Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001069530 | |
Entity Registrant Name | CASSAVA SCIENCES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-29959 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1911336 | |
Entity Address, Address Line One | 6801 N. Capital of Texas Highway, Building 1; Suite 300 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78731 | |
City Area Code | 512 | |
Local Phone Number | 501-2444 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,976,166 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, exercisable for shares of Common Stock | |
Trading Symbol | SAVAW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | SAVA | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 124,169 | $ 121,136 |
Prepaid expenses and other current assets | 9,830 | 8,497 |
Total current assets | 133,999 | 129,633 |
Property and equipment, net | 21,604 | 21,854 |
Intangible assets, net | 115 | 176 |
Total assets | 155,718 | 151,663 |
Current liabilities: | ||
Accounts payable and accrued expenses | 9,603 | 10,573 |
Accrued development expense | 1,797 | 3,037 |
Accrued compensation and benefits | 228 | 200 |
Warrant liabilities | 65,368 | 0 |
Other current liabilities | 125 | 385 |
Total current liabilities | 77,121 | 14,195 |
Commitments and contingencies (Notes 9, 10 and 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 120,000,000 shares authorized; 43,248,416 and 42,236,919 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 43 | 42 |
Additional paid-in capital | 434,280 | 518,195 |
Retained Earnings (Accumulated Deficit) | (355,726) | (380,769) |
Total stockholders' equity | 78,597 | 137,468 |
Total liabilities and stockholders' equity | $ 155,718 | $ 151,663 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 43,248,416 | 42,236,919 |
Common stock, shares outstanding (in shares) | 43,248,416 | 42,236,919 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 16,233 | $ 22,120 |
General and administrative | 3,701 | 4,392 |
Total operating expenses | 19,934 | 26,512 |
Operating loss | (19,934) | (26,512) |
Interest income | 1,776 | 2,051 |
Other income, net | 160 | 190 |
Gain from change in fair value of warrant liabilities | 43,041 | 0 |
Net income (loss) | $ 25,043 | $ (24,271) |
Shares used in computing net income (loss) per share, basic (in shares) | 43,001 | 41,739 |
Net income (loss) per share, basic (in dollars per share) | $ 0.58 | $ (0.58) |
Net income (loss) | $ 25,043 | $ (24,271) |
Adjustment for change in fair value of warrant liabilities | (43,792) | 0 |
Adjusted numerator, diluted | $ (18,749) | $ (24,271) |
Shares used in computing net loss per share, diluted (in shares) | 44,102 | 41,739 |
Net loss per share, diluted (in dollars per share) | $ (0.43) | $ (0.58) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Share-Based Payment Arrangement, Employee [Member] Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member] Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Employee [Member] Retained Earnings [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Nonemployee [Member] Common Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Nonemployee [Member] Retained Earnings [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 41,735,557 | |||||||||||
Balance at Dec. 31, 2022 | $ 42 | $ 511,049 | $ (283,552) | $ 227,539 | ||||||||
Stock-based compensation for stock options | $ 0 | $ 650 | $ 0 | $ 650 | $ 0 | $ 23 | $ 0 | $ 23 | ||||
Issuance of common stock pursuant to exercise of stock options (in shares) | 13,878 | 19,017 | ||||||||||
Issuance of common stock pursuant to exercise of stock options | $ 0 | 64 | 0 | $ 64 | ||||||||
Net income (loss) | $ 0 | 0 | (24,271) | (24,271) | ||||||||
Balance (in shares) at Mar. 31, 2023 | 41,749,435 | |||||||||||
Balance at Mar. 31, 2023 | $ 42 | 511,786 | (307,823) | 204,005 | ||||||||
Balance (in shares) at Dec. 31, 2023 | 42,236,919 | |||||||||||
Balance at Dec. 31, 2023 | $ 42 | 518,195 | (380,769) | $ 137,468 | ||||||||
Stock-based compensation for stock options | $ 0 | $ 2,312 | $ 0 | $ 2,312 | $ 0 | $ 23 | $ 0 | $ 23 | ||||
Issuance of common stock pursuant to exercise of stock options (in shares) | 0 | |||||||||||
Net income (loss) | 0 | 0 | 25,043 | $ 25,043 | ||||||||
Issuance of warrants | $ 0 | (113,363) | 0 | (113,363) | ||||||||
Issuance of common stock pursuant to exercise of warrants (in shares) | 1,011,497 | |||||||||||
Issuance of common stock pursuant to exercise of warrants | $ 1 | 22,159 | 0 | 22,160 | ||||||||
Derecognition of warrant liabilities upon exercise of warrants | $ 0 | 4,954 | 0 | 4,954 | ||||||||
Balance (in shares) at Mar. 31, 2024 | 43,248,416 | |||||||||||
Balance at Mar. 31, 2024 | $ 43 | $ 434,280 | $ (355,726) | $ 78,597 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 25,043,000 | $ (24,271,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,335,000 | 673,000 |
Gain from change in fair value of warrant liabilities | (43,041,000) | 0 |
Depreciation | 250,000 | 272,000 |
Amortization of intangible assets | 61,000 | 119,000 |
Changes in operating assets and liabilities: | ||
Prepaid and other current assets | (1,333,000) | 2,679,000 |
Operating lease right-of-use assets and liabilities | 0 | (17,000) |
Accounts payable and accrued expenses | (970,000) | 4,565,000 |
Accrued development expense | (1,240,000) | 2,996,000 |
