Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 19, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | ArTara Therapeutics, Inc. | ||
Entity Central Index Key | 0001359931 | ||
Trading Symbol | tara | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,843,203 | ||
Entity Public Float | $ 5.8 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,181 | $ 19,371 |
Restricted cash | 50 | |
Available-for-sale investments | 2,496 | |
Prepaid expenses and other current assets | 744 | 1,369 |
Total current assets | 6,975 | 23,236 |
Property and equipment, net | 263 | |
Restricted cash | 22 | |
Total assets | 6,975 | 23,521 |
Current liabilities: | ||
Accounts payable | 263 | 441 |
Accrued expenses | 320 | 2,637 |
Total current liabilities | 583 | 3,078 |
Total liabilities | 583 | 3,078 |
Commitments and contingencies (Note 6) | ||
Common stock, $0.001 par value, 100,000,000 shares authorized at December 31, 2019 and 2018; 557,631 and 481,091 shares issued and outstanding at December 31, 2019 and 2018, respectively | ||
Additional paid-in capital | 213,388 | 209,385 |
Accumulated deficit | (225,462) | (210,470) |
Accumulated other comprehensive income | 3 | 5 |
Total stockholders’ equity | 6,392 | 20,443 |
Total liabilities and stockholders’ equity | 6,975 | 23,521 |
Series A Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized at December 31, 2019 and 2018:Series A convertible preferred stock 22,000 shares authorized at December 31, 2019 and December 31, 2018; 18,954 and 22,000 issued and outstanding at December 31, 2019 and at December 31, 2018, respectively | $ 18,463 | $ 21,523 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 02, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |
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) | 557,631 | 481,091 | |
Common stock, shares outstanding (in shares) | 557,631 | 481,091 | |
Series A Convertible Preferred Stock [Member] | |||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 22,000 | 22,000 | |
Preferred stock, shares issued (in shares) | 18,954 | 22,000 | |
Preferred stock, shares outstanding (in shares) | 18,954 | 22,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||
Research and development | $ 6,438 | $ 11,848 |
General and administrative | 8,816 | 9,524 |
Total operating expenses | 15,254 | 21,372 |
Loss from operations | (15,254) | (21,372) |
Other income: | ||
Investment income | 262 | 436 |
Other income, net | 207 | |
Total other income | 262 | 643 |
Net loss and net loss attributable to common stockholders | (14,992) | (20,729) |
Foreign currency translation adjustment | (2) | (1) |
Unrealized gain on available-for-sale investments | 20 | |
Comprehensive loss | $ (14,994) | $ (20,710) |
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share) | $ (30.15) | $ (45.80) |
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares) | 497,275 | 452,555 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 22,000 | 441,868 | ||||
Balance at Dec. 31, 2017 | $ 21,523 | $ 202,972 | $ (189,741) | $ (14) | $ 34,740 | |
Issuance of common stock upon ESPP purchase (in shares) | 1,859 | |||||
Issuance of common stock upon ESPP purchase | 132 | 132 | ||||
Issuance of common stock, net of issuance costs (in shares) | 37,364 | |||||
Issuance of common stock, net of issuance costs | 2,852 | 2,852 | ||||
Stock-based compensation expense | 3,429 | 3,429 | ||||
Other comprehensive gain/(loss) | 19 | 19 | ||||
Net loss | (20,729) | (20,729) | ||||
Balance (in shares) at Dec. 31, 2018 | 22,000 | 481,091 | ||||
Balance at Dec. 31, 2018 | $ 21,523 | 209,385 | (210,470) | 5 | 20,443 | |
Stock-based compensation expense | 943 | 943 | ||||
Other comprehensive gain/(loss) | (2) | (2) | ||||
Net loss | (14,992) | (14,992) | ||||
Conversion of Series A convertible preferred stock into Common Stock (in shares) | (3,046) | |||||
Conversion of Series A convertible preferred stock into Common Stock | $ (3,060) | |||||
Conversion of Series A convertible preferred stock into Common Stock (in shares) | 76,540 | |||||
Conversion of Series A convertible preferred stock into Common Stock | 3,060 | |||||
Balance (in shares) at Dec. 31, 2019 | 18,954 | 557,631 | ||||
Balance at Dec. 31, 2019 | $ 18,463 | $ 213,388 | $ (225,462) | $ 3 | $ 6,392 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | ||
Net loss | $ (14,992) | $ (20,729) |
Reconciliation of net loss to net cash used in operating activities: | ||
Depreciation | 279 | 115 |
Amortization of premium/discount on available-for-sale securities | (4) | (51) |
Foreign currency remeasurement (loss) | (25) | |
Stock-based compensation | 943 | 3,429 |
Changes in: | ||
Prepaid expenses and other assets | 608 | 141 |
Operating lease right-of-use asset | 200 | |
Interest receivable | 17 | 49 |
Accounts payable and accrued expenses | (2,497) | (6,162) |
Operating lease liability | (200) | |
Net cash used in operating activities | (15,646) | (23,233) |
Investing activities | ||
Purchases of available-for-sale investments | (15,443) | |
Proceeds from maturities of available-for-sale investments | 2,500 | 31,990 |
Proceeds from sale of available-for-sale investments | 1,999 | |
Purchase of property and equipment | (16) | (119) |
Net cash provided by (used in) investing activities | 2,484 | 18,427 |
Financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 2,853 | |
Proceeds from issuance of common stock under ESPP | 132 | |
Net cash provided by financing activities | 2,985 | |
Effect of exchange rate changes on cash | 22 | |
Decrease in cash, cash equivalents and restricted cash | (13,162) | (1,799) |
Cash, cash equivalents and restricted cash, beginning of period | 19,393 | 21,192 |
