Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GALECTIN THERAPEUTICS INC | ||
Entity Central Index Key | 0001133416 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | GALT | ||
Entity Public Float | $ 166 | ||
Entity Common Stock, Shares Outstanding | 57,031,027 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Address, State or Province | GA | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Warrant [Member] | |||
Document Information [Line Items] | |||
No Trading Symbol Flag | true | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
No Trading Symbol Flag | true | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 47,480 | $ 8,253 |
Prepaid expenses and other current assets | 729 | 579 |
Total current assets | 48,209 | 8,832 |
Other | 258 | 174 |
Total assets | 48,467 | 9,006 |
Current liabilities: | ||
Accounts payable | 1,661 | 297 |
Accrued expenses and other | 1,093 | 1,512 |
Accrued dividends payable | 66 | 299 |
Total current liabilities | 2,820 | 2,108 |
Other liabilities | 52 | |
Total liabilities | 2,872 | 2,108 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Undesignated stock, $0.01 par value; 20,000,000 shares authorized at December 31, 2019 and 2018, 20,000,000 shares designated at December 31, 2019 and 2018, respectively | ||
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2019 and 2018, 56,894,642 and 41,190,905 issued and outstanding at December 31, 2019 and 2018, respectively | 56 | 41 |
Additional paid-in capital | 259,673 | 194,130 |
Retained deficit | (216,394) | (196,215) |
Total stockholders' equity | 43,872 | 5,175 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | 48,467 | 9,006 |
Series C 6% super dividend redeemable convertible preferred stock | ||
Current liabilities: | ||
Convertible preferred stock, value | 1,723 | 1,723 |
Series A 12% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | $ 537 | 537 |
Series B-1 12% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | 1,761 | |
Series B-2 12% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | 3,697 | |
Series B-3 8% convertible preferred stock | ||
Stockholders' equity: | ||
Convertible preferred stock, value | $ 1,224 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Undesignated stock, par value | $ 0.01 | $ 0.01 |
Undesignated stock, shares authorized | 20,000,000 | 20,000,000 |
Undesignated stock, shares designated | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 56,894,642 | 41,190,905 |
Common stock, outstanding | 56,894,642 | 41,190,905 |
Series C 6% super dividend redeemable convertible preferred stock | ||
Convertible preferred stock, shares authorized | 1,000 | 1,000 |
Convertible preferred stock, shares issued | 176 | 176 |
Convertible preferred stock, shares outstanding | 176 | 176 |
Convertible preferred stock, redemption value | $ 8,652,000 | |
Convertible preferred stock, liquidation value | $ 1,786,000 | |
Series A 12% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 1,742,500 | 1,742,500 |
Convertible preferred stock, issued | 1,327,500 | 1,327,500 |
Convertible preferred stock, outstanding | 1,327,500 | 1,327,500 |
Convertible preferred stock, liquidation value | $ 1,327,500 | |
Series B-1 12% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 900,000 | 900,000 |
Convertible preferred stock, issued | 0 | 900,000 |
Convertible preferred stock, outstanding | 0 | 900,000 |
Series B-2 12% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 2,100,000 | 2,100,000 |
Convertible preferred stock, issued | 0 | 2,100,000 |
Convertible preferred stock, outstanding | 0 | 2,100,000 |
Series B-3 8% convertible preferred stock | ||
Convertible preferred stock, shares authorized | 2,508,000 | 2,508,000 |
Convertible preferred stock, issued | 0 | 2,508,000 |
Convertible preferred stock, outstanding | 0 | 2,508,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||
Research and development | $ 7,467 | $ 6,471 |
General and administrative | 5,971 | 7,131 |
Total operating expenses | 13,438 | 13,602 |
Total operating loss | (13,438) | (13,602) |
Other income (expense): | ||
Interest income | 231 | 38 |
Interest expense | (87) | (336) |
Total other income (expense) | 144 | (298) |
Net loss | (13,294) | (13,900) |
Preferred stock dividends | (263) | (1,147) |
Warrant modification (Note 5) | (6,622) | |
Net loss applicable to common stockholders | $ (20,179) | $ (15,047) |
Basic and diluted net loss per share | $ (0.39) | $ (0.38) |
Shares used in computing basic and diluted net loss per share | 52,238 | 39,414 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A 12% convertible preferred stock | Series B-1 12% convertible preferred stock | Series B-2 12% convertible preferred stock | Series B-3 8% convertible preferred stock | Series C super dividend redeemable convertible preferred stock dividend | Series A 12% convertible preferred stock | Series A 12% convertible preferred stockSeries A Convertible Preferred Stock [Member] | Series B-1 12% convertible preferred stock | Series B-2 12% convertible preferred stock | Series B-3 8% convertible preferred stock | Common Stock [Member] | Common Stock [Member]Series A 12% convertible preferred stock | Common Stock [Member]Series B-1 12% convertible preferred stock | Common Stock [Member]Series B-2 12% convertible preferred stock | Common Stock [Member]Series B-3 8% convertible preferred stock | Common Stock [Member]Series C super dividend redeemable convertible preferred stock dividend | Common Stock [Member]Series A Convertible Preferred Stock [Member] | Common Stock [Member]Series B Convertible Preferred Stock [Member] | Additional Paid-In Capital | Additional Paid-In CapitalSeries A 12% convertible preferred stock | Additional Paid-In CapitalSeries B-1 12% convertible preferred stock | Additional Paid-In CapitalSeries B-2 12% convertible preferred stock | Additional Paid-In CapitalSeries B-3 8% convertible preferred stock | Additional Paid-In CapitalSeries C super dividend redeemable convertible preferred stock dividend | Additional Paid-In CapitalSeries A Convertible Preferred Stock [Member] | Additional Paid-In CapitalSeries B Convertible Preferred Stock [Member] | Retained Deficit | Retained DeficitSeries A 12% convertible preferred stock | Retained DeficitSeries B-1 12% convertible preferred stock | Retained DeficitSeries B-2 12% convertible preferred stock | Retained DeficitSeries B-3 8% convertible preferred stock | Retained DeficitSeries C super dividend redeemable convertible preferred stock dividend |
Temporary Equity, Balance (in shares) at Dec. 31, 2016 | 176 | ||||||||||||||||||||||||||||||||
Temporary Equity, Balance at Dec. 31, 2016 | $ 1,723 | ||||||||||||||||||||||||||||||||
Convertible preferred stock dividend | |||||||||||||||||||||||||||||||||
Convertible preferred stock dividend (in shares) | |||||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2017 | 1,377,500 | 900,000 | 2,100,000 | 2,508,000 | 35,789,388 | ||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Balance at Dec. 31, 2017 | $ (530) | $ 557 | $ 1,761 | $ 3,697 | $ 1,224 | $ 36 | $ 173,363 | $ (181,168) | |||||||||||||||||||||||||
Convertible preferred stock dividend | $ (55) | $ (127) | $ (50) | $ 146 | $ 155 | $ 363 | $ 144 | $ 107 | $ (146) | $ (210) | $ (490) | $ (194) | $ (107) | ||||||||||||||||||||
Convertible preferred stock dividend (in shares) | 27,126 | 27,835 | 64,948 | 25,769 | 20,394 | ||||||||||||||||||||||||||||
Issuance of common stock | 5,603 | $ 1 | 5,602 | ||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 669,714 | ||||||||||||||||||||||||||||||||
Issuance of common stock for warrant exercises | 6,003 | $ 2 | 6,001 | ||||||||||||||||||||||||||||||
Issuance of common stock for warrant exercises (in shares) | 2,455,595 | ||||||||||||||||||||||||||||||||
Issuance of common stock for services | 12 | 12 | |||||||||||||||||||||||||||||||
Issuance of common stock for services (in shares) | 2,883 | ||||||||||||||||||||||||||||||||
Issuance of common stock for stock option exercises | $ 3,773 | $ 2 | 3,771 | ||||||||||||||||||||||||||||||
Issuance of common stock for stock option exercises ( in shares) | 2,098,829 | 2,098,829 | |||||||||||||||||||||||||||||||
Issuance of common stock from Series A conversion | $ (20) | $ 20 | |||||||||||||||||||||||||||||||
Issuance of common stock from Series A conversion (in shares) | (50,000) | 8,424 | |||||||||||||||||||||||||||||||
Conversion of Series B Convertible Preferred to common | $ (20) | $ 20 | |||||||||||||||||||||||||||||||
Conversion of Series B Convertible Preferred to common (in shares) | (50,000) | 8,424 | |||||||||||||||||||||||||||||||
Temporary Equity, Balance (in shares) at Dec. 31, 2018 | 176 | ||||||||||||||||||||||||||||||||
Net loss | $ (13,900) | (13,900) | |||||||||||||||||||||||||||||||
Temporary Equity, Balance at Dec. 31, 2018 | $ 1,723 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,445 | 4,445 | |||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2018 | 1,327,500 | 900,000 | 2,100,000 | 2,508,000 | 41,190,905 | ||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Balance at Dec. 31, 2018 | 5,175 | $ 537 | $ 1,761 | $ 3,697 | $ 1,224 | $ 41 | 194,130 | (196,215) | |||||||||||||||||||||||||
Convertible preferred stock dividend | $ (80) | $ (6) | $ (15) | $ (9) | $ (51) | $ 49 | $ 53 | $ (129) | $ (6) | $ (15) | $ (9) | $ (104) | |||||||||||||||||||||
Convertible preferred stock dividend (in shares) | 13,275 | 14,280 | |||||||||||||||||||||||||||||||
Issuance of common stock | 47,819 | $ 10 | 47,809 | ||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 11,150,620 | ||||||||||||||||||||||||||||||||
Issuance of common stock for warrant exercises | 2,500 | $ 1 | 2,499 | ||||||||||||||||||||||||||||||
Issuance of common stock for warrant exercises (in shares) | 585,223 | ||||||||||||||||||||||||||||||||
Issuance of common stock for stock option exercises | $ 150 | 150 | |||||||||||||||||||||||||||||||
Issuance of common stock for stock option exercises ( in shares) | 150,993 | 150,993 | |||||||||||||||||||||||||||||||
Issuance of common stock from Series A conversion | $ (1,767) | $ (3,697) | $ (1,224) | $ 4 | $ 6,678 | ||||||||||||||||||||||||||||
Issuance of common stock from Series A conversion (in shares) | (900,000) | (2,100,000) | (2,508,000) | 3,789,346 | |||||||||||||||||||||||||||||
