Protara Therapeutics (TARA) 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PROTEON THERAPEUTICS INC
Document Type	10-Q
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		16,449,164
Amendment Flag	FALSE
Entity Central Index Key	1359931
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$9,784	$68,840
Available-for-sale investments	69,741	14,755
Prepaid expenses and other current assets	1,208	1,006
Total current assets	80,733	84,601
Property and equipment, net	80	83
Other non-current assets	114	114
Total assets	80,927	84,798
Current liabilities:
Accounts payable	1,205	917
Accrued expenses	1,429	1,421
Total current liabilities	2,634	2,338
Total liabilities	2,634	2,338
Commitments and contingencies (Note 5)
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2015 and December 31, 2014; 16,448,691 and 16,448,455 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	16	16
Additional paid-in capital	192,731	192,324
Accumulated deficit	-114,454	-109,874
Accumulated other comprehensive loss		-6
Total stockholders’ equity	78,293	82,460
Total liabilities and stockholders’ equity	$80,927	$84,798

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock,shares outstanding	0	0
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,448,691	16,448,455
Common stock, shares outstanding	16,448,691	16,448,455

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating expenses:
Research and development	$2,633,000	$1,189,000
General and administrative	1,987,000	744,000
Total operating expenses	4,620,000	1,933,000
Loss from operations	-4,620,000	-1,933,000
Other income (expense):
Investment income	40,000
Interest expense		-828,000
Other expense		-70,000
Total other income (expense)	40,000	-898,000
Net loss	-4,580,000	-2,831,000
Unrealized gain on available-for-sale investments	6,000
Accretion of redeemable convertible preferred stock to redemption value		-1,512,000
Net loss attributable to common stockholders	-4,580,000	-4,343,000
Net loss per share attributable to common stockholders - basic and diluted (in Dollars per share)	($0.28)	($18.09)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in Shares)	16,448,688	240,138
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	407,000	17,000
Comprehensive loss	-4,574,000	-2,831,000
Research and Development Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	110,000	10,000
General and Administrative Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	$297,000	$7,000

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($4,580)	($2,831)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	8	7
Amortization of premium/discount on available-for-sale securities	198	4
Accretion of discount and debt issuance cost of convertible notes payable		741
Stock-based compensation	407	17
Change in fair value of derivative liability		69
Changes in:
Prepaid expenses and other assets	103	-259
Interest receivable	-305	15
Accounts payable and accrued expenses	296	589
Accrued interest payable		86
Net cash used in operating activities	-3,873	-1,562
Investing activities
Purchases of available-for-sale investments	-58,139
Proceeds from maturities of available-for-sale investments	2,961	2,355
Purchase of property and equipment	-5
Net cash (used in) provided by investing activities	-55,183	2,355
(Decrease) increase in cash and cash equivalents	-59,056	793
Cash and cash equivalents, beginning of period	68,840	2,793
Cash and cash equivalents, end of period	9,784	3,586
Supplemental disclosure of non-cash investing and financing activities
Accretion of redeemable convertible preferred stock to redemption value		1,512
Fair value of derivative embedded within convertible notes payable		$1,512

Note_1_Organization_and_Operat

Note 1 - Organization and Operations	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	1	Organization and Operations
	The Company
	Proteon Therapeutics, Inc. (the “Company”) is a late-stage biopharmaceutical company focused on the development of novel, first-in-class pharmaceuticals to address the needs of patients with renal and vascular disease.  The Company was formed in June 2001 and incorporated on March 24, 2006.  During 2013, the Company formed a wholly-owned subsidiary, organized in the United Kingdom, Proteon Therapeutics Limited. As of March 31, 2015, there has been no activity in this subsidiary other than its formation. During 2014, the Company formed a wholly-owned Massachusetts Securities Corporation subsidiary as a holding company for its available-for-sale investments, Proteon Securities Corp.  The Company completed its initial public offering of its common stock, $0.001 par value per share (“Common Stock”) on October 27, 2014 (the “IPO”). Since inception, the Company has been primarily involved in research and development activities.
	The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals.
	As of March 31, 2015, the Company had cash, cash equivalents and available-for-sale investments of $79.5 million.  The Company believes that its existing cash, cash equivalents and available-for-sale investments will be sufficient to fund operations and capital expenditures into 2018.  The Company had an accumulated deficit of $114.5 million as of March 31, 2015.