Cash, cash equivalents and restricted cash, end of period | $ 6,231 | $ 19,393 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Operations The Company ArTara Therapeutics, Inc (formerly Proteon Therapeutics, Inc., the “Company”) is a biopharmaceutical company that has historically focused on the development of novel, first June 2001 March 24, 2006. On March 28, 2019, second 3 2, not p=0.328 p=0.932 2 second two 3 30 2 March 28, 2019, September 23, 2019, December 31, 2019, December 31, 2019, $2.9 December 31, 2019. third Reverse Merger with Private ArTara On January 9, 2020, September 23, 2019 ( 1 On January 9, 2020, 1 40 January 10, 2020. Under the terms of the Merger Agreement, the Company issued shares of its common stock (“Common Stock”) to Private ArTara’s stockholders, at an exchange ratio of 0.190756 0.190756 0.190756 On January 9, 2020, September 23, 2019. September 23, 2019, November 19, 2019, 1 $40.5 $2.0 January 9, 2020, $39.6 The Merger was structured as a reverse merger and Private ArTara was determined to be the accounting acquirer based on the terms of the Merger Agreement. The Merger will be accounted for as a business combination as of the effective date of the Merger. The financial information included in the financial statements is that of the Company prior to the Merger because the Merger was consummated after the period covered by these financial statements. Liquidity As of December 31, 2019, $6.2 $225.5 December 31, 2019. In connection with the Merger, the Company consummated the Private Placements, raising gross proceeds of $42.5 no The Company is in the business of developing biopharmaceuticals, has no The Company believes that its current financial resources, as of the date of the issuance of these consolidated financial statements, are sufficient to fund its current twelve twelve The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not At-The-Market Equity Offering Program On November 12, 2015, 3 $40 January 12, 2016. 3% March 16, 2017 I.B.6 3, may February 7, 2019, 3, No. 333 228865, December 31, 2018, 1,494,579 $3.0 December 31, 2018, $46,000, 1,494,579 December 31, 2018 September 25, 2018 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 accompanying 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 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 Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company and the Company's chief operating decision maker view the Company's operations and manage its business in one one 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 3 820, 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 and available-for-sale investments (see Note 3 no December 31, 2019 2018. no December 31, 2019 2018. Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09” January 1, 2018, 2014 09 March 31, 2018. not In February 2016, 2016 02, 842 2016 02” 2016 01 January 1, 2019 not 842, 842. 842 842, not twelve not not not As a result of the adoption of ASU 2016 02, January 1, 2019, $0.2 8%, $0.2 September 30, 2019. no January 1, 2019. not 2016 02. In June 2018, No. 2018 07, 718 2018 07” 2018 07 2018 07 December 15, 2018. January 1, 2019. 2018 07 March 31, 2019. not March 31, 2018. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 Short-Term Investments The Company classifies its investments as available-for-sale and records such assets at estimated fair value in the consolidated balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the consolidated statements of operations and comprehensive loss and as a separate component of stockholders' equity (deficit). The Company invests its excess cash balances primarily in government debt securities and money market funds with strong credit ratings and maturities of less than one no December 31, 2019 2018. At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the unrealized loss is other-than-temporary. The Company considers factors including: the significance of the decline in value compared to the cost basis, underlying factors contributing to a decline in the prices of securities in a single asset class, the length of time the market value of the security has been less than its cost basis, the security's relative performance versus its peers, sector or asset class, expected market volatility and the market and economy in general. When the Company determines that a decline in the fair value below its cost basis is other-than-temporary, the Company recognizes an impairment loss in the year in which the other-than-temporary decline occurred. There have been no December 31, 2019 2018, not Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and short-term investments. The Company's cash and cash equivalents are held in accounts with financial institutions that management believes are creditworthy. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. These amounts at times may not not no Property and Equipment Property and equipment is stated at cost, less accumulated depreciation. Maintenance and repairs that do not not, Asset Estimated Useful Life (in years) Computer equipment and software 3 Furniture, fixtures and other 5 Laboratory equipment 7 Research and Development Costs Research and development costs are charged to expense as incurred in performing research and development activities. The costs include employee compensation costs, facilities and overhead, clinical study and related clinical manufacturing costs, regulatory and other related costs. Nonrefundable advanced payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Stock-Based Compensation Expense The Company accounts for its stock-based compensation awards to employees and directors in accordance with FASB ASC Topic 718, Compensation-Stock Compensation 718” 718 718 The Company estimates the fair value