Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 22, 2022 | Jun. 29, 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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 33,799,047 | ||
Entity Common Stock, Shares Outstanding | 13,449,117 | ||
Auditor Name | Cherry Bekaert | ||
Auditor Location | Tampa, Florida | ||
Auditor Firm ID | 677 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 11,867,000 | $ 9,022,000 |
Prepaid expenses and other current assets | 91,000 | 412,000 |
Income tax receivable | 321,000 | 323,000 |
Total current assets | 12,279,000 | 9,757,000 |
Other noncurrent assets | 593,000 | 56,000 |
Total assets | 12,872,000 | 9,813,000 |
Current liabilities: | ||
Accounts payable | 640,000 | 554,000 |
Accrued expenses | 2,020,000 | 811,000 |
Total current liabilities | 2,660,000 | 1,365,000 |
Total liabilities | 2,660,000 | 1,365,000 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued or outstanding as of December 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized; 13,443,722 and 9,664,427 shares issued and outstanding, as of December 31, 2021 and December 31, 2020, respectively | 13,000 | 10,000 |
Additional paid-in capital | 66,227,000 | 54,848,000 |
Accumulated deficit | (56,161,000) | (46,026,000) |
Accumulated comprehensive income (loss) | 133,000 | (384,000) |
Total stockholders' equity | 10,212,000 | 8,448,000 |
Total liabilities and stockholders' equity | $ 12,872,000 | $ 9,813,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 13,443,722 | 9,664,427 |
Common stock, shares outstanding (in shares) | 13,443,722 | 9,664,427 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses: | ||
General and administrative | $ 4,587 | $ 3,249 |
Research and development | 5,423 | 2,505 |
Operating loss | (10,010) | (5,754) |
Other (expense) income: | ||
Interest expense | (11) | (17) |
Gain on debt forgiveness | 0 | 103 |
Other (expense) income | (602) | 605 |
Total other (expense) income | (613) | 691 |
Loss before income tax benefit | (10,623) | (5,063) |
Income tax benefit | 488 | 295 |
Net loss | (10,135) | (4,768) |
Foreign currency translation adjustment | 517 | (688) |
Comprehensive loss | $ (9,618) | $ (5,456) |
Basic and diluted net loss per share (in dollars per share) | $ (0.87) | $ (0.62) |
Weighted average shares outstanding - basic and diluted (in shares) | 11,709,035 | 7,732,882 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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) | $ 304 | $ 1,384 | ||||||||||
Warrants issued | $ 0 | 228 | 0 | 0 | 228 | ||||||||||
Sale of common stock and warrants (in shares) | 437,000 | 2,545,000 | |||||||||||||
Sale of common stock and warrants | $ 0 | $ 1,746 | $ 0 | $ 0 | $ 1,746 | $ 3 | $ 9,218 | $ 0 | $ 0 | $ 9,221 | |||||
Exercise of warrants for cash (in shares) | 43,000 | ||||||||||||||
Exercise of warrants for cash | $ 0 | 120 | 0 | 0 | 120 | ||||||||||
Exercise of warrants, cashless (in shares) | 8,000 | ||||||||||||||
Exercise of warrants, cashless | $ 0 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation | 0 | 1,205 | 0 | 0 | 1,205 | ||||||||||
Net loss | 0 | 0 | (4,768) | 0 | (4,768) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | (688) | $ (688) | |||||||||||
Exercise of options, cashless (in shares) | 0 | ||||||||||||||
Balances (in shares) at Dec. 31, 2020 | 9,664,000 | ||||||||||||||
Balances at Dec. 31, 2020 | $ 10 | 54,848 | (46,026) | (384) | $ 8,448 | ||||||||||
Sale of common stock and warrants (in shares) | 3,333,000 | ||||||||||||||
Sale of common stock and warrants | $ 3 | $ 9,051 | $ 0 | $ 0 | $ 9,054 | ||||||||||
Exercise of warrants for cash (in shares) | 229,000 | 228,939 | |||||||||||||
Exercise of warrants for cash | $ 0 | 1,041 | 0 | 0 | $ 1,041 | ||||||||||
Exercise of warrants, cashless (in shares) | 191,000 | 190,588 | |||||||||||||
Exercise of warrants, cashless | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||
Stock-based compensation | 0 | 1,287 | 0 | 0 | 1,287 | ||||||||||
Net loss | 0 | 0 | (10,135) | 0 | (10,135) | ||||||||||
Foreign currency translation adjustment | $ 0 | 0 | 0 | 517 | 517 | ||||||||||
Vesting of restricted stock (in shares) | 22,000 | ||||||||||||||
Vesting of restricted stock | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||
Exercise of options, cashless (in shares) | 4,000 | 8,000 | |||||||||||||
Exercise of options, cashless | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||
Balances (in shares) at Dec. 31, 2021 | 13,443,000 | ||||||||||||||
Balances at Dec. 31, 2021 | $ 13 | $ 66,227 | $ (56,161) | $ 133 | $ 10,212 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (10,135,000) | $ (4,768,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,287,000 | 1,205,000 |
Forgiveness of Paycheck Protection Program loan | 0 | (103,000) |
Changes in operating assets and liabilities: | ||
Income tax receivable | 51,000 | (2,000) |
Prepaid expenses and other current assets | 247,000 | 67,000 |
Accounts payable | 631,000 | (747,000) |
Accrued liabilities | 1,215,000 | 494,000 |
Net cash used in operating activities | (6,704,000) | (3,854,000) |
Cash flows from investing activities: | ||