Conversion of Series B Convertible Preferred to common | $ (1,767) | $ (3,697) | $ (1,224) | $ 4 | $ 6,678 | ||||||||||||||||||||||||||||
Conversion of Series B Convertible Preferred to common (in shares) | (900,000) | (2,100,000) | (2,508,000) | 3,789,346 | |||||||||||||||||||||||||||||
Warrant modification (Note 5) | 6,622 | (6,622) | |||||||||||||||||||||||||||||||
Temporary Equity, Balance (in shares) at Dec. 31, 2019 | 176 | ||||||||||||||||||||||||||||||||
Net loss | $ (13,294) | (13,294) | |||||||||||||||||||||||||||||||
Temporary Equity, Balance at Dec. 31, 2019 | $ 1,723 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,683 | 1,683 | |||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Balance (in shares) at Dec. 31, 2019 | 1,327,500 | 56,894,642 | |||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Balance at Dec. 31, 2019 | $ 43,872 | $ 537 | $ 56 | $ 259,673 | $ (216,394) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (13,294) | $ (13,900) |
Adjustments to reconcile net loss to net cash flows from operating activities: | ||
Amortization of right to use lease asset | 35 | |
Stock-based compensation expense | 1,683 | 4,445 |
Issuance of common stock for services | 12 | |
Non-cash interest expense | 87 | 336 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (356) | 19 |
Accounts payable and accrued expenses | 997 | (1,091) |
Net cash from operating activities | (10,848) | (10,179) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash from investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock and warrants | 50,469 | 15,379 |
Payment of preferred stock dividends | (394) | 0 |
Net cash from financing activities | 50,075 | 15,379 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 39,227 | 5,200 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,253 | 3,053 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 47,480 | 8,253 |
NONCASH FINANCING ACTIVITIES: | ||
Payment of preferred stock dividends in common stock | $ 102 | $ 915 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Galectin Therapeutics Inc. and subsidiaries (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions. The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, The Company has operated at a loss since its inception and has had no revenues. The Company anticipates that losses will continue for the foreseeable future. At December 31, 201 9 to fund currently planned operations at least through September 30, 2021. We will require more cash to fund our operations after September 30, 2021 and believe we will be able to obtain additional financing. The currently planned operations include costs related to a planned adaptively designed Phase 2b/3 clinical trial. While the costs of the trial and general overhead during the first stage of the trial are currently estimated to be approximately $125 million, the costs and timing of such trial is not yet finalized. These costs will require additional funding. However, there can be no assurance that we will be successful in obtaining such new financing or, if available, that such financing will be on terms favorable to us. If we are unsuccessful in raising additional capital to fund operations before September 30, 2021, we may be required to cease operations. The Company is subject to a number of risks similar to those of clinical stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research operations, need for regulatory approval of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations is dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of revenues adequate to support the Company’s cost structure. There are no assurances that the Company will be able to obtain additional financing on favorable terms, or at all, or successfully market its products. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Basis of Consolidation. Use of Estimates. Fair Value Measurements Cash and Cash Equivalents. Prepaid Expenses and Other Current Assets. Property and Equipment. Security Deposit. Long-Lived Assets. Accrued Expenses Warrants. Research and Development Expenses. Income Taxes. Concentration of Credit Risk. Stock-Based Compensation. non-employees 505-50, Equity-Based Payments to Non-employees Recently Adopted Accounting Standards Leases (Topic 842), Leases (Topic 842): Targeted Improvements |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment | 3. Property and Equipment Property and equipment consist of the following at December 31: 2019 2018 (in thousands) Leasehold improvements $ 2 $ 2 Computer and office equipment 13 13 Furniture and fixtures 59 59 Total 74 74 Less accumulated depreciation and amortization (74 ) (74 ) Property and equipment — net $ — $ — Depreciation and amortization expense for the years ended December 31, 2019 and 2018 was $0 and $0, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expenses | 4. Accrued Expenses Accrued expenses consist of the following at December 31: 2019 2018 (in thousands) Legal and accounting fees $ 81 $ 45 Accrued compensation 973 1,294 Lease liability 39 — Accrued research and development costs and other — 173 Total $ 1,093 $ 1,512 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity | 5. Stockholders’ Equity At December 31, 2019, the Company had 100,000,000 shares of common stock and 20,000,000 undesignated shares authorized. As of December 31, 2019, 1,742,500 shares have been designated for Series A 12% Convertible Preferred Stock, 900,000 shares have been designated for Series B-1 B-2 B-3 At Market Issuances of Common Stock On May 19, 2017, the Company entered into an At Market Issuance Sales Agreement (the “2017 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $30.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2017 At Market Agreement. During the years ended December 31, 2019 and 2018, the Company issued 662,459 and 669,714 shares of common stock for net proceeds of approximately $2,930,000 and $5,603,000, respectively, under the 2017 At Market Agreement. Rights Offering On May 23, 2019, the Company completed an offering of common stock and warrants to its shareholders of record as of April 29, 2019. In the offering, the Company received approximately $44.9 million for the issuance of 10,488,161 shares of common stock and warrants which may be exercised for 2,622,154 shares of common stock. The warrants may be exercised at $7.00 per share of common stock and expire on May 23, 2026. The warrants were valued at approximately $8.2 million as of the issuance, using the closing price of $4.01, a life of 7 years, a volatility of 101% and a risk-free interest rate of 2.33%. Based upon the Company’s analysis of the criteria contained in ASC Topic 815-40, paid-in Other In 2017, the Company entered an agreement with a vendor whereby the Company will issue common stock to the vendor in lieu of paying in cash in amount up to $100,000 for the year. In 2018, the Company issued 2,883 shares of common stock and 290 warrants to purchase shares of common stock at $5.00 per share pursuant to this agreement and the value of such shares and warrants, totaling approximately $12,000, respectively, has been recorded as research and development expense. Series A 12% Convertible Preferred Stock — February 4, 2008 Private Placement On February 4, 2008, the Company closed a private placement begun in October 2007 of its Series A 12% Convertible Preferred Stock (“Series A”) and related warrants. In this transaction, the Company sold units of securities at $6.00 per unit, each unit comprised of (i) one share of Series A Preferred, (ii) a warrant to purchase one share of common stock for $9.00, and (iii) a warrant to purchase one share of common stock for $12.00. Each share of the Series A is entitled to dividends at the rate of 12% per annum payable at the Company’s option in cash or shares of common stock valued at the higher of $6.00 per share or 100% of the value weighted average price of the Company’s share price for the 20 consecutive trading days prior to the applicable dividend payment date. Dividends are payable semi-annually on March 30 and September 30. The dividend paid on the initial dividend payment date is calculated from the date the Company deposited each subscription advance. The shares of Series A are entitled to vote as a class with the Company’s common stock and each share of Series A is convertible at any time to one-sixth In 2018, 50,000 shares of Series A were converted into 8,424 shares of common stock which included 90 shares relating to the prorated dividend prior conversion. There were no shares of Series A converted into shares of common stock in 2017. Prior to 2016, a total of 360,000 shares of Series A had been converted into 60,888 shares of common stock. Series B Convertible Preferred Stock On February 12, 2009, the Company entered into a securities purchase agreement (the “10X Agreement”) pursuant to which it agreed to issue and sell to 10X Fund LP, at two or more closings, up to: (i) 3,000,000 shares its Series B-1 B-2 Through a series of closings from February 2009 through May 2010, the Company issued and sold, pursuant to the 10X Agreement, a total of (i) 900,000 shares of Series B-1 B-1 B-1”) B-2 B-2 B-2”) On September 22, 2016, the Company entered into a securities purchase agreement (the “B-3 B-3 B-3 “Series B-3”) B-1, B-2 B-3 B-1 B-2, B-1 B-2 On December 23, 2016, the Company and 10X Fund LP amended the B-3 B-3 On January 11, 2019, 10X Fund L.P., converted all of its Series B Convertible Preferred Stock into Common Stock of Galectin Therapeutics. Pursuant to the terms of the conversion, as of January 11, 2019, 10X Fund L.P. converted 5,508,000 shares of its Series B-1, B-2 B-3 In connection with the conversion of the Series B Preferred Stock, the Company extended by five years the exercise date of warrants for 3,579,642 shares of Common Stock issued by the Company in connection with sale of the Series B-1 B-2 The Company has accounted for the modified terms of the warrants pursuant to ASC 718, Stock Compensation, whereby the Company has recognized a charge for the change in fair value of the warrants immediately before and immediately after the modification. In January 2019, the Company recognized a one-time non-cash