Note_2_Summary_of_Significant_

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2	Summary of Significant Accounting Policies
	Initial Public Offering
	On October 27, 2014, the Company completed the IPO of its Common Stock, pursuant to a registration statement on Form S-1, as amended.  An aggregate of 7,026,500 shares of Common Stock registered under the registration statement were sold at a price of $10.00 per share (including 916,500 shares of Common Stock sold by the Company pursuant to the full exercise of an overallotment option granted to the Company’s underwriters in connection with the IPO).  Net proceeds of the IPO were $62.5 million, after deducting underwriting discounts, commissions and offering-related expenses payable by the Company of approximately $7.8 million. In this transaction, all shares of the Company’s redeemable convertible preferred stock (the “Preferred Stock”) were automatically converted into an aggregate of 8,651,805 shares of its Common Stock and the Series D redeemable convertible preferred stock (the “Series D Preferred Stock”) investors’ rights and obligations were either exercised or extinguished.
	Reverse Stock Split
	On October 1, 2014, the Board of Directors and on October 3, 2014, the stockholders approved a 1-for-15.87 reverse stock split of the Company’s Common Stock and resulting in a proportional adjustment to the existing conversion ratios for each series of Preferred Stock. The effective date of the reverse stock split was October 6, 2014. All share, share equivalent and per share amounts have been adjusted to reflect the reverse stock split. The ratios by which shares of Preferred Stock are convertible into shares of Common Stock were also adjusted to reflect the effects of the reverse stock split.
	Basis of Presentation and Principles of Consolidation
	The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2014 and notes thereto, included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.
	The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to fairly present the Company’s financial position as of March 31, 2015, the results of its operations for the three months ended March 31, 2015 and 2014 and its cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015, or for any future period.
	The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Proteon Therapeutics Limited and Proteon Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to convertible notes, stock-based compensation expense, clinical trial accruals and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
	The Company historically utilized significant estimates and assumptions in determining the fair value of its Common Stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its Common Stock prior to its IPO. Each valuation methodology included estimates and assumptions that required the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of Preferred Stock, the superior rights and preferences of securities senior to the Company’s Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could have resulted in different fair values of Common Stock at each valuation date and materially affected the financial statements.
	Fair Value of Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents, available-for-sale investments, accounts payable, accrued liabilities, convertible promissory notes (“Convertible Notes”) and features embedded in the Convertible Notes (see Note 4). The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures, established a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the best information available under the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. Fair value measurements are classified and disclosed in one of the following three categories:
		·	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
		·	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
		·	Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.
	To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Financial instruments measured at fair value on a recurring basis include cash equivalents and short-term investments (see Note 3). There have been no changes to the valuation methods utilized by the Company during the three months ended March 31, 2015 and 2014. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the three months ended March 31, 2015 and 2014.
	Recent Accounting Pronouncements
	In May 2014, the FASB issued a new standard on revenue recognition providing a single, comprehensive revenue recognition model for all contracts with customers. The new revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective beginning January 1, 2017, with no early adoption permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact of the new guidance on our condensed consolidated financial statements, if any.
	In August 2014, the FASB issued authoritative guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. This guidance will be effective for the Company’s fiscal year 2016 and for interim periods beginning in the first quarter of fiscal 2017. The Company is still evaluating the impact of this guidance on its financial statement disclosures.
	There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.