Accrued compensation and benefits | 28,000 | 42,000 |
Other liabilities | (260,000) | (313,000) |
Net cash used in operating activities | (19,127,000) | (13,255,000) |
Cash flows from investing activities: | ||
Purchases of property and equipment | 0 | (357,000) |
Net cash used in investing activities | 0 | (357,000) |
Cash flows from financing activities: | ||
Proceeds from exercise of common stock warrants, net of exercise costs | 22,160,000 | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 0 | 64,000 |
Net cash provided by financing activities | 22,160,000 | 64,000 |
Net increase (decrease) in cash and cash equivalents | 3,033,000 | (13,548,000) |
Cash and cash equivalents at beginning of period | 121,136,000 | 201,015,000 |
Cash and cash equivalents at end of period | 124,169,000 | 187,467,000 |
Non-cash financing activities | ||
Issuance of warrants resulting in recognition of warrant liabilities | 113,363,000 | 0 |
Derecognition of warrant liabilities upon exercise of warrants | $ (4,954,000) | $ 0 |
Note 1 - General and Liquidity
Note 1 - General and Liquidity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Cassava Sciences, Inc. and its wholly-owned subsidiary (collectively referred to as the “Company”) discovers and develops proprietary pharmaceutical product candidates that may The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10 10 X. not three March 31, 2024 not may 2024. 10 December 31, 2023 Liquidity The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $355.7 million at March 31, 2024 may no 12 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. Significant Accounting Policies Use of Estimates The Company makes estimates and assumptions in preparing its condensed consolidated financial statements in conformity with 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 condensed consolidated 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 common stock warrant liabilities, clinical trials and manufacturing agreements. 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 considers highly liquid financial instruments with original maturities of three one Fair Value Measurements The Company recognizes financial instruments in accordance with the authoritative guidance on fair value measurements and disclosures for financial assets and liabilities. This guidance defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. The guidance also establishes a three ● Level 1 ● Level 2 third not 2 ● Level 3 no not 3 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 cash and cash equivalents was based on Level 1 March 31, 2024 December 31, 2023 1 March 31, 2024 March 29, 2024, March 31, 2024. The fair value of common stock warrants was determined at distribution on January 3, 2024 not January 3, 2024. 3 Exercise price per warrant $ 33.00 Conversion rate - common shares per warrant 1.50 Closing price of common stock $ 23.72 Volatility 75 % Risk-free interest rate 5.40 % Expected life of option (in years) 0.3 Dividend yield zero Business Segments The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company’s operations are confined to one business segment: the development of novel drugs and diagnostics. 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 to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. This model requires the input of subjective assumptions including expected stock price volatility, expected life and estimated forfeitures of each award. These assumptions consist of estimates of future market conditions, which are inherently uncertain, and therefore, are subject to management's judgment. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four 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 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 Income (Loss) per Share Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding during the period using the treasury stock method. Potentially dilutive securities are excluded from the computations of diluted earnings per share if their effect would be antidilutive. A net loss causes all potentially dilutive securities to be antidilutive. Potential dilutive common shares consist of outstanding common stock options, warrants and performance awards. There is no Three months ended March 31, 2024 2023 Numerator, basic: Net income (loss) $ 25,043 $ (24,271 ) Denominator, basic: Weighted average common shares outstanding 43,001 41,739 Net income (loss) per share, basic $ 0.58 $ (0.58 ) Numerator, diluted: Net income (loss) $ 25,043 $ (24,271 ) Adjustment for change in fair value of warrant liabilities (43,792 ) — Adjusted numerator, diluted $ (18,749 ) $ (24,271 ) Denominator, diluted: Weighted average common shares outstanding 43,001 41,739 Dilutive effect of common stock warrants 1,101 — Weighted average dilutive common shares 44,102 41,739 Net loss per share, diluted $ (0.43 ) $ (0.58 ) Dilutive common stock options excluded from net loss per share, diluted 2,664 2,034 Dilutive performance awards excluded from net loss per share, diluted 7 7 The Company excluded common stock options and performance awards outstanding for the periods ended March 31, 2024 2023 - March 31, 2024 one one Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 480, 480” 815, 815” 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not Fair Value of Financial Instruments Financial instruments include accounts payable, accrued expenses, accrued development expense and other liabilities. The estimated fair value of certain financial instruments may not may Research Contracts, Prepaids and Accruals The Company has entered into various research and development contracts with research institutions and other third not Incentive Bonus Plan In 2020, 2020 718 Stock-based Compensation 10 Leases The Company recognizes assets and liabilities that arise from leases. For operating leases, the Company is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments during the lease term, in the condensed consolidated balance sheets. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company does not not Property and equipment Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Owned buildings and related improvements have estimated useful lives of 39 years and approximately 10 years, respectively. Tenant improvements are amortized using the straight-line method over the useful lives of the improvements or the remaining term of the corresponding leases, whichever is shorter. The remaining term of the corresponding leases is approximately 0.2 year. Property and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not Intangible assets Acquired intangible assets are recorded at fair value at the date of acquisition and primarily consist of lease-in-place agreements and leasing commissions. Intangible assets are amortized over the estimated life of the lease-in-place agreements, which is approximately 0.1 year at March 31, 2024 March 31, 2024. Intangible assets are reviewed for impairment on an annual basis, and when there is reason to believe that their values have been diminished or impaired. If intangible assets are considered to be impaired, an impairment loss is recognized. Insurance Recoveries We record proceeds from our insurance policies when the loss event has occurred, and proceeds are estimable and probable of being recovered. Insurance recoveries and proceeds received are recorded as a reduction to general and administrative expense. There was approximately $3.0 million and $0.1 million of insurance recoveries recorded during the three March 31, 2024 2023, Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. 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, the Company offsets these deferred tax assets with a valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740, not Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 2024 2025. In December 2023, No. 2023 09, 740 January 1, 2025. |
Note 3 - Prepaid and Other Curr
Note 3 - Prepaid and Other Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Bock] | Note 3. Prepaid expenses and other current assets at March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Prepaid insurance $ 382 $ 759 Contract research organization and other deposits 8,231 6,489 Interest receivable 1,000 962 Other 218 287 Total prepaid expenses and other current assets $ 9,830 $ 8,497 Contract research organization and other deposits represent cash payments made to vendors in excess of expenses incurred. |
Note 4 - Real Property and Othe
Note 4 - Real Property and Other Income, Expense | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 4. The Company owns a two March 31, 2024 third The Company records the net income from building operations and leases as other income, net, as leasing is not not Three months ended March 31, 2024 2023 Lease revenue $ 403 $ 557 Property operating expenses (243 ) (367 ) Other income, net $ 160 $ 190 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. The components of property and equipment, net, as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Land $ 3,734 $ 3,734 Buildings 15,980 15,980 Site improvements 494 494 Tenant improvements 3,062 3,062 Furniture and equipment 868 868 Gross property and equipment $ 24,138 $ 24,138 Accumulated depreciation (2,534 ) (2,284 ) Property and equipment, net $ 21,604 $ 21,854 Depreciation expense for property and equipment was $250,000 and $272,000 for the three March 31, 2024 2023 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6. The components of intangible assets, net, as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Lease-in-place agreements $ 1,053 $ 1,053 Leasing commissions and other 293 293 Gross intangible assets $ 1,346 $ 1,346 Accumulated amortization (1,231 ) (1,170 ) Intangible assets, net $ 115 $ 176 Amortization expense for intangible assets was $61,000 and $119,000 for the three March 31, 2024 2023, Amortization expense for finite-lived intangible assets as of March 31, 2024 For the year ending December 31, 2024 $ 111 2025 4 Total amortization $ 115 |
Note 7 - Stockholders' Equity a