Certain terms of the Series B prior to the conversion into common stock on January 11, 2019 were as follows: Dividends B-1 B-2 and B-3 per B-1 B-2, Other Restrictions Non-Employee Series C 6% Super Dividend Redeemable Convertible Preferred Stock On December 29, 2010, the Company designated and authorized the sale and issuance of up to 1,000 shares of Series C Super Dividend Redeemable Convertible Preferred Stock (“Series C”) with a par value of $0.01 and a stated value equal to $10,000 (the “Stated Value”). On December 30, 2010, the Company sold and issued 212 shares of Series C at a price of $10,000 per share for gross proceeds of $2,120,000. The Company incurred $47,000 of cash transaction costs resulting in net cash proceeds of $2,073,000. In addition, the Company issued 500 warrants exercisable at $7.20 to a placement agent which had a de minimis value. Additionally, in January 2011, the Company sold and issued 13 shares of Series C at a price of $10,000 per share for gross proceeds of $130,000. The terms of the Series C are as follows: Conversion Rights Subject to the continuing obligation to pay post conversion dividends, the Company may convert all, but not less than all, of the Series C (plus all accrued and unpaid dividends) into Common Stock, at the Conversion Price, upon such time that the closing price of the Common Stock is no less than $18.00 per share for 15 consecutive trading days. Dividends non-compounding ® (GM-CT-01), The dividend shall be payable in arrears semiannually on March 31 and September 30, beginning with the first such date after the original issue date; provided, however, that all dividends and all other distributions shall cease, and no further dividends or other distributions shall be paid, in respect of each share of Series C from and after such time that the Maximum Payout has been paid in respect of such share of Series C. Such dividends shall be payable at the Company’s option either in cash or in duly authorized, fully paid and non-assessable Series C Post Conversion Dividend Right At the date of issuance, the Series C have an embedded dividend right to continue to receive dividend payments after conversion to common stock (the Series C Post Conversion Dividend Right) which requires bifurcation. The value of this post conversion dividend right on the date of issuance was determined to be de minimis due to the fact that the payment of a dividend stream other than the 6% dividend and conversion of Series C prior to the Company achieving sales of GM-CT-01 In July 2011, 5 shares of Series C were converted into 8,334 shares of common stock and 5 Series C Post Conversion Dividend Rights (Dividend Rights) were issued. In 2013, 24 shares of Series C were converted into 40,193 shares of common stock and 24 Dividend Rights were issued. In 2014, 20 shares of Series C were converted into 33,756 shares of common stock and 20 Dividend Rights were issued. Per the terms of the Series C, these Dividend Rights shall continue to participate in dividends, however the Floor shall not apply. At December 31, 2016 and 2015, these Dividend Rights were determined to have a de minimis value, as the payment of a dividend is considered improbable at this time. The Company will continue to evaluate and assess the Series C Post Conversion Dividend Right for each reporting period. Liquidation Rights B-1 B-2, Redemption ROI Percentage 200% before the second anniversary of the date of issuance; 250% on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance; 300% on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance; 350% on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance; 400% on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance; 450% on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance; 500% on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and 550% on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance. Due to the redemption feature, the Company has presented the Series C outside of permanent equity, in the mezzanine of the consolidated balance sheets at December 31, 2019 and 2018. At December 31, 2019, the Series C redemption value was $8,652,000. Voting Rights |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Warrants | 6. Warrants Warrant activity is summarized as follows: Outstanding at December 31, 2017 13,229,778 Issued 290 Exercised (2,583,042 ) Canceled — Outstanding at December 31, 2018 10,647,026 Issued 2,622,154 Exercised (730,976 ) Canceled — Outstanding at December 31, 2019 12,538,204 The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2019. Issued in Connection With Number Issued Exercise Price Exercisable Date Expiration Date February 12, 2009 Series B-1 1,200,000 $ 3.00 February 12, 2009 February 12, 2024 May 13, 2009 Series B-2 600,000 $ 3.00 May 13, 2009 May 13, 2024 June 30, 2009 Series B-2 333,333 $ 3.00 June 30, 2009 June 30, 2024 August 12, 2009 Series B-2 200,000 $ 3.00 August 12, 2009 August 12, 2024 September 30, 2009 Series B-2 216,666 $ 3.00 September 30, 2009 September 30, 2024 November 4, 2009 Series B-2 106,666 $ 3.00 November 4, 2009 November 4, 2024 December 8, 2009 Series B-2 133,143 $ 3.00 December 8, 2009 December 8, 2024 January 29, 2010 Series B-2 216,667 $ 3.00 January 29, 2010 January 29, 2025 March 8, 2010 Series B-2 223,334 $ 3.00 March 8, 2010 March 8, 2025 April 30, 2010 Series B-2 204,192 $ 3.00 April 30, 2010 April 30, 2025 May 10, 2010 Series B-2 143,166 $ 3.00 May 10, 2010 May 10, 2025 November 25, 2015 Offering Warrants 1,180,240 $ 2.50 May 25, 2016 May 25, 2021 September 22, 2016 Series B-3 698,158 $ 3.00 September 22, 2016 September 22, 2023 September 29, 2016 Series B-3 846,100 $ 3.00 September 29, 2016 September 29, 2023 December 22, 2016 Private placement warrants 1,466,204 $ 5.00 December 22, 2016 December 23, 2023 December 23, 2016 Series B-3 924,780 $ 3.00 December 23, 2016 December 23, 2023 December 28, 2016 Private placement warrants 644,468 $ 5.00 December 28, 2016 December 28, 2023 February 27, 2017 Private placement warrants 76,776 $ 5.00 February 27, 2017 February 27, 2024 2018 and 2017 Warrants issued for services 2,157 $ 5.00 Various dates in 2018 and 2017 Various dates in 2025 and 2024 December 19, 2017 Line of credit warrants 500,000 $ 5.00 December 19, 2017 December 19, 2024 May 23, 2019 Rights offering warrants 2,622,154 $ 7.00 May 23, 2019 May 23, 2026 Total outstanding warrants 12,538,204 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation | 7. Stock-Based Compensation Summary of Stock-Based Compensation Plans At December 31, 2019, the Company has a stock-based compensation plan where the Company’s common stock has been made available for equity-based incentive grants as part of the Company’s compensation programs. In December 2019, the Company adopted the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”) which provided for the issuance of up to 4,000,000 shares of the Company’s common stock in the form of options, stock appreciation rights, restricted stock and other stock-based awards to employees, officers, directors, consultants and other eligible persons. At December 31, 2019, 4,000,000 shares were available for future grant under the 2019 Plan. Also, the Company previously had the 2009 Incentive Compensation Plan (the “2009 Plan”) which, after amendments, provided for issuance of up to 6,733,334 shares of the Company’s common stock in the form of options, stock appreciation rights, restricted stock and other stock-based awards to employees, officers, directors, consultants and other eligible persons. Provisions of the 2009 Plan stipulated that no grants could be made after February 2019; however, grants made prior to that date remain outstanding for their legal term. In addition, the Company has awarded 1,477,379 non-plan non-employees. non-plan non-plan Stock-Based Compensation Following is the stock-based compensation expense related to common stock options, restricted common stock and common stock warrants: Year Ended December 31, 2019 2018 Research and development $ 318 $ 1,944 General and administrative 1,365 2,501 Total stock-based compensation expense $ 1,683 $ 4,445 The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: 201 9 2018 Risk-free interest rate 2.68 % 2.47 % Expected life of the options 6.0 years 5.7 years Expected volatility of the underlying stock 103.7 % 103.5 % Expected dividend rate 0 % 0 % As noted above, the fair value of stock options is determined by using the Black-Scholes option pricing model. For all options granted since January 1, 2006 the Company has generally used option terms of between 5 to 10 years, generally with 5 to 6 years representing the estimated life of options granted to employees. The volatility of the common stock is estimated using historical volatility over a period equal to the expected life at the date of grant. The risk-free interest rate used in the Black-Scholes option pricing model is determined by reference to historical U.S. Treasury constant maturity rates with terms equal to the expected terms of the awards. An expected dividend yield of zero is used in the option valuation model, because the Company does not expect to pay any cash dividends on common stock in the foreseeable future. At December 31, 2019, the Company does not anticipate any option awards will be forfeited in the calculation of compensation expense due to the limited number of employees that receive stock option grants and the Company’s historical employee turnover. The following table summarizes the stock option activity in the stock-based compensation plans: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2017 5,155,263 $ 4.11 Granted 1,011,875 5.01 Forfeited/Cancelled (1,354,330 ) 7.31 Exercised (2,098,829 ) 2.00 Outstanding, December 31, 2018 2,713,979 $ 4.67 Granted 530,000 4.72 Forfeited/Cancelled (92,730 ) 2.91 Exercised (150,993 ) 1.83 Outstanding, December 31, 2019 3,000,256 $ 4.88 6.22 $ 705 Exercisable, December 31, 2019 2,592,756 $ 4.90 5.78 $ 705 The aggregate intrinsic value in the table above represents the total pre-tax The weighted-average grant-date fair values of options granted during 2019 and 2018 were $3.83 and $3.98, respectively. As of December 31, 2019 and 2018, there were unvested options to purchase 407,500 and 