Note_3_Financial_Instruments

Note 3 - Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	3	Financial Instruments
	Below is a summary of assets and liabilities measured at fair value (in thousands):
			As of March 31, 2015
			Quoted Prices		Significant		Significant			Total
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
	Financial assets
	Cash equivalents		$	9,778	$	-	$	-		$	9,778
	Government securities			64,452		-		-			64,452
	Corporate bonds			-		5,289		-			5,289
	Total		$	74,230	$	5,289	$	-		$	79,519
			As of December 31, 2014
			Quoted Prices		Significant		Significant			Total
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
	Financial assets
	Cash equivalents		$	68,830	$	-	$	-		$	68,830
	Government securities			6,508		-		-			6,508
	Corporate bonds					8,247		-			8,247
	Total		$	75,338	$	8,247	$	-		$	83,585
	As of March 31, 2015 and December 31, 2014, the Company’s cash equivalents consist principally of money market funds. Government securities consist principally of government debt securities and money market funds which are classified as available-for-sale. Corporate bonds consist of bonds issued by highly-rated corporate entities which are classified as available-for-sale. Cash equivalents and government securities are stated at fair value and consist of Level 1 financial instruments in the fair value hierarchy. The Company determines the fair value of its debt security holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. These market prices are quoted prices in active markets for identical assets (Level 1 inputs). Corporate bonds are stated at fair value and consist of Level 2 financial instruments in the fair value hierarchy. The Company determines the fair value of its corporate bonds holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. Such market prices are based on inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly (Level 2 inputs).
	Available-for-sale securities at March 31, 2015 and December 31, 2014 consist of the following (in thousands):
			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	31-Mar-15
	Government securities
	(Due within 1 year)		$	64,452	$	4	$	(4	)	$	64,452
	Corporate bonds
	(Due within 1 year)			5,289		1		(1	)		5,289
			$	69,741	$	5	$	(5	)	$	69,741
	31-Dec-14
	Government securities
	(Due within 1 year)		$	6,510	$	-	$	(2	)	$	6,508
	Corporate bonds
	(Due within 1 year)			8,251		-		(4	)		8,247
			$	14,761	$	-	$	(6	)	$	14,755

Note_4_Convertible_Notes

Note 4 - Convertible Notes	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	4	Convertible Notes
	On September 4, 2013, the Company issued Convertible Notes with total aggregate proceeds of $4.3 million.  The Convertible Notes accrued interest at 8% per annum and matured on or after March 31, 2014 upon written notice from a majority of the outstanding Convertible Note holders. On May 13, 2014, the Convertible Notes were converted to Series D Preferred Stock.
	The Company recorded approximately $1.4 million as the fair value of the Convertible Notes’ combined embedded derivative liability upon issuance on September 4, 2013, with a corresponding amount recorded as debt discount. The debt discount and amounts recorded for issuance costs and embedded features were amortized to interest expense over the life of the Convertible Notes. Changes in the estimated fair value of the embedded features were recorded in earnings in the period in which they occurred.

Note_5_Commitments_and_Conting

Note 5 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	5	Commitments and Contingencies
	Significant Contracts and Agreements
	In February 2002, the Company entered into an agreement to license certain intellectual property with Johns Hopkins University. The agreement calls for payments to be made by the Company upon the commencement of product sales, in the form of a royalty of 2.5% on net sales of the product. As of the three months ended March 31, 2015 the Company has not commenced product sales and therefore has recognized no royalties on product sales.
	Operating Leases
	Future minimum payments required under the leases as of March 31, 2015 are summarized as follows (in thousands):
	Year Ending December 31:		Amount
	2015		$	126
	2016			168
	2017			168
	2018			84
	Total minimum lease payments		$	546
	Rental expense for the three months ended March 31, 2015 and 2014 was $46,000 and $47,000, respectively. In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the lease agreement. As of March 31, 2015, the Company has provided a security deposit in the amount of $14,000 to the Lessor.
	Restricted cash related to facilities leases
	At March 31, 2015 and December 31, 2014, the Company had $14,000 and $39,000, respectively, in an outstanding letter of credit to be used as collateral for leased premises. At March 31, 2015 and December 31, 2014, the Company pledged an aggregate of $14,000 and $39,000, respectively, to the bank as collateral for the letter of credit, which is included in long-term assets and both short-term deposits and long-term assets, respectively.

Note_6_Common_Stock

Note 6 - Common Stock	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	6	Common Stock
	At March 31, 2015, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 16,448,691 shares were issued and outstanding.  The Company has the following shares of Common Stock reserved for future issuance:
			March 31,		December 31,
			2015		2014
	Stock-based compensation awards			2,465,079		1,807,349
	Employee Stock Purchase Plan			304,991		140,500
	Total			2,770,070		1,947,849