Note 7 - Stockholders' Equity and Stock-based Compensation Expense | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | Note 7. Equity and Stock-Based Compensation Expense Common Stock Warrant Distribution See Notes 2 12 January 3, 2024. At-the-Market Common Stock Offering On May 1, 2023, May 1, 2023 not There were no common stock sales under the ATM during the three March 31, 2024 In March 2020, “2020 May 5, 2020. 2020 April 26, 2023, May 1, 2023. no 2020 Stock Option and Performance Award Activity in 2024 During the three March 31, 2024 Stock Options Performance Awards Outstanding as of December 31, 2023 3,039,029 7,142 Options granted 3,000 — Options exercised — — Options forfeited/canceled — — Outstanding as of March 31, 2024 3,042,029 7,142 The weighted average exercise price per share of options outstanding at March 31, 2024 During the three March 31, 2024 During the three March 31, 2023, not three March 31, 2023. Stock-based Compensation Expense in 2024 During the three March 31, 2024 2023 Three months ended March 31, 2024 2023 Research and development $ 973 $ 389 General and administrative 1,362 284 Total stock-based compensation expense $ 2,335 $ 673 2018 The Company’s Board of Directors (the “Board”) or a designated committee of the Board is responsible for administration of the Company’s 2018 “2018 2018 2018 10 2018 May 5, 2022, 2018 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. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8. The Company did not three March 31, 2024 2024 three March 31, 2023 |
Note 9 - Commitments
Note 9 - Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Leases And Commitments Disclosure [Text Block] | Note 9. Right-of-use Asset and Liability The Company had an operating lease for approximately 6,000 square feet of office space in Austin, Texas with an expiration of April 30, 2024. February 22, 2023 no There was no rent expense for the three March 31, 2024 three March 31, 2023 There was no cash paid for operating lease liabilities during the three March 31, 2024 three March 31, 2023 Other 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. |
Note 10 - 2020 Cash Incentive B
Note 10 - 2020 Cash Incentive Bonus Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cash Incentive Bonus Plan [Text Block] | Note 10. 2020 In August 2020, not not 1 2 not March 31, 2024 Plan participants will be paid all earned cash bonuses in the event of a Merger Transaction. As of December 31, 2022, March 16, 2023, not not The Company’s market capitalization for purposes of the Plan is determined based on either ( 1 one 2 The Plan triggers a potential cash bonus each time the Company’s market capitalization increases significantly, up to a maximum $5 no not no If the Company were to exceed a $5 billion market capitalization for no 1 2 may no The Plan is accounted for as a liability award. The fair value of each Valuation Milestone award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each of the 14 Valuation Milestones, when a Performance Condition is considered probable of being met. In October 2020, first 2020, March 2023 During the year ended December 31, 2021, March 2023 no no no No December 31, 2023 2022 three March 31, 2024 No actual cash payments were authorized or made to participants under the Plan through the date of filing of this Form 10 |
Note 11 - Contingencies
Note 11 - Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | Note 11. The Company is, and from time to time, the Company may may no Government Investigations On November 15, 2021, No No may Securities Class Actions and Shareholder Derivative Actions Between August 27, 2021 October 26, 2021, four On June 30, 2022, four one August 18, 2022 September 14, 2020 July 26, 2022. May 11, 2023, July 3, 2023. February 22, 2024, October 12, 2023. On November 4, 2021, not November 4, 2021 June 20, 2023, two one July 5, 2022, three November 9, 2023, On February 2, 2024, October 12, 2023 August 18, 2022 October 12, 2023. Beginning on March 18, 2024, October 12, 2023 not The Company believes the foregoing claims are without merit and intends to defend against these lawsuits vigorously. The Company is unable to estimate the possible loss or range of loss, if any, associated with these lawsuits. On August 19, 2022, 2020 August 2020. January 6, 2023, March 10, 2023, March 14, 2023. On January 25, 2024, not no |
Note 12 - Warrant Dividend Dist
Note 12 - Warrant Dividend Distribution | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Warrant Dividend Distribution [Text Block] | Note 12. On January 3, 2024, December 22, 2023 four 16.9 Each warrant entitled the holder to purchase, at the holder’s sole expense and exclusive election, at an exercise price of $33.00 per warrant, one one On April 15, 2024, May 7, 2024 ( 1/10 January 3, 2024 The warrants were subject to the terms and conditions of the Warrant Agreement (including Form of Warrant), dated January 3, 2024, 8 January 3, 2024. From January 3, 2024 March 31, 2024, March 31, 2024. Subsequent to March 31, 2024 3.15 $104.0 March 31, 2024 Gross proceeds in 2024 After the first Costs of the warrant distribution totaling approximately $512,000 were recorded as general and administrative expenses in the statements of operations upon distribution of the warrants on January 3, 2024. The outstanding warrants are classified as liabilities in accordance with ASC 480 815, January 3, 2024 During the period from common stock warrant distribution on January 3, 2024 March 31, 2024, Number of Common Stock Warrants Common Stock Warrant Liability Distribution of common stock warrants 16,895 $ 113,363 Warrants exercised (674) (4,954) Gain from change in fair value of warrant liabilities — (43,041) Balance as of March 31, 2024 16,221 $ 65,368 See Note 2 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the quarter ended March 31, 2024 none 16a 1 10b5 1 10b5 1 408. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Company makes estimates and assumptions in preparing its condensed consolidated financial statements in conformity with 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 condensed consolidated 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 common stock warrant liabilities, clinical trials and manufacturing agreements. Actual results could differ from these estimates and assumptions. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Concentration of Credit Risk The Company invests in cash and cash equivalents. The Company considers highly liquid financial instruments with original maturities of three one |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company recognizes financial instruments in accordance with the authoritative guidance on fair value measurements and disclosures for financial assets and liabilities. This guidance defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. The guidance also establishes a three ● Level 1 ● Level 2 third not 2 ● Level 3 no not 3 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 cash and cash equivalents was based on Level 1 March 31, 2024 December 31, 2023 1 March 31, 2024 March 29, 2024, March 31, 2024. The fair value of common stock warrants was determined at distribution on January 3, 2024 not January 3, 2024. 3 Exercise price per warrant $ 33.00 Conversion rate - common shares per warrant 1.50 Closing price of common stock $ 23.72 Volatility 75 % Risk-free interest rate 5.40 % Expected life of option (in years) 0.3 Dividend yield zero |
Segment Reporting, Policy [Policy Text Block] | Business Segments The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company’s operations are confined to one business segment: the development of novel drugs and diagnostics. |
Compensation Related Costs, Policy [Policy Text Block] | 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 to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. This model requires the input of subjective assumptions including expected stock price volatility, expected life and estimated forfeitures of each award. These assumptions consist of estimates of future market conditions, which are inherently uncertain, and therefore, are subject to management's judgment. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four 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 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. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding during the period using the treasury stock method. Potentially dilutive securities are excluded from the computations of diluted earnings per share if their effect would be antidilutive. A net loss causes all potentially dilutive securities to be antidilutive. Potential dilutive common shares consist of outstanding common stock options, warrants and performance awards. There is no Three months ended March 31, 2024 2023 Numerator, basic: Net income (loss) $ 25,043 $ (24,271 ) Denominator, basic: Weighted average common shares outstanding 43,001 41,739 Net income (loss) per share, basic $ 0.58 $ (0.58 ) Numerator, diluted: Net income (loss) $ 25,043 $ (24,271 ) Adjustment for change in fair value of warrant liabilities (43,792 ) — Adjusted numerator, diluted $ (18,749 ) $ (24,271 ) Denominator, diluted: Weighted average common shares outstanding 43,001 41,739 Dilutive effect of common stock warrants 1,101 — Weighted average dilutive common shares 44,102 41,739 Net loss per share, diluted $ (0.43 ) $ (0.58 ) Dilutive common stock options excluded from net loss per share, diluted 2,664 2,034 Dilutive performance awards excluded from net loss per share, diluted 7 7 The Company excluded common stock options and performance awards outstanding for the periods ended March 31, 2024 2023 - March 31, 2024 one one |
Derivatives, Policy [Policy Text Block] | Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 480, 480” 815, 815” 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Financial instruments include accounts payable, accrued expenses, accrued development expense and other liabilities. The estimated fair value of certain financial instruments may not may |
Research and Development Expense, Policy [Policy Text Block] | Research Contracts, Prepaids and Accruals The Company has entered into various research and development contracts with research institutions and other third not |
Share-Based Payment Arrangement [Policy Text Block] | Incentive Bonus Plan In 2020, 2020 718 Stock-based Compensation 10 |
Lessee, Leases [Policy Text Block] | Leases The Company recognizes assets and liabilities that arise from leases. For operating leases, the Company is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments during the lease term, in the condensed consolidated balance sheets. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company does not not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Owned buildings and related improvements have estimated useful lives of 39 years and approximately 10 years, respectively. Tenant improvements are amortized using the straight-line method over the useful lives of the improvements or the remaining term of the corresponding leases, whichever is shorter. The remaining term of the corresponding leases is approximately 0.2 year. Property and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets Acquired intangible assets are recorded at fair value at the date of acquisition and primarily consist of lease-in-place agreements and leasing commissions. Intangible assets are amortized over the estimated life of the lease-in-place agreements, which is approximately 0.1 year at March 31, 2024 March 31, 2024. Intangible assets are reviewed for impairment on an annual basis, and when there is reason to believe that their values have been diminished or impaired. If intangible assets are considered to be impaired, an impairment loss is recognized. |
