Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | PROTEON THERAPEUTICS INC | |
Entity Central Index Key | 1,359,931 | |
Trading Symbol | prto | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 16,771,072 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 34,132 | $ 36,392 |
Available-for-sale investments | 4,925 | |
Prepaid expenses and other current assets | 1,255 | 1,438 |
Total current assets | 35,387 | 42,755 |
Property and equipment, net | 338 | 372 |
Other non-current assets | 299 | 393 |
Total assets | 36,024 | 43,520 |
Current liabilities: | ||
Accounts payable | 474 | 556 |
Accrued expenses | 2,549 | 4,523 |
Total current liabilities | 3,023 | 5,079 |
Total liabilities | 3,023 | 5,079 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2017 and December 31, 2016; 16,771,072 and 16,603,559 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 17 | 17 |
Additional paid-in capital | 199,259 | 198,201 |
Accumulated deficit | (166,275) | (159,777) |
Total stockholders’ equity | 33,001 | 38,441 |
Total liabilities and stockholders’ equity | $ 36,024 | $ 43,520 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,771,072 | 16,603,559 |
Common stock, shares oustanding (in shares) | 16,771,072 | 16,603,559 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses: | ||
Research and development | $ 4,246 | $ 4,349 |
General and administrative | 2,234 | 2,470 |
Total operating expenses | 6,480 | 6,819 |
Loss from operations | (6,480) | (6,819) |
Other income (expense): | ||
Investment income | 32 | 56 |
Other (expense) income, net | (50) | 211 |
Total other (expense) income | (18) | 267 |
Net loss | (6,498) | (6,552) |
Unrealized gain on available-for-sale investments | 23 | |
Comprehensive loss | (6,498) | (6,529) |
Net loss attributable to common stockholders | $ (6,498) | $ (6,552) |
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share) | $ (0.39) | $ (0.40) |
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares) | 16,636,201 | 16,507,586 |
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense: | ||
Allocated share-based compensation | $ 845 | $ 866 |
Included in other (expense) income, net, above, are the following amounts from forward foreign currency contracts: | ||
Realized gains from forward foreign currency contracts | 6 | |
Unrealized gains from forward foreign currency contracts | 178 | |
Total | 184 | |
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 | 298 | 308 |
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 | $ 547 | $ 558 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (6,498) | $ (6,552) |
Reconciliation of net loss to net cash used in operating activities: | ||
Depreciation | 40 | 24 |
Amortization of premium/discount on available-for-sale securities | 4 | 36 |
Unrealized gain on forward foreign currency contracts included in net income | (178) | |
Foreign currency remeasurement loss | (59) | (28) |
Stock-based compensation | 845 | 866 |
Changes in: | ||
Prepaid expenses and other assets | 293 | 331 |
Interest receivable | (15) | (26) |
Accounts payable, accrued expenses and other current liabilities | (2,056) | (367) |
Net cash used in operating activities | (7,446) | (5,894) |
Investing activities | ||
Purchases of available-for-sale investments | (23,721) | |
Proceeds from maturities of available-for-sale investments | 4,920 | 13,614 |
Purchase of property and equipment | (6) | (8) |
Net cash provided by (used in) investing activities | 4,914 | (10,115) |
Financing activities | ||
Exercise of stock options | 108 | 12 |
Proceeds from issuance of common stock, net of issuance costs | 105 | |
Net cash provided by financing activities | 213 | 12 |
Effect of exchange rate changes on cash | 59 | 28 |
Decrease in cash and cash equivalents | (2,260) | (15,969) |
Cash and cash equivalents, beginning of period | 36,392 | 40,031 |
Cash and cash equivalents, end of period | $ 34,132 | $ 24,062 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
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 June 2001 March 24, 2006. 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 therapeutic alternatives and larger companies, compliance with government regulations, protection of proprietary technology, dependence on third As of March 31, 2017, $34.1 third 2018. $166.3 March 31, 2017. On November 12, 2015, 3 $40 January 12, 2016. 3% March 16, 2017 I.B.6 3, may three March 31, 2017, 93,512 $0.2 $0.1 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation, Principles of Consolidation and Use of Estimates 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, 2016 10 March 16, 2017. 