Note_7_Stockbased_Compensation

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7	Stock-based Compensation
	Stock Options
	The following table summarizes stock option activity for employees and non-employees:
			Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
	Outstanding at December 31, 2014			1,235,526		$	4.19		7.1	$	7,709
	Granted			399,929		$	10.61
	Exercised			(236	)	$	1.27
	Outstanding at March 31, 2015			1,635,219		$	5.76		7.6	$	9,632
	Exercisable at March 31, 2015			593,324		$	2.38		4.4	$	5,505
	Vested or expected to vest at March 31, 2015 (1)			1,526,587		$	5.65		7.4	$	9,153
	(1) Represents the number of vested options at March 31, 2015 plus the number of unvested options expected to vest based on the unvested options outstanding at March 31, 2015.
	Employee Stock Purchase Plan
	The 2014 ESPP initially authorized the issuance of up to 140,500 shares of Common Stock. The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 281,000 shares and any lower amount determined by the Company’s Board of Directors prior to each such January 1st. As of March 31, 2015, as a result of an increase on January 1, 2015 of one percent of the outstanding shares as of the end of the fiscal year ending December 31, 2014, the 2014 ESPP authorized the issuance of up to 304,991 shares of Common Stock. The first offering under the 2014 ESPP began on January 1, 2015. The Company incurred $11,000 in stock-based compensation expense related to the 2014 ESPP for the three months ended March 31, 2015.

Note_8_Income_Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	8	Income Taxes
	Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The Company has evaluated the positive and negative evidence bearing upon the Company’s ability to realize the benefit of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has provided a full valuation allowance against its deferred tax assets. There were no significant income tax provisions or benefits for the three months ended March 31, 2015 and 2014.

Note_9_Net_Loss_Per_Share_Attr

Note 9 - Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	9	Net Loss per Share Attributable to Common Stockholders
	The Company computes basic and diluted loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three month periods ended March 31, 2015 and 2014 resulted in net losses, there is no income allocation required under the two-class method or dilution attributed to weighted-average shares outstanding in the calculation of diluted loss per share.
	The following Common Stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect (in thousands):
			Three Months Ended March 31,
			2015		2014
	Convertible preferred stock			-		4,254
	Common stock warrants			-		660
	Outstanding stock options			1,635		607
	Outstanding ESPP shares			3		-
	Convertible notes			-		249
				1,638		5,770

Note_10_Subsequent_Events

Note 10 - Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	10	Subsequent Events
	The Company has evaluated all activity that occurred subsequent to quarter end but prior to issuance of the condensed consolidated financial statements for events or transactions that could require disclosure or that could impact the carrying value of assets or liabilities as of the balance sheet date. In the judgment of management, there were no material events that impacted the unaudited condensed financial statements or disclosures.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation
	The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2014 and notes thereto, included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.
	The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to fairly present the Company’s financial position as of March 31, 2015, the results of its operations for the three months ended March 31, 2015 and 2014 and its cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015, or for any future period.
	The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Proteon Therapeutics Limited and Proteon Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to convertible notes, stock-based compensation expense, clinical trial accruals and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
	The Company historically utilized significant estimates and assumptions in determining the fair value of its Common Stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its Common Stock prior to its IPO. Each valuation methodology included estimates and assumptions that required the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of Preferred Stock, the superior rights and preferences of securities senior to the Company’s Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could have resulted in different fair values of Common Stock at each valuation date and materially affected the financial statements.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents, available-for-sale investments, accounts payable, accrued liabilities, convertible promissory notes (“Convertible Notes”) and features embedded in the Convertible Notes (see Note 4). The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures, established a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the best information available under the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. Fair value measurements are classified and disclosed in one of the following three categories:
		·	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
		·	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
		·	Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.
	To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Financial instruments measured at fair value on a recurring basis include cash equivalents and short-term investments (see Note 3). There have been no changes to the valuation methods utilized by the Company during the three months ended March 31, 2015 and 2014. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the three months ended March 31, 2015 and 2014.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements
	In May 2014, the FASB issued a new standard on revenue recognition providing a single, comprehensive revenue recognition model for all contracts with customers. The new revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective beginning January 1, 2017, with no early adoption permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact of the new guidance on our condensed consolidated financial statements, if any.
	In August 2014, the FASB issued authoritative guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. This guidance will be effective for the Company’s fiscal year 2016 and for interim periods beginning in the first quarter of fiscal 2017. The Company is still evaluating the impact of this guidance on its financial statement disclosures.
	There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.