Commitments and Contingencies, Policy [Policy Text Block] | Insurance Recoveries We record proceeds from our insurance policies when the loss event has occurred, and proceeds are estimable and probable of being recovered. Insurance recoveries and proceeds received are recorded as a reduction to general and administrative expense. There was approximately $3.0 million and $0.1 million of insurance recoveries recorded during the three March 31, 2024 2023, |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. 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, the Company offsets these deferred tax assets with a valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740, not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 2024 2025. In December 2023, No. 2023 09, 740 January 1, 2025. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Exercise price per warrant $ 33.00 Conversion rate - common shares per warrant 1.50 Closing price of common stock $ 23.72 Volatility 75 % Risk-free interest rate 5.40 % Expected life of option (in years) 0.3 Dividend yield zero |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2024 2023 Numerator, basic: Net income (loss) $ 25,043 $ (24,271 ) Denominator, basic: Weighted average common shares outstanding 43,001 41,739 Net income (loss) per share, basic $ 0.58 $ (0.58 ) Numerator, diluted: Net income (loss) $ 25,043 $ (24,271 ) Adjustment for change in fair value of warrant liabilities (43,792 ) — Adjusted numerator, diluted $ (18,749 ) $ (24,271 ) Denominator, diluted: Weighted average common shares outstanding 43,001 41,739 Dilutive effect of common stock warrants 1,101 — Weighted average dilutive common shares 44,102 41,739 Net loss per share, diluted $ (0.43 ) $ (0.58 ) Dilutive common stock options excluded from net loss per share, diluted 2,664 2,034 Dilutive performance awards excluded from net loss per share, diluted 7 7 |
Note 3 - Prepaid and Other Cu_2
Note 3 - Prepaid and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, December 31, 2024 2023 Prepaid insurance $ 382 $ 759 Contract research organization and other deposits 8,231 6,489 Interest receivable 1,000 962 Other 218 287 Total prepaid expenses and other current assets $ 9,830 $ 8,497 |
Note 4 - Real Property and Ot_2
Note 4 - Real Property and Other Income, Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended March 31, 2024 2023 Lease revenue $ 403 $ 557 Property operating expenses (243 ) (367 ) Other income, net $ 160 $ 190 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2024 2023 Land $ 3,734 $ 3,734 Buildings 15,980 15,980 Site improvements 494 494 Tenant improvements 3,062 3,062 Furniture and equipment 868 868 Gross property and equipment $ 24,138 $ 24,138 Accumulated depreciation (2,534 ) (2,284 ) Property and equipment, net $ 21,604 $ 21,854 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2024 2023 Lease-in-place agreements $ 1,053 $ 1,053 Leasing commissions and other 293 293 Gross intangible assets $ 1,346 $ 1,346 Accumulated amortization (1,231 ) (1,170 ) Intangible assets, net $ 115 $ 176 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ending December 31, 2024 $ 111 2025 4 Total amortization $ 115 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity and Stock-based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | Stock Options Performance Awards Outstanding as of December 31, 2023 3,039,029 7,142 Options granted 3,000 — Options exercised — — Options forfeited/canceled — — Outstanding as of March 31, 2024 3,042,029 7,142 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended March 31, 2024 2023 Research and development $ 973 $ 389 General and administrative 1,362 284 Total stock-based compensation expense $ 2,335 $ 673 |
Note 12 - Warrant Dividend Di_2
Note 12 - Warrant Dividend Distribution (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Common Stock Warrants Common Stock Warrant Liability Distribution of common stock warrants 16,895 $ 113,363 Warrants exercised (674) (4,954) Gain from change in fair value of warrant liabilities — (43,041) Balance as of March 31, 2024 16,221 $ 65,368 |
Note 1 - General and Liquidity
Note 1 - General and Liquidity (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Retained Earnings (Accumulated Deficit) | $ (355,726) | $ (380,769) |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | Jan. 03, 2024 shares | |
Number of Operating Segments | 1 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 months 12 days | ||
Proceeds from Insurance Settlement, Operating Activities | $ | $ 3 | $ 0.1 | |
Leases, Acquired-in-Place [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 month 6 days | ||
Lease Commissions and Other [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||
Building [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||
