Protara Therapeutics (TARA) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 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)		17,619,418
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 18,385	$ 36,392
Available-for-sale investments	13,357	4,925
Prepaid expenses and other current assets	1,280	1,438
Total current assets	33,022	42,755
Property and equipment, net	309	372
Other non-current assets	300	393
Total assets	33,631	43,520
Current liabilities:
Accounts payable	1,193	556
Accrued expenses	2,944	4,523
Total current liabilities	4,137	5,079
Total liabilities	4,137	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 June 30, 2017 and December 31, 2016	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2017 and December 31, 2016; 17,619,418 and 16,603,559 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	18	17
Additional paid-in capital	201,366	198,201
Accumulated deficit	(171,883)	(159,777)
Accumulated other comprehensive loss	(7)
Total stockholders’ equity	29,494	38,441
Total liabilities and stockholders’ equity	$ 33,631	$ 43,520

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 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)	17,619,418	16,603,559
Common stock, shares oustanding (in shares)	17,619,418	16,603,559

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating expenses:
Research and development	$ 3,891	$ 5,241	$ 8,137	$ 9,590
General and administrative	2,095	2,613	4,329	5,083
Total operating expenses	5,986	7,854	12,466	14,673
Loss from operations	(5,986)	(7,854)	(12,466)	(14,673)
Other income (expense):
Investment income	46	53	78	109
Other income (expense), net	332	(104)	282	107
Total other income (expense)	378	(51)	360	216
Net loss	(5,608)	(7,905)	(12,106)	(14,457)
Unrealized (loss) gain on available-for-sale investments	(7)	(2)	(7)	21
Comprehensive loss	(5,615)	(7,907)	(12,113)	(14,436)
Net loss attributable to common stockholders	$ (5,608)	$ (7,905)	$ (12,106)	$ (14,457)
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share)	$ (0.33)	$ (0.48)	$ (0.72)	$ (0.87)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares)	17,207,672	16,561,239	16,923,515	16,534,413
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense:
Allocated share-based compensation	$ 867	$ 946	$ 1,712	$ 1,812
Included in other (expense) income, net, above, are the following amounts from forward foreign currency contracts:
Realized losses from forward foreign currency contracts		(10)		(4)
Unrealized (losses) gains from forward foreign currency contracts		(53)		125
Total		(63)		121
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	308	321	606	629
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	$ 559	$ 625	$ 1,106	$ 1,183

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net loss	$ (12,106)	$ (14,457)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	77	52
Amortization of premium/discount on available-for-sale securities	1	71
Unrealized gain on forward foreign currency contracts included in net income		(125)
Foreign currency remeasurement gain	279	21
Stock-based compensation	1,712	1,812
Changes in:
Prepaid expenses and other assets	263	460
Interest receivable	(12)	(26)
Accounts payable, accrued expenses and other current liabilities	(942)	730
Net cash used in operating activities	(10,728)	(11,462)
Investing activities
Purchases of available-for-sale investments	(13,360)	(26,718)
Proceeds from maturities of available-for-sale investments	4,920	32,414
Purchase of property and equipment	(14)	(202)
Net cash (used in) provided by investing activities	(8,454)	5,494
Financing activities
Exercise of stock options	109	139
Proceeds from issuance of common stock under ESPP	58	5
Proceeds from issuance of common stock, net of issuance costs	1,287
Net cash provided by financing activities	1,454	144
Effect of exchange rate changes on cash	(279)	(21)
Decrease in cash and cash equivalents	(18,007)	(5,845)
Cash and cash equivalents, beginning of period	36,392	40,031
Cash and cash equivalents, end of period	$ 18,385	$ 34,186

