Institute”) which was amended in December 2019 December 31, 2019 December 31, 2020, March 31, 2020. 2019 $10,000. March 31, 2020 $90,000. Deferred financing costs The following table summarizes the deferred financing costs which are presented as a direct reduction of the carrying amount of their related debt liabilities (in thousands): March 31, 2020 December 31, 2019 Term Debt Term Debt Loan principal Amount $ 97 $ 126 Deferred Financing Costs 51 51 Accumulated Amortization (44 ) (41 ) Unamortized balance 7 10 Discount on Debt - - Accumulated Amortization - - Unamortized balance - - Loan carrying amounts, net $ 90 $ 116 |
Note 7 - Stockholders' Deficit
Note 7 - Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . S tock holders’ Deficit Warrants to purchase common stock issued for future services On February 21, 2020, five 75,000 $6.49 $228,000 Shares of common stock reserved for future issuance were as follows as of March 31, 20 20 : Stock options outstanding 1,745,811 Shares available for grant under equity incentive plan 18,549 Common shares issuable under outstanding common stock purchase warrants 3,497,099 5,261,459 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8 . S tock -based Compensation 2016 The Sun BioPharma, Inc. 2016 “2016 March 2016 May 2016. 2016 2016 no 2016 ten 2016 1,500,000 March 31, 2020, 1,481,451shares 2016 18,549 2011 Our Board of Directors ceased making awards under the Sun BioPharma, Inc. 2011 “2011 2016 2011 2011 ten zero two March 31, 2020, 264,360 2011 Stock -based Compensation Expense General and administrative (“G&A”) and research and development (“R&D”) expenses include non-cash stock-based compensation expense as a result of our issuance of stock options. The terms and vesting schedules for stock-based awards vary by type of grant and the employment status of the grantee. The awards granted through March 31, 2020 $229,000 March 31, 2020. Stock-based compensation expense for each of the periods presented is as follows (in thousands): Three Months Ended March 31, 2020 2019 General and Administrative 99 10 Research and Development 13 - 112 10 Details of options granted, exercised, cancelled or forfeited during the three March 31, 2020 Shares Available for Grant Shares Underlying Options Balance at January 1, 2020 19,549 1,744,811 Granted (1,000 ) 1,000 Exercised - - Cancelled - - Forfeitures - - Balance at March 31, 2020 18,549 1,745,811 Information about stock options outstanding, vested and expected to vest as of March 31, 2020, Outstanding, Vested and Expected to Vest Options Vested and Excercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Excercisable Weighted Average Remaining Contractual Life (Years) $0.875 - $1.10 26,360 2.75 $ 1.029 26,360 2.75 $2.275 - $2.50 38,000 3.87 $ 2.464 38,000 3.87 $2.95 - $3.70 774,100 8.07 $ 3.040 411,525 7.11 $4.95 - $8.10 539,300 7.73 $ 6.739 506,500 7.67 $10.00 - $10.10 54,000 7.30 $ 10.007 54,000 7.30 $15.10 314,051 6.16 $ 15.100 310,551 6.21 Totals 1,745,811 7.43 $ 6.525 1,346,936 6.94 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. On May 1, 2020, $102,000 may 1% six 12 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying condensed consolidated financial statements include the assets, liabilities, and expenses of the Company. 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. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs Research and development costs include expenses incurred in the conduct of our second 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 |
Share-based Payment Arrangement [Policy Text Block] | Stock In accounting for stock-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 fair value of those awards on the grant date. Calculating stock-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. Compensation expense for performance-based stock option awards is recognized when “performance” has occurred or is probable of occurring. The fair value of stock-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of stock-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, as we do not |
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. 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, 2020 2019, |
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 of 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 convertible debt, outstanding common stock options, and warrants, have not The following table sets forth the potential shares of common stock that were not March 31, 2020 2019 Employee and non-employee stock options 1,745,811 1,032,211 Estimated common shares issuable upon conversion of notes payable and accrued interest - 636,234 Common stock issuable under common stock purchase warrants 3,497,099 2,509,477 5,242,910 4,177,922 5,242,910 4,177,922 |