Warrants to Purchase Common Stock [Member] | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1.5 | 1.5 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Quantitive Information of Warrants (Details) - Warrants to Purchase Common Stock [Member] | Mar. 31, 2024 |
Measurement Input, Exercise Price [Member] | |
Warrant measurement | 33 |
Measurement Input, Conversion Price [Member] | |
Warrant measurement | 1.5 |
Measurement Input, Share Price [Member] | |
Warrant measurement | 23.72 |
Measurement Input, Price Volatility [Member] | |
Warrant measurement | 0.75 |
Measurement Input, Risk Free Interest Rate [Member] | |
Warrant measurement | 0.054 |
Measurement Input, Expected Term [Member] | |
Warrant measurement | 0.3 |
Measurement Input, Expected Dividend Rate [Member] | |
Warrant measurement | 0 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Calculation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income (loss) | $ 25,043 | $ (24,271) |
Shares used in computing net income (loss) per share, basic (in shares) | 43,001 | 41,739 |
Net income (loss) per share, basic (in dollars per share) | $ 0.58 | $ (0.58) |
Adjustment for change in fair value of warrant liabilities | $ (43,792) | $ 0 |
Adjusted numerator, diluted | $ (18,749) | $ (24,271) |
Dilutive effect of common stock warrants (in shares) | 1,101 | 0 |
Weighted average dilutive common shares (in shares) | 44,102 | 41,739 |
Net loss per share, diluted (in dollars per share) | $ (0.43) | $ (0.58) |
Share-Based Payment Arrangement, Option [Member] | ||
Dilutive awards excluded from net loss per share, diluted (in shares) | 2,664 | 2,034 |
Warrant [Member] | ||
Dilutive awards excluded from net loss per share, diluted (in shares) | 7 | 7 |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid insurance | $ 382 | $ 759 |
Contract research organization and other deposits | 8,231 | 6,489 |
Interest receivable | 1,000 | 962 |
Other | 218 | 287 |
Total prepaid expenses and other current assets | $ 9,830 | $ 8,497 |
Note 4 - Real Property and Ot_3
Note 4 - Real Property and Other Income, Expense (Details Textual) - Office Building [Member] - TEXAS - ft² | Mar. 31, 2024 | Aug. 04, 2021 |
Net Rentable Area (Square Foot) | 90,000 | |
Percentage of Occupancy | 25% |
Note 4 - Real Property and Ot_4
Note 4 - Real Property and Other Income, Expense - Components of Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease revenue | $ 403 | $ 557 |
Property operating expenses | (243) | (367) |
Other income, net | $ 160 | $ 190 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation | $ 250,000 | $ 272,000 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross property and equipment | $ 24,138 | $ 24,138 |
Accumulated depreciation | (2,534) | (2,284) |
Property and equipment, net | 21,604 | 21,854 |
Land [Member] | ||
Gross property and equipment | 3,734 | 3,734 |
Building [Member] | ||
Gross property and equipment | 15,980 | 15,980 |
Building Improvements [Member] | ||
Gross property and equipment | 494 | 494 |
Leasehold Improvements [Member] | ||
Gross property and equipment | 3,062 | 3,062 |
Furniture and Fixtures [Member] | ||
Gross property and equipment | $ 868 | $ 868 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of Intangible Assets | $ 61,000 | $ 119,000 |
Note 6 - Intangible Assets - Co
Note 6 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross intangible assets | $ 1,346 | $ 1,346 |
Accumulated amortization | (1,231) | (1,170) |
Total amortization | 115 | 176 |
Leases, Acquired-in-Place [Member] | ||
Gross intangible assets | 1,053 | 1,053 |
Leasing Commissions and Other [Member] | ||
Gross intangible assets | $ 293 | $ 293 |
Note 6 - Intangible Assets - Am
Note 6 - Intangible Assets - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 | $ 111 | |
2025 | 4 | |
Total amortization | $ 115 | $ 176 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($) | 3 Months Ended | |||||
May 05, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | May 01, 2023 | Mar. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.14 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 2 years 7 months 6 days | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 21,300,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 19,017 | ||||
Proceeds from Stock Options Exercised | $ 0 | $ 64,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||
The 2018 Equity Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||
Performance Shares [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 100,000 | |||||
Stock Options Net Settled in Satisfaction of the Exercise Price [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 5,139 | |||||
Proceeds from Stock Options Exercised | $ 0 | |||||
At-the-market Common Stock Offering [Member] | ||||||
Equity Offering, Maximum Amount | $ 200,000,000 | $ 100,000,000 | ||||
Equity Offering, Percentage of Commission | 3% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock Option and Performance Award Activity (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding, options (in shares) | 3,039,029 | |
Options granted (in shares) | 3,000 | |
Options exercised (in shares) | 0 | (19,017) |
Options forfeited/canceled (in shares) | 0 | |
Outstanding, options (in shares) | 3,042,029 | |
Performance Shares [Member] | ||
Outstanding, performance awards (in shares) | 7,142 | |