of its stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including (a) the expected stock price volatility, (b) the expected term of the award, (c) the risk-free interest rate, (d) expected dividends and (e) the estimated fair value of its Common Stock on the measurement date. Due to the lack of company specific historical and implied volatility data of its Common Stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry and with historical share price information sufficient to meet the expected term of the stock based awards. The Company computes historical volatility data using the daily closing prices for the selected companies' shares during the equivalent period of the calculated expected term of the stock-based awards. During 2018 not 2, Use of Estimates Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, 740” not not not not The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. not not December 31, 2019 2018, not 10 Net Income (Loss) per Share Attributable to Common Stockholders Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income 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 follows the two two two not Comprehensive Loss Comprehensive loss consists of net income or loss and changes in equity during a period from transactions and other events and circumstances generated from non-owner sources. The Company's net loss equals comprehensive loss, net of any changes in the unrealized gains and losses of the Company's short-term investments, held as available-for-sale, and foreign currency translation for all periods presented. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to March 19, 2020, 1, 9 13, not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents $ 5,841 $ - $ - $ 5,841 Total $ 5,841 $ - $ - $ 5,841 As of December 31, 2018 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents $ 18,353 $ - $ - $ 18,353 Government securities 2,496 - - 2,496 Total $ 20,849 $ - $ - $ 20,849 As of December 31, 2019, 2018, 90 Available-for-sale securities at December 31, 2019 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2019 Government securities (Due within 1 year) $ - $ - $ - $ - $ - $ - $ - $ - December 31, 2018 Government securities (Due within 1 year) $ 2,496 $ - $ - $ 2,496 $ 2,496 $ - $ - $ 2,496 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and Equipment, net Property and equipment, net consists of the following (in thousands): As of December 31, 2019 2018 Computer equipment and software $ - $ 211 Furniture, fixtures, and other - 365 Laboratory equipment - 514 - 1,090 Accumulated depreciation - (827 ) Property and equipment, net $ - $ 263 Depreciation expense for the years ended December 31, 2019 2018 $0.3 $0.1 During the three March 31, 2019, March 31, 2019 March 31, 2019. September 30, 2019, no $0.2 December 31, 2019. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued Expenses Accrued expenses consist of the following (in thousands): As of December 31, 2019 2018 Payroll and employee-related costs $ 4 $ 1,390 Contracted service costs 9 968 Professional fees and other 307 279 Total $ 320 $ 2,637 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies Significant Contracts and Agreements In February 2002, 2.5% December 31, 2019 not no Operating Leases The Company’s operating leases for facilities and office equipment all expired or were terminated during the year ended December 31, 2019. December 31, 2019 2018 $0.2 $0.3 Restricted cash related to certificate of deposit In November 2019 $50,000 December 31, 2019 2018 $50,000 zero Restricted cash related to facilities leases At December 31, 2019 2018, zero $22,000, December 31, 2018 2017, $22,000 Litigation From time to time, ArTara may Between November 15 December 23, 2019, four Patrick Plumley v. Proteon Therapeutics, Inc., et al. No. 1:19 02143 11/15/19 Jeffrey Teow v. Proteon Therapeutics, Inc., et al. No. 1:19 06745 11/30/19 Neil Lanteigne v. Proteon Therapeutics, et al. No. 1:19 12436 12/03/19 Stephen Wagner v. Proteon Therapeutics, Inc., et al. No. 1:19 02343 12/23/19 Plumley four 4 November 7, 2019 14 14a 9 20 four December 31, 2019, 8 January 9, 2019, January 27, 2020, Lanteigne February 3, 2020, Plumley February 7, 2020, Teow February 10, 2020, Wagner The Company believes that it is probable that it will incur a loss related to these matters. However, the Company is unable to reasonably estimate the loss, and as such the Company has not |
Note 7 - Series A Preferred Fin
Note 7 - Series A Preferred Financing | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 7. Series A Preferred Financing On August 2, 2017, 22,000 $0.001 $1,000 $22.0 June 22, 2017. $0.5 25 $39.80 13 9.985% December 31, 2019 2018, 22,000 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 December 31, 2019, 3,046 76,540 18,954 22,000 $0.001 December 31, 2019 2018, January 9, 2020, 18,954 476,276 Dividends Holders of the Series A Preferred Stock are entitled to receive dividends, if and when declared by the Board of Directors. Liquidation Preference Holders of the Series A Preferred Stock have preference in the event of a liquidation or dissolution of the Company equal to $0.001 Thereafter, the Holders of the shares of Series A Preferred Stock shall share ratably in any distributions and payments of any remaining assets of the Company, on an as converted basis, with the holders of Common Stock. Voting Rights Except for matters with specific voting rights as provided in the Series A Preferred Stock Purchase Agreement, the Holders of shares of Series A Preferred Stock have no |
Note 8 - Common Stock