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, 2017, three March 31, 2017 2016 three March 31, 2017 2016. three March 31, 2017 December 31, 2017, The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. 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”). 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 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 Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, available-for-sale investments, forward foreign currency contracts (see Note 4), 820, Fair Value Measurement and Disclosures one three ☐ Level 1—Valuations ☐ Level 2—Valuations ☐ Level 3—Valuations 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. Financial instruments measured at fair value on a recurring basis include cash equivalents, short-term investments and forward foreign currency contracts (see Note 3). three March 31, 2017 2016. three March 31, 2017 2016. Derivative Financial Instruments The Company purchases Swiss Francs and enters into forward foreign currency contracts from time to time to mitigate its exposure to fluctuations in the exchange rates between the Swiss Franc and the U.S. dollar (see Note 4). Recent Accounting Pronouncements In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718): 2016 09”), 2016 09 December 15, 2016, 2016 09 March 31, 2017. $0.6 There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10 March 16, 2017. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements Below is a summary of assets and liabilities measured at fair value (in thousands): As of March 31, 2017 Quoted Prices Significant Significant Total Assets Cash equivalents $ 21,507 $ - $ - $ 21,507 Government securities - - - - Total $ 21,507 $ - $ - $ 21,507 As of December 31, 2016 Quoted Prices Significant Significant Total Assets Cash equivalents $ 28,876 $ - $ - $ 28,876 Government securities 4,925 - - 4,925 Total $ 33,801 $ - $ - $ 33,801 As of March 31, 2017 December 31, 2016, 90 Available-for-sale securities as of December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2016 Government securities (Due within 1 year) $ 4,924 $ 1 $ - $ 4,925 $ 4,924 $ 1 $ - $ 4,925 There were no available-for-sale securities as of March 31, 2017. |
Note 4 - Derivative Financial I
Note 4 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4. Derivative Financial Instruments Beginning in May 2015 2016, three March 31, 2016, December 31, 2016, |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. Commitments and Contingencies In July 2015, March 31, 2017, 7.6 $7.6 three July 2017 one 2019. March 31, 2017. Future minimum payments required under operating leases as of March 31, 2017 Year Ending December 31: Amount 2017 128 2018 84 Total minimum lease payments $ 212 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, 2017, $14,000 Restricted cash related to facilities leases As of March 31, 2017 December 31, 2016, $14,000 March 31, 2017 December 31, 2016, $14,000 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Stock-based Compensation Stock Options The following table summarizes stock option activity for employees and non-employees: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2016 2,166,254 $ 8.55 7.1 $ 124 Granted 659,342 $ 2.05 Exercised (74,001 ) $ 1.45 Outstanding at March 31, 2017 2,751,595 $ 7.18 7.6 $ 64 Exercisable at March 31, 2017 1,242,299 $ 7.35 6.0 $ 64 Vested or expected to vest at March 31, 2017 (1) 2,751,595 $ 7.18 7.6 $ 64 ___________________ (1) March 31, 2017 March 31, 2017. Employee Stock Purchase Plan The 2014 140,500 January 1, January 1, 2015 January 1, 2024, one 281,000 January 1st. January 1, 2017. March 31, 2017, 2014 304,991 fifth 2014 January 1, 2017 June 30, 2017. No three March 31, 2017 2014 Common Stock The Company has the following shares reserved for future issuance: March 31, December, 31 Stock-based compensation awards 3,572,611 2,982,470 Employee Stock Purchase Plan 292,821 292,821 Total 3,865,432 3,275,291 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. 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 three March 31, 2017 2016. The Company adopted ASU 2016 09, Improvements to Employee Share-Based Payment Accounting March 31, 2017. $0.6 |
Note 8 - Net Loss Per Share Att
