Protara Therapeutics (TARA) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 19,986	$ 36,392
Available-for-sale investments	27,444	4,925
Prepaid expenses and other current assets	554	1,438
Total current assets	47,984	42,755
Property and equipment, net	280	372
Other non-current assets	300	393
Total assets	48,564	43,520
Current liabilities:
Accounts payable	226	556
Accrued expenses	8,868	4,523
Total current liabilities	9,094	5,079
Total liabilities	9,094	5,079
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred Stock	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized at September 30, 2017 and December 31, 2016; 17,619,418 and 16,603,559 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	18	17
Additional paid-in capital	202,113	198,201
Accumulated deficit	(184,190)	(159,777)
Accumulated other comprehensive loss	(7)
Total stockholders’ equity	39,470	38,441
Total liabilities and stockholders’ equity	48,564	43,520
Series A Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock	$ 21,536

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	9,978,000	9,978,000
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
Series A Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	22,000	0
Preferred stock, shares issued (in shares)	22,000	0
Preferred stock, shares outstanding (in shares)	22,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating expenses:
Research and development	$ 10,336	$ 4,842	$ 18,473	$ 14,432
General and administrative	1,970	2,324	6,299	7,407
Total operating expenses	12,306	7,166	24,772	21,839
Loss from operations	(12,306)	(7,166)	(24,772)	(21,839)
Other income (expense):
Investment income	83	46	161	155
Other (expense) income, net	(84)	13	198	120
Total other (expense) income	(1)	59	359	275
Net loss	(12,307)	(7,107)	(24,413)	(21,564)
Unrealized (loss) gain on available-for-sale investments		(2)	(7)	19
Comprehensive loss	(12,307)	(7,109)	(24,420)	(21,545)
Net loss	12,307	7,107	24,413	21,564
Accretion of convertible preferred stock	(6,747)	0	(6,747)	0
Net loss attributable to common stockholders	$ (19,054)	$ (7,107)	$ (31,160)	$ (21,564)
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share)	$ (1.08)	$ (0.43)	$ (1.82)	$ (1.30)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares)	17,574,371	16,582,276	17,158,032	16,550,483
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense:
Allocated share-based compensation	$ 747	$ 687	$ 2,459	$ 2,499
Included in other (expense) income, net, above, are the following amounts from forward foreign currency contracts:
Realized losses from forward foreign currency contracts		(4)		(8)
Unrealized (losses) gains from forward foreign currency contracts		2		127
Total		(2)		119
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	235	168	841	797
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	$ 512	$ 519	$ 1,618	$ 1,702

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net loss	$ (24,413)	$ (21,564)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	115	87
Amortization of premium/discount on available-for-sale securities	(2)	108
Unrealized gain on forward foreign currency contracts included in net income		(127)
Foreign currency remeasurement gain	196	(6)
Stock-based compensation	2,459	2,499
Changes in:
Prepaid expenses and other assets	1,049	(20)
Interest receivable	(73)	46
Accounts payable, accrued expenses and other current liabilities	4,015	869
Net cash used in operating activities	(16,654)	(18,108)
Investing activities
Purchases of available-for-sale investments	(31,443)	(39,756)
Proceeds from maturities of available-for-sale investments	8,920	44,603
Purchase of property and equipment	(23)	(259)
Net cash (used in) provided by investing activities	(22,546)	4,588
Financing activities
Exercise of stock options	109	156
Proceeds from issuance of common stock under ESPP	58	5
Proceeds from issuance of common stock, net of issuance costs	1,287
Proceeds from the issuance of Series A redeemable convertible preferred stock, net of issuance costs	21,536
Net cash provided by financing activities	22,990	161
Effect of exchange rate changes on cash	(196)	6
Decrease in cash and cash equivalents	(16,406)	(13,353)
Cash and cash equivalents, beginning of period	36,392	40,031
Cash and cash equivalents, end of period	19,986	26,678
Accretion of convertible preferred stock	$ 6,747	$ 0