Note_3_Financial_Instruments_T

Note 3 - Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]		As of March 31, 2015
		Quoted Prices		Significant		Significant			Total
		in Active		Observable		Unobservable
		Markets		Inputs		Inputs
		(Level 1)		(Level 2)		(Level 3)
	Financial assets
	Cash equivalents	$	9,778	$	-	$	-		$	9,778
	Government securities		64,452		-		-			64,452
	Corporate bonds		-		5,289		-			5,289
	Total	$	74,230	$	5,289	$	-		$	79,519
		As of December 31, 2014
		Quoted Prices		Significant		Significant			Total
		in Active		Observable		Unobservable
		Markets		Inputs		Inputs
		(Level 1)		(Level 2)		(Level 3)
	Financial assets
	Cash equivalents	$	68,830	$	-	$	-		$	68,830
	Government securities		6,508		-		-			6,508
	Corporate bonds				8,247		-			8,247
	Total	$	75,338	$	8,247	$	-		$	83,585
Available-for-sale Securities [Table Text Block]		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	31-Mar-15
	Government securities
	(Due within 1 year)	$	64,452	$	4	$	(4	)	$	64,452
	Corporate bonds
	(Due within 1 year)		5,289		1		(1	)		5,289
		$	69,741	$	5	$	(5	)	$	69,741
	31-Dec-14
	Government securities
	(Due within 1 year)	$	6,510	$	-	$	(2	)	$	6,508
	Corporate bonds
	(Due within 1 year)		8,251		-		(4	)		8,247
		$	14,761	$	-	$	(6	)	$	14,755

Note_5_Commitments_and_Conting1

Note 5 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year Ending December 31:	Amount
	2015	$	126
	2016		168
	2017		168
	2018		84
	Total minimum lease payments	$	546

Note_6_Common_Stock_Tables

Note 6 - Common Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Common Stock Reserve for Future Issuance [Table Text Block]		March 31,		December 31,
		2015		2014
	Stock-based compensation awards		2,465,079		1,807,349
	Employee Stock Purchase Plan		304,991		140,500
	Total		2,770,070		1,947,849

Note_7_Stockbased_Compensation1

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]		Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
	Outstanding at December 31, 2014		1,235,526		$	4.19		7.1	$	7,709
	Granted		399,929		$	10.61
	Exercised		(236	)	$	1.27
	Outstanding at March 31, 2015		1,635,219		$	5.76		7.6	$	9,632
	Exercisable at March 31, 2015		593,324		$	2.38		4.4	$	5,505
	Vested or expected to vest at March 31, 2015 (1)		1,526,587		$	5.65		7.4	$	9,153

Note_9_Net_Loss_Per_Share_Attr1

Note 9 - Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]		Three Months Ended March 31,
		2015		2014
	Convertible preferred stock		-		4,254
	Common stock warrants		-		660
	Outstanding stock options		1,635		607
	Outstanding ESPP shares		3		-
	Convertible notes		-		249
			1,638		5,770

Note_1_Organization_and_Operat1

Note 1 - Organization and Operations (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Disclosure Text Block [Abstract]
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$0.00	$0.00
Cash, Cash Equivalents, and Short-term Investments	$79,500,000
Retained Earnings (Accumulated Deficit)	($114,454,000)	($109,874,000)

Note_2_Summary_of_Significant_1

Note 2 - Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Oct. 21, 2014	Oct. 27, 2014
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	236
IPO [Member] | Underwriters [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		916,500
IPO [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Stock Issued During Period, Shares, New Issues			7,026,500
Share Price (in Dollars per share)			$10
Proceeds from Issuance Initial Public Offering (in Dollars)			$62.50
Payments of Stock Issuance Costs (in Dollars)			$7.80
Conversion of Stock, Shares Converted			8,651,805

Note_3_Financial_Instruments_D

Note 3 - Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Financial assets
Assets	$79,519	$83,585
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member]
Financial assets
Assets	9,778	68,830
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Financial assets
Assets	64,452	6,508
Fair Value, Inputs, Level 1 [Member]
Financial assets
Assets	74,230	75,338
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Financial assets
Assets	5,289	8,247
Fair Value, Inputs, Level 2 [Member]
Financial assets
Assets	5,289	8,247
Cash Equivalents [Member]
Financial assets
Assets	9,778	68,830
US Government Agencies Debt Securities [Member]
Financial assets
Assets	64,452	6,508
Corporate Debt Securities [Member]
Financial assets
Assets	$5,289	$8,247