54,865 shares of common stock, respectively. Total expected unrecognized compensation cost related to such unvested options is $517,000 at December 31, 2019, which is expected to be recognized over a weighted-average period of 0.91 years. The aggregate intrinsic value of stock options exercised for the year ended December 31, 2019 and 2018 was $594,302 and $11,076,199, respectively. During the years ended December 31, 2019 and 2018, 130,490 and 1,409,804 options became vested, respectively. The total grant date fair value of options vested during the years ended December 31, 2019 and 2018 was $491,000 and $4,519,000, respectively. The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2019: Options Outstanding Options Exercisable Exercise Price (Range) Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price (in years) $0.87 – 1.00 190,500 6.95 $ 0.88 190,500 $ 0.88 $1.01 – 3.00 677,103 6.02 2.37 677,103 2.37 $3.01 – 5.00 1,071,678 8.19 4.36 664,178 4.13 $5.01 – 8.00 878,475 4.27 6.55 878,475 6.55 $8.01 – 13.38 182,500 4.06 13.38 182,500 13.38 3,000,256 6.22 $ 4.88 2,592,756 $ 4.90 Restricted Stock Issuances In January 2019, two directors elected to take restricted stock grants in lieu of cash retainers for 2019. A total of 19,068 shares of restricted stock valued at approximately $90,000 is being amortized to expense on a straight-line basis until January 16, 2020 when the stock vested in full. In December 2017, two directors elected to take restricted stock grants in lieu of cash retainers for 2018. A total of 37,657 shares of restricted stock valued at approximately $90,000 was amortized to expense on a straight-line basis until December 14, 2018 when the stock vested in full. |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit | 8. Line of Credit On December 19, 2017, the Company entered into a $10 million Line of Credit arrangement with Richard E. Uihlein, a director and shareholder. Originally, borrowings may be made by the Company through December 31, 2018. Borrowings bear interest at the Applicable Federal Rate for short term loans published by the Internal Revenue Service (1.6% in December 2019). All borrowings and interest are due on December 31, 2019 but may be prepaid without penalty. In connection with the Line of Credit agreement, the Company issued to Mr. Uihlein warrants to purchase 1 million shares of the Company’s common stock for $5 per share. Half of the warrants vested at closing of the Line of Credit and the other half vest ratably with borrowings under the agreement. There were no borrowings under the Line of Credit during the years ended December 31, 2019 or 2018. On December 20, 2018, the Line of Credit arrangement was extended for one year for both borrowings and maturity. At the time of the conversion of the Series B Convertible Preferred stock into common stock (See Note 5), on January 11, 2019, the Line of Credit arrangement was extended for an additional two years for both borrowings and maturity. After the second amendment to the Line of Credit arrangement, borrowings may be made through December 31, 2021 with repayment due on December 31, 2022. There was no additional consideration or benefits provided to Mr. Uihlein for any of the extensions of the Line of Credit. The fair value of the 500,000 warrants vested at closing in December 2017 was $696,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 98%, risk free interest rate of 2.05% and zero dividends. The fair value of the vested warrants was recorded in other current assets and other assets (non-current) |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Loss Per Share | 9. Loss Per Share Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and other potential common shares then outstanding. Potential common shares consist of common shares issuable upon the assumed exercise of in-the- Year Ended December 31, (in thousands, except per share amounts) 2019 2018 Net loss $ (13,294 ) $ (13,900 ) Preferred stock dividends (263 ) (1,147 ) Warrant modification (6,622 ) — Net loss applicable to common stockholders $ (20,179 ) $ (15,047 ) Basic and diluted net loss per share $ (0.39 ) $ (0.38 ) Shares used in computing basic and diluted net loss per share 52,238 39,414 Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows: Year Ended December 31, 2019 (Shares) 2018 (Shares) Warrants to purchase shares of common stock 12,538,204 10,647,026 Options to purchase shares of common stock 3,000,256 2,713,979 Shares of common stock issuable upon conversion preferred stock 514,590 4,303,948 16,053,050 17,664,953 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | 10. Commitments and Contingencies Lease Commitments The Company has one operating lease for its office space which was amended effective January 1, 2019 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first two months of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table below, the Company is responsible for our pro-rata Maturity of operating lease as of December 31, 2019 in thousands: 2020 $ 47 2021 48 2022 8 Total 103 Less imputed interest 13 Present value of lease liability $ 90 The discount rate used in calculating the present value of the lease payments was 11.04% . Legal Proceedings The Company records accruals for such contingencies to the extent that the Company concludes that their occurrence is probable and the related damages are estimable. There are no pending legal proceedings . |
Galectin Sciences LLC
Galectin Sciences LLC | 12 Months Ended |
Dec. 31, 2019 | |
Galectin Sciences LLC | 11. Galectin Sciences LLC In January 2014, we created Galectin Sciences, LLC (the “LLC” or “Investee”), a collaborative joint venture co-owned galectin-3 in-process |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | 12. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (2017 Tax Act) was enacted. The 2017 Tax Act includes a number of changes to existing U.S. tax laws that impact the Company, most notably a reduction of the U.S. corporate tax rate from 34% to 21%, for tax years beginning after December 31, 2017. The 2017 Tax Act also provides for the implementation of a territorial tax system, a one-time Pursuant to the SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act, the Company has calculated as final its re-measurement re-measurement The components of the net deferred tax assets are as follows at December 31: 2019 2018 (in thousands) Operating loss carryforwards $ 39,982 $ 36,417 Tax credit carryforwards 910 1,195 Other temporary differences 5,278 4,678 46,170 42,290 Less valuation allowance (46,170 ) (42,290 ) Net deferred tax asset $ — $ — The primary factors affecting the Company’s income tax rates were as follows: 2019 2018 Tax benefit at U.S. statutory rates (21 %) (21 %) State tax benefit (4.7 %) (4.7 %) Permanent differences 0.8 % 4.0 % Impact of the 2017 Tax Act — — Other (4.2 % ) 1.1 % Expiring state NOL’s — — Changes in valuation allowance 29.1 % 20.6 % 0 % 0 % As of December 31, 2019, the Company has federal and state net operating loss carryforwards totaling $20,938,000 which will never expire as a result of the 2017 Tax Act. As of December 31, 2019, the Company has federal and state net operating loss carryforwards totaling $136,202,000 and $116,218,000 respectively, which expire through 2037. The net operating losses include Federal and State excess benefits related to stock options of $2,120,000 that will be charged to additional paid-in The Company is subject to taxation in the U.S. and various states. Based on the history of net operating losses all jurisdictions and tax years are open for examination until the operating losses are utilized or the statute of limitations expires. As of December 31, 2019 and 2018, the Company does not have any significant uncertain tax positions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Consolidation | Basis of Consolidation. |
Use of Estimates | Use of Estimates. |
Fair Value Measurements | Fair Value Measurements |
Cash and Cash Equivalents | Cash and Cash Equivalents. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets. |
Property and Equipment | Property and Equipment. |
Security Deposit | Security Deposit. |
Long-Lived Assets | Long-Lived Assets. |
Accrued Expenses | Accrued Expenses |
Warrants | Warrants. |
Research and Development Expenses | Research and Development Expenses. |
Income Taxes | Income Taxes. |
Concentration of Credit Risk | Concentration of Credit Risk. |
Stock-Based Compensation | Stock-Based Compensation. non-employees 505-50, Equity-Based Payments to Non-employees |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Leases (Topic 842), Leases (Topic 842): Targeted Improvements |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment | Property and equipment consist of the following at December 31: 2019 2018 (in thousands) Leasehold improvements $ 2 $ 2 Computer and office equipment 13 13 Furniture and fixtures 59 59 Total 74 74 Less accumulated depreciation and amortization (74 ) (74 ) Property and equipment — net $ — $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expenses | Accrued expenses consist of the following at December 31: 2019 2018 (in thousands) Legal and accounting fees $ 81 $ 45 Accrued compensation 973 1,294 Lease liability 39 — Accrued research and development costs and other — 173 Total $ 1,093 $ 1,512 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Return on Investment | The ROI Percentage shall mean the percentage that applies as of the redemption date, as follows: ROI Percentage 200% before the second anniversary of the date of issuance; 250% on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance; 300% on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance; 350% on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance; 400% on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance; 450% on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance; 500% on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and 550% on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance. |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Information with Regard to Outstanding Warrants Issued in Connection with Equity and Debt Financings and Consultants | Warrant activity is summarized as follows: Outstanding at December 