Note 1 - Organization and Opera

Note 1 - Organization and Operations	9 Months Ended
	Sep. 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 September 30, 2017, $47.4 fourth 2019. $184.2 September 30, 2017. On November 12, 2015, 3 $40 January 12, 2016. 3% March 16, 2017 I.B.6 3, may three nine September 30, 2017, 0 896,811 $0 $1.4 three nine September 30, 2017, $0 $0.2 On June 22, 2017, 22,000 $0.001 $1,000 $22.0 August 2, 2017 ( 6

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2017, three nine September 30, 2017 2016 nine September 30, 2017 2016. three nine September 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 nine September 30, 2017 2016. no nine September 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 Net Loss per Share Attributable to Common Stockholders Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for cumulative preferred stock dividends and accretion of preferred stock. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common equivalent shares outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method. 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 nine September 30, 2017 2016 no two 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	9 Months Ended
	Sep. 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 September 30, 2017 Quoted Prices Significant Significant Total Assets Cash equivalents $ 11,297 $ - $ - $ 11,297 Government securities 27,444 - - 27,444 Total $ 38,741 $ - $ - $ 38,741 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 September 30, 2017 December 31, 2016, 90 Available-for-sale securities consist of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 Government securities (Due within 1 year) $ 27,450 $ 1 $ (7 ) $ 27,444 $ 27,450 $ 1 $ (7 ) $ 27,444 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	4. Derivative Financial Instruments Beginning in May 2015 2016, not nine September 30, 2016, December 31, 2016, no

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	5. Commitments and Contingencies In July 2015, September, 30, 2017, 7.6 $7.8 three July 2017 one 2019. September 30, 2017, three July 2017 Future minimum payments required under operating leases as of September 30, 2017 Year Ending December 31: Amount 2017 44 2018 270 2019 207 Total minimum lease payments $ 521 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. In August 2017, September 30, 2019. $22,000 Restricted cash related to facilities leases As of September, 30, 2017 December 31, 2016, $22,000 September, 30, 2017 December 31, 2016, $22,000

Note 6 - Series A Preferred Fin

Note 6 - Series A Preferred Financing	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6. Series A Preferred Financing On August 2, 2017, 22,000 $0.001 $1,000 $22.0 June 22, 2017. $0.5 1,005 $0.9949 13 1934, 9.985% Upon issuance, each share of Series A Preferred included an embedded beneficial conversion feature as the market price of the Company’s Common Stock on the date of issuance of the Series A Preferred was $1.30 $6.7 not The Company evaluated the Series A Preferred for liability or equity classification in accordance with the provisions of ASC 480, not not not not 480 no not

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
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- Weighted- Aggregate Outstanding at December 31, 2016 2,166,254 $ 8.55 7.1 $ 124 Granted 719,337 Exercised (74,001 ) Forfeited (30,272 ) Expired (97,406 ) Outstanding at September 30, 2017 2,683,912 $ 7.18 7.4 $ 140 Exercisable at September 30, 2017 1,384,925 $ 8.00 6.2 $ 98 Vested or expected to vest at September 30, 2017 (1) 2,683,912 $ 7.18 7.4 $ 140 __________________ ( 1 September 30, 2017 September 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. September 30, 2017, 2014 304,991 sixth 2014 July 1, 2017 December 31, 2017. No 45,047 three nine September 30, 2017 2014 $18,000 $0.1 2014 three nine September 30, 2017, $30,000 $62,000 2014 three nine September 30, 2016, Common Stock The Company has the following shares reserved for future issuance: September 30, December 31, Stock-based compensation awards 3,587,144 2,982,470 Employee Stock Purchase Plan 247,774 292,821 Total 3,834,918 3,275,291

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
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 not no nine September 30, 2017 2016.

