Cassava Sciences (SAVA) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 27, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	CASSAVA SCIENCES INC
Trading Symbol	sava
Entity Central Index Key	0001069530
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,219,300

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 19,125	$ 19,807
Other current assets	140	233
Total current assets	19,265	20,040
Operating lease right-of-use assets	158
Property and equipment, net	88	87
Other assets	12	12
Total assets	19,523	20,139
Current liabilities:
Accounts payable	495	294
Accrued development expense	243	156
Accrued compensation and benefits	62	61
Operating lease liabilities, current	90
Other current liabilities	12
Total current liabilities	902	511
Operating lease liabilities, non-current	68
Total liabilities	970	511
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value; 120,000,000 shares authorized; 17,219,300 shares issued and outstanding at March 31, 2019 and December 31, 2018	17	17
Additional paid-in capital	183,851	183,567
Accumulated deficit	(165,315)	(163,956)
Total stockholders' equity	18,553	19,628
Total liabilities and stockholders' equity	$ 19,523	$ 20,139

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	17,219,300	17,219,300
Common stock, shares outstanding	17,219,300	17,219,300

Statements Of Operations

Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating expenses:
Research and development, net of grant reimbursement	$ 574	$ 1,068
General and administrative	877	1,099
Total operating expenses	1,451	2,167
Operating loss	(1,451)	(2,167)
Interest income	92	7
Net loss	$ (1,359)	$ (2,160)
Net loss per share, basic and diluted	$ (0.08)	$ (0.33)
Shares used in computing net loss per share, basic and diluted	17,162	6,638

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (1,359)	$ (2,160)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	344	802
Depreciation and amortization	17	17
Changes in operating assets and liabilities:
Other current assets	93	72
Accounts payable	201	(3)
Accrued development expense	87	(381)
Accrued compensation and benefits	1
Other current liabilities	12	10
Net cash used in operating activities	(604)	(1,643)
Cash flows from investing activities:
Purchases of property and equipment	(18)
Net cash used in investing activities	(18)
Cash flows from financing activities:
Issuance costs from 2018 sale of common stock and warrants	(60)
Proceeds from issuance of common stock and warrants, net of issuance costs		1,898
Net cash (used in) / provided by financing activities	(60)	1,898
Net (decrease) / increase in cash and cash equivalents	(682)	255
Cash and cash equivalents at beginning of period	19,807	10,479
Cash and cash equivalents at end of period	$ 19,125	$ 10,734

General And Liquidity

General And Liquidity	3 Months Ended
	Mar. 31, 2019
General And Liquidity [Abstract]
General And Liquidity	Note 1. General and Liquidity  Cassava Sciences, Inc. (the “Company”), formerly known as Pain Therapeutics, Inc., develops proprietary drugs that offer significant improvements to patients and healthcare professionals. The Company generally focus es its drug development efforts on disorders of the nervous system.  The accompanying unaudited condensed financial statements of Cassava Sciences have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any other interim period or for the year 2019 . For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.  Liquidity  The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $165.3 million at March 31, 2019. The Company expects its cash requirements to be significant in the future. The amount and timing of the Company’s future cash requirements will depend on regulatory and market acceptance of it s product candidates and the resources it devotes to researching and developing, formulating, manufacturing, commercializing and supporting its products. The Company may seek additional future funding through public or private financing in the future, if such funding is available and on terms acceptable to the Company. There are no assurances that additional financing will be available on favorable terms, or at all.  

