Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001029125 | |
Entity Registrant Name | Panbela Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39468 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0543922 | |
Entity Address, Address Line One | 712 Vista Blvd #305 | |
Entity Address, City or Town | Waconia | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55387 | |
City Area Code | 952 | |
Local Phone Number | 479-1196 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | PBLA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,434,152 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 14,072 | $ 9,022 |
Prepaid expenses and other current assets | 118 | 412 |
Income tax receivable | 559 | 323 |
Total current assets | 14,749 | 9,757 |
Other noncurrent assets | 53 | 56 |
Total assets | 14,802 | 9,813 |
Current liabilities: | ||
Accounts payable | 796 | 554 |
Accrued expenses | 543 | 811 |
Total current liabilities | 1,339 | 1,365 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued or outstanding as of September 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized; 13,434,152 and 9,664,427 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 13 | 10 |
Additional paid-in capital | 65,891 | 54,848 |
Accumulated deficit | (52,624) | (46,026) |
Accumulated comprehensive income (loss) | 183 | (384) |
Total stockholders' equity | 13,463 | 8,448 |
Total liabilities and stockholders' equity | $ 14,802 | $ 9,813 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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) | 13,434,152 | 9,664,427 |
Common stock, shares outstanding (in shares) | 13,434,152 | 9,664,427 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses: | ||||
General and administrative | $ 924 | $ 1,223 | $ 3,316 | $ 2,348 |
Research and development | 1,286 | 773 | 3,383 | 1,805 |
Operating loss | (2,210) | (1,996) | (6,699) | (4,153) |
Other (expense) income: | ||||
Interest income | 1 | 0 | 1 | 0 |
Interest expense | (2) | (3) | (9) | (12) |
Other (expense) income | (335) | 239 | (611) | 55 |
Total other (expense) income | (336) | 236 | (619) | 43 |
Loss before income tax benefit | (2,546) | (1,760) | (7,318) | (4,110) |
Income tax benefit | 404 | 89 | 721 | 222 |
Net loss | (2,142) | (1,671) | (6,597) | (3,888) |
Foreign currency translation adjustment | 327 | (246) | 566 | (164) |
Comprehensive loss | $ (1,815) | $ (1,917) | $ (6,031) | $ (4,052) |
Basic and diluted net loss per share (in dollars per share) | $ (0.16) | $ (0.21) | $ (0.59) | $ (0.55) |
Weighted average shares outstanding - basic and diluted (in shares) | 13,285,223 | 7,888,609 | 11,122,725 | 7,085,326 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Private Placement [Member]Common Stock [Member] | Private Placement [Member]Additional Paid-in Capital [Member] | Private Placement [Member]Retained Earnings [Member] | Private Placement [Member]AOCI Attributable to Parent [Member] | Private Placement [Member] | Underwritten Public Offering [Member]Common Stock [Member] | Underwritten Public Offering [Member]Additional Paid-in Capital [Member] | Underwritten Public Offering [Member]Retained Earnings [Member] | Underwritten Public Offering [Member]AOCI Attributable to Parent [Member] | Underwritten Public Offering [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 6,631,000 | ||||||||||||||
Balances at Dec. 31, 2019 | $ 7 | $ 42,331 | $ (41,258) | $ 305 | $ 1,385 | ||||||||||
Stock-based compensation | 0 | 112 | 0 | 0 | 112 | ||||||||||
Net loss | 0 | 0 | (1,798) | 0 | (1,798) | ||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 797 | 797 | ||||||||||
Warrants issued for future services | $ 0 | 228 | 0 | 0 | 228 | ||||||||||
Balances (in shares) at Mar. 31, 2020 | 6,631,000 | ||||||||||||||
Balances at Mar. 31, 2020 | $ 7 | 42,671 | (43,056) | 1,102 | 724 | ||||||||||
Balances (in shares) at Dec. 31, 2019 | 6,631,000 | ||||||||||||||
Balances at Dec. 31, 2019 | $ 7 | 42,331 | (41,258) | 305 | 1,385 | ||||||||||
Net loss | (3,888) | ||||||||||||||
Foreign currency translation adjustment | (164) | ||||||||||||||
Balances (in shares) at Sep. 30, 2020 | 9,649,000 | ||||||||||||||
Balances at Sep. 30, 2020 | $ 10 | 54,544 | (45,146) | 141 | 9,549 | ||||||||||