Deposits held by Contract Research Organizations | (540,000) | 0 |
Net cash used in investing activities | (540,000) | 0 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock and warrants net of offering costs of $2 | 1,746,000 | |
Proceeds from exercise of warrants | 1,041,000 | 120,000 |
Proceeds from Paycheck Protection Program loan | 0 | 103,000 |
Repayments of demand note | 0 | (743,000) |
Repayments of term debt | 0 | (117,000) |
Net cash provided by financing activities | 10,095,000 | 10,444,000 |
Effect of exchange rate changes on cash | (6,000) | (17,000) |
Net change in cash | 2,845,000 | 6,573,000 |
Cash and cash equivalents at beginning of period | 9,022,000 | 2,449,000 |
Cash and cash equivalents at end of period | 11,867,000 | 9,022,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid during period for interest | 12,000 | 8,000 |
Supplemental disclosure of non-cash transactions: | ||
Warrants issued for future services | 0 | 228,000 |
Warrants issued to underwriter | 0 | 353,000 |
Amortization of warrants as offering costs | 0 | 114,000 |
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 | $ 9,335,000 | |
Proceeds from public offering of common stock net of underwriters discount and offering costs of $946 | $ 9,054,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from issuance of common stock and warrants, issuance costs | $ 946 | $ 1,165 |
Private Placement [Member] | ||
Proceeds from issuance of common stock and warrants, issuance costs | $ 2 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 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 pancreatic cancer. We have exclusively licensed the worldwide rights to this compound, which was designated as SBP- 101, September 21, 2011. May 24, 2013 |
Note 2 - Risks and Uncertaintie
Note 2 - Risks and Uncertainties | 12 Months Ended |
Dec. 31, 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 (“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 $56.2 million since our inception in 2011. December 31, 2021, 101. December 31, 2021, The accompanying 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 and do not 101, December 2021 21 19” 19, 2020 first 2021 second 2021 2021 first 2022. 19 19 2020 19. No 19 December 2020. 2021, 19. no January 2022, not 19. no |
Note 3 - Liquidity and Manageme
Note 3 - Liquidity and Management Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 3. Liquidity and Management Plans We will need to seek additional sources of funds to support our current business plans. We may no not If we are unable to obtain additional financing when needed, we would need to scale back our operations taking actions that may 101 third 101 On July 2, 2021, first 2021, On September 1, 2020, June 30, 2020, It is expected that cash will last into the fourth 2022. Our future success is dependent upon our ability to obtain additional financing, the success of our development efforts, our ability to demonstrate clinical progress for our SBP- 101 101 not not no |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 4. Summary of Significant Accounting Policies Basis of presentation We have prepared the accompanying Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our fiscal year ends on December 31. Principles of consolidation The accompanying Consolidated Financial Statements include the assets, liabilities and expenses of Panbela Therapeutics, Inc. and our wholly owned subsidiary. All significant intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of 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 Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand accounts at commercial banks. At times, such deposits may December 31, 2021, not Cash and cash equivalents Cash equivalents include short-term, highly liquid investments with maturities of three Other non-current assets Other noncurrent assets are comprised primarily of long-term deposits with contract research organizations (“CROs”). These amounts are recognized as operating expenses or research and development expense as the trial is completed. Research and development costs Research and development costs include expenses incurred in the conduct of our Phase I and Phase II/III human clinical trials, for third 101 101 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from 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 site openings, 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. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no Clinical Trial Accruals Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as clinical site activations, patient enrollment or information provided to the Company by its vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may 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 grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The 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 The fair value of restricted stock units is calculated as the fair value of the underlying common stock as of the date of grant. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not December 31, 2021 2020. Foreign currency translation The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Pty Ltd are translated into U.S. dollars at period-end exchange rates. 