Note 8 - Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. 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 three March 31, 2017 2016 two 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: Three Months Ended March 31, 2017 2016 Outstanding stock options 2,751,595 2,203,975 Outstanding ESPP shares 91,740 8,841 2,843,335 2,212,816 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent Events The Company has evaluated all activity that occurred subsequent to quarter end but prior to issuance of the unaudited 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. On May 2, 2017, 2 500 600 2 first 2018 first 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation, Principles of Consolidation and Use of Estimates 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, 2016 10 March 16, 2017. 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, 2017, three March 31, 2017 2016 three March 31, 2017 2016. three March 31, 2017 December 31, 2017, The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. 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”). 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 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 |
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, forward foreign currency contracts (see Note 4), 820, Fair Value Measurement and Disclosures one three ☐ Level 1—Valuations ☐ Level 2—Valuations ☐ Level 3—Valuations 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. Financial instruments measured at fair value on a recurring basis include cash equivalents, short-term investments and forward foreign currency contracts (see Note 3). three March 31, 2017 2016. three March 31, 2017 2016. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company purchases Swiss Francs and enters into forward foreign currency contracts from time to time to mitigate its exposure to fluctuations in the exchange rates between the Swiss Franc and the U.S. dollar (see Note 4). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718): 2016 09”), 2016 09 December 15, 2016, 2016 09 March 31, 2017. $0.6 There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10 March 16, 2017. |
Note 3 - Fair Value Measureme16
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of March 31, 2017 Quoted Prices Significant Significant Total Assets Cash equivalents $ 21,507 $ - $ - $ 21,507 Government securities - - - - Total $ 21,507 $ - $ - $ 21,507 As of December 31, 2016 Quoted Prices Significant Significant Total Assets Cash equivalents $ 28,876 $ - $ - $ 28,876 Government securities 4,925 - - 4,925 Total $ 33,801 $ - $ - $ 33,801 |
Available-for-sale Securities [Table Text Block] | Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2016 Government securities (Due within 1 year) $ 4,924 $ 1 $ - $ 4,925 $ 4,924 $ 1 $ - $ 4,925 |
Note 5 - Commitments and Cont17
Note 5 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31: Amount 2017 128 2018 84 Total minimum lease payments $ 212 |
Note 6 - Stock-based Compensa18
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted- Weighted- Aggregate Outstanding at December 31, 2016 2,166,254 $ 8.55 7.1 $ 124 Granted 659,342 $ 2.05 Exercised (74,001 ) $ 1.45 Outstanding at March 31, 2017 2,751,595 $ 7.18 7.6 $ 64 Exercisable at March 31, 2017 1,242,299 $ 7.35 6.0 $ 64 Vested or expected to vest at March 31, 2017 (1) 2,751,595 $ 7.18 7.6 $ 64 |
Common Stock Reserved for Future Issuance [Table Text Block] | March 31, December, 31 Stock-based compensation awards 3,572,611 2,982,470 Employee Stock Purchase Plan 292,821 292,821 Total 3,865,432 3,275,291 |
Note 8 - Net Loss Per Share A19
Note 8 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2017 2016 Outstanding stock options 2,751,595 2,203,975 Outstanding ESPP shares 91,740 8,841 2,843,335 2,212,816 |
Note 1 - Organization and Ope20
Note 1 - Organization and Operations (Details Textual) - USD ($) $ in Thousands | Nov. 12, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Cash, Cash Equivalents, and Short-term Investments | $ 34,100 | |||
Retained Earnings (Accumulated Deficit) | (166,275) | $ (159,777) | ||
Proceeds from Issuance of Common Stock | $ 105 | |||
Sales Agreement [Member] | Cowen and Company, LLC [Member] | ||||
Sale of Stock, Maximum Value of Stock Offered | $ 40,000 | |||
Sales of Stock, Commission Paid | 3.00% | |||
Stock Issued During Period, Shares, New Issues | 93,512 | |||
Proceeds from Issuance of Common Stock | $ 200 | |||
Payments of Stock Issuance Costs | $ 100 |
Note 2 - Summary of Significa21
Note 2 - Summary of Significant Accounting Policies (Details Textual) - Accounting Standards Update 2016-09 [Member] $ in Millions | Mar. 31, 2017USD ($) |
Deferred Tax Assets, Operating Loss Carryforwards | $ 0.6 |
Deferred Tax Assets, Valuation Allowance | $ 0.6 |
Note 3 - Fair Value Measureme22
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities | $ 0 | $ 4,925 |
Note 3 - Fair Value Measureme23
Note 3 - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total | $ 21,507 | $ 33,801 |
Cash Equivalents [Member] | ||
Cash equivalents | 21,507 | 28,876 |
US Government Agencies Debt Securities [Member] | ||
Government securities | 4,925 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 21,507 | 33,801 |