Balances (in shares) at Mar. 31, 2020 | 6,631,000 | ||||||||||||||
Balances at Mar. 31, 2020 | $ 7 | 42,671 | (43,056) | 1,102 | 724 | ||||||||||
Stock-based compensation | 0 | 264 | 0 | 0 | 264 | ||||||||||
Net loss | 0 | 0 | (419) | 0 | (419) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | (715) | (715) | ||||||||||
Public offering of common stock (in shares) | 437,000 | ||||||||||||||
Public offering of common stock | $ 0 | $ 1,746 | $ 0 | $ 0 | $ 1,746 | ||||||||||
Balances (in shares) at Jun. 30, 2020 | 7,068,000 | ||||||||||||||
Balances at Jun. 30, 2020 | $ 7 | 44,681 | (43,475) | 387 | 1,600 | ||||||||||
Warrants exercised for cash (in shares) | 28,000 | ||||||||||||||
Warrants exercised for cash | $ 0 | 52 | 0 | 0 | 52 | ||||||||||
Warrants exercised net cashless (in shares) | 8,000 | ||||||||||||||
Warrants exercised net cashless | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation | 0 | 593 | 0 | 0 | 593 | ||||||||||
Net loss | 0 | 0 | (1,671) | 0 | (1,671) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | (246) | (246) | ||||||||||
Public offering of common stock (in shares) | 2,545,000 | ||||||||||||||
Public offering of common stock | $ 3 | $ 9,218 | $ 0 | $ 0 | $ 9,221 | ||||||||||
Balances (in shares) at Sep. 30, 2020 | 9,649,000 | ||||||||||||||
Balances at Sep. 30, 2020 | $ 10 | 54,544 | (45,146) | 141 | 9,549 | ||||||||||
Balances (in shares) at Dec. 31, 2020 | 9,664,000 | ||||||||||||||
Balances at Dec. 31, 2020 | $ 10 | 54,848 | (46,026) | (384) | 8,448 | ||||||||||
Warrants exercised for cash (in shares) | 229,000 | ||||||||||||||
Warrants exercised for cash | $ 0 | 1,042 | 0 | 0 | 1,042 | ||||||||||
Warrants exercised net cashless (in shares) | 189,000 | ||||||||||||||
Warrants exercised net cashless | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Vested restricted stock units (in shares) | 7,000 | ||||||||||||||
Vested restricted stock units | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation | 0 | 252 | 0 | 0 | 252 | ||||||||||
Net loss | 0 | 0 | (2,257) | 0 | (2,257) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 99 | 99 | ||||||||||
Balances (in shares) at Mar. 31, 2021 | 10,089,000 | ||||||||||||||
Balances at Mar. 31, 2021 | $ 10 | 56,142 | (48,283) | (285) | 7,584 | ||||||||||
Balances (in shares) at Dec. 31, 2020 | 9,664,000 | ||||||||||||||
Balances at Dec. 31, 2020 | $ 10 | 54,848 | (46,026) | (384) | $ 8,448 | ||||||||||
Warrants exercised for cash (in shares) | 228,939 | ||||||||||||||
Warrants exercised net cashless (in shares) | 190,588 | ||||||||||||||
Net loss | $ (6,597) | ||||||||||||||
Foreign currency translation adjustment | 566 | ||||||||||||||
Balances (in shares) at Sep. 30, 2021 | 13,434,000 | ||||||||||||||
Balances at Sep. 30, 2021 | $ 13 | 65,891 | (52,624) | 183 | 13,463 | ||||||||||
Balances (in shares) at Mar. 31, 2021 | 10,089,000 | ||||||||||||||
Balances at Mar. 31, 2021 | $ 10 | 56,142 | (48,283) | (285) | 7,584 | ||||||||||
Warrants exercised net cashless (in shares) | 2,000 | ||||||||||||||
Warrants exercised net cashless | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Vested restricted stock units (in shares) | 4,000 | ||||||||||||||
Vested restricted stock units | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation | 0 | 363 | 0 | 0 | 363 | ||||||||||
Net loss | 0 | 0 | (2,199) | 0 | (2,199) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 141 | 141 | ||||||||||
Balances (in shares) at Jun. 30, 2021 | 10,095,000 | ||||||||||||||
Balances at Jun. 30, 2021 | $ 10 | 56,505 | (50,482) | (144) | 5,889 | ||||||||||
Vested restricted stock units (in shares) | 6,000 | ||||||||||||||
Vested restricted stock units | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation | 0 | 336 | 0 | 0 | 336 | ||||||||||
Net loss | 0 | 0 | (2,142) | 0 | (2,142) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 327 | 327 | ||||||||||
Public offering of common stock (in shares) | 3,333,000 | ||||||||||||||
Public offering of common stock | $ 3 | 9,050 | 9,053 | ||||||||||||
Balances (in shares) at Sep. 30, 2021 | 13,434,000 | ||||||||||||||
Balances at Sep. 30, 2021 | $ 13 | $ 65,891 | $ (52,624) | $ 183 | $ 13,463 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (6,597) | $ (3,888) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 951 | 969 |