31, 2017 13,229,778 Issued 290 Exercised (2,583,042 ) Canceled — Outstanding at December 31, 2018 10,647,026 Issued 2,622,154 Exercised (730,976 ) Canceled — Outstanding at December 31, 2019 12,538,204 The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2019. Issued in Connection With Number Issued Exercise Price Exercisable Date Expiration Date February 12, 2009 Series B-1 1,200,000 $ 3.00 February 12, 2009 February 12, 2024 May 13, 2009 Series B-2 600,000 $ 3.00 May 13, 2009 May 13, 2024 June 30, 2009 Series B-2 333,333 $ 3.00 June 30, 2009 June 30, 2024 August 12, 2009 Series B-2 200,000 $ 3.00 August 12, 2009 August 12, 2024 September 30, 2009 Series B-2 216,666 $ 3.00 September 30, 2009 September 30, 2024 November 4, 2009 Series B-2 106,666 $ 3.00 November 4, 2009 November 4, 2024 December 8, 2009 Series B-2 133,143 $ 3.00 December 8, 2009 December 8, 2024 January 29, 2010 Series B-2 216,667 $ 3.00 January 29, 2010 January 29, 2025 March 8, 2010 Series B-2 223,334 $ 3.00 March 8, 2010 March 8, 2025 April 30, 2010 Series B-2 204,192 $ 3.00 April 30, 2010 April 30, 2025 May 10, 2010 Series B-2 143,166 $ 3.00 May 10, 2010 May 10, 2025 November 25, 2015 Offering Warrants 1,180,240 $ 2.50 May 25, 2016 May 25, 2021 September 22, 2016 Series B-3 698,158 $ 3.00 September 22, 2016 September 22, 2023 September 29, 2016 Series B-3 846,100 $ 3.00 September 29, 2016 September 29, 2023 December 22, 2016 Private placement warrants 1,466,204 $ 5.00 December 22, 2016 December 23, 2023 December 23, 2016 Series B-3 924,780 $ 3.00 December 23, 2016 December 23, 2023 December 28, 2016 Private placement warrants 644,468 $ 5.00 December 28, 2016 December 28, 2023 February 27, 2017 Private placement warrants 76,776 $ 5.00 February 27, 2017 February 27, 2024 2018 and 2017 Warrants issued for services 2,157 $ 5.00 Various dates in 2018 and 2017 Various dates in 2025 and 2024 December 19, 2017 Line of credit warrants 500,000 $ 5.00 December 19, 2017 December 19, 2024 May 23, 2019 Rights offering warrants 2,622,154 $ 7.00 May 23, 2019 May 23, 2026 Total outstanding warrants 12,538,204 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants | Following is the stock-based compensation expense related to common stock options, restricted common stock and common stock warrants: Year Ended December 31, 2019 2018 Research and development $ 318 $ 1,944 General and administrative 1,365 2,501 Total stock-based compensation expense $ 1,683 $ 4,445 |
Weighted Average Assumptions Used to Determine Fair Value of Options Granted | The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: 2018 2018 Risk-free interest rate 2.68 % 2.47 % Expected life of the options 6.0 years 5.7 years Expected volatility of the underlying stock 104 % 104 % Expected dividend rate 0 % 0 % |
Summary of Stock Option Activity | The following table summarizes the stock option activity in the stock-based compensation plans: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2017 5,155,263 $ 4.11 Granted 1,011,875 5.01 Forfeited/Cancelled (1,354,330 ) 7.31 Exercised (2,098,829 ) 2.00 Outstanding, December 31, 2018 2,713,979 $ 4.67 Granted 530,000 4.72 Forfeited/Cancelled (92,730 ) 2.91 Exercised (150,993 ) 1.83 Outstanding, December 31, 2019 3,000,256 $ 4.88 6.22 $ 705 Exercisable, December 31, 2019 2,592,756 $ 4.90 5.78 $ 705 |
Summary of Additional Information Regarding Outstanding and Exercisable Options under Stock Based Compensation Plans | The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2019: Options Outstanding Options Exercisable Exercise Price (Range) Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price (in years) $0.87 – 1.00 190,500 6.95 $ 0.88 190,500 $ 0.88 $1.01 – 3.00 677,103 6.02 2.37 677,103 2.37 $3.01 – 5.00 1,071,678 8.19 4.36 664,178 4.13 $5.01 – 8.00 878,475 4.27 6.55 878,475 6.55 $8.01 – 13.38 182,500 4.06 13.38 182,500 13.38 3,000,256 6.22 $ 4.88 2,592,756 $ 4.90 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Computation of Diluted Net Loss Per Share does not Assume Issuance of Common Shares that have an Anti-dilutive Effect on Net Loss Per Share | The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share. Year Ended December 31, (in thousands, except per share amounts) 2019 2018 Net loss $ (13,294 ) $ (13,900 ) Preferred stock dividends (263 ) (1,147 ) Warrant modification (6,622 ) — Net loss applicable to common stockholders $ (20,179 ) $ (15,047 ) Basic and diluted net loss per share $ (0.39 ) $ (0.38 ) Shares used in computing basic and diluted net loss per share 52,238 39,414 |
Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation | Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows: Year Ended December 31, 2019 (Shares) 2018 (Shares) Warrants to purchase shares of common stock 12,538,204 10,647,026 Options to purchase shares of common stock 3,000,256 2,713,979 Shares of common stock issuable upon conversion preferred stock 514,590 4,303,948 16,053,050 17,664,953 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Maturity of operating lease | Maturity of operating lease as of December 31, 2019 in thousands: 2020 $ 47 2021 48 2022 8 Total 103 Less imputed interest 13 Present value of lease liability $ 90 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Components of Net Deferred Tax Assets | The components of the net deferred tax assets are as follows at December 31: 2019 2018 (in thousands) Operating loss carryforwards $ 39,982 $ 36,417 Tax credit carryforwards 910 1,195 Other temporary differences 5,278 4,678 46,170 42,290 Less valuation allowance (46,170 ) (42,290 ) Net deferred tax asset $ — $ — |
Primary Factors Affecting Income Tax Rates | The primary factors affecting the Company’s income tax rates were as follows: 2019 2018 Tax benefit at U.S. statutory rates (21 %) (21 %) State tax benefit (4.7 %) (4.7 %) Permanent differences 0.8 % 4.0 % Impact of the 2017 Tax Act — — Other (4.2 % ) 1.1 % Expiring state NOL’s — — Changes in valuation allowance 29.1 % 20.6 % 0 % 0 % |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basis of Presentation [Line Items] | |||
Unrestricted cash and cash equivalents | $ 47,480 | $ 8,253 | $ 3,053 |
Currently estimated costs of trail and general overhead | $ 125,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Security deposit for leased office space | 6,000 | 6,000 |
Level 2 | ||
Significant Accounting Policies [Line Items] | ||
Fair value of assets | 0 | 0 |
Fair value of liabilities | 0 | 0 |
Level 3 | ||
Significant Accounting Policies [Line Items] | ||
Fair value of assets | 0 | 0 |
Fair value of liabilities | $ 0 | $ 0 |
Computer and office equipment | ||
Significant Accounting Policies [Line Items] | ||
Estimated useful lives of property and equipment | 3 years | |
Furniture and fixtures | ||
Significant Accounting Policies [Line Items] | ||
Estimated useful lives of property and equipment | 5 years |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 74 | $ 74 |
Less accumulated depreciation and amortization | (74) | (74) |
Property and equipment-net | 0 | 0 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2 | 2 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13 | 13 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 59 | $ 59 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 0 | $ 0 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Accrued Liabilities [Line Items] | ||
Legal and accounting fees | $ 81 | $ 45 |
Accrued compensation | 973 | 1,294 |
Lease liability | 39 | |
Accrued research and development costs and other | 173 | |
Total | $ 1,093 | $ 1,512 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | May 23, 2019USD ($)yr$ / shares | Apr. 29, 2019USD ($)$ / sharesshares | Jan. 11, 2019shares | Dec. 23, 2016USD ($)shares | Sep. 22, 2016USD ($)shares | Dec. 30, 2010USD ($)$ / sharesshares | Feb. 12, 2009USD ($)shares | Feb. 04, 2008$ / shares | Jan. 31, 2019USD ($)sharesyr | Jul. 31, 2011shares | Jan. 31, 2011USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2013shares | Dec. 31, 2011USD ($)$ / sharesshares | May 31, 2010USD ($)shares | Jan. 01, 2019shares | May 19, 2017USD ($) | Dec. 29, 2010$ / shares |
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||||||||||||||
Undesignated stock, shares authorized | 20,000,000 | 20,000,000 | ||||||||||||||||||||
Net proceeds from issuance of common stock | $ | $ 50,469,000 | $ 15,379,000 | ||||||||||||||||||||
Warrants issued | 500 | 6,000,000 | 3,579,642 | |||||||||||||||||||
Exercise price of warrant | $ / shares | $ 7.20 | |||||||||||||||||||||
Fair market value of common stock per share | $ / shares | $ 4.01 | $ 2.86 | ||||||||||||||||||||
Common Stock, Value, Issued | $ | $ 56,000 | $ 41,000 | ||||||||||||||||||||
Common Stock, Shares, Issued | 56,894,642 | 41,190,905 | ||||||||||||||||||||
Research and development expense | $ | $ 7,467,000 | $ 6,471,000 | ||||||||||||||||||||
Minimum closing price of the common stock to require conversion | $ / shares | $ 18 | |||||||||||||||||||||
Stock issuance costs | $ | $ 47,000 | |||||||||||||||||||||
Preferred stock issuable | 3,000,000 | |||||||||||||||||||||
Preferred stock value | $ | $ 6,000,000 | |||||||||||||||||||||
Common shares issuable upon conversion of preferred stock | 2,000,000 | 1,667 | ||||||||||||||||||||
Number of shares agreed to issue and sell | 1,008,000 | |||||||||||||||||||||
Liquidation preference per share after series A preferred stock | $ / shares | $ 10,000 | |||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | |||||||||||||||||||||
Recognition of non cash charge related to extension of warrants | $ | $ 6,622,000 | $ 6,622,000 | ||||||||||||||||||||
Warrants Exercised | 500,000 | 3,579,642 | ||||||||||||||||||||
Price per warrants class | $ / shares | $ 7.20 | |||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Before Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 9,800 | |||||||||||||||||||||
Measurement Input, Price Volatility [Member] | After Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 10,600 | |||||||||||||||||||||
Measurement Input, Expected Dividend Rate | Before Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 0 | |||||||||||||||||||||
Measurement Input, Expected Dividend Rate | After Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 0 | |||||||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock price per share | $ / shares | $ 9 | |||||||||||||||||||||