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||
Cash equivalents | 21,507 | 28,876 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Government securities | 4,925 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Government securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Government securities |
Note 3 - Fair Value Measureme24
Note 3 - Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | $ 4,924 | |
Unrealized Gains | 1 | |
Unrealized Losses | ||
Fair Value | $ 0 | 4,925 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 4,924 | |
Unrealized Gains | 1 | |
Unrealized Losses | ||
Fair Value | $ 4,925 |
Note 5 - Commitments and Cont25
Note 5 - Commitments and Contingencies (Details Textual) SFr in Millions | Mar. 31, 2017USD ($) | Mar. 31, 2017CHF (SFr) | Dec. 31, 2016USD ($) |
Security Deposit | $ 14,000 | ||
Letters of Credit Outstanding, Amount | 14,000 | $ 14,000 | |
Loans Pledged as Collateral | 14,000 | $ 14,000 | |
Inventories, Four Batches [Member] | |||
Purchase Commitment, Amount Executed | $ 7,600,000 | SFr 7.6 |
Note 5 - Commitments and Cont26
Note 5 - Commitments and Contingencies - Future Minimum Payments for Operating Leases (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2,017 | $ 128 |
2,018 | 84 |
Total minimum lease payments | $ 212 |
Note 6 - Stock-based Compensa27
Note 6 - Stock-based Compensation (Details Textual) - shares | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Common Stock, Capital Shares Reserved for Future Issuance | 3,865,432 | 3,275,291 | |
The 2014 Employee Stock Purchase Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 292,821 | 292,821 | 140,500 |
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 Shares Authorized | 304,991 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | ||
The 2014 Employee Stock Purchase Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 281,000 |
Note 6 - Stock-based Compensa28
Note 6 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Options Outstanding, Beginning Balance (in shares) | 2,166,254 | ||
Options Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ 8.55 | ||
Options Outstanding, Weighted-average Remaining Contractual Term, Beginning Balance (Year) | 7 years 219 days | 7 years 36 days | |
Options Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 64 | $ 124 | |
Options Granted (in shares) | 659,342 | ||
Options Granted, Weighted Average Exercise Price (in dollars per share) | $ 2.05 | ||
Options Exercised (in shares) | (74,001) | ||
Options Exercised, Weighted Average Exercise Price (in dollars per share) | $ 1.45 | ||
Options Outstanding, Ending Balance (in shares) | 2,751,595 | 2,166,254 | |
Options Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 7.18 | $ 8.55 | |
Options Exercisable (in shares) | 1,242,299 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 7.35 | ||
Options Exercisable, Weighted-average Remaining Contractual Term (Year) | 6 years | ||
Options Exercisable, Aggregate Intrinsic Value | $ 64 | ||
Options Vested or Expected to Vest (in shares) | [1] | 2,751,595 | |
Options Vested or Expected to Vest, Weighted Average Exercise Price (in dollars per share) | [1] | $ 7.18 | |
Options Vested or Expected to Vest, Weighted-average Remaining Contractual Term (Year) | [1] | 7 years 219 days | |
Options Vested or Expected to Vest, Aggregate Intrinsic Value | [1] | $ 64 | |
[1] | Represents the number of vested options at March 31, 2017 plus the number of unvested options expected to vest based on the unvested options outstanding at March 31, 2017. |
Note 6 - Stock-based Compensa29
Note 6 - Stock-based Compensation - Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Reserved for future issuance (in shares) | 3,865,432 | 3,275,291 | |
The 2014 Employee Stock Purchase Plan [Member] | |||
Reserved for future issuance (in shares) | 292,821 | 292,821 | 140,500 |
Performance Shares [Member] | |||
Reserved for future issuance (in shares) | 3,572,611 | 2,982,470 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Accounting Standards Update 2016-09 [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 600 | |
Deferred Tax Assets, Valuation Allowance | $ 600 |
Note 8 - Net Loss Per Share A31
Note 8 - Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Outstanding stock options (in shares) | 2,843,335 | 2,212,816 |
Employee Stock Option [Member] | ||
Outstanding stock options (in shares) | 2,751,595 | 2,203,975 |
Outstanding ESPP Shares [Member] | ||
Outstanding stock options (in shares) | 91,740 | 8,841 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) | May 02, 2017 | May 01, 2017 |
Patency-2 Trial [Member] | Subsequent Event [Member] | ||
Planned Enrollment, Number of Patients | 600 | 500 |