Note 8 - Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Common Stock [Text Block] | 8. Common Stock General At December 31, 2019, 100,000,000 $0.001 557,631 Reserved for Future Issuance The Company has the following shares of Common Stock reserved for future issuance: As of December 31, 2019 2018 Conversion of Series A Preferred Stock 476,279 552,819 Stock-based compensation awards 185,729 129,099 Employee Stock Purchase Plan 2,953 2,953 Total 664,961 684,871 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. Stock-based Compensation On August 21, 2014, 2006 “2006 2014 “2014 2014 “2014 October 3, 2014, On June 20, 2017, 2014 2014 July 31, 2017, The Plans provide for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock and stock unit awards, performance units, stock grants and qualified performance-based awards. Under the 2006 no 17,600 2014 2014 2014 January 1, January 1, 2015 four December 31 January 1st. 2014 may not 2014 900,003 129,088 1,074,384 January 1, 2020. Terms of the stock awards, including vesting requirements, are determined by the Board of Directors, subject to the provisions of the Plans. Options granted by the Company typically vest over three four 2006 ten 2014 Stock-based compensation expense Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations as follows (in thousands): Year Ended December 31, 2019 2018 Research and development $ 233 $ 1,142 General and administrative 710 2,287 Total $ 943 $ 3,429 The Company estimates the fair value of each employee stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions regarding the fair value of the underlying Common Stock on each measurement date: Year Ended December 31, 2019 2018 Weighted average expected volatility 89.6 % 93.5 % Expected term (in years) 6.10 6.07 Risk free interest rate 2.60 % 2.55 % Expected dividend yield 0 % 0 % Stock Options The following table summarizes stock option activity for employees and non-employees: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2018 114,931 $ 204.76 7.4 $ 404 Granted 29,562 $ 106.32 Exercised - $ - Forfeited (80,431 ) $ 124.40 Expired (63,951 ) $ 260.40 Outstanding at December 31, 2019 111 $ 218.40 0.1 $ - Exercisable at December 31, 2019 111 $ 218.40 0.1 $ - Vested or expected to vest at December 31, 2019 (1) 111 $ 218.40 0.1 $ - _____________ ( 1 December 31, 2019 December 31, 2019. During the year ended December 31, 2019, 29,563 $80.00. December 31, 2018, 51,040 $104.32. The total intrinsic value of options exercised in the years ended December 31, 2019 2018 $0 $0 December 31, 2019, 2018 $0.0 $4.6 Employee Stock Purchase Plan The 2014 3,513 January 1, January 1, 2015 January 1, 2024, one 281,000 January 1st. December 31, 2019, January 1, 2019 one December 31, 2018, 2014 4,811 tenth 2014 July 1, 2019 September 30, 2019. December 31, 2019 2018, no 1,859 2014 $0.1 2014 December 31, 2019, 2018, 2017. January 1, 2020, one December 31, 2019, 2014 5,576 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The components of loss from operations before income taxes are as follows (in thousands): Year Ended December 31, 2019 2018 Domestic $ (14,965 ) $ (17,855 ) Foreign (27 ) (2,874 ) Total $ (14,992 ) $ (20,729 ) For the years ended December 31, 2019 2018, not A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows (in thousands): Year Ended December 31, 2019 2018 Income tax benefit computed at federal statutory tax rate $ (3,148 ) $ (4,348 ) Permanent differences 1 6 Write-off of deferred tax asset 2,048 - Stock compensation - permanent items - 325 State income taxes, net of federal benefit (930 ) (958 ) Tax credits (465 ) (1,466 ) Change in valuation allowance 2,449 5,409 Foreign rate differential 5 602 Other 40 430 Total $ - $ - The significant components of the Company's deferred tax assets are as follows (in thousands): Year Ended December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 11,090 $ 6,742 Federal and state tax credits 3,587 3,122 Accrued expenses - 411 Patents 74 132 Stock-based compensation - 1,782 Other 59 169 Total deferred tax assets 14,810 12,358 Valuation allowance (14,810 ) (12,358 ) Net deferred assets $ - $ - Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company's history of operating losses, management of the Company has concluded that it is more likely than not not December 31, 2019 2018. Net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service (the "IRS") and may three 50% 382 383 may 50% January 9, 2020. not As a result of current year activity, the valuation allowance increased by approximately $2.4 December 31, 2019. December 31, 2018, $5.4 Subject to the limitations described below, as of December 31, 2019 2018 $41.7 $25.7 2018 2037. 2018 December 31, 2019 $30.6 December 31, 2019 2018, $37.2 $21.5 2039. December 31, 2019 2018, $3.6 $3.1 2039. The Company had no December 31, 2019 2018. The Company is subject to U.S. federal income tax and primarily Massachusetts state income tax. The statute of limitations for assessment by the IRS and state tax authorities is open for tax years ending December 31, 2016 2019, 2016 may no |
Note 11 - Net Loss Per Share At
Note 11 - Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Net Loss per Share Attributable to Common Stockholders As described in Note 2, December 31, 2019 2018 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: Year Ended December 31, 2019 2018 Outstanding stock options 111 114,931 Convertible preferred stock 476,279 552,819 476,390 667,750 |
Note 12 - Restructuring Charges