Number of consecutive trading days prior to dividend payment date | 20 days | |||||||||||||||||||||
Series A One Warrant | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of consecutive trading days prior to dividend payment date | 15 days | |||||||||||||||||||||
Maximum | Minimum expected life range [member] | Before Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | yr | 1.33 | |||||||||||||||||||||
Maximum | Minimum expected life range [member] | After Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | yr | 6.33 | |||||||||||||||||||||
Maximum | Measurement Input, Risk Free Interest Rate [Member] | Before Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 259 | |||||||||||||||||||||
Maximum | Measurement Input, Risk Free Interest Rate [Member] | After Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 260 | |||||||||||||||||||||
Minimum | Minimum expected life range [member] | Before Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | yr | 5.09 | |||||||||||||||||||||
Minimum | Minimum expected life range [member] | After Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | yr | 0.09 | |||||||||||||||||||||
Minimum | Measurement Input, Risk Free Interest Rate [Member] | Before Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 240 | |||||||||||||||||||||
Minimum | Measurement Input, Risk Free Interest Rate [Member] | After Modification of Terms of Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Derivative liability | 256 | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price of warrant | $ / shares | $ 7 | |||||||||||||||||||||
Issuance of warrants, value | $ | $ 8,200,000 | |||||||||||||||||||||
Termination notice period | 30 days | |||||||||||||||||||||
Price per warrants class | $ / shares | $ 7 | |||||||||||||||||||||
Warrant [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Fair value assumptions, Measurement Input | 10,100 | |||||||||||||||||||||
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Fair value assumptions, Measurement Input | 233 | |||||||||||||||||||||
Warrant [Member] | Measurement Input, Expected Term [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Fair value assumptions, Measurement Input | yr | 7 | |||||||||||||||||||||
Series B-3 8% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A 12% convertible preferred stock, shares authorized | 2,508,000 | 2,508,000 | ||||||||||||||||||||
Series B-1 12% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Convertible stock conversion ratio | 1,200 | |||||||||||||||||||||
Series B-2 12% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A 12% convertible preferred stock, shares authorized | 2,100,000 | |||||||||||||||||||||
Series B-2 12% convertible preferred stock | Maximum | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Convertible preferred stock dividend | $ | $ 100,000 | |||||||||||||||||||||
Series C 6% super dividend redeemable convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Convertible preferred stock, shares authorized | 1,000 | 1,000 | ||||||||||||||||||||
Shares of common stock issued | 212 | 13 | ||||||||||||||||||||
Preferred stock, dividend rate | 6.00% | |||||||||||||||||||||
Stock price per share | $ / shares | $ 10,000 | $ 10,000 | ||||||||||||||||||||
Number of consecutive trading days for conversion of preferred stock | 15 days | |||||||||||||||||||||
Aggregate stated value and proceeds | $ | $ 2,120,000 | |||||||||||||||||||||
Liquidation preference per share after series A preferred stock | $ / shares | $ 10,000 | |||||||||||||||||||||
Proceeds from issuance of preferred stock, net | $ | $ 2,073,000 | $ 130,000 | ||||||||||||||||||||
Common stocks issued upon conversion of Preferred Stock | 293,340 | 293,340 | 33,756 | 40,193 | 8,334 | |||||||||||||||||
Post conversion dividend rights issued | 5 | 20 | 24 | |||||||||||||||||||
Post conversion redemption right, return on investment multiplier amount | $ | $ 10,000 | |||||||||||||||||||||
Preferred stock redemption price | $ / shares | $ 3 | |||||||||||||||||||||
Convertible preferred stock, redemption value | $ | $ 8,652,000 | |||||||||||||||||||||
Issuance of common stock (in shares) | 212 | 13 | ||||||||||||||||||||
Series C 6% super dividend redeemable convertible preferred stock | Series A Preferred Stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividend as percentage of net sales | 2.50% | |||||||||||||||||||||
Series C 6% super dividend redeemable convertible preferred stock | Series B One Preferred Stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividend as percentage of net sales | 1.25% | |||||||||||||||||||||
Series B-3 8% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A 12% convertible preferred stock, shares authorized | 2,508,000 | |||||||||||||||||||||
Preferred stock, dividend rate | 8.00% | |||||||||||||||||||||
Series A 12% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A 12% convertible preferred stock, shares authorized | 1,742,500 | |||||||||||||||||||||
Preferred stock, dividend rate | 12.00% | 12.00% | ||||||||||||||||||||
Stock price per share | $ / shares | $ 6 | |||||||||||||||||||||
Dividend, percentage of value weighted average share price | 100.00% | |||||||||||||||||||||
Conversion of Series A to common stock | 360,000 | |||||||||||||||||||||
Series A 12% convertible preferred stock | Scenario 2 | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock price per share | $ / shares | $ 12 | |||||||||||||||||||||
Series A 12% convertible preferred stock | Minimum | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Minimum closing price of the common stock to require conversion | $ / shares | $ 18 | |||||||||||||||||||||
Series B-1 12% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A 12% convertible preferred stock, shares authorized | 900,000 | 900,000 | ||||||||||||||||||||
Shares of common stock issued | 900,000 | |||||||||||||||||||||
Warrants issued | 1,800,000 | |||||||||||||||||||||
Preferred stock, dividend rate | 12.00% | |||||||||||||||||||||
Preferred stock value | $ | $ 6,000,000 | |||||||||||||||||||||
Issuance of common stock (in shares) | 900,000 | |||||||||||||||||||||
Series B-2 12% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A 12% convertible preferred stock, shares authorized | 2,100,000 | 2,100,000 | ||||||||||||||||||||
Shares of common stock issued | 2,100,000 | |||||||||||||||||||||
Warrants issued | 4,200,000 | |||||||||||||||||||||
Proceeds from issuance of equity | $ | $ 5,483,000 | |||||||||||||||||||||
Preferred stock issuable | 3,000,000 | |||||||||||||||||||||
Common shares issuable upon conversion of preferred stock | 2,000,000 | |||||||||||||||||||||
Convertible preferred shares | 50,000 | |||||||||||||||||||||
Common stocks issued upon conversion of Preferred Stock | 8,424 | |||||||||||||||||||||
shares relating to prorated dividend prior conversion | 90 | |||||||||||||||||||||
Issuance of common stock (in shares) | 2,100,000 | |||||||||||||||||||||
Series B redeemable convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividend, percentage of value weighted average share price | 100.00% | |||||||||||||||||||||
Number of consecutive trading days prior to dividend payment date | 20 days | |||||||||||||||||||||
Dividends accrue rate | 15.00% | |||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Convertible preferred stock, shares authorized | 12,748,500 | |||||||||||||||||||||
Shares of common stock issued | 10,488,161 | |||||||||||||||||||||
Net proceeds from issuance of common stock | $ | $ 44,900,000 | |||||||||||||||||||||
Conversion of Series A to common stock | 60,888 | |||||||||||||||||||||
Warrants Exercised | 2,622,154 | |||||||||||||||||||||
Issuance of common stock (in shares) | 10,488,161 | |||||||||||||||||||||
Other Agreements | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants issued | 290 | |||||||||||||||||||||
Exercise price of warrant | $ / shares | $ 5 | |||||||||||||||||||||
Research and development expense | $ | $ 12,000 | |||||||||||||||||||||
Price per warrants class | $ / shares | $ 5 | |||||||||||||||||||||
Other Agreements | Vendor | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common Stock, Shares, Issued | 2,883 | |||||||||||||||||||||
Other Agreements | Maximum | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common Stock, Value, Issued | $ | $ 100,000 | |||||||||||||||||||||
B Three Securities Purchase Agreement | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants to purchase common stock issued in agreeing not to sell any share for 18 months | 875,000 | |||||||||||||||||||||
B Three Securities Purchase Agreement | Maximum | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants to purchase common stock | 669,262 | |||||||||||||||||||||
B Three Securities Purchase Agreement | Series B-3 8% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of shares agreed to issue and sell | 1,500,000 | |||||||||||||||||||||
Aggregate stated value and proceeds | $ | $ 1,500,000 | |||||||||||||||||||||
Number of common stock issued upon conversion | 892,349 | |||||||||||||||||||||
2017 At Market Agreement | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Aggregate offering price | $ | $ 30,000,000 | |||||||||||||||||||||
Commission to sales agent as a percentage of gross proceeds | 3.00% | |||||||||||||||||||||
Shares of common stock issued | 662,459 | 669,714 | ||||||||||||||||||||
Net proceeds from issuance of common stock | $ | $ 2,930,000 | $ 5,603,000 | ||||||||||||||||||||
Issuance of common stock (in shares) | 662,459 | 669,714 | ||||||||||||||||||||
Amended B Three Securities Purchase Agreement | Maximum | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants to purchase common stock | 924,780 | |||||||||||||||||||||
Amended B Three Securities Purchase Agreement | Series B-3 8% convertible preferred stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of shares agreed to issue and sell | 1,008,000 | |||||||||||||||||||||
Aggregate stated value and proceeds | $ | $ 1,000,000 | |||||||||||||||||||||
Number of common stock issued upon conversion | 896,997 | |||||||||||||||||||||