Note 1 - Organization and Opera

Note 1 - Organization and Operations	6 Months Ended
	Jun. 30, 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 third As of June 30, 2017, $31.7 $22 August 2, 2017 fourth 2019. $171.9 June 30, 2017. On November 12, 2015, 3 $40 January 12, 2016. 3% March 16, 2017 I.B.6 3, may three six June 30, 2017, 803,299 896,811 $1.3 $1.4 three six June 30, 2017, $0.1 $0.2 On June 22, 2017, 22,000 $0.001 $1,000 $22.0 August 2, 2017. September 30, 2017.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 2017, three six June 30, 2017 2016 six June 30, 2017 2016. three six June 30, 2017 not 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 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 not one three · Level 1—Valuations · Level 2—Valuations not · 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 no six June 30, 2017 2016. no six June 30, 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 not Recent Accounting Pronouncements In May 2017, No. 2017 09, Compensation - Stock Compensation (Topic 718 2017 09” 2017 09, not 2017 09 December 15, 2017. not In March 2016, No. 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 10 March 16, 2017.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2017 Quoted Prices Significant Significant Total Assets Cash equivalents $ 6,019 $ - $ - $ 6,019 Government securities 13,357 - - 13,357 Total $ 19,376 $ - $ - $ 19,376 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 June 30, 2017 December 31, 2016, 90 Available-for-sale securities consist of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2017 Government securities (Due within 1 year) $ 13,363 $ - $ (6 ) $ 13,357 $ 13,363 $ - $ (6 ) $ 13,357 December 31, 2016 Government securities (Due within 1 year) $ 4,924 $ 1 $ - $ 4,925 $ 4,924 $ 1 $ - $ 4,925

Note 4 - Derivative Financial I

Note 4 - Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	4. Derivative Financial Instruments Beginning in May 2015 2016, not six June 30, 2016, December 31, 2016, no

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	5. Commitments and Contingencies In July 2015, June 30, 2017, 7.6 $7.9 three July 2017 one 2019. No June 30, 2017. Future minimum payments required under operating leases as of June 30, 2017 Year Ending December 31: Amount 2017 86 2018 84 Total minimum lease payments $ 170 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 June 30, 2017, $14,000 Restricted cash related to facilities leases As of June 30, 2017 December 31, 2016, $14,000 June 30, 2017 December 31, 2016, $14,000

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	6 Months Ended
	Jun. 30, 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 706,004 $ 2.00 Exercised (74,001 ) $ 1.45 Forfeited (14,687 ) $ 16.92 Outstanding at June 30, 2017 2,783,570 $ 7.03 7.3 $ 45 Exercisable at June 30, 2017 1,388,426 $ 7.46 5.9 $ 34 Vested or expected to vest at June 30, 2017 (1) 2,783,570 $ 7.03 7.3 $ 45 ___________________ ( 1 June 30, 2017 June 30, 2017. Employee Stock Purchase Plan The 2014 140,500 January 1, January 1, 2015 January 1, 2024, one 281,000 January 1st. no January 1, 2017. June 30, 2017, 2014 304,991 fifth 2014 January 1, 2017 June 30, 2017. 45,047 three six June 30, 2017 2014 $52,000 $0.1 2014 three six June 30, 2017, $16,000 $32,000 2014 three six June 30, 2016, Common Stock The Company has the following shares reserved for future issuance: June 30, December 31, Stock-based compensation awards 3,572,457 2,982,470 Employee Stock Purchase Plan 247,774 292,821 Total 3,820,231 3,275,291

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 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 not no six June 30, 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	6 Months Ended
	Jun. 30, 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-class method”). As the three six June 30, 2017 2016 no 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Outstanding stock options 2,783,570 2,234,934 2,783,570 2,234,934 2,783,570 2,234,934 2,783,570 2,234,934

Note 9 - Subsequent Events

Note 9 - Subsequent Events	6 Months Ended
	Jun. 30, 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. At the closing of the Transaction, on August 2, 2017, 22,000 $1,000 $22.0 1,005 $0.9949 22,000 22,112,775 August 1, 2017,

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2017, three six June 30, 2017 2016 six June 30, 2017 2016. three six June 30, 2017 not 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 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 not one three · Level 1—Valuations · Level 2—Valuations not · 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 no six June 30, 2017 2016. no six June 30, 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 not
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2017, No. 2017 09, Compensation - Stock Compensation (Topic 718 2017 09” 2017 09, not 2017 09 December 15, 2017. not In March 2016, No. 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 10 March 16, 2017.