Note 9 - Net Loss Per Share Att

Note 9 - Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
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 nine September 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Outstanding stock options 2,683,912 2,169,617 2,683,912 2,169,617 Outstanding ESPP shares 34,464 10,913 34,464 10,913 2,718,376 2,180,530 2,718,376 2,180,530

Note 10 - Subsequent Events

Note 10 - Subsequent Events	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
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 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.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2017, three nine September 30, 2017 2016 nine September 30, 2017 2016. three nine September 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 nine September 30, 2017 2016. no nine September 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
Earnings Per Share, Policy [Policy Text Block]	Net Loss per Share Attributable to Common Stockholders Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for cumulative preferred stock dividends and accretion of preferred stock. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common equivalent shares outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method. 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 nine September 30, 2017 2016 no two
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 Measureme17

Note 3 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of September 30, 2017 Quoted Prices Significant Significant Total Assets Cash equivalents $ 11,297 $ - $ - $ 11,297 Government securities 27,444 - - 27,444 Total $ 38,741 $ - $ - $ 38,741 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 September 30, 2017 Government securities (Due within 1 year) $ 27,450 $ 1 $ (7 ) $ 27,444 $ 27,450 $ 1 $ (7 ) $ 27,444 December 31, 2016 Government securities (Due within 1 year) $ 4,924 $ 1 $ - $ 4,925 $ 4,924 $ 1 $ - $ 4,925

Note 5 - Commitments and Cont18

Note 5 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year Ending December 31: Amount 2017 44 2018 270 2019 207 Total minimum lease payments $ 521

Note 7 - Stock-based Compensa19

Note 7 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 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 719,337 Exercised (74,001 ) Forfeited (30,272 ) Expired (97,406 ) Outstanding at September 30, 2017 2,683,912 $ 7.18 7.4 $ 140 Exercisable at September 30, 2017 1,384,925 $ 8.00 6.2 $ 98 Vested or expected to vest at September 30, 2017 (1) 2,683,912 $ 7.18 7.4 $ 140
Common Stock Reserved for Future Issuance [Table Text Block]	September 30, December 31, Stock-based compensation awards 3,587,144 2,982,470 Employee Stock Purchase Plan 247,774 292,821 Total 3,834,918 3,275,291

Note 9 - Net Loss Per Share A20

Note 9 - Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Outstanding stock options 2,683,912 2,169,617 2,683,912 2,169,617 Outstanding ESPP shares 34,464 10,913 34,464 10,913 2,718,376 2,180,530 2,718,376 2,180,530

Note 1 - Organization and Ope21

Note 1 - Organization and Operations (Details Textual) - USD ($)	Aug. 02, 2017	Nov. 12, 2015	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Cash, Cash Equivalents, and Short-term Investments			$ 47,400,000	$ 47,400,000
Retained Earnings (Accumulated Deficit)			$ (184,190,000)	(184,190,000)		$ (159,777,000)
Proceeds from Issuance of Common Stock				$ 1,287,000
Preferred Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001		$ 0.001
Proceeds from Issuance of Convertible Preferred Stock				$ 21,536,000
Series A Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues	22,000
Payments of Stock Issuance Costs	$ 500,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001	$ 0.001		$ 0.001
Shares Issued, Price Per Share	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22,000,000
Sales Agreement [Member] | Cowen and Company, LLC [Member]
Sale of Stock, Maximum Value of Stock Offered		$ 40,000,000
Sales of Stock, Commission Paid				3.00%
Stock Issued During Period, Shares, New Issues			0	896,811
Proceeds from Issuance of Common Stock			$ 0	$ 1,400,000
Payments of Stock Issuance Costs			$ 0	$ 200,000

Note 2 - Summary of Significa22

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 Measureme23

Note 3 - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Total	$ 38,741	$ 33,801
Cash Equivalents [Member]
Cash equivalents	11,297	28,876
US Government Agencies Debt Securities [Member]
Government securities	27,444	4,925
Fair Value, Inputs, Level 1 [Member]
Total	38,741	33,801
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member]
Cash equivalents	11,297	28,876
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Government securities	27,444	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	Sep. 30, 2017	Dec. 31, 2016
Amortized Cost	$ 27,450	$ 4,924
Unrealized Gains	1	1
Unrealized Losses	(7)
Fair Value	27,444	4,925
US Government Agencies Debt Securities [Member]
Amortized Cost	27,450	4,924
Unrealized Gains	1	1
Unrealized Losses	(7)
Fair Value	$ 27,444	$ 4,925