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies  Use of Estimates  The Company makes estimates and assumptions in preparing its financial statements in conformity with U.S. GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. Actual results could differ from these estimates and assumptions.  Cash and Cash Equivalents and Concentration of Credit Risk  The Company invests in cash and cash equivalents. The Company consider s highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market funds, certificates of deposits, treasury bills and commercial paper. The carrying value of cash equivalents approximates fair value due to the short-term maturity of these securities. The Company maintains its investments at one financial institution.       Fair Value Measurements  The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs:  · Level 1 includes quoted prices in active markets. The Company base s the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company use s market pricing and other observable market inputs obtained from third-party providers. It use s the bid price to establish fair value where a bid price is available. The Company do es not have any investments where the fair value is based on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any investments where the fair value is based on Level 3 inputs.  If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of all cash and cash equivalents was based on Level 1 inputs at March 31, 2019 and December 31, 2018.  Awards of and Proceeds from Grants  During the three months ended March 31, 2019, the Company was awarded a National Institutes of Health (“ NIH ”) grant totaling up to $1.5 million to support the Company’s on-going development of new technology to detect Alzheimer’s disease with a simple blood test. During the three months ended March 31, 2019 and 2018, the Company received reimbursements totaling $0.8 million and $0.4 million pursuant to previously announced NIH research grants, respectively. The Company records the proceeds from these grants as reductions to its research and development expenses. Non-cash Stock-based Compensation  The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model (“Black-Scholes”) to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, the Company remeasure s the fair value expense using Black-Scholes each reporting period.  The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair market value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.  Net Loss per Share  The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options and warrants. There is no difference between the Company’s net loss and comprehensive loss.  The Company included the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):    March 31,  2019 2018  Numerator:  Net loss $ (1,359) $ (2,160)  Denominator:  Shares used in computing net loss per share, basic and diluted 17,162 6,638  Net loss per share, basic and diluted $ (0.08) $ (0.33)   The Company excluded 2,961,848 common stock options and 9,126,601 common stock warrants outstanding from the calculation of net loss per share, diluted , because the effect of including options and warrants outstanding would have been anti - dilutive.  Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, accounts payable and accrued liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of cash and cash equivalents, accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments.  Income Taxes  The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for each full fiscal year.  The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, it offsets these deferred tax assets with a valuation allowance.  The Company may in the future determine that certain deferred tax assets will likely be realized, in which case it will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company may recognize a benefit from income taxes in its s tatement of o perations in that period. The Company classifies interest recognized pursuant to its deferred tax assets as interest expense, when appropriate.  Recently A dopted A ccounting P ronouncements  The Company has a single non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, T exas that expires on December 31, 2020, which is used for the development of novel drugs. Prior to January 1, 2019, the Company accounted for leases in accordance with the provision s of ASC Topic 840. Under the previous leasing guidance, the Company expensed lease payments over the term of the lease and did not give recognition to any lease related assets or liabilities on its balance sheet.  On January 1, 2019, the Company adopted ASU No. 2016-02 , Leases (ASC 842) which, as permitted by ASC Topic 842, is the date of initial application. The core principle of ASC Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position. The Company recognized a right-of-use asset and operating lease liability upon the adoption of ASU 2016-02 which increased total assets and total liabilities relative to such amounts prior to adoption. The Company utilized a discount rate of 5.5% to determine the present value of the future lease payments which represents the Company’s incremental borrowing rate.  Supplemental cash flow information regarding a ssets and liabilities recorded on January 1, 2019 as a result of the change in accounting principle were as follows (in thousands) :       Assets  Operating lease right-of-use asset $ 180   Liabilities  Operating lease liabilities, current 90  Operating lease liabilities, non-current $ 90   The Company recorded a reduction of the non-current portion of the lease liability and an offsetting reduction in the right-of-use assets of $22,500 during the three months ended March 31, 2019. There was no change to the statement of operations or statement of cash flows during the three months ended March 31, 2019 as a result of the adoption of ASC Topic 842. See additional information regarding leases in Note 5 – Commitments. 