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 gain (loss) in the Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2021 2020, Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. The following outstanding potential common shares were not not December 31, 2021 2020 Employee and non-employee stock options 2,463,636 2,137,499 Restricted stock units 10,790 11,500 Common stock issuable under common stock purchase warrants 5,109,501 6,556,468 7,583,927 8,705,467 Recently Adopted Accounting Pronouncements In August 2020, No. 2020 06, 470 20 815 40 December 15, 2021, no December 15, 2020. not |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accrued Liabilities [Text Block] | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2021 2020 Clinical trial and related expenses $ 992 $ 186 Incentive compensation 434 497 Professional services 235 98 Other 359 30 Total accrued liabilities $ 2,020 $ 811 |
Note 6 - Indebtedness
Note 6 - Indebtedness | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Indebtedness PPP loan On May 1, 2020, March 27, 2020. 100% may December 30, 2020 2020 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies License agreement On December 22, 2011, first December 12, 2016 ( October 3, 2019 ( 1 ten first 2 The amended license agreement remains subject to customary and usual termination provisions. The Company must also pay an annual license maintenance fee of $10,000. Consulting agreement In July 2021, December 31, 2021. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Stockholders Equity Public offering of common stock On July 2, 2021, 3. Public offering of common stock and warrants On September 1, 2020, five 1. August 28, 2020. December 31, 2021, 3, Underwriter warrant to purchase common stock On September 1, 2020, five Exercise of Warrants to purchase common stock During the year ended December 31, 2021, 1. December 31, 2021. December 31, 2021. During the quarter ended December 31, 2020, 1. On September 1, 2020, Private placements of common stock and warrants On closings occurring in May June 2020, five 3, Warrants to purchase common stock issued for future services On February 21, 2020, five one September 1, 2020 2021. Shares reserved Shares of common stock reserved for future issuance were as follows as of December 31, 2021: Stock options outstanding 2,463,636 Restricted stock units outstanding 10,790 Shares available for grant under equity incentive plan 1,345,863 Common shares issuable under outstanding common stock purchase warrants 5,109,501 8,929,790 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. Stock-Based Compensation 2016 The. 2016 April 9, 2020 ( “2016 2016 2016 not 2016 ten 2016 December 31, 2021, 2016 2011 Prior to approval of the 2016 2011 “2011 2016 2011 2011 2011 ten zero two December 31, 2021, 2011 We recognize stock-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest. A summary of option activity is as follows: Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2020 1,744,811 $ 6.53 $ 1,047,197 Granted 425,648 7.48 Exercised - - Cancelled (32,360 ) 2.42 Forfeitures (600 ) 15.10 Balance at December 31, 2020 2,137,499 $ 6.77 $ 388,461 Granted 554,065 3.86 Exercised (8,000 ) 0.88 Cancelled - - Forfeitures (219,928 ) 10.27 Balance at December 31, 2021 2,463,636 $ 5.83 $ 8,821 Stock-based compensation expense for each of the periods presented is as follows (in thousands): Year ended December 31, 2021 2020 General and administrative $ 1,083 $ 1,068 Research and development 204 137 Total stock based compensation $ 1,287 $ 1,205 A summary of the status of our unvested shares during the two December 31, 2021 Shares Under Option Weighted Average Grant Date Fair Value Unvested at January 1, 2020 397,875 $ 2.03 Granted 425,648 5.39 Vested (322,437 ) 3.14 Forfeitures - - Unvested at December 31, 2020 501,086 $ 4.17 Granted 554,065 2.97 Vested (286,157 ) 3.61 Forfeitures (50,000 ) 2.98 Unvested at December 31, 2021 718,994 $ 3.39 Information about stock options outstanding, vested and expected to vest as of December 31, 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) $1.10 14,000 1.45 $ 1.100 14,000 1.45 $2.26 - $2.50 79,225 7.62 $ 2.310 22,000 2.44 $2.95 - $4.17 1,207,940 7.45 $ 3.410 729,695 6.05 $4.50 - $8.10 687,100 6.69 $ 6.134 609,600 6.47 $9.99 - $10.10 266,048 7.93 $ 9.994 160,024 7.53 $15.10 209,323 4.57 $ 15.100 209,323 4.57 Totals 2,463,636 7.29 $ 5.825 1,744,642 6.23 As of December 31, 2021, not The assumptions used in calculating the fair value under the Black-Scholes option valuation model are set forth in the following table for options issued by the Company for the years ended December 31, 2021 2020: 2021 2020 Common stock fair value $2.26 - 4.17 $4.82 - 9.99 Risk-free interest rate 0.79 - 1.08% 0.29 - 0.39% Expected dividend yield 0 0 Expected Option life(years) 5.30 - 5.75 5.00 - 5.75 Expected stock price volatility 90% 90% Nonemployee stock-based compensation We account for stock options granted to nonemployees in accordance with Accounting Standards Update (“ASU”) 2019 07, 718 2021 2020, Restricted stock units The number and weighted average grant date fair value of restricted non vested common stock for the most recent completed fiscal years is as follows: Number of Restricted Shares Weighted Average Grant Date Fair Value Restricted nonvested at January 1, 2020 - $ - Granted in 2020 11,500 3.45 Vested in 2020 - - Restricted nonvested at December 31, 2020 11,500 3.45 Granted in 2021 21,580 4.17 Vested in 2021 (22,290 ) 3.80 Restricted nonvested at December 31, 2021 10,790 $ 4.17 As of December 31, 2021, not Stock compensation expense includes expense related to restricted stock units of approximately $106,000 in 2021. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes We have incurred net operating losses since inception. We have not On December 31, 2021 2020, Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as operating losses and tax credit carryforwards. The significant components of our deferred tax assets and liabilities are as follows (in thousands): December 31, Deferred tax assets (liabilities) 2021 2020 Net operating loss carryforwards $ 9,986 $ 7,660 Research credit carryforwards 235 235 Stock-based compensation 1,734 1,498 Other 66 70 Deferred tax assets 12,021 9,463 Valuation allowance (12,021 ) (9,463 ) Net deferred tax asset $ - $ - Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carry-forward period. Because of our history of operating losses, management believes that the deferred tax assets arising from the above-mentioned future tax benefits are currently not A reconciliation of the statutory tax rates and the effective tax rates is as follows: Year Ended December 31, 2021 2020 Statutory rate 21.0 % 21.0 % Permanent differences 2.1 1.7 Change in effective tax rate (0.4 ) - Valuation allowance (24.3 ) (26.5 ) Foreign research incentives 3.1 5.4 Other 1.6 3.8 Effective rate 3.1 % 5.4 % Net operating losses and tax credit carryforwards as of December 31, 2021, (In Thousands) Amount Expiration Years Net operating losses--federal 12,958 Expires beginning 2031 2018 to 2021 net operating losses -- federal 12,068 Never expires Tax credits--federal 235 Beginning 2041 Utilization of the net operating loss carryforwards and credits may not 382 The Company is subject to taxation in the United States and Australia. Tax returns for the year ended December 31, 2017 December 31, 2015 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events On February 21, 2022, first Under the terms of the agreement and plan of merger, the holders of CPP’s outstanding capital stock immediately prior to the merger will receive shares of common stock of Panbela upon closing of the Mergers. On a pro forma and fully diluted basis, holders of Panbela common stock are expected to own approximately 59% of the post-merger holding company and holders of CPP securities, including converted indebtedness, are expected to beneficially own approximately 41% of post-merger holding company. CPP stockholders will be eligible to receive contingent payments totaling a maximum of $60 million from milestone and royalty payments associated with the potential approval and commercialization of the lead asset. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation We have prepared the accompanying Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our fiscal year ends on December 31. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying Consolidated Financial Statements include the assets, liabilities and expenses of Panbela Therapeutics, Inc. and our wholly owned subsidiary. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of 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 Consolidated Financial Statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. Cash is deposited in demand accounts at commercial banks. At times, such deposits may December 31, 2021, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include short-term, highly liquid investments with maturities of three |
Other Non-current Assets [Policy Text Block] | Other non-current assets Other noncurrent assets are comprised primarily of long-term deposits with contract research organizations (“CROs”). These amounts are recognized as operating expenses or research and development expense as the trial is completed. |
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 I and Phase II/III human clinical trials, for third 101 101 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from 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 site openings, 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. We expense costs associated with obtaining licenses for patented technologies when it is determined there is no |
Clinical Trial Accruals [Policy Text Block] | Clinical Trial Accruals Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as clinical site activations, patient enrollment or information provided to the Company by its vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may |