Changes in operating assets and liabilities: | ||
Income tax receivable | (201) | 133 |
Prepaid expenses and other current assets | 221 | 64 |
Accounts payable | 873 | (347) |
Accrued liabilities | (264) | 328 |
Net cash used in operating activities | (5,017) | (2,741) |
Cash flows from financing activities: | ||
Proceeds from public offering of common stock net of underwriters discount and offering costs of $946 | 9,053 | |
Proceeds from sale of common stock and warrants net of offering costs of $2 | 1,746 | |
Proceeds from exercise of stock purchase warrants | 1,042 | 52 |
Proceeds from paycheck protection loan | 0 | 103 |
Repayments of term debt | 0 | (81) |
Net cash provided by financing activities | 10,095 | 11,155 |
Effect of exchange rate changes on cash and cash equivalents | (28) | 7 |
Net change in cash and cash equivalents | 5,050 | 8,421 |
Cash and cash equivalents at beginning of period | 9,022 | 2,449 |
Cash and cash equivalents at end of period | 14,072 | 10,870 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 9 | 5 |
Supplemental disclosure of non-cash transactions: | ||
Warrants issued for future services | 0 | 228 |
Warrants issued to underwriter | 0 | 353 |
Amortization of warrants as offering costs | $ 0 | 114 |
Underwritten Public Offering [Member] | ||
Cash flows from financing activities: | ||
Proceeds from public offering of common stock and warrants net of underwriters discount and offering costs of $1,165 | $ 9,335 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from public offering of common stock, issuance costs | $ 946 | $ 1,165 |
Private Placement [Member] | ||
Proceeds from public offering of common stock, issuance costs | $ 2 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business Panbela Therapeutics, Inc. and its wholly-owned subsidiary Panbela Therapeutics 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 | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 2. Risks and Uncertainties 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 $52.6 million since our inception in 2011. nine September 30, 2021, 101, September 30, 2021, 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 2020 March 25, 2021. 101 101 4 September 2021 18 19” 19, 2020 first 2021 second September 30, 2021 19 19 2020 19. No 19 December 2020. 2021, no no |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 3. Basis of Presentation 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, 2020, not 10 may not |
Note 4 - Liquidity and Business
Note 4 - Liquidity and Business Plan | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 4. Liquidity and Business Plan On July 2, 2021, Between February 5 March 23, 2021, On September 1, 2020, nine September 30, 2020 We will need to raise additional capital to fully fund the randomized clinical trial set to begin enrollment at the end of 2021.Our 101 101 not not There can be no |
Note 5 - Summary of Significant
Note 5 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 5. Summary of Significant Accounting Policies 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, particularly given the significant social and economic disruptions and uncertainties with the ongoing pandemic and control responses. 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-based compensation 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 Panbela Therapeutics Pty Ltd is the Australian Dollar. Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics 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. During the three nine September 30, 2021, 2020, 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 outstanding common stock options, and warrants, have not The following table sets forth the potential shares of common stock that were not September 30, 2021 2020 Employee and non-employee stock options 2,489,136 2,170,459 Resticted stock units 16,185 - Common stock issuable under common stock purchase warrants 5,109,501 6,571,468 7,614,822 8,741,927 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Stockholders Equity Public offering of common stock On July 2, 2021, Warrants exercised and expired During the nine