Note 12 - Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 12. Restructuring Charges In April 2019, “2019 2 March 28, 2019. December 31, 2019 ( 2019” December 31, 2019. Changes in the restructuring accrual during the year ended December 31, 2019 As of Charges/ Payment/Other As of 2019 Restructuring Program Employee Severance $ - $ 2,854 $ (2,854 ) $ - Total $ - $ 2,854 $ (2,854 ) $ - |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Events Per the discussion in Note 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation, Principles of Consolidation and Use of Estimates The accompanying 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 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] | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company and the Company's chief operating decision maker view the Company's operations and manage its business in one one |
Derivatives, 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 3 820, 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 and available-for-sale investments (see Note 3 no December 31, 2019 2018. no December 31, 2019 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09” January 1, 2018, 2014 09 March 31, 2018. not In February 2016, 2016 02, 842 2016 02” 2016 01 January 1, 2019 not 842, 842. 842 842, not twelve not not not As a result of the adoption of ASU 2016 02, January 1, 2019, $0.2 8%, $0.2 September 30, 2019. no January 1, 2019. not 2016 02. In June 2018, No. 2018 07, 718 2018 07” 2018 07 2018 07 December 15, 2018. January 1, 2019. 2018 07 March 31, 2019. not March 31, 2018. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 |
Investment, Policy [Policy Text Block] | Short-Term Investments The Company classifies its investments as available-for-sale and records such assets at estimated fair value in the consolidated balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the consolidated statements of operations and comprehensive loss and as a separate component of stockholders' equity (deficit). The Company invests its excess cash balances primarily in government debt securities and money market funds with strong credit ratings and maturities of less than one no December 31, 2019 2018. At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the unrealized loss is other-than-temporary. The Company considers factors including: the significance of the decline in value compared to the cost basis, underlying factors contributing to a decline in the prices of securities in a single asset class, the length of time the market value of the security has been less than its cost basis, the security's relative performance versus its peers, sector or asset class, expected market volatility and the market and economy in general. When the Company determines that a decline in the fair value below its cost basis is other-than-temporary, the Company recognizes an impairment loss in the year in which the other-than-temporary decline occurred. There have been no December 31, 2019 2018, not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and short-term investments. The Company's cash and cash equivalents are held in accounts with financial institutions that management believes are creditworthy. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. These amounts at times may not not no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost, less accumulated depreciation. Maintenance and repairs that do not not, Asset Estimated Useful Life (in years) Computer equipment and software 3 Furniture, fixtures and other 5 Laboratory equipment 7 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are charged to expense as incurred in performing research and development activities. The costs include employee compensation costs, facilities and overhead, clinical study and related clinical manufacturing costs, regulatory and other related costs. Nonrefundable advanced payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Expense The Company accounts for its stock-based compensation awards to employees and directors in accordance with FASB ASC Topic 718, Compensation-Stock Compensation 718” 718 718 The Company estimates the fair value of its stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including (a) the expected stock price volatility, (b) the expected term of the award, (c) the risk-free interest rate, (d) expected dividends and (e) the estimated fair value of its Common Stock on the measurement date. Due to the lack of company specific historical and implied volatility data of its Common Stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry and with historical share price information sufficient to meet the expected term of the stock based awards. The Company computes historical volatility data using the daily closing prices for the selected companies' shares during the equivalent period of the calculated expected term of the stock-based awards. During 2018 not 2, Use of Estimates |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, 740” not not not not The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. not not December 31, 2019 2018, not 10 |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Attributable to Common Stockholders Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income 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 follows the two two two not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss Comprehensive loss consists of net income or loss and changes in equity during a period from transactions and other events and circumstances generated from non-owner sources. The Company's net loss equals comprehensive loss, net of any changes in the unrealized gains and losses of the Company's short-term investments, held as available-for-sale, and foreign currency translation for all periods presented. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to March 19, 2020, 1, 9 13, not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property Plant and Equipment Useful Lives [Table Text Block] | Asset Estimated Useful Life (in years) Computer equipment and software 3 Furniture, fixtures and other 5 Laboratory equipment 7 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of December 31, 2019 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents $ 5,841 $ - $ - $ 5,841 Total $ 5,841 $ - $ - $ 5,841 As of December 31, 2018 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents $ 18,353 $ - $ - $ 18,353 Government securities 2,496 - - 2,496 Total $ 20,849 $ - $ - $ 20,849 |