Performance awards granted (in shares) | 0 | |
Performance awards exercised (in shares) | 0 | |
Performance awards forfeited/canceled (in shares) | 0 | |
Outstanding, performance awards (in shares) | 7,142 |
Note 7 - Stockholders' Equity_5
Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total stock-based compensation expense | $ 2,335 | $ 673 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 973 | 389 |
General and Administrative Expense [Member] | ||
Total stock-based compensation expense | $ 1,362 | $ 284 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Note 9 - Commitments (Details T
Note 9 - Commitments (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Feb. 22, 2023 ft² | |
Operating Lease, Cost | $ 0 | $ 24,000 | |
Operating Lease, Payments | $ 0 | $ 24,000 | |
Lease for Office Space in Austin, Texas [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 6,000 |
Note 10 - 2020 Cash Incentive_2
Note 10 - 2020 Cash Incentive Bonus Plan (Details Textual) - Cash Incentive Bonus Plan [Member] $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 16, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 16, 2023 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2020 USD ($) | |
Cash Bonus Incentive, Incremental Amounts | 14 | 14 | 11 | ||
Performance Plan, Minimum Number of Days Valuation Milestone Must be Achieved and Maintained (Day) | 20 days | 20 days | |||
Percentage Valuation Milestone Cash Bonus Award Subject to Approval and Adjustment | 67% | 67% | |||
Cash Incentive Bonus Award | $ 6,500 | ||||
Share-Based Payment Arrangement, Expense, after Tax | $ 0 | ||||
Payments for Cash Incentive Bonus | $ 0 | ||||
Minimum [Member] | |||||
Performance Plan, Valuation Milestone Amount | $ 200,000 | $ 200,000 | 74,900 | ||
Cash Incentive Bonus Award, Exceeds Maximum | 111,400 | 111,400 | |||
Maximum [Member] | |||||
Performance Plan, Valuation Milestone Amount | 5,000,000 | 5,000,000 | $ 202,300 | ||
Cash Incentive Bonus Award, Exceeds Maximum | $ 289,700 | $ 289,700 |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) | 2 Months Ended | 20 Months Ended | ||||
Mar. 18, 2024 | Jul. 05, 2022 | Jun. 30, 2022 | Oct. 26, 2021 | Jun. 20, 2023 | Jun. 20, 2023 | |
Violations of Federal Securities Laws [Member] | ||||||
Loss Contingency, New Claims Filed, Number | 1 | 4 | ||||
Shareholder Derivative Actions, Texas Court [Member] | ||||||
Loss Contingency, New Claims Filed, Number | 4 | 2 | ||||
Shareholder Derivative Actions, Texas State Court Member | ||||||
Loss Contingency, New Claims Filed, Number | 1 | |||||
Shareholder Derivative Actions, Delaware Court [Member] | ||||||
Loss Contingency, New Claims Filed, Number | 1 | |||||
Shareholder Derivative Actions [Member] | ||||||
Loss Contingency, New Claims Filed, Number | 2 | 3 |
Note 12 - Warrant Dividend Di_3
Note 12 - Warrant Dividend Distribution (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Jan. 03, 2024 | Dec. 22, 2023 | May 02, 2024 | Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | May 07, 2024 | |
Proceeds from Warrant Exercises | $ 22,160,000 | $ 0 | |||||
Warrants to Purchase Common Stock [Member] | |||||||
Class Of Warrant Or Right Issued During Period (in shares) | 16,900,000 | 4 | 16,895,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 10 | 5,700,000 | 5,700,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 33 | $ 22 | $ 22 | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1.5 | 1.5 | 1.5 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | (674,000) | 674,000 | |||||
Proceeds from Warrant Exercises | $ 22,300,000 | ||||||
Stock Issued During Period, Shares, Warrant Exercises (in shares) | 1 | ||||||
Gross Proceeds From Issuance of Warrants | $ 126,300,000 | ||||||
Proceeds from Issuance of Warrants | 123,500,000 | ||||||
Proceeds From Warrants Exercised That Obligated to Pay Commission | $ 20,000,000 | ||||||
Commission Percentage of Gross Proceeds | 2.50% | ||||||
Payments of Warrant Exercise Costs | $ 2,800,000 | ||||||
Payments of Stock Issuance Costs | $ 512,000 | ||||||
Warrants to Purchase Common Stock [Member] | Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, Warrant Exercises (in shares) | 4.7 | ||||||
Warrants to Purchase Common Stock [Member] | Forecast [Member] | |||||||
Redemption Percentage of Warrants | 0.10% | ||||||
Warrant Redemption Price (in dollars per share) | $ 0.01 |
Note 12 - Warrant Dividend Di_4
Note 12 - Warrant Dividend Distribution - Changes in Warrants Outstanding and Warrant Liability (Details) - USD ($) | 3 Months Ended | ||||
Jan. 03, 2024 | Dec. 22, 2023 | Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Distribution of common stock warrants, liability | $ 113,363,000 | $ 0 | |||
gain from change in fair value of warrant liabilities, liability | $ 43,041,000 | $ 0 | |||
Warrants to Purchase Common Stock [Member] | |||||
Class Of Warrant Or Right Issued During Period (in shares) | 16,900,000 | 4 | 16,895,000 | ||
Distribution of common stock warrants, liability | $ 113,363 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | (674,000) | 674,000 | |||
Warrants exercised, liability | $ (4,954) | ||||
gain from change in fair value of warrant liabilities, liability | $ (43,041) | ||||
Balance, shares (in shares) | 16,221,000 | 16,221,000 | |||
Balance, liability | $ 65,368 | $ 65,368 |