September 30, 2021, nine September 30, 2021. nine September 30, 2021. Public offering of common stock and warrants On September 1, 2020, five September 30, 2021. Shares reserved The following shares of common stock were reserved for future issuance as of date indicated: September 30, 2021 Stock options outstanding 2,489,136 Restricted stock units 16,185 Shares available for grant under equity incentive plan 1,328,363 Common shares issuable under outstanding common stock purchase warrants 5,109,501 8,943,185 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. Stock-based Compensation 2016 The Panbela Therapeutics, Inc. 2016 “2016 March 2016 May 2016. 2016 2016 no 2016 ten September 30, 2021, one 2016 2011 Our Board of Directors ceased making awards under the Panbela Therapeutics, Inc. 2011 “2011 2016 May 2016. 2011 September 30, 2021, 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 September 30, 2021, September 30, 2021. Stock-based compensation expense for each of the periods presented is as follows (in thousands): Nine Months Ended September 30, 2021 2020 General and Administrative $ 798 $ 860 Research and Development 153 109 $ 951 $ 969 Information about stock options outstanding, vested and expected to vest as of September 30, 2021, Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $0.875 - $1.10 22,000 1.17 $ 1.02 22,000 1.17 $2.26 - $2.50 79,225 7.81 $ 2.31 22,000 2.45 $2.95 - $4.17 1,207,940 7.70 $ 3.41 707,535 6.41 $4.50 - $8.10 687,100 6.94 $ 6.13 609,600 6.72 $9.99 - $10.10 266,048 8.18 $ 9.99 160,024 7.78 $15.10 - 226,823 4.47 $ 15.10 226,823 4.47 Totals 2,489,136 7.49 $ 5.88 1,747,982 6.36 Key assumptions 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 nine September 30, 2021: 2021 Common stock fair value $2.26 to $4.17 Risk-free interest rate 0.79% to 1.08% Expected dividend yield 0 Expected Option life (yrs) 5.30 to 5.75 Expected stock price volatility 90% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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, particularly given the significant social and economic disruptions and uncertainties with the ongoing pandemic and control responses. |
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-based compensation 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 Panbela Therapeutics Pty Ltd is the Australian Dollar. Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics 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. During the three nine September 30, 2021, 2020, |
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 outstanding common stock options, and warrants, have not The following table sets forth the potential shares of common stock that were not September 30, 2021 2020 Employee and non-employee stock options 2,489,136 2,170,459 Resticted stock units 16,185 - Common stock issuable under common stock purchase warrants 5,109,501 6,571,468 7,614,822 8,741,927 |
Note 5 - Summary of Significa_2
Note 5 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | September 30, 2021 2020 Employee and non-employee stock options 2,489,136 2,170,459 Resticted stock units 16,185 - Common stock issuable under common stock purchase warrants 5,109,501 6,571,468 7,614,822 8,741,927 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | September 30, 2021 Stock options outstanding 2,489,136 Restricted stock units 16,185 Shares available for grant under equity incentive plan 1,328,363 Common shares issuable under outstanding common stock purchase warrants 5,109,501 8,943,185 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Nine Months Ended September 30, 2021 2020 General and Administrative $ 798 $ 860 Research and Development 153 109 $ 951 $ 969 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $0.875 - $1.10 22,000 1.17 $ 1.02 22,000 1.17 $2.26 - $2.50 79,225 7.81 $ 2.31 22,000 2.45 $2.95 - $4.17 1,207,940 7.70 $ 3.41 707,535 6.41 $4.50 - $8.10 687,100 6.94 $ 6.13 609,600 6.72 $9.99 - $10.10 266,048 8.18 $ 9.99 160,024 7.78 $15.10 - 226,823 4.47 $ 15.10 226,823 4.47 Totals 2,489,136 7.49 $ 5.88 1,747,982 6.36 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 Common stock fair value $2.26 to $4.17 Risk-free interest rate 0.79% to 1.08% Expected dividend yield 0 Expected Option life (yrs) 5.30 to 5.75 Expected stock price volatility 90% |