Available-for-sale Securities [Table Text Block] | Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2019 Government securities (Due within 1 year) $ - $ - $ - $ - $ - $ - $ - $ - December 31, 2018 Government securities (Due within 1 year) $ 2,496 $ - $ - $ 2,496 $ 2,496 $ - $ - $ 2,496 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2019 2018 Computer equipment and software $ - $ 211 Furniture, fixtures, and other - 365 Laboratory equipment - 514 - 1,090 Accumulated depreciation - (827 ) Property and equipment, net $ - $ 263 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of December 31, 2019 2018 Payroll and employee-related costs $ 4 $ 1,390 Contracted service costs 9 968 Professional fees and other 307 279 Total $ 320 $ 2,637 |
Note 8 - Common Stock (Tables)
Note 8 - Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Common Stock Reserved for Future Issuance [Table Text Block] | As of December 31, 2019 2018 Conversion of Series A Preferred Stock 476,279 552,819 Stock-based compensation awards 185,729 129,099 Employee Stock Purchase Plan 2,953 2,953 Total 664,961 684,871 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2019 2018 Research and development $ 233 $ 1,142 General and administrative 710 2,287 Total $ 943 $ 3,429 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2019 2018 Weighted average expected volatility 89.6 % 93.5 % Expected term (in years) 6.10 6.07 Risk free interest rate 2.60 % 2.55 % Expected dividend yield 0 % 0 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted- Weighted- Aggregate Outstanding at December 31, 2018 114,931 $ 204.76 7.4 $ 404 Granted 29,562 $ 106.32 Exercised - $ - Forfeited (80,431 ) $ 124.40 Expired (63,951 ) $ 260.40 Outstanding at December 31, 2019 111 $ 218.40 0.1 $ - Exercisable at December 31, 2019 111 $ 218.40 0.1 $ - Vested or expected to vest at December 31, 2019 (1) 111 $ 218.40 0.1 $ - |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2019 2018 Domestic $ (14,965 ) $ (17,855 ) Foreign (27 ) (2,874 ) Total $ (14,992 ) $ (20,729 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 Income tax benefit computed at federal statutory tax rate $ (3,148 ) $ (4,348 ) Permanent differences 1 6 Write-off of deferred tax asset 2,048 - Stock compensation - permanent items - 325 State income taxes, net of federal benefit (930 ) (958 ) Tax credits (465 ) (1,466 ) Change in valuation allowance 2,449 5,409 Foreign rate differential 5 602 Other 40 430 Total $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 11,090 $ 6,742 Federal and state tax credits 3,587 3,122 Accrued expenses - 411 Patents 74 132 Stock-based compensation - 1,782 Other 59 169 Total deferred tax assets 14,810 12,358 Valuation allowance (14,810 ) (12,358 ) Net deferred assets $ - $ - |
Note 11 - Net Loss Per Share _2
Note 11 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2019 2018 Outstanding stock options 111 114,931 Convertible preferred stock 476,279 552,819 476,390 667,750 |
Note 12 - Restructuring Charg_2
Note 12 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | As of Charges/ Payment/Other As of 2019 Restructuring Program Employee Severance $ - $ 2,854 $ (2,854 ) $ - Total $ - $ 2,854 $ (2,854 ) $ - |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations (Details Textual) | Jan. 09, 2020USD ($) | Nov. 12, 2015USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares |
Severance Costs | $ 2,900,000 | |||
Cash, Cash Equivalents, and Short-term Investments, Total | 6,200,000 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (225,462,000) | $ (210,470,000) | ||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | shares | 37,364 | |||
Sales Agreement [Member] | Cowen and Company, LLC [Member] | Common Stock [Member] | ||||
Sale of Stock, Maximum Value of Stock Offered | $ 40,000,000 | |||
Sale of Stock, Commission to Sales Agent, Percentage | 3.00% | |||
Sales Agreement [Member] | New Leaf Venture Partners LLC [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | shares | 1,494,579 | |||
Proceeds from Issuance of Common Stock | $ 3,000,000 | |||
Payments of Stock Issuance Costs | $ 46,000 | |||
Reverse Merger with Private ArTara [Member] | Subsequent Event [Member] | ||||
Business Combination, Consideration Transferred, Equity Interested Issued, Exchange Ratio | 0.190756 | |||
Reverse Merger with Private ArTara [Member] | Subsequent Event [Member] | Proteon Private Placement [Member] | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 40,500,000 | |||
Reverse Merger with Private ArTara [Member] | Subsequent Event [Member] | The ArTara Private Placement Shares [Member] | ||||
Proceeds from Issuance or Sale of Equity, Total | 2,000,000 | |||
Reverse Merger with Private ArTara [Member] | Subsequent Event [Member] | The Private Placements [Member] | ||||
Proceeds from Issuance or Sale of Equity, Total | 42,500,000 | |||
Sale of Stock, Consideration Received on Transaction | $ 39,600,000 | |||
Reverse Stock Split [Member] | Reverse Merger with Private ArTara [Member] | Subsequent Event [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 40 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Number of Operating Segments | 1 | ||