Note 5 - Commitments and Cont25

Note 5 - Commitments and Contingencies (Details Textual) SFr in Millions	Sep. 30, 2017USD ($)	Sep. 30, 2017CHF (SFr)	Dec. 31, 2016USD ($)
Security Deposit	$ 22,000
Letters of Credit Outstanding, Amount	22,000		$ 22,000
Loans Pledged as Collateral	22,000		$ 22,000
Inventories, Four Batches [Member]
Purchase Commitment, Amount Executed	$ 7,800,000	SFr 7.6

Note 5 - Commitments and Cont26

Note 5 - Commitments and Contingencies - Future Minimum Payments for Operating Leases (Details) $ in Thousands	Sep. 30, 2017USD ($)
2,017	$ 44
2,018	270
2,019	207
Total minimum lease payments	$ 521

Note 6 - Series A Preferred F27

Note 6 - Series A Preferred Financing (Details Textual) - USD ($)	Aug. 02, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001		$ 0.001
Proceeds from Issuance of Convertible Preferred Stock				$ 21,536,000
Accretion of Redeemable Convertible Preferred Stock to Redemption Value		$ 6,747,000	$ 0	$ 6,747,000	$ 0
Series A Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001		$ 0.001		$ 0.001
Shares Issued, Price Per Share	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22,000,000
Payments of Stock Issuance Costs	$ 500,000
Convertible Preferred Stock, Shares Issued upon Conversion	1,005
Convertible Preferred Stock, Conversion Price of Shares Issued upon Conversion	$ 0.9949
Convertible Preferred Stock, Maximum Ownership Percentage Allowed after Conversion of Stock	9.985%
Preferred Stock, Redemption Price Per Share	$ 1.30
Accretion of Redeemable Convertible Preferred Stock to Redemption Value	$ 6,700,000
Stock Issued During Period, Shares, New Issues	22,000

Note 7 - Stock-based Compensa28

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2014
Common Stock, Capital Shares Reserved for Future Issuance	3,834,918		3,834,918		3,275,291
Allocated Share-based Compensation Expense	$ 747,000	$ 687,000	$ 2,459,000	$ 2,499,000
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	0		45,047
Allocated Share-based Compensation Expense	$ 18,000	$ 30,000	$ 100,000	$ 62,000
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 7 - Stock-based Compensa29

Note 7 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 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 Remaining Contractual Term, Beginning Balance (Year)		7 years 146 days	7 years 36 days
Options Outstanding, Aggregate Intrinsic Value, Beginning Balance		$ 140	$ 124
Options Granted (in shares)		719,337
Options Granted, Weighted Average Exercise Price (in dollars per share)
Options Exercised (in shares)		(74,001)
Options Exercised, Weighted Average Exercise Price (in dollars per share)
Options Forfeited (in shares)		(30,272)
Options Forfeited, Weighted Average Exercise Price (in dollars per share)
Options Expired (in shares)		(97,406)
Options Expired, Weighted Average Exercise Price (in dollars per share)
Options Outstanding, Ending Balance (in shares)		2,683,912	2,166,254
Options Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)		$ 7.18	$ 8.55
Options Exercisable (in shares)		1,384,925
Options Exercisable, Weighted Average Exercise Price (in dollars per share)		$ 8
Options Exercisable, Weighted-average Remaining Contractual Term (Year)		6 years 73 days
Options Exercisable, Aggregate Intrinsic Value		$ 98
Options Vested or Expected to Vest (in shares)	[1]	2,683,912
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 146 days
Options Vested or Expected to Vest, Aggregate Intrinsic Value	[1]	$ 140
[1]	Represents the number of vested options at September 30, 2017 plus the number of unvested options expected to vest based on the unvested options outstanding at September 30, 2017.

Note 7 - Stock-based Compensa30

Note 7 - Stock-based Compensation - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2014
Reserved for future issuance (in shares)	3,834,918	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)	3,587,144	2,982,470

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 0	$ 0

Note 9 - Net Loss Per Share A32

Note 9 - Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded From Calculation of Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities (in shares)	2,718,376	2,180,530	2,718,376	2,180,530
Employee Stock Option [Member]
Antidilutive Securities (in shares)	2,683,912	2,169,617	2,683,912	2,169,617
Employee Stock Purchase Plan [Member]
Antidilutive Securities (in shares)	34,464	10,913	34,464	10,913