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 grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The 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 The fair value of restricted stock units is calculated as the fair value of the underlying common stock as of the date of grant. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the Consolidated Financial Statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not December 31, 2021 2020. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The functional currency of Panbela Therapeutics Pty Ltd is the Australian Dollar (“AUD”). Accordingly, assets and liabilities, and equity transactions of Panbela Therapeutics Pty Ltd are translated into U.S. dollars at period-end exchange rates. 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 gain (loss) in the Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2021 2020, |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. The following outstanding potential common shares were not not December 31, 2021 2020 Employee and non-employee stock options 2,463,636 2,137,499 Restricted stock units 10,790 11,500 Common stock issuable under common stock purchase warrants 5,109,501 6,556,468 7,583,927 8,705,467 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In August 2020, No. 2020 06, 470 20 815 40 December 15, 2021, no December 15, 2020. not |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2021 2020 Employee and non-employee stock options 2,463,636 2,137,499 Restricted stock units 10,790 11,500 Common stock issuable under common stock purchase warrants 5,109,501 6,556,468 7,583,927 8,705,467 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Clinical trial and related expenses $ 992 $ 186 Incentive compensation 434 497 Professional services 235 98 Other 359 30 Total accrued liabilities $ 2,020 $ 811 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | Stock options outstanding 2,463,636 Restricted stock units outstanding 10,790 Shares available for grant under equity incentive plan 1,345,863 Common shares issuable under outstanding common stock purchase warrants 5,109,501 8,929,790 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance at January 1, 2020 1,744,811 $ 6.53 $ 1,047,197 Granted 425,648 7.48 Exercised - - Cancelled (32,360 ) 2.42 Forfeitures (600 ) 15.10 Balance at December 31, 2020 2,137,499 $ 6.77 $ 388,461 Granted 554,065 3.86 Exercised (8,000 ) 0.88 Cancelled - - Forfeitures (219,928 ) 10.27 Balance at December 31, 2021 2,463,636 $ 5.83 $ 8,821 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year ended December 31, 2021 2020 General and administrative $ 1,083 $ 1,068 Research and development 204 137 Total stock based compensation $ 1,287 $ 1,205 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Under Option Weighted Average Grant Date Fair Value Unvested at January 1, 2020 397,875 $ 2.03 Granted 425,648 5.39 Vested (322,437 ) 3.14 Forfeitures - - Unvested at December 31, 2020 501,086 $ 4.17 Granted 554,065 2.97 Vested (286,157 ) 3.61 Forfeitures (50,000 ) 2.98 Unvested at December 31, 2021 718,994 $ 3.39 |
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) $1.10 14,000 1.45 $ 1.100 14,000 1.45 $2.26 - $2.50 79,225 7.62 $ 2.310 22,000 2.44 $2.95 - $4.17 1,207,940 7.45 $ 3.410 729,695 6.05 $4.50 - $8.10 687,100 6.69 $ 6.134 609,600 6.47 $9.99 - $10.10 266,048 7.93 $ 9.994 160,024 7.53 $15.10 209,323 4.57 $ 15.100 209,323 4.57 Totals 2,463,636 7.29 $ 5.825 1,744,642 6.23 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Common stock fair value $2.26 - 4.17 $4.82 - 9.99 Risk-free interest rate 0.79 - 1.08% 0.29 - 0.39% Expected dividend yield 0 0 Expected Option life(years) 5.30 - 5.75 5.00 - 5.75 Expected stock price volatility 90% 90% |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Restricted Shares Weighted Average Grant Date Fair Value Restricted nonvested at January 1, 2020 - $ - Granted in 2020 11,500 3.45 Vested in 2020 - - Restricted nonvested at December 31, 2020 11,500 3.45 Granted in 2021 21,580 4.17 Vested in 2021 (22,290 ) 3.80 Restricted nonvested at December 31, 2021 10,790 $ 4.17 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, Deferred tax assets (liabilities) 2021 2020 Net operating loss carryforwards $ 9,986 $ 7,660 Research credit carryforwards 235 235 Stock-based compensation 1,734 1,498 Other 66 70 Deferred tax assets 12,021 9,463 Valuation allowance (12,021 ) (9,463 ) Net deferred tax asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2021 2020 Statutory rate 21.0 % 21.0 % Permanent differences 2.1 1.7 Change in effective tax rate (0.4 ) - Valuation allowance (24.3 ) (26.5 ) Foreign research incentives 3.1 5.4 Other 1.6 3.8 Effective rate 3.1 % 5.4 % |
Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] | (In Thousands) Amount Expiration Years Net operating losses--federal 12,958 Expires beginning 2031 2018 to 2021 net operating losses -- federal 12,068 Never expires Tax credits--federal 235 Beginning 2041 |
Note 2 - Risks and Uncertaint_2
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (56,161) | $ (46,026) | |
Net Income (Loss) Attributable to Parent, Total | (10,135) | (4,768) | |
Net Cash Provided by (Used in) Operating Activities, Total | (6,704) | (3,854) | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 11,867 | 9,022 | |