Number of Reportable Segments | 1 | ||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 0 | $ 0 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | 0 | 0 | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Current | $ 200 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 8.00% | ||
Operating Lease, Right-of-Use Asset | $ 200 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Computer Equipment and Software [Member] | |
Property and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | |
Property and equipment, useful life (Year) | 5 years |
Laboratory Equipment [Member] | |
Property and equipment, useful life (Year) | 7 years |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total | $ 5,841 | $ 20,849 |
Cash Equivalents [Member] | ||
Cash equivalents | 5,841 | 18,353 |
US Government Agencies Debt Securities [Member] | ||
Government securities | 2,496 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 5,841 | 20,849 |
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||
Cash equivalents | 5,841 | 18,353 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Government securities | 2,496 | |
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 Measureme_4
Note 3 - Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 2,496 | |
Unrealized Gains | ||
Unrealized Losses | ||
Fair Value | 2,496 | |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 2,496 | |
Unrealized Gains | ||
Unrealized Losses | ||
Fair Value | $ 2,496 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 279 | $ 115 |
Laboratory Equipment [Member] | Research and Development Expense [Member] | ||
Impairment of Long-Lived Assets Held-for-use | $ 200 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and equipment | $ 1,090 | |
Accumulated depreciation | (827) | |
Property and equipment, net | 263 | |
Computer Equipment and Software [Member] | ||
Property and equipment | 211 | |
Furniture and Fixtures [Member] | ||
Property and equipment | 365 | |
Laboratory Equipment [Member] | ||
Property and equipment | $ 514 |
Note 5 - Accrued Expenses - Acc
Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payroll and employee-related costs | $ 4 | $ 1,390 |
Contracted service costs | 9 | 968 |
Professional fees and other | 307 | 279 |
Total | $ 320 | $ 2,637 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) | Feb. 10, 2020 | Dec. 23, 2019 | Feb. 28, 2002 | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2017USD ($) |
Royalty Payment, Percentage of Net Sales | 2.50% | |||||||
Operating Lease, Expense | $ 200,000 | $ 300,000 | ||||||
Certificates of Deposit, at Carrying Value | 0 | $ 50,000 | $ 50,000 | |||||
Letters of Credit Outstanding, Amount | 22,000 | $ 0 | ||||||
Loans Pledged as Collateral | $ 22,000 | $ 22,000 | ||||||
Loss Contingency, New Claims Filed, Number | 4 | |||||||
Subsequent Event [Member] | ||||||||
Loss Contingency, Claims Dismissed, Number | 4 |
Note 7 - Series A Preferred F_2
Note 7 - Series A Preferred Financing (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jan. 09, 2020 | Aug. 02, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Conversion of Series A Preferred Stock to Common Stock [Member] | Subsequent Event [Member] | ||||
Conversion of Stock, Shares Issued | 476,276 | |||
Conversion of Stock, Shares Converted | 18,954 | |||
Series A Convertible Preferred Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 22,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |
Shares Issued, Price Per Share | $ 1,000 | |||
Proceeds from Issuance of Convertible Preferred Stock | $ 22 | |||
Payments of Stock Issuance Costs | $ 0.5 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 25 | |||
Convertible Preferred Stock, Conversion Price of Shares Issued upon Conversion | $ 39.80 | |||
Convertible Preferred Stock, Maximum Ownership Percentage Allowed after Conversion of Stock | 9.985% | |||
Preferred Stock, Shares Authorized | 22,000 | 22,000 | ||
Conversion of Stock, Shares Issued | 76,540 | |||
Preferred Stock, Shares Issued, Total | 18,954 | 22,000 | ||
Preferred Stock, Liquidation Preference Per Share | $ 0.001 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 18,954 | 22,000 |
Note 8 - Common Stock (Details
Note 8 - Common Stock (Details Textual) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued, Total | 557,631 | 481,091 |
Common Stock, Shares, Outstanding, Ending Balance | 557,631 | 481,091 |
Note 8 - Common Stock - Common
Note 8 - Common Stock - Common Stock Reserved for Future Issuance (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 |
Reserved for future issuance (in shares) | 664,961 | 684,871 | |
The 2014 Employee Stock Purchase Plan [Member] | |||
Reserved for future issuance (in shares) | 2,953 | 2,953 | 3,513 |
Performance Shares [Member] | |||
Reserved for future issuance (in shares) | 185,729 | 129,099 | |
Conversion of Series A Preferred Stock to Common Stock [Member] | |||
Reserved for future issuance (in shares) | 476,279 | 552,819 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 09, 2020 | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 08, 2020 | Jan. 01, 2020 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 36 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 29,563 | 51,040 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 80 | $ 104.32 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 4,600 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 664,961 | 684,871 | ||||||
Share-based Payment Arrangement, Expense | $ 943 | $ 3,429 | ||||||
The 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,600 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Annual Additional Shares, Percentage | 4.00% | |||||||
The 2014 Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
The 2014 Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