Ten X Fund LP [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stocks issued upon conversion of Preferred Stock | 3,789,346 | |||||||||||||||||||||
Ten X Fund LP [Member] | Series B1 B2 and B3 Convertible Preferred Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Convertible preferred shares | 5,508,000 |
Return on Investment (Detail)
Return on Investment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Period 1 | |
Class of Stock [Line Items] | |
ROI Percentage | 200.00% |
Redemption date | before the second anniversary of the date of issuance; |
Period 2 | |
Class of Stock [Line Items] | |
ROI Percentage | 250.00% |
Redemption date | on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance; |
Period 3 | |
Class of Stock [Line Items] | |
ROI Percentage | 300.00% |
Redemption date | on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance; |
Period 4 | |
Class of Stock [Line Items] | |
ROI Percentage | 350.00% |
Redemption date | on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance; |
Period 5 | |
Class of Stock [Line Items] | |
ROI Percentage | 400.00% |
Redemption date | on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance; |
Period 6 | |
Class of Stock [Line Items] | |
ROI Percentage | 450.00% |
Redemption date | on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance; |
Period 7 | |
Class of Stock [Line Items] | |
ROI Percentage | 500.00% |
Redemption date | on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and |
Period 8 | |
Class of Stock [Line Items] | |
ROI Percentage | 550.00% |
Redemption date | on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance. |
Summary of Warrant Activity (De
Summary of Warrant Activity (Detail) - Warrant - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||
Beginning Balance | 10,647,026 | 13,229,778 |
Issued | 2,622,154 | 290 |
Exercised | (730,976) | (2,583,042) |
Ending Balance | 12,538,204 | 10,647,026 |
Summary of Information with Reg
Summary of Information with Regard to Outstanding Warrants Issued in Connection with Equity and Debt Financing and Consultants (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 30, 2010 | |
Equity [Line Items] | ||
Number Issued | 12,538,204 | |
Exercise Price | $ 7.20 | |
February 12, 2009 Series B-1 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | February 12, 2009 | |
Number Issued | 1,200,000 | |
Exercise Price | $ 3 | |
Expiration Date | Feb. 12, 2024 | |
May 13, 2009 Series B-2 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | May 13, 2009 | |
Number Issued | 600,000 | |
Exercise Price | $ 3 | |
Expiration Date | May 13, 2024 | |
June 30, 2009 Series B-2 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | June 30, 2009 | |
Number Issued | 333,333 | |
Exercise Price | $ 3 | |
Expiration Date | Jun. 30, 2024 | |
August 12, 2009 Series B-2 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | August 12, 2009 | |
Number Issued | 200,000 | |
Exercise Price | $ 3 | |
Expiration Date | Aug. 12, 2024 | |
September 30, 2009 Series B-2 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | September 30, 2009 | |
Number Issued | 216,666 | |
Exercise Price | $ 3 | |
Expiration Date | Sep. 30, 2024 | |
November 4, 2009 Series B-2 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | November 4, 2009 | |
Number Issued | 106,666 | |
Exercise Price | $ 3 | |
Expiration Date | Nov. 4, 2024 | |
December 8, 2009 Series B-2 Transaction | ||
Equity [Line Items] | ||
Exercisable Date | December 8, 2009 | |
Number Issued | 133,143 | |
Exercise Price | $ 3 | |
Expiration Date | Dec. 8, 2024 | |
January 29, 2010 Series B-2 Transaction | ||
Equity [Line Items] | ||
Number Issued | 216,667 | |
Exercise Price | $ 3 | |
Exercisable Date | Jan. 29, 2010 | |
Expiration Date | Jan. 29, 2025 | |
March 8, 2010 Series B-2 Transaction | ||
Equity [Line Items] | ||
Number Issued | 223,334 | |
Exercise Price | $ 3 | |
Exercisable Date | Mar. 8, 2010 | |
Expiration Date | Mar. 8, 2025 | |
April 30, 2010 Series B-2 Transaction | ||
Equity [Line Items] | ||
Number Issued | 204,192 | |
Exercise Price | $ 3 | |
Exercisable Date | Apr. 30, 2010 | |
Expiration Date | Apr. 30, 2025 | |
May 10, 2010 Series B-2 Transaction | ||
Equity [Line Items] | ||
Number Issued | 143,166 | |
Exercise Price | $ 3 | |
Exercisable Date | May 10, 2010 | |
Expiration Date | May 10, 2025 | |
November 25, 2015 Offering Warrants | ||
Equity [Line Items] | ||
Number Issued | 1,180,240 | |
Exercise Price | $ 2.50 | |
Exercisable Date | May 25, 2016 | |
Expiration Date | May 25, 2021 | |
September 22, 2016 Series B-3 Transaction | ||
Equity [Line Items] | ||
Expiration Date | September 22, 2023 | |
Number Issued | 698,158 | |
Exercise Price | $ 3 | |
Exercisable Date | Sep. 22, 2016 | |
September 29, 2016 Series B-3 Transaction | ||
Equity [Line Items] | ||
Number Issued | 846,100 | |
Exercise Price | $ 3 | |
Exercisable Date | Sep. 29, 2016 | |
Expiration Date | Sep. 29, 2023 | |
December 22, 2016 Private Placement Warrants | ||
Equity [Line Items] | ||
Number Issued | 1,466,204 | |
Exercise Price | $ 5 | |
Exercisable Date | Dec. 22, 2016 | |
Expiration Date | Dec. 23, 2023 | |
December 23, 2016 Series B-3 Transaction | ||
Equity [Line Items] | ||
Number Issued | 924,780 | |
Exercise Price | $ 3 | |
Exercisable Date | Dec. 23, 2016 | |
Expiration Date | Dec. 23, 2023 | |
December 28, 2016 Private Placement Warrants | ||
Equity [Line Items] | ||
Expiration Date | December 28, 2023 | |
Number Issued | 644,468 | |
Exercise Price | $ 5 | |
Exercisable Date | Dec. 28, 2016 | |
February 27, 2017 Private Placement Warrants | ||
Equity [Line Items] | ||
Number Issued | 76,776 | |
Exercise Price | $ 5 | |
Exercisable Date | Feb. 27, 2017 | |
Expiration Date | Feb. 27, 2024 | |
2018 and 2017 Warrants issued for services | ||
Equity [Line Items] | ||
Exercisable Date | Various dates in 2018<br/>and 2017 | |
Expiration Date | Various dates in 2025<br/>and 2024 | |
Number Issued | 2,157 | |
Exercise Price | $ 5 | |
December 19, 2017 Line of Credit Warrants | ||
Equity [Line Items] | ||
Number Issued | 500,000 | |
Exercise Price | $ 5 | |
Exercisable Date | Dec. 19, 2017 | |
Expiration Date | Dec. 19, 2024 | |
May 23, 2019 Rights offering warrants | ||
Equity [Line Items] | ||
Number Issued | 2,622,154 | |
Exercise Price | $ 7 | |
Exercisable Date | May 23, 2019 | |
Expiration Date | May 23, 2026 |
Summary of Information with R_2
Summary of Information with Regard to Outstanding Warrants Issued in Connection with Equity and Debt Financing and Consultants (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
February 12, 2009 Series B-1 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Feb. 12, 2009 |
Warrant issued price per share | $ 3 |
May 13, 2009 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | May 13, 2009 |
Warrant issued price per share | $ 3 |
June 30, 2009 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Jun. 30, 2009 |
Warrant issued price per share | $ 3 |
August 12, 2009 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Aug. 12, 2009 |
Warrant issued price per share | $ 3 |
September 30, 2009 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Sep. 30, 2009 |
Warrant issued price per share | $ 3 |
November 4, 2009 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Nov. 4, 2009 |
Warrant issued price per share | $ 3 |
December 8, 2009 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Dec. 8, 2009 |
Warrant issued price per share | $ 3 |
January 29, 2010 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Jan. 29, 2010 |
Warrant issued price per share | $ 3 |
March 8, 2010 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Mar. 8, 2010 |
Warrant issued price per share | $ 3 |
April 30, 2010 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Apr. 30, 2010 |
Warrant issued price per share | $ 3 |
May 10, 2010 Series B-2 Transaction | |
Equity [Line Items] | |
Warrant issuance date | May 10, 2010 |
Warrant issued price per share | $ 3 |
November 25, 2015 Offering Warrants | |
Equity [Line Items] | |
Warrant issuance date | Nov. 25, 2015 |
September 22, 2016 Series B-3 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Sep. 22, 2016 |
Warrant issued price per share | $ 3 |
September 29, 2016 Series B-3 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Sep. 29, 2016 |
Warrant issued price per share | $ 3 |
December 22, 2016 Private Placement Warrants | |
Equity [Line Items] | |
Warrant issuance date | Dec. 22, 2016 |
December 23, 2016 Series B-3 Transaction | |
Equity [Line Items] | |
Warrant issuance date | Dec. 23, 2016 |
Warrant issued price per share | $ 3 |
December 28, 2016 Private Placement Warrants | |
Equity [Line Items] | |
Warrant issuance date | Dec. 28, 2016 |
February 27, 2017 Private Placement Warrants | |
Equity [Line Items] | |
Warrant issuance date | Feb. 27, 2017 |
December 19, 2017 Line of Credit Warrants | |
Equity [Line Items] | |
Warrant issuance date | Dec. 19, 2017 |
May 23, 2019 Rights offering warrants | |
Equity [Line Items] | |
Warrant issuance date | May 23, 2019 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | May 23, 2019 | May 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-plan grants outstanding | 3,000,256 | 2,713,979 | 5,155,263 | ||
Expected life | 6 years | 5 years 8 months 12 days | |||
Expected dividend yield used in the option valuation model | 0.00% | 0.00% | |||
Common stock price | $ 2.86 | $ 4.01 | |||
Weighted-average grant-date fair values of options granted | $ 3.83 | $ 3.98 | |||
Unvested option | 407,500 | 54,865 | |||
Unrecognized compensation cost | $ 517,000 | ||||
Unrecognized compensation cost, recognition period | 10 months 27 days | ||||
Options vested | 130,490 | 1,409,804 | |||
Total fair value of options vested | $ 491,000 | $ 4,519,000 | |||
Number of options granted | 530,000 | 1,011,875 | |||
Intrinsic value of stock options | $ 594,302 | $ 11,076,199 | |||
Non Qualified Options Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-plan stock option grants to employees and non-employees | 1,477,379 | ||||
Non-plan grants outstanding | 500,000 | ||||
Incentive Compensation Plan 2009 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of common stock for issuance upon exercise of grants | 4,000,000 | 6,733,334 | |||
Stock awards, available for future grant | 4,000,000 | ||||