Working Capital | 9,600 | ||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 10,212 | $ 8,448 | $ 1,384 |
Note 3 - Liquidity and Manage_2
Note 3 - Liquidity and Management Plans (Details Textual) - USD ($) | Jul. 02, 2021 | Sep. 01, 2020 | Mar. 23, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Proceeds from Warrant Exercises | $ 1,000,000 | $ 68,000 | $ 1,041,000 | $ 120,000 | ||||
Stock Issued During Period, Shares, Exercise of Warrants for Cash (in shares) | 228,939 | 228,939 | ||||||
Proceeds from Issuance of Private Placement | 1,746,000 | |||||||
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 | $ 9,100,000 | $ 9,054,000 | ||||||
Stock Issued During Period, Shares, Exercise of Warrants for Cash (in shares) | 27,500 | |||||||
Proceeds from Issuance of Common Stock, Net | $ 9,300,000 | $ 9,335,000 | ||||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 437,000 | |||||||
Proceeds from Issuance of Private Placement | $ 1,700,000 | $ 1,700,000 |
Note 4 - Summary of Significa_3
Note 4 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | Dec. 31, 2021USD ($) |
Cash, Uninsured Amount | $ 11.6 |
Note 4 - Summary of Significa_4
Note 4 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Anti-dilutive securities (in shares) | 7,583,927 | 8,705,467 |
Share-based Payment Arrangement [Member] | ||
Anti-dilutive securities (in shares) | 2,463,636 | 2,137,499 |
Restricted Stock Units (RSUs) [Member] | ||
Anti-dilutive securities (in shares) | 10,790 | 11,500 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 5,109,501 | 6,556,468 |
Note 5 - Accrued Expenses - Acc
Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Clinical trial and related expenses | $ 992 | $ 186 |
Incentive compensation | 434 | 497 |
Professional services | 235 | 98 |
Other | 359 | 30 |
Accrued liabilities | $ 2,020 | $ 811 |
Note 6 - Indebtedness (Details
Note 6 - Indebtedness (Details Textual) | May 01, 2020USD ($) |
Proceeds from Paycheck Protection Program Under CARES Act | $ 103,000 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 22, 2011 | Dec. 31, 2021 |
Member of Board of Directors [Member] | Consulting Services [Member] | ||
Related Party Transaction, Purchases from Related Party | $ 54,600 | |
Licensing Agreement with University of Florida Research Foundation [Member] | ||
Royalty Term (Year) | 10 years | |
Annual License Maintenance Fee | $ 10,000 | |
Licensing Agreement with University of Florida Research Foundation [Member] | Minimum [Member] | ||
Royalty Fee Percentage of Net Sales | 2.50% | |
Licensing Agreement with University of Florida Research Foundation [Member] | Maximum [Member] | ||
Royalty Fee Percentage of Net Sales | 5.00% |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | Jul. 02, 2021 | Sep. 01, 2020 | Mar. 23, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 21, 2020 |
Stock Issued During Period, Shares, Exercise of Warrants for Cash (in shares) | 228,939 | 228,939 | |||||||
Proceeds from Warrant Exercises | $ 1,000,000 | $ 68,000 | $ 1,041,000 | $ 120,000 | |||||
Class of Warrant or Right, Exercised During Period (in shares) | 536,140 | ||||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 190,588 | ||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 15,000 | ||||||||
Stock Issued During Period, Value, Exercise of Warrants for Cash | $ 1,041,000 | 120,000 | |||||||
Proceeds from Issuance of Private Placement | 1,746,000 | ||||||||
Underwritten Public Offering Warrant [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 | ||||||||
Underwritten Public Offering [Member] | |||||||||
Class of Warrant or Right, Outstanding (in shares) | 2,306,516 | ||||||||
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) | $ 4.537 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 127,273 | ||||||||
Warrants and Rights Outstanding | $ 353,000 | ||||||||
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share) | $ 1.875 | $ 4.54 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 15,000 | ||||||||
Exercise of Warrants To Purchase Common Stock [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.54 | ||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 223,939 | ||||||||
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 | ||||||||
Warrants in Connection with the Private Placement [Member] | |||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6 | $ 6 | |||||||
Warrants Issued for Future Services [Member] | |||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.49 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 75,000 | ||||||||
Warrants and Rights Outstanding | $ 228,000 | ||||||||
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 | $ 10,000,000 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 9,100,000 | $ 9,054,000 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,500,000 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 9,300,000 | $ 9,335,000 | |||||||
Stock Issued During Period, Shares, Exercise of Warrants for Cash (in shares) | 27,500 | ||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 35,665 | ||||||||
Stock Issued During Period, Value, Exercise of Warrants for Cash | $ 52,000 | ||||||||