Note 3 - Fair Value Measureme16

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of June 30, 2017 Quoted Prices Significant Significant Total Assets Cash equivalents $ 6,019 $ - $ - $ 6,019 Government securities 13,357 - - 13,357 Total $ 19,376 $ - $ - $ 19,376 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 June 30, 2017 Government securities (Due within 1 year) $ 13,363 $ - $ (6 ) $ 13,357 $ 13,363 $ - $ (6 ) $ 13,357 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)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year Ending December 31: Amount 2017 86 2018 84 Total minimum lease payments $ 170

Note 6 - Stock-based Compensa18

Note 6 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 706,004 $ 2.00 Exercised (74,001 ) $ 1.45 Forfeited (14,687 ) $ 16.92 Outstanding at June 30, 2017 2,783,570 $ 7.03 7.3 $ 45 Exercisable at June 30, 2017 1,388,426 $ 7.46 5.9 $ 34 Vested or expected to vest at June 30, 2017 (1) 2,783,570 $ 7.03 7.3 $ 45
Common Stock Reserved for Future Issuance [Table Text Block]	June 30, December 31, Stock-based compensation awards 3,572,457 2,982,470 Employee Stock Purchase Plan 247,774 292,821 Total 3,820,231 3,275,291

Note 8 - Net Loss Per Share A19

Note 8 - Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Outstanding stock options 2,783,570 2,234,934 2,783,570 2,234,934 2,783,570 2,234,934 2,783,570 2,234,934

Note 1 - Organization and Ope20

Note 1 - Organization and Operations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Aug. 02, 2017	Nov. 12, 2015	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Cash, Cash Equivalents, and Short-term Investments			$ 31,700	$ 31,700
Retained Earnings (Accumulated Deficit)			$ (171,883)	(171,883)		$ (159,777)
Proceeds from Issuance of Common Stock				$ 1,287
Preferred Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001		$ 0.001
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%
Payments of Stock Issuance Costs			$ 100	$ 200
Stock Issued During Period, Shares, New Issues			803,299	896,811
Proceeds from Issuance of Common Stock			$ 1,300	$ 1,400
Subsequent Event [Member] | Series A Convertible Preferred Stock [Member]
Proceeds from Issuance or Sale of Equity	$ 22,000
Stock Issued During Period, Shares, New Issues	22,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Shares Issued, Price Per Share	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22,000

Note 2 - Summary of Significa21

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Accounting Standards Update 2016-09 [Member]
Deferred Tax Assets, Operating Loss Carryforwards	$ 600	$ 600

Note 3 - Fair Value Measureme22

Note 3 - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Total	$ 19,376	$ 33,801
Cash Equivalents [Member]
Cash equivalents	6,019	28,876
US Government Agencies Debt Securities [Member]
Government securities	13,357	4,925
Fair Value, Inputs, Level 1 [Member]
Total	19,376	33,801
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member]
Cash equivalents	6,019	28,876
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Government securities	13,357	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 Measureme23

Note 3 - Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Amortized Cost	$ 13,363	$ 4,924
Unrealized Gains		1
Unrealized Losses	(6)
Fair Value	13,357	4,925
US Government Agencies Debt Securities [Member]
Amortized Cost	13,363	4,924
Unrealized Gains		1
Unrealized Losses	(6)
Fair Value	$ 13,357	$ 4,925

Note 5 - Commitments and Cont24

Note 5 - Commitments and Contingencies (Details Textual) SFr in Millions	Jun. 30, 2017USD ($)	Jun. 30, 2017CHF (SFr)	Dec. 31, 2016USD ($)
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	$ 7,900,000	SFr 7.6

