Athersys, Inc / New (ATHXQ) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	ATHERSYS, INC / NEW
Entity Central Index Key	0001368148
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,474,528

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 32,692	$ 35,041
Prepaid expenses and other	1,503	1,168
Total current assets	34,471	37,171
Equipment, net	3,039	2,882
Deposits and other	1,558	1,613
Total assets	39,068	41,666
Current liabilities:
Accrued compensation and related benefits	872	773
Accrued clinical trial related costs	1,106	1,160
Accrued expenses and other	859	723
Total current liabilities	14,620	12,837
Other long-term liabilities	102	220
Stockholders’ equity:
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at March 31, 2020 and December 31, 2019	0	0
Common stock, $0.001 par value; 300,000,000 shares authorized, and 170,770,089 and 159,791,585 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	171	160
Additional paid-in capital	459,145	440,735
Accumulated deficit	(433,268)	(417,624)
Total stockholders’ equity	19,008	23,271
Total liabilities and stockholders’ equity	39,068	41,666
Consolidated entity excluding, related party
Current assets:
Accounts receivable	17	17
Current liabilities:
Accounts payable	10,650	9,048
Healios
Current assets:
Accounts receivable	259	945
Current liabilities:
Accounts payable	1,068	1,068
Deferred revenue	65	65
Advance from Healios	5,338	5,338
Stockholders’ equity:
Stock subscription receivable from Healios	$ (7,040)	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	170,770,089	159,791,585
Common stock, shares outstanding (in shares)	170,770,089	159,791,585

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Revenues	$ 0	$ 1,445
Costs and expenses
Research and development	12,095	11,415
General and administrative	3,474	3,106
Depreciation	190	184
Total costs and expenses	15,759	14,705
Loss from operations	(15,759)	(13,260)
Other income, net	115	304
Net loss and comprehensive loss	$ (15,644)	$ (12,956)
Net loss per share, basic and diluted (in dollars per share)	$ (0.10)	$ (0.09)
Weighted average shares outstanding, basic and diluted (in shares)	162,715	145,964
Grant revenue
Revenues
Revenues	$ 0	$ 4
Healios | Contract revenue
Revenues
Revenues	$ 0	$ 1,441

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Stock Subscription Receivable	Additional Paid-in Capital	Accumulated Deficit	Healios	HealiosCommon Stock	HealiosStock Subscription Receivable	HealiosAdditional Paid-in Capital
Preferred stock shares, beginning balance (in shares) at Dec. 31, 2018		0
Common stock, beginning balance (in shares) at Dec. 31, 2018			144,292,739
Beginning balance at Dec. 31, 2018	$ 43,116,000	$ 0	$ 144,000		$ 416,014,000	$ (373,042,000)
Stock-based compensation	1,090,000				1,090,000
Issuance of common stock (in shares)			3,825,000
Issuance of common stock	5,607,000		$ 4,000		5,603,000
Issuance of common stock under equity compensation plan (in shares)			158,494
Issuance of common stock under equity compensation plan	(69,000)				(69,000)
Net comprehensive income (loss)	(12,956,000)					(12,956,000)
Preferred stock shares, ending balance (in shares) at Mar. 31, 2019		0
Common stock, ending balance (in shares) at Mar. 31, 2019			148,276,233
Ending balance