The Second Amended 2014 Plan [Member] | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,074,384 | 129,088 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 900,003 | |||||||
The 2006 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 10 years | |||||||
The 2014 Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,811 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Annual Additional Shares, Percentage | 1.00% | 1.00% | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,953 | 2,953 | 3,513 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Additional Shares Authorizable | 281,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 1,859 | ||||||
Share-based Payment Arrangement, Expense | $ 100 | $ 100 | $ 100 | |||||
The 2014 Employee Stock Purchase Plan [Member] | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,576 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Annual Additional Shares, Percentage | 1.00% |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock-based Compensation Expense Recognized for Stock Options Granted (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Allocated share based compensation expense | $ 943 | $ 3,429 |
Research and Development Expense [Member] | ||
Allocated share based compensation expense | 233 | 1,142 |
General and Administrative Expense [Member] | ||
Allocated share based compensation expense | $ 710 | $ 2,287 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Black-scholes Valuation Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average expected volatility | 89.60% | 93.50% |
Expected term (in years) (Year) | 6 years 36 days | 6 years 25 days |
Risk free interest rate | 2.60% | 2.55% |
Expected dividend yield | 0.00% | 0.00% |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Options Outstanding, Beginning Balance (in shares) | 114,931 | ||
Options Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ 204.76 | ||
Options Outstanding, Weighted-average Remaining Contractual Term (Year) | 36 days | 7 years 146 days | |
Options Outstanding, Aggregate Intrinsic Value | $ 404 | ||
Options Granted (in shares) | 29,563 | 51,040 | |
Options Granted, Weighted Average Exercise Price (in dollars per share) | $ 106.32 | ||
Options Exercised (in shares) | |||
Options Exercised, Weighted Average Exercise Price (in dollars per share) | |||
Options Forfeited (in shares) | (80,431) | ||
Options Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 124.40 | ||
Options Expired (in shares) | (63,951) | ||
Options Expired, Weighted Average Exercise Price (in dollars per share) | $ 260.40 | ||
Options Outstanding, Ending Balance (in shares) | 111 | 114,931 | |
Options Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 218.40 | $ 204.76 | |
Options Exercisable (in shares) | 111 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 218.40 | ||
Options Exercisable, Weighted-average Remaining Contractual Term (Year) | 36 days | ||
Options Exercisable, Aggregate Intrinsic Value | |||
Options Vested or Expected to Vest (in shares) | [1] | 111 | |
Options Vested or Expected to Vest, Weighted Average Exercise Price (in dollars per share) | [1] | $ 218.40 | |
Options Vested or Expected to Vest, Weighted-average Remaining Contractual Term (Year) | [1] | 36 days | |
Options Vested or Expected to Vest, Aggregate Intrinsic Value | [1] | ||
[1] | Represents the number of vested options at December 31, 2019 plus the number of unvested options expected to vest based on the unvested options outstanding at December 31, 2019. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards, Net, Indefinite Lived | $ 30,600 | |
Tax Credit Carryforward, Amount | 3,600 | $ 3,100 |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 41,700 | 25,700 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 37,200 | 21,500 |
Current Year Deferred Tax Assets Activity [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,400 | $ 5,400 |
Note 10 - Income Taxes - Domest
Note 10 - Income Taxes - Domestic and Foreign Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ (14,965) | $ (17,855) |
Foreign | (27) | (2,874) |
Total | $ (14,992) | $ (20,729) |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit computed at federal statutory tax rate | $ (3,148) | $ (4,348) |
Permanent differences | 1 | 6 |
Write-off of deferred tax asset | 2,048 | |
Stock compensation - permanent items | 325 | |
State income taxes, net of federal benefit | (930) | (958) |
Tax credits | (465) | (1,466) |
Change in valuation allowance | 2,449 | 5,409 |
Foreign rate differential | 5 | 602 |
Other | 40 | 430 |
Total |
Note 10 - Income Taxes - Summar
Note 10 - Income Taxes - Summary of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carryforwards | $ 11,090 | $ 6,742 |
Federal and state tax credits | 3,587 | 3,122 |
Accrued expenses | 411 | |
Patents | 74 | 132 |
Stock-based compensation | 1,782 | |
Other | 59 | 169 |
Total deferred tax assets | 14,810 | 12,358 |
Valuation allowance | (14,810) | (12,358) |
Net deferred assets |
Note 11 - Net Loss Per Share _3
Note 11 - Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded From Calculation of Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities (in shares) | 476,390 | 667,750 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities (in shares) | 476,279 | 552,819 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities (in shares) | 111 | 114,931 |
Note 12 - Restructuring Charg_3
Note 12 - Restructuring Charges - Changes in the Restructuring Accrual (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Beginning balance | |
Charges/(Benefits) | 2,854 |
Payment/Other | (2,854) |
Ending balance | |
Employee Severance [Member] | |
Beginning balance | |
Charges/(Benefits) | 2,854 |
Payment/Other | (2,854) |
Ending balance |