Stockholders' Equity And Stock-

Stockholders' Equity And Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity And Stock-Based Compensation Expense [Abstract]
Stockholders' Equity And Stock-Based Compensation Expense	Note 3. Stockholders’ Equity and Stock-Based Compensation Expense  Stockholders’ E quity A ctivity during the Three Months Ended March 31, 2019 and 2018  During the three months ended March 31, 2019 and 2018 , the Company’s common stock outstanding and stockholders’ equity changed as follows:     Common Stock Stockholders' equity (in thousands)  Balance at December 31, 2017 6,595,509 $ 9,699  Non-cash stock-related compensation for:  Stock options for employees — 789  Stock options for non-employees — 13  Issuance of common stock and warrants, net of issuance costs 300,000 1,959  Net loss — (2,160)  Balance at March 31, 2018 6,895,509 $ 10,300   Balance at December 31, 2018 17,219,300 $ 19,628  Non-cash stock-related compensation for:  Stock options for employees — 342  Stock options for non-employees — 2  Issuance of common stock and warrants, net of issuance costs — (60)  Net loss — (1,359)  Balance at March 31, 2019 17,219,300 $ 18,553    At - the - Market Common Stock Issuance  On February 8, 2018, the Company entered into a Capital on Demand™ Sales Agreement ( the “ ATM Agreement ”) with JonesTrading. In accordance with the terms of the ATM Agreement , the Company was able to offer and sell shares of its common stock, from time to time in one or more public offerings of its common stock, with JonesTrading acting as agent, in transactions pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission ( the “ SEC ”) on July 31, 2017. On August 16, 2018, the Company suspended sales of its common stock under its ATM Agreement.  There were no common stock sales under the ATM Agreement during the three months ended March 31, 2019. During the three months ended March 31, 2018, the Company sold a total of 300,000 shares of its common stock under the ATM Agreement, in the open market at an average gross selling price of $6.70 per share for net proceeds of $1.9 million. The Company expensed approximately $0.1 million of cost for the offering, excluding JonesTrading commissions.  Stock O ption and Performance Award A ctivity in 2019  During the three months ended March 31, 2019, stock options and unvested P erformance A wards outstanding under the Company’s 2018 Plan (defined below) changed as follows:     Stock Options Performance Awards  Outstanding as of December 31, 2018 2,964,973 138,055  Options granted — —  Options exercised — —  Options forfeited/canceled — —  Outstanding as of March 31, 2019 2,964,973 138,055    The weighted average exercise price of options outstanding at March 31, 2019 was $14.14 . As outstanding options vest over the current remaining vesting period of 2.6 years, the Company expect s to recognize non-cash expense of $2.5 million. If and when outstanding Performance Awards vest, the Company would recognize non-cash expense of $2.3 million over the implicit service period.  Stock-based Compensation Expense in 2019  During the three months ended March 31, 2019 and 2018, the Company’s non-cash stock-related compensation expenses were as follows (in thousands):    Three months ended  March 31,  2019 2018  Research and development $ 137 $ 352   General and administrative 207 450   Total non-cash stock-based compensation expense $ 344 $ 802  2018 Equity Incentive Plan  On January 31, 2018, the Company’s Board of Directors approved the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”). The Company’s Board of Directors or a designated c ommittee of the Board of Directors is responsible for administration of the 2018 Plan and determine s the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and performance awards. Share-based awards generally expire ten years from the date of grant. The 2018 Plan provides for issuance of up to 1,000,000 shares of common stock, par value $0.001 per share under the 2018 Plan, subject to adjustment as provided in the 2018 Plan.  When stock options or performance awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note 4. Income Taxes  The Company did not provide for income taxes during the three months ended March 31, 2019, because it has projected a net loss for the full year 2019. There was also no provision for income taxes for the three months ended March 31, 2018. 

Commitments

Commitments	3 Months Ended
	Mar. 31, 2019
Commitments [Abstract]
Commitments	Note 5. Commitments  The Company conducts its product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations that are cancelable. The Company’s obligations under these contracts are largely based on services performed.  The Company has a non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires on December 31, 2020 . Minimum lease payments as of March 31, 2019 were as follows (in thousands):      For the year ending December 31,  2019 $ 71  2020 99  Total future minimum lease payments $ 170  Lease: imputed interest (12)  Total $ 158   Building rent for the three months ended March 31, 2019 and 2018 totaled $24,000 and $23,000 , respectively. These amounts were equal to the Company’s operating cash outflow from operating leases.