Note 5 - Summary of Significa_2
Note 5 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2020 2019 Employee and non-employee stock options 1,745,811 1,032,211 Estimated common shares issuable upon conversion of notes payable and accrued interest - 636,234 Common stock issuable under common stock purchase warrants 3,497,099 2,509,477 5,242,910 4,177,922 |
Note 6 - Indebtedness (Tables)
Note 6 - Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | March 31, 2020 December 31, 2019 Term Debt Term Debt Loan principal Amount $ 97 $ 126 Deferred Financing Costs 51 51 Accumulated Amortization (44 ) (41 ) Unamortized balance 7 10 Discount on Debt - - Accumulated Amortization - - Unamortized balance - - Loan carrying amounts, net $ 90 $ 116 |
Note 7 - Stockholders' Deficit
Note 7 - Stockholders' Deficit (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | Stock options outstanding 1,745,811 Shares available for grant under equity incentive plan 18,549 Common shares issuable under outstanding common stock purchase warrants 3,497,099 5,261,459 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2020 2019 General and Administrative 99 10 Research and Development 13 - 112 10 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Available for Grant Shares Underlying Options Balance at January 1, 2020 19,549 1,744,811 Granted (1,000 ) 1,000 Exercised - - Cancelled - - Forfeitures - - Balance at March 31, 2020 18,549 1,745,811 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Excercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Excercisable Weighted Average Remaining Contractual Life (Years) $0.875 - $1.10 26,360 2.75 $ 1.029 26,360 2.75 $2.275 - $2.50 38,000 3.87 $ 2.464 38,000 3.87 $2.95 - $3.70 774,100 8.07 $ 3.040 411,525 7.11 $4.95 - $8.10 539,300 7.73 $ 6.739 506,500 7.67 $10.00 - $10.10 54,000 7.30 $ 10.007 54,000 7.30 $15.10 314,051 6.16 $ 15.100 310,551 6.21 Totals 1,745,811 7.43 $ 6.525 1,346,936 6.94 |
Note 2 - Risks and Uncertaint_2
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 111 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income (Loss) Attributable to Parent, Total | $ (1,798) | $ (1,581) | $ (42,600) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | 797 | (32) | |||
Net Cash Provided by (Used in) Operating Activities, Total | (1,120) | (783) | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,296 | 1,379 | 1,296 | $ 2,449 | $ 1,405 |
Working Capital | 700 | 700 | |||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 724 | $ (588) | $ 724 | $ 1,385 | $ 268 |
Note 5 - Summary of Significa_3
Note 5 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Anti-dilutive securities (in shares) | 5,242,910 | 4,177,922 |
Share-based Payment Arrangement [Member] | ||
Anti-dilutive securities (in shares) | 1,745,811 | 1,032,211 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities (in shares) | 636,234 | |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 3,497,099 | 2,509,477 |
Note 6 - Indebtedness (Details
Note 6 - Indebtedness (Details Textual) - Term Debt [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument, Periodic Payment, Total | $ 10,000 | |
Short-term Debt, Total | $ 90,000 | $ 116,000 |
Note 6 - Indebtedness - Schedul
Note 6 - Indebtedness - Schedule of Debt (Details) - Term Debt [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Loan principal Amount | $ 97,000 | $ 126,000 |
Deferred Financing Costs | 51,000 | 51,000 |
Accumulated Amortization | (44,000) | (41,000) |
Unamortized balance | 7,000 | 10,000 |
Loan carrying amounts, net | $ 90,000 | $ 116,000 |
Note 7 - Stockholders' Defici_2
Note 7 - Stockholders' Deficit (Details Textual) - Warrants Issued for Future Services [Member] | Feb. 21, 2020USD ($)$ / sharesshares |
Class of Warrant or Right, Expiration Term (Year) | 5 years |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 75,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 6.49 |
Warrants and Rights Outstanding | $ | $ 228,000 |
Note 7 - Stockholders' Defici_3
Note 7 - Stockholders' Deficit - Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Stock options outstanding (in shares) | 1,745,811 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 18,549 | 19,549 |
Common shares issuable under outstanding common stock purchase warrants (in shares) | 3,497,099 | |