Note 5 - Commitments and Cont25

Note 5 - Commitments and Contingencies - Future Minimum Payments for Operating Leases (Details) $ in Thousands	Jun. 30, 2017USD ($)
2,017	$ 86
2,018	84
Total minimum lease payments	$ 170

Note 6 - Stock-based Compensa26

Note 6 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2014
Common Stock, Capital Shares Reserved for Future Issuance	3,820,231		3,820,231		3,275,291
Allocated Share-based Compensation Expense	$ 867,000	$ 946,000	$ 1,712,000	$ 1,812,000
The 2014 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	247,774		247,774		292,821	140,500
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage	1.00%		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	304,991		304,991
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	45,047		45,047
Allocated Share-based Compensation Expense	$ 52,000	$ 16,000	$ 100,000	$ 32,000
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 Compensa27

Note 6 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 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 Exercise Price, Ending Balance (in dollars per share)		$ 7.03	$ 8.55
Options Outstanding, Weighted-average Remaining Contractual Term, Beginning Balance (Year)		7 years 109 days	7 years 36 days
Options Outstanding, Aggregate Intrinsic Value, Beginning Balance		$ 45	$ 124
Options Granted (in shares)		706,004
Options Granted, Weighted Average Exercise Price (in dollars per share)		$ 2
Options Exercised (in shares)		(74,001)
Options Exercised, Weighted Average Exercise Price (in dollars per share)		$ 1.45
Options Forfeited (in shares)		(14,687)
Options Exercisable (in shares)		1,388,426
Options Exercisable, Weighted Average Exercise Price (in dollars per share)		$ 7.46
Options Exercisable, Weighted-average Remaining Contractual Term (Year)		5 years 328 days
Options Exercisable, Aggregate Intrinsic Value		$ 34
Options Vested or Expected to Vest (in shares)	[1]	2,783,570
Options Vested or Expected to Vest, Weighted Average Exercise Price (in dollars per share)	[1]	$ 7.03
Options Forfeited, Weighted Average Exercise Price (in dollars per share)		$ 16.92
Options Outstanding, Ending Balance (in shares)		2,783,570	2,166,254
Options Vested or Expected to Vest, Weighted-average Remaining Contractual Term (Year)	[1]	7 years 109 days
Options Vested or Expected to Vest, Aggregate Intrinsic Value	[1]	$ 45
[1]	Represents the number of vested options at June 30, 2017 plus the number of unvested options expected to vest based on the unvested options outstanding at June 30, 2017.

Note 6 - Stock-based Compensa28

Note 6 - Stock-based Compensation - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2014
Reserved for future issuance (in shares)	3,820,231	3,275,291
The 2014 Employee Stock Purchase Plan [Member]
Reserved for future issuance (in shares)	247,774	292,821	140,500
Performance Shares [Member]
Reserved for future issuance (in shares)	3,572,457	2,982,470

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Income Tax Expense (Benefit)	$ 0	$ 0
Accounting Standards Update 2016-09 [Member]
Deferred Tax Assets, Operating Loss Carryforwards	600		$ 600
Deferred Tax Assets, Valuation Allowance	$ 600

Note 8 - Net Loss Per Share A30

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Outstanding stock options (in shares)	2,783,570	2,234,934	2,783,570	2,234,934
Employee Stock Option [Member]
Outstanding stock options (in shares)	2,783,570	2,234,934	2,783,570	2,234,934

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - Series A Convertible Preferred Stock [Member] - Subsequent Event [Member] $ / shares in Units, $ in Millions	Aug. 02, 2017USD ($)$ / sharesshares
Stock Issued During Period, Shares, New Issues	22,000
Shares Issued, Price Per Share | $ / shares	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock | $	$ 22
Common Stock [Member]
Convertible Preferred Stock, Shares Issued upon Conversion	1,005
Convertible Preferred Stock, Conversion Price of Shares Issued upon Conversion | $ / shares	$ 0.9949
Convertible Preferred Stock, Number of Shares Issued upon Conversion	22,112,775