Number of options granted | 0 | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected life | 5 years | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected life | 10 years | ||||
Restricted Stock | Non Employees Seven Board Of Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock awards granted | 37,657 | ||||
Amortized expense | $ 90,000 | ||||
Restricted Stock | Non Employees Two Board Of Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock awards granted | 19,068 | ||||
Amortized expense | $ 90,000 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense Related to Common Stock Options, Restricted Common Stock and Common Stock Warrants (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 1,683 | $ 4,445 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 318 | 1,944 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 1,365 | $ 2,501 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.68% | 2.47% |
Expected life of the options | 6 years | 5 years 8 months 12 days |
Expected volatility of the underlying stock | 103.70% | 103.50% |
Expected dividend rate | 0.00% | 0.00% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||
Beginning Balance | 2,713,979 | 5,155,263 |
Granted | 530,000 | 1,011,875 |
Forfeited/Cancelled | (92,730) | (1,354,330) |
Exercised | (150,993) | (2,098,829) |
Ending Balance | 3,000,256 | 2,713,979 |
Exercisable, December 31, 2019 | 2,592,756 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 4.67 | $ 4.11 |
Granted | 4.72 | 5.01 |
Forfeited/Cancelled | 2.91 | 7.31 |
Exercised | 1.83 | 2 |
Ending Balance | 4.88 | $ 4.67 |
Exercisable, December 31, 2019 | $ 4.90 | |
Weighted Average Remaining Contractual Life (Years) | ||
Outstanding, December 31, 2018 | 6 years 2 months 19 days | |
Exercisable, December 31, 2019 | 5 years 9 months 10 days | |
Stock Options Aggregate Intrinsic Value | ||
Outstanding, December 31, 2018 | $ 705 | |
Exercisable, December 31, 2019 | $ 705 |
Summary of Additional Informati
Summary of Additional Information Regarding Outstanding and Exercisable Options under Stock Based Compensation Plans (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number of Shares | shares | 3,000,256 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 2 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $ 4.88 |
Options Exercisable, Number of Shares | shares | 2,592,756 |
Options Exercisable, Weighted Average Exercise Price | $ 4.90 |
$0.87-$1.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum Exercise Price | 0.87 |
Maximum Exercise Price | $ 1 |
Options Outstanding, Number of Shares | shares | 190,500 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 11 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 0.88 |
Options Exercisable, Number of Shares | shares | 190,500 |
Options Exercisable, Weighted Average Exercise Price | $ 0.88 |
$1.01-$3.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum Exercise Price | 1.01 |
Maximum Exercise Price | $ 3 |
Options Outstanding, Number of Shares | shares | 677,103 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 7 days |
Options Outstanding, Weighted Average Exercise Price | $ 2.37 |
Options Exercisable, Number of Shares | shares | 677,103 |
Options Exercisable, Weighted Average Exercise Price | $ 2.37 |
$3.01-$5.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum Exercise Price | 3.01 |
Maximum Exercise Price | $ 5 |
Options Outstanding, Number of Shares | shares | 1,071,678 |
Options Outstanding, Weighted Average Remaining Contractual Life | 8 years 2 months 8 days |
Options Outstanding, Weighted Average Exercise Price | $ 4.36 |
Options Exercisable, Number of Shares | shares | 664,178 |
Options Exercisable, Weighted Average Exercise Price | $ 4.13 |
$5.01 - $8.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum Exercise Price | 5.01 |
Maximum Exercise Price | $ 8 |
Options Outstanding, Number of Shares | shares | 878,475 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 7 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.55 |
Options Exercisable, Number of Shares | shares | 878,475 |
Options Exercisable, Weighted Average Exercise Price | $ 6.55 |
$8.01-$13.38 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum Exercise Price | 8.01 |
Maximum Exercise Price | $ 13.38 |
Options Outstanding, Number of Shares | shares | 182,500 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 21 days |
Options Outstanding, Weighted Average Exercise Price | $ 13.38 |
Options Exercisable, Number of Shares | shares | 182,500 |
Options Exercisable, Weighted Average Exercise Price | $ 13.38 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 29, 2019 | Jan. 01, 2019 | Dec. 19, 2017 | Dec. 30, 2010 | |
Line of Credit Facility [Line Items] | ||||||
Number of securities called by warrant | 500,000 | 3,579,642 | ||||
Exercise price of warrant | $ 7.20 | |||||
Warrant value | $ 696,000 | |||||
Expected life | 6 years | 5 years 8 months 12 days | ||||
Expected Volatility | 103.70% | 103.50% | ||||
Expected dividend | 0.00% | 0.00% | ||||
Risk free interest rate | 2.68% | 2.47% | ||||
Amortization of interest expense | $ 87,000 | $ 336,000 | ||||
Unsecured Line Of Credit | Director | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility | $ 10,000,000 | |||||
Short term borrowing interest rate | 1.60% | |||||
Number of securities called by warrant | 1,000,000 | 1,000,000 | ||||
Exercise price of warrant | $ 5 | $ 5 | ||||
Line of credit current | $ 0 | $ 0 | ||||
Warrant | ||||||
Line of Credit Facility [Line Items] | ||||||
Exercise price of warrant | $ 7 | |||||
Expected life | 7 years | |||||
Expected Volatility | 98.00% | |||||
Expected dividend | 0.00% | |||||
Risk free interest rate | 2.05% |
Computation of Diluted Net Loss
Computation of Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||
Net loss | $ (13,294) | $ (13,900) |
Preferred stock dividends | (263) | (1,147) |
Warrant modification | (6,622) | |
Net loss applicable to common stockholders | $ (20,179) | $ (15,047) |
Basic and diluted net loss per share | $ (0.39) | $ (0.38) |
Shares used in computing basic and diluted net loss per share | 52,238 | 39,414 |
Dilutive Shares Which Could Exi
Dilutive Shares Which Could Exist Pursuant to Exercise of Outstanding Stock Instruments and Which were not Included in Calculation (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 16,053,050 | 17,664,953 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 12,538,204 | 10,647,026 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 3,000,256 | 2,713,979 |
Contingently Issuable Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive shares not included in calculation | 514,590 | 4,303,948 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Commitment And Contingencies [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 38 months | |
Lease Deposits | $ 6,000 | |
Lease liability | $ 39,000 | |
Discount rate | 11.04% | |
Other assets | ||
Commitment And Contingencies [Line Items] | ||
Right-of-Use Asset | $ 84,000 | |
Accrued And Other Liabilities Current | ||
Commitment And Contingencies [Line Items] | ||
Lease liability | 39,000 | |
Other liabilities | ||
Commitment And Contingencies [Line Items] | ||
Non current lease liability | 52,000 | |
General and administrative | ||
Commitment And Contingencies [Line Items] | ||
Lease cost | $ 44,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Maturity of operating lease (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 47 |
2021 | 48 |
2022 | 8 |
Total | 103 |
Less imputed interest | 13 |
Present value of lease liability | $ 90 |
Galectin Science LLC - Addition
Galectin Science LLC - Additional Information (Detail) - Galectin Sciences, LLC - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2017 | |
Investments in and Advances to Affiliates [Line Items] | |||||||
Equity method investment in Galectin Sciences LLC | $ 400,000 | ||||||
Subsequent capital contribution | $ 73,000 | $ 147,000 | $ 164,000 | $ 1,547,000 | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Loss from equity method investment in Galectin Sciences, LLC | $ 400,000 | ||||||
Non-cash charge for in-process research and development | $ 200,000 | ||||||
SBH Sciences, Inc | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Subsequent capital contribution | $ 35,000 | $ 123,000 | |||||
SBH Sciences, Inc | In Process Research and Development | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Estimated fair value of the IPR&D Contributed by SBH | $ 400,000 | ||||||
Ownership Percentage | 80.80% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 34.00% |
Benefits related to stock options | $ 2,120,000 | ||
Deferred tax asset valuation allowance percentage in each of the last two years | 100.00% | ||
Scenario, Plan | |||
Income Taxes [Line Items] | |||
Statutory federal income tax rate | 21.00% | ||
Internal Revenue Service (IRS) | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 136,202,000 | ||
Operating loss carryforwards, expiration year | 2037 | ||
Research and development credits | $ 733,000 | ||
Research and development credits, expiration year | 2034 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 116,218,000 | ||
Operating loss carryforwards, expiration year | 2037 | ||
Research and development credits | $ 176,000 | ||
Research and development credits, expiration year | 2034 | ||
State and Local Jurisdiction | Internal Revenue Service (IRS) | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 20,938,000 |
Components of Net Deferred Tax
Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Operating loss carryforwards | $ 39,982 | $ 36,417 |
Tax credit carryforwards | 910 | 1,195 |
Other temporary differences | 5,278 | 4,678 |
Deferred Tax Assets, Gross, Total | 46,170 | 42,290 |
Less valuation allowance | (46,170) | (42,290) |
Net deferred tax asset | $ 0 | $ 0 |
Primary Factors Affecting Incom
Primary Factors Affecting Income Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Statutory Tax Rate [Line Items] | |||
Tax benefit at U.S. statutory rates | (21.00%) | (21.00%) | (34.00%) |
State tax benefit | (4.70%) | (4.70%) | |
Permanent differences | 0.80% | 4.00% | |
Other | (4.20%) | 1.10% | |
Changes in valuation allowance | 29.10% | 20.60% | |
Effective Income Tax Rate Reconciliation, Percent | (0.00%) | (0.00%) |