Note 2 - Risks and Uncertaint_2
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (52,624) | $ (52,624) | $ (46,026) | |||||||
Net Income (Loss) Attributable to Parent, Total | (2,142) | $ (2,199) | $ (2,257) | $ (1,671) | $ (419) | $ (1,798) | (6,597) | $ (3,888) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (5,017) | (2,741) | ||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 14,072 | 14,072 | 9,022 | |||||||
Working Capital | 13,400 | 13,400 | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 13,463 | $ 5,889 | $ 7,584 | $ 9,549 | $ 1,600 | $ 724 | $ 13,463 | $ 9,549 | $ 8,448 | $ 1,385 |
Note 4 - Liquidity and Busine_2
Note 4 - Liquidity and Business Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2021 | Sep. 01, 2020 | Mar. 23, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Proceeds from Issuance of Common Stock, Net | $ 9,053 | |||||
Stock Issued During Period, Shares, Exercise of Warrants for Cash (in shares) | 228,938 | 228,939 | ||||
Proceeds from Warrant Exercises | $ 1,000 | $ 1,042 | $ 52 | |||
Proceeds from Issuance of Private Placement | 1,746 | |||||
Underwritten Public Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,333,334 | 2,545,454 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 3 | |||||
Proceeds from Issuance of Common Stock, Net | $ 9,100 | |||||
Proceeds from Issuance of Common Stock, Net | $ 9,300 | $ 9,335 | ||||
Private Placement [Member] | ||||||
Proceeds from Issuance of Private Placement | $ 1,700 |
Note 5 - Summary of Significa_3
Note 5 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Anti-dilutive securities (in shares) | 7,614,822 | 8,741,927 |
Share-based Payment Arrangement [Member] | ||
Anti-dilutive securities (in shares) | 2,489,136 | 2,170,459 |
Restricted Stock Units (RSUs) [Member] | ||
Anti-dilutive securities (in shares) | 16,185 | 0 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 5,109,501 | 6,571,468 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2021 | Sep. 01, 2020 | Mar. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Proceeds from Issuance of Common Stock, Net | $ 9,053 | ||||
Stock Issued During Period, Shares, Exercise of Warrants for Cash (in shares) | 228,938 | 228,939 | |||
Proceeds from Warrant Exercises | $ 1,000 | $ 1,042 | $ 52 | ||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 190,588 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | 536,140 | ||||
Warrants With Exercise Price of $5.00 [Member] | |||||
Class of Warrants or Rights, Cancelled During the Period (in shares) | 573,339 | ||||
Class of Warrant or Right, Cancelled During Period, Exercise Price (in dollars per share) | $ 5 | ||||
Warrants With Exercise Price of $15.00 [Member] | |||||
Class of Warrants or Rights, Cancelled During the Period (in shares) | 108,550 | ||||
Class of Warrant or Right, Cancelled During Period, Exercise Price (in dollars per share) | $ 15 | ||||
Underwritten Warrants [Member] | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.54 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,306,516 | ||||
Underwritten Public Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,333,334 | 2,545,454 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 3 | ||||
Proceeds from Issuance of Common Stock | $ 10,000 | ||||
Proceeds from Issuance of Common Stock, Net | $ 9,100 | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,500 | ||||
Proceeds from Issuance of Common Stock, Net | $ 9,300 | $ 9,335 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Sep. 30, 2021shares |
Shares reserved (in shares) | 8,943,185 |
Warrant [Member] | |
Shares reserved (in shares) | 5,109,501 |
Share-based Payment Arrangement, Option [Member] | |
Shares reserved (in shares) | 2,489,136 |
Restricted Stock Units (RSUs) [Member] | |
Shares reserved (in shares) | 16,185 |
Shares Available for Grant Under Equity Incentive Plan [Member] | |
Shares reserved (in shares) | 1,328,363 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Share-based Payment Arrangement, Option [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1.9 |
Panbela Therapeutics, Inc. 2016 Omnibus Incentive 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) | 2,257,136 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,328,363 |