Stock Issued During Period, Shares, Exercise of Warrants on Cashless Basis (in shares) | 8,165 | ||||||||
Warrants Issued, Cost Capitalized, Against Proceeds Received in Offering | $ 114,000 | ||||||||
Underwritten Public Offering [Member] | Directors and Officers [Member] | |||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 81,000 | ||||||||
Private Placement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 437,000 | ||||||||
Proceeds from Issuance of Private Placement | $ 1,700,000 | $ 1,700,000 | |||||||
Private Placement [Member] | Directors and Officers [Member] | |||||||||
Proceeds from Issuance of Private Placement | $ 50,000 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2021shares |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 8,929,790 |
Warrant [Member] | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,109,501 |
Share-based Payment Arrangement, Option [Member] | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,463,636 |
Restricted Stock Units (RSUs) [Member] | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 10,790 |
Shares Available for Grant Under Equity Incentive Plan [Member] | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,345,863 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 8,929,790 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 10,790 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,463,636 | 2,137,499 | 1,744,811 |
Share-based Payment Arrangement, Expense | $ 1,287,000 | $ 1,205,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 10,790 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 11,500 | 0 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 17,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 months 24 days | ||
Share-based Payment Arrangement, Expense | $ 106,000 | ||
Share-based Payment Arrangement, Option [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,463,636 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,700,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||
Non-Employee Stock Option [Member] | |||
Share-based Payment Arrangement, Expense | $ 222,000 | $ 261,000 | |
Panbela Therapeutics, 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) | 3,618,579 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 2,239,636 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,345,863 | ||
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) | 10,790 | ||
Panbela Therapeutics, 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) | 224,000 | ||
Panbela Therapeutics, 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 | ||
Panbela Therapeutics, 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 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, shares available for grant (in shares) | 2,137,499 | 1,744,811 | |
Balance, weighted average exercise price per share (in dollars per share) | $ 6.77 | $ 6.53 | |
Aggregate intrinsic value | $ 8,821 | $ 388,461 | $ 1,047,197 |
Granted, shares available for grant (in shares) | 554,065 | 425,648 | |
Granted, weighted average exercise price per share (in dollars per share) | $ 3.86 | $ 7.48 | |
Excercised, shares available for grant (in shares) | (8,000) | 0 | |
Cancelled, shares available for grant (in shares) | 0 | (32,360) | |
Cancelled, weighted average exercise price per share (in dollars per share) | $ 0.88 | $ 2.42 | |
Forfeitures , shares available for grant (in shares) | (219,928) | (600) | |
Forfeitures, weighted average exercise price per share (in dollars per share) | $ 10.27 | $ 15.10 | |
Balance, shares available for grant (in shares) | 2,463,636 | 2,137,499 | |
Balance, weighted average exercise price per share (in dollars per share) | $ 5.83 | $ 6.77 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation expense | $ 1,287 | $ 1,205 |
General and Administrative Expense [Member] | ||
Share-based compensation expense | 1,083 | 1,068 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 204 | $ 137 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested, shares under option (in shares) | 501,086 | 397,875 |
Unvested, weighted average grant-date fair value (in dollars per share) | $ 4.17 | $ 2.03 |
Granted, shares under option (in shares) | 554,065 | 425,648 |
Granted, weighted average grant-date fair value (in dollars per share) | $ 2.97 | $ 5.39 |
Vested, shares under option (in shares) | (286,157) | (322,437) |
Vested, weighted average grant-date fair value (in dollars per share) | $ 3.61 | $ 3.14 |
Forfeitures (in shares) | (50,000) | 0 |
Forfeitures (in dollars per share) | $ 2.98 | $ 0 |
Unvested, shares under option (in shares) | 718,994 | 501,086 |
Unvested, weighted average grant-date fair value (in dollars per share) | $ 3.39 | $ 4.17 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Options outstanding (in shares) | shares | 2,463,636 |
Options outstanding, weighted average remaining contractual life (Year) | 7 years 3 months 14 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5.825 |
Options exercisable (in shares) | shares | 1,744,642 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 2 months 23 days |
Exercise Price Range 1 [Member] | |
Per share exercise price, lower limit (in dollars per share) | $ 1.10 |