Note_3_Financial_Instruments_D1

Note 3 - Financial Instruments (Details) - Available-for-sale Securities (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$69,741	$14,761
Unrealized Gains	5
Unrealized Losses	-5	-6
Fair Value	69,741	14,755
US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	64,452	6,510
Unrealized Gains	4
Unrealized Losses	-4	-2
Fair Value	64,452	6,508
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,289	8,251
Unrealized Gains	1
Unrealized Losses	-1	-4
Fair Value	$5,289	$8,247

Note_4_Convertible_Notes_Detai

Note 4 - Convertible Notes (Details) (USD $)	Sep. 04, 2013
In Millions, unless otherwise specified
Debt Disclosure [Abstract]
Convertible Debt	$4.30
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Embedded Derivative, Fair Value of Embedded Derivative Liability	$1.40

Note_5_Commitments_and_Conting2

Note 5 - Commitments and Contingencies (Details) (USD $)	1 Months Ended	3 Months Ended
	Feb. 28, 2002	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Royalty Payment Percentage Of Net Sales	2.50%
Royalty Expense		$0
Operating Leases, Rent Expense		46,000	47,000
Security Deposit		14,000
Letters of Credit Outstanding, Amount		14,000		39,000
Loans Pledged as Collateral		$14,000		$39,000

Note_5_Commitments_and_Conting3

Note 5 - Commitments and Contingencies (Details) - Future Minimum Payments Operating Leases (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Future Minimum Payments Operating Leases [Abstract]
2015	$126
2016	168
2017	168
2018	84
Total minimum lease payments	$546

Note_6_Common_Stock_Details

Note 6 - Common Stock (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$0.00	$0.00
Common Stock, Shares, Issued	16,448,691	16,448,455
Common Stock, Shares, Outstanding	16,448,691	16,448,455

Note_6_Common_Stock_Details_Re

Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock	Mar. 31, 2015	Dec. 31, 2014
Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	2,770,070	1,947,849
Performance Shares [Member]
Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	2,465,079	1,807,349
The 2014 Employee Stock Purchase Plan [Member]
Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	304,991	140,500

Note_7_Stockbased_Compensation2

Note 7 - Stock-based Compensation (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 01, 2015	Dec. 31, 2014
Note 7 - Stock-based Compensation (Details) [Line Items]
Allocated Share-based Compensation Expense (in Dollars)	$407,000	$17,000
Maximum [Member] | The 2014 Employee Stock Purchase Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage			1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized			281,000
The 2014 Employee Stock Purchase Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	304,991			140,500
Allocated Share-based Compensation Expense (in Dollars)	$11,000

Note_7_Stockbased_Compensation3

Note 7 - Stock-based Compensation (Details) - Stock Option Activity for Employees and Non-employees (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Stock Option Activity for Employees and Non-employees [Abstract]
Options	1,635,219		1,235,526
Weighted-Average Exercise Price	$5.76		$4.19
Weighted-Average Remaining Contractual Term (years)	7 years 219 days		7 years 36 days
Aggregate Intrinsic Value	$9,632		$7,709
Granted	399,929
Granted	$10.61
Exercised	-236
Exercised	$1.27
Exercisable at March 31, 2015	593,324
Exercisable at March 31, 2015	$2.38
Exercisable at March 31, 2015	4 years 146 days
Exercisable at March 31, 2015	5,505
Vested or expected to vest at March 31, 2015 (1)	1,526,587	[1]
Vested or expected to vest at March 31, 2015 (1)	$5.65	[1]
Vested or expected to vest at March 31, 2015 (1)	7 years 146 days	[1]
Vested or expected to vest at March 31, 2015 (1)	$9,153	[1]
[1]	Represents the number of vested options at March 31, 2015 plus the number of unvested options expected to vest based on the unvested options outstanding at March 31, 2015.

Note_8_Income_Taxes_Details

Note 8 - Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$0	$0

Note_9_Net_Loss_Per_Share_Attr2

Note 9 - Net Loss Per Share Attributable to Common Stockholders (Details) - Common Stock Equivalents Exluded From Calculation of Net Loss Per Share	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	1,638	5,770
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		4,254
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		660
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	1,635	607
The 2014 Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	3
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		249