Panbela Therapeutics, Inc. 2016 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 16,185 |
Panbela Therapeutics, Inc. 2011 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 232,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 2 months 12 days |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based compensation expense | $ 951 | $ 969 |
General and Administrative Expense [Member] | ||
Share-based compensation expense | 798 | 860 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 153 | $ 109 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Options Outstanding (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Options outstanding (in shares) | shares | 2,489,136 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 5 months 26 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5.88 |
Options exercisable (in shares) | shares | 1,747,982 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 4 months 9 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 | 22,000 |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 2 months 1 day |
Options outstanding, weighted average exercise price (in dollars per share) | $ 1.02 |
Options exercisable (in shares) | shares | 22,000 |
Options excercisable, weighted average remaining contractual life (Year) | 1 year 2 months 1 day |
Exercise Price Range 2 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 2.26 |
Per share exercise price, upper limit (in dollars per share) | $ 2.50 |
Options outstanding (in shares) | shares | 79,225 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 9 months 21 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.31 |
Options exercisable (in shares) | shares | 22,000 |
Options excercisable, weighted average remaining contractual life (Year) | 2 years 5 months 12 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) | $ 4.17 |
Options outstanding (in shares) | shares | 1,207,940 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 8 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3.41 |
Options exercisable (in shares) | shares | 707,535 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 4 months 28 days |
Exercise Price Range 4 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 4.50 |
Per share exercise price, upper limit (in dollars per share) | $ 8.10 |
Options outstanding (in shares) | shares | 687,100 |
Options outstanding, weighted average remaining contractual life (Year) | 6 years 11 months 8 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.13 |
Options exercisable (in shares) | shares | 609,600 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 8 months 19 days |
Exercise Price Range 5 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 9.99 |
Per share exercise price, upper limit (in dollars per share) | $ 10.10 |
Options outstanding (in shares) | shares | 266,048 |
Options outstanding, weighted average remaining contractual life (Year) | 8 years 2 months 4 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 9.99 |
Options exercisable (in shares) | shares | 160,024 |
Options excercisable, weighted average remaining contractual life (Year) | 7 years 9 months 10 days |
Exercise Price Range 6 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 15.10 |
Options outstanding (in shares) | shares | 226,823 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 5 months 19 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.10 |
Options exercisable (in shares) | shares | 226,823 |
Options excercisable, weighted average remaining contractual life (Year) | 4 years 5 months 19 days |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Assumptions Used in Calculating Fair Value of Options (Details) | 9 Months Ended |
Sep. 30, 2021$ / shares | |
Expected dividend yield | 0.00% |
Expected stock price volatility | 90.00% |
Minimum [Member] | |
Common stock fair value (in dollars per share) | $ 2.26 |
Risk-free interest rate | 0.79% |
Expected Option life (yrs) (Year) | 5 years 3 months 18 days |
Maximum [Member] | |
Common stock fair value (in dollars per share) | $ 4.17 |
Risk-free interest rate | 1.08% |
Expected Option life (yrs) (Year) | 5 years 9 months |