Per share exercise price, upper limit (in dollars per share) | $ 1.10 |
Options outstanding (in shares) | shares | 14,000 |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 5 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 1.100 |
Options exercisable (in shares) | shares | 14,000 |
Options excercisable, weighted average remaining contractual life (Year) | 1 year 5 months 12 days |
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 7 months 13 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 2.310 |
Options exercisable (in shares) | shares | 22,000 |
Options excercisable, weighted average remaining contractual life (Year) | 2 years 5 months 8 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 5 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 3.410 |
Options exercisable (in shares) | shares | 729,695 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 18 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 8 months 8 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.134 |
Options exercisable (in shares) | shares | 609,600 |
Options excercisable, weighted average remaining contractual life (Year) | 6 years 5 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) | 7 years 11 months 4 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 9.994 |
Options exercisable (in shares) | shares | 160,024 |
Options excercisable, weighted average remaining contractual life (Year) | 7 years 6 months 10 days |
Exercise Price Range 6 [Member] | |
Options outstanding (in shares) | shares | 209,323 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 6 months 25 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.10 |
Options exercisable (in shares) | shares | 209,323 |
Options excercisable, weighted average remaining contractual life (Year) | 4 years 6 months 25 days |
Note 9 - Stock-based Compensa_8
Note 9 - Stock-based Compensation - Assumptions Used in Calculating Fair Value of Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 90.00% | 90.00% |
Minimum [Member] | ||
Common stock fair value (in dollars per share) | $ 2.26 | $ 4.82 |
Risk-free interest rate | 0.79% | 0.29% |
Expected Option life(years) (Year) | 5 years 3 months 18 days | 5 years |
Maximum [Member] | ||
Common stock fair value (in dollars per share) | $ 4.17 | $ 9.99 |
Risk-free interest rate | 1.08% | 0.39% |
Expected Option life(years) (Year) | 5 years 9 months | 5 years 9 months |
Note 9 - Stock-based Compensa_9
Note 9 - Stock-based Compensation - Nonvested Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Granted, restricted shares (in shares) | 21,580 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 4.17 | |
Vested, restricted shares (in shares) | (22,290) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 3.80 | |
Restricted nonvested (in shares) | 10,790 | |
Restricted nonvested, weighted average grant date fair value (in dollars per share) | $ 4.17 | |
Restricted Stock Units (RSUs) [Member] | ||
Restricted nonvested (in shares) | 11,500 | 0 |
Restricted nonvested, weighted average grant date fair value (in dollars per share) | $ 3.45 | $ 0 |
Granted, restricted shares (in shares) | 11,500 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 3.45 | |
Vested, restricted shares (in shares) | 0 | |
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | |
Restricted nonvested (in shares) | 11,500 | |
Restricted nonvested, weighted average grant date fair value (in dollars per share) | $ 3.45 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes Receivable, Current | $ 321,000 | $ 323,000 |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2015 2016 2017 2018 2019 2020 2021 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforwards | $ 9,986 | $ 7,660 |
Research credit carryforwards | 235 | 235 |
Stock-based compensation | 1,734 | 1,498 |
Other | 66 | 70 |
Deferred tax assets | 12,021 | 9,463 |
Valuation allowance | (12,021) | (9,463) |
Net deferred tax asset | $ 0 | $ 0 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory rate | 21.00% | 21.00% |
Permanent differences | 2.10% | 1.70% |
Change in effective tax rate | (0.40%) | 0.00% |
Valuation allowance | (24.30%) | (26.50%) |
Foreign research incentives | 3.10% | 5.40% |
Other | 1.60% | 3.80% |
Effective rate | 3.10% | 5.40% |
Note 10 - Income Taxes - Net Op
Note 10 - Income Taxes - Net Operating Losses and Tax Credit Carryforwards (Details) - Domestic Tax Authority [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Net operating losses--federal | $ 12,958 |
Tax credits--federal | $ 235 |
Earliest Tax Year [Member] | |
Net operating losses--federal | 2031 |
Tax credits--federal | 2041 |
Tax Year 2018 [Member] | |
Net operating losses--federal | $ 12,068 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | Feb. 21, 2022USD ($) |
Cancer Prevention Pharmaceuticals, Inc. [Member] | Stock and Future Milestone Achievement [Member] | |
Business Combination, Contingent Consideration, Liability, Total | $ 60 |
Holders of Panbela [Member] | |
Percentage of Post-merger Company Ownership | 59.00% |
Holders of CPP Securities [Member] | |
Percentage of Post-merger Company Ownership | 41.00% |