Common Stock, Capital Shares Reserved for Future Issuance | 5,261,459 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,261,459 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,745,811 | 1,744,811 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 18,549 | 19,549 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 229,000 | |
Sun BioPharma, Inc. 2016 Omnibus Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,481,451 | |
Sun BioPharma, Inc. 2016 Omnibus Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 18,549 | |
Sun BioPharma, Inc. 2011 Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 264,360 | |
Sun BioPharma, Inc. 2011 Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 0 years | |
Sun BioPharma, Inc. 2011 Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based compensation expense | $ 112 | $ 10 |
General and Administrative Expense [Member] | ||
Share-based compensation expense | 99 | 10 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 13 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020shares | |
Balance, shares available for grant (in shares) | 19,549 |
Balance, shares underlying options (in shares) | 1,744,811 |
Granted, shares available for grant (in shares) | (1,000) |
Granted, shares underlying options (in shares) | 1,000 |
Balance, shares available for grant (in shares) | 18,549 |
Balance, shares underlying options (in shares) | 1,745,811 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Options outstanding (in shares) | shares | 1,745,811 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 156 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.525 |
Options excercisable (in shares) | shares | 1,346,936 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 343 days |
Exercise Price Range 1 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 0.875 |
Per share exercise price, upper limit (in dollars per share) | $ 1.10 |
Options outstanding (in shares) | shares | 26,360 |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 273 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 1.029 |
Options excercisable (in shares) | shares | 26,360 |
Options excercisable, weighted average remaining contractual life (Year) | 2 years 273 days |
Exercise Price Range 2 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 2.275 |
Per share exercise price, upper limit (in dollars per share) | $ 2.50 |
Options outstanding (in shares) | shares | 38,000 |
Options outstanding, weighted average remaining contractual life (Year) | 3 years 317 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.464 |
Options excercisable (in shares) | shares | 38,000 |
Options excercisable, weighted average remaining contractual life (Year) | 3 years 317 days |
Exercise Price Range 3 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 2.95 |
Per share exercise price, upper limit (in dollars per share) | $ 3.70 |
Options outstanding (in shares) | shares | 774,100 |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 25 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3.04 |
Options excercisable (in shares) | shares | 411,525 |
Options excercisable, weighted average remaining contractual life (Year) | 7 years 40 days |
Exercise Price Range 4 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 4.95 |
Per share exercise price, upper limit (in dollars per share) | $ 8.10 |
Options outstanding (in shares) | shares | 539,300 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 266 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.739 |
Options excercisable (in shares) | shares | 506,500 |
Options excercisable, weighted average remaining contractual life (Year) | 7 years 244 days |
Exercise Price Range 5 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 10 |
Per share exercise price, upper limit (in dollars per share) | $ 10.10 |
Options outstanding (in shares) | shares | 54,000 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 109 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.007 |
Options excercisable (in shares) | shares | 54,000 |
Options excercisable, weighted average remaining contractual life (Year) | 7 years 109 days |
Exercise Price Range 6 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 15.10 |
Options outstanding (in shares) | shares | 314,051 |
Options outstanding, weighted average remaining contractual life (Year) | 6 years 58 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.10 |
Options excercisable (in shares) | shares | 310,551 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 76 days |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) | May 01, 2020USD ($) |
Subsequent Event [Member] | |
Proceeds from Paycheck Protection Program Under CARES Act | $ 102,000 |