Collaboration Agreements

Collaboration Agreements	3 Months Ended
	Mar. 31, 2019
Collaboration Agreements [Abstract]
Collaboration Agreements	6. Collaboration Agreements  Durect Corporation  The Company had formerly entered into a Development and License Agreement (the “License Agreement”) with Durect Corporation around certain controlled-release technology. On March 20, 2019, the Company gave notice of termination to Durect Corporation for such License Agreement. This and other actions effectively ended the Company’s development of any product candidates related to such technology. There were no payments made to Durect Corporation during the three months ended March 31, 2019 and 2018.  

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	Note 7. Recently Issued Accounting Pronouncements  In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2018-13 on its consolidated financial statements.  

Significant Accounting Polici_2

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies [Abstract]
Use Of Estimates	Use of Estimates  The Company makes estimates and assumptions in preparing its financial statements in conformity with U.S. GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. Actual results could differ from these estimates and assumptions.
Cash And Cash Equivalents And Concentration Of Credit Risk	Cash and Cash Equivalents and Concentration of Credit Risk  The Company invests in cash and cash equivalents. The Company consider s highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market funds, certificates of deposits, treasury bills and commercial paper. The carrying value of cash equivalents approximates fair value due to the short-term maturity of these securities. The Company maintains its investments at one financial institution.
Fair Valve Measurements	Fair Value Measurements  The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs:  · Level 1 includes quoted prices in active markets. The Company base s the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company use s market pricing and other observable market inputs obtained from third-party providers. It use s the bid price to establish fair value where a bid price is available. The Company do es not have any investments where the fair value is based on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any investments where the fair value is based on Level 3 inputs.  If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of all cash and cash equivalents was based on Level 1 inputs at March 31, 2019 and December 31, 2018.
Awards Of And Proceeds From Grants	Awards of and Proceeds from Grants  During the three months ended March 31, 2019, the Company was awarded a National Institutes of Health (“ NIH ”) grant totaling up to $1.5 million to support the Company’s on-going development of new technology to detect Alzheimer’s disease with a simple blood test. During the three months ended March 31, 2019 and 2018, the Company received reimbursements totaling $0.8 million and $0.4 million pursuant to previously announced NIH research grants, respectively. The Company records the proceeds from these grants as reductions to its research and development expenses.
Non-Cash Stock-Based Compensation	Non-cash Stock-based Compensation  The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model (“Black-Scholes”) to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, the Company remeasure s the fair value expense using Black-Scholes each reporting period.  The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair market value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.
Net Loss Per Share	  Net Loss per Share  The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options and warrants. There is no difference between the Company’s net loss and comprehensive loss.  The Company included the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):    March 31,  2019 2018  Numerator:  Net loss $ (1,359) $ (2,160)  Denominator:  Shares used in computing net loss per share, basic and diluted 17,162 6,638  Net loss per share, basic and diluted $ (0.08) $ (0.33)   The Company excluded 2,961,848 common stock options and 9,126,601 common stock warrants outstanding from the calculation of net loss per share, diluted , because the effect of including options and warrants outstanding would have been anti - dilutive.
Fair Value Of Financial Instruments	Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, accounts payable and accrued liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of cash and cash equivalents, accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments.
Income Taxes	Income Taxes  The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for each full fiscal year.  The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, it offsets these deferred tax assets with a valuation allowance.  The Company may in the future determine that certain deferred tax assets will likely be realized, in which case it will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company may recognize a benefit from income taxes in its s tatement of o perations in that period. The Company classifies interest recognized pursuant to its deferred tax assets as interest expense, when appropriate.
Recently Adopted Accounting Pronouncements	Recently A dopted A ccounting P ronouncements  The Company has a single non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, T exas that expires on December 31, 2020, which is used for the development of novel drugs. Prior to January 1, 2019, the Company accounted for leases in accordance with the provision s of ASC Topic 840. Under the previous leasing guidance, the Company expensed lease payments over the term of the lease and did not give recognition to any lease related assets or liabilities on its balance sheet.  On January 1, 2019, the Company adopted ASU No. 2016-02 , Leases (ASC 842) which, as permitted by ASC Topic 842, is the date of initial application. The core principle of ASC Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position. The Company recognized a right-of-use asset and operating lease liability upon the adoption of ASU 2016-02 which increased total assets and total liabilities relative to such amounts prior to adoption. The Company utilized a discount rate of 5.5% to determine the present value of the future lease payments which represents the Company’s incremental borrowing rate.  Supplemental cash flow information regarding a ssets and liabilities recorded on January 1, 2019 as a result of the change in accounting principle were as follows (in thousands) :       Assets  Operating lease right-of-use asset $ 180   Liabilities  Operating lease liabilities, current 90  Operating lease liabilities, non-current $ 90   The Company recorded a reduction of the non-current portion of the lease liability and an offsetting reduction in the right-of-use assets of $22,500 during the three months ended March 31, 2019. There was no change to the statement of operations or statement of cash flows during the three months ended March 31, 2019 as a result of the adoption of ASC Topic 842. See additional information regarding leases in Note 5 – Commitments.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies [Abstract]
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share	   March 31,  2019 2018  Numerator:  Net loss $ (1,359) $ (2,160)  Denominator:  Shares used in computing net loss per share, basic and diluted 17,162 6,638  Net loss per share, basic and diluted $ (0.08) $ (0.33)  
Supplemental Cash Flow Information Of Assets And Liabilities Related To Leases	    Assets  Operating lease right-of-use asset $ 180   Liabilities  Operating lease liabilities, current 90  Operating lease liabilities, non-current $ 90  

Stockholders' Equity And Stoc_2

Stockholders' Equity And Stock-Based Compensation Expense (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity And Stock-Based Compensation Expense [Abstract]
Common Stock Outstanding and Stockholders' Equity	   Common Stock Stockholders' equity (in thousands)  Balance at December 31, 2017 6,595,509 $ 9,699  Non-cash stock-related compensation for:  Stock options for employees — 789  Stock options for non-employees — 13  Issuance of common stock and warrants, net of issuance costs 300,000 1,959  Net loss — (2,160)  Balance at March 31, 2018 6,895,509 $ 10,300   Balance at December 31, 2018 17,219,300 $ 19,628  Non-cash stock-related compensation for:  Stock options for employees — 342  Stock options for non-employees — 2  Issuance of common stock and warrants, net of issuance costs — (60)  Net loss — (1,359)  Balance at March 31, 2019 17,219,300 $ 18,553  
Stock Option And Performance Award Activity	   Stock Options Performance Awards  Outstanding as of December 31, 2018 2,964,973 138,055  Options granted — —  Options exercised — —  Options forfeited/canceled — —  Outstanding as of March 31, 2019 2,964,973 138,055 
Summary Of Non-Cash Stock-Based Compensation	   Three months ended  March 31,  2019 2018  Research and development $ 137 $ 352   General and administrative 207 450   Total non-cash stock-based compensation expense $ 344 $ 802  

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments [Abstract]
Future Minimum Lease Payments	   For the year ending December 31,  2019 $ 71  2020 99  Total future minimum lease payments $ 170  Lease: imputed interest (12)  Total $ 158  

General And Liquidity (Narrativ

General And Liquidity (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
General And Liquidity [Abstract]
Accumulated deficit	$ (165,315)	$ (163,956)

Significant Accounting Polici_4

Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)ft²shares	Mar. 31, 2018USD ($)	Jan. 01, 2019
Significant Accounting Policies [Line Items]
Total grants awarded	$ 1,500,000
Reduction to research and development expense	$ 800,000	$ 400,000
Vesting period of stock options	4 years
Leases, discount rate			5.50%
Reduction of non-current lease liability and offsetting reduction in right-of-use assets	$ 22,500
Stock Options [Member]
Significant Accounting Policies [Line Items]
Dilutive shares excluded from net loss per share, diluted | shares	2,961,848
Warrants Outstanding [Member]
Significant Accounting Policies [Line Items]
Dilutive shares excluded from net loss per share, diluted | shares	9,126,601
Austin, Texas [Member]
Significant Accounting Policies [Line Items]
Office space | ft²	6,000
Lease expiration date	Dec. 31, 2020

Significant Accounting Polici_5

Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net loss	$ (1,359)	$ (2,160)
Denominator:
Shares used in computing net loss per share, basic and diluted	17,162	6,638
Net loss per share, basic and diluted	$ (0.08)	$ (0.33)

Significant Accounting Polici_6

Significant Accounting Policies (Supplemental Cash Flow Information Of Assets And Liabilities Related To Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets [Abstract]
Operating lease right-of-use asset	$ 158
Liabilities [Abstract]
Operating lease liabilities, current	90
Operating lease liabilities, non-current	$ 68
ASU No. 2016-02 [Member]
Assets [Abstract]
Operating lease right-of-use asset		$ 180
Liabilities [Abstract]
Operating lease liabilities, current		90
Operating lease liabilities, non-current		$ 90

Stockholders' Equity And Stoc_3

Stockholders' Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Net proceeds from offering			$ 1,898
Vesting period of stock options		4 years
Non-cash stock-based compensation expense		$ 344	$ 802
Par value per share		$ 0.001		$ 0.001
ATM Agreement [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Number of common stock sold shares		0	300,000
Average gross selling price per share			$ 6.70
Net proceeds from offering			$ 1,900
Cost of the offering, excluding commissions			$ 100
2018 Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expiration period	10 years
Par value per share	$ 0.001
2018 Plan [Member] | Maximum [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Shares issued	1,000,000
Stock Options [Member] | Stock Option And Performance Award Activity In 2019 Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Weighted average exercise price or options		$ 14.14
Vesting period of stock options		2 years 7 months 6 days
Non-cash stock-based compensation expense		$ 2,500
Performance Awards [Member] | Stock Option And Performance Award Activity In 2019 Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense		$ 2,300

Stockholders' Equity And Stoc_4

Stockholders' Equity And Stock-Based Compensation Expense (Common Stock Outstanding and Stockholders' Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common Stock, Beginning balance	17,219,300	6,595,509
Common Stoc, Issuance of common stock and warrants, net of issuance costs		300,000
Common Stock, Ending balance	17,219,300	6,895,509
Stockholders' equity, Beginning balance	$ 19,628	$ 9,699
Stockholders' equity, Non-cash stock-related compensation for:	344	802
Stockholders' Equity, Issuance of common stock and warrants, net of issuance costs	(60)	1,959
Net loss	(1,359)	(2,160)
Stockholders' equity, Ending balance	$ 18,553	$ 10,300
Stock Options [Member]
Common Stock, Non-cash stock-related compensation for:
Stockholders' equity, Non-cash stock-related compensation for:	$ 342	$ 789
Non-Employee Stock Options [Member]
Common Stock, Non-cash stock-related compensation for:
Stockholders' equity, Non-cash stock-related compensation for:	$ 2	$ 13

Stockholders' Equity And Stoc_5

Stockholders' Equity And Stock-Based Compensation Expense (Stock Option And Performance Award Activity) (Details)	3 Months Ended
	Mar. 31, 2019shares
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2018	2,964,973
Options granted
Options exercised
Options forfeited/canceled
Outstanding as of March 31, 2019	2,964,973
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2018	138,055
Options granted
Options exercised
Options forfeited/canceled
Outstanding as of March 31, 2019	138,055

Stockholders' Equity And Stoc_6

Stockholders' Equity And Stock-Based Compensation Expense (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total non-cash stock-based compensation expense	$ 344	$ 802
Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total non-cash stock-based compensation expense	137	352
General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total non-cash stock-based compensation expense	$ 207	$ 450

Commitments (Narrative) (Detail

Commitments (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)ft²	Mar. 31, 2018USD ($)
Building [Member]
Operating Leased Assets [Line Items]
Rent | $	$ 24	$ 23
Austin, Texas [Member]
Operating Leased Assets [Line Items]
Office space | ft²	6,000
Lease expiration date	Dec. 31, 2020

Commitments (Future Minimum Lea

Commitments (Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Commitments [Abstract]
2019	$ 71
2020	99
Total future minimum lease payments	170
Lease: imputed interest	(12)
Total	$ 158

Collaboration Agreements (Detai

Collaboration Agreements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Durect Corporation [Member]
Payment for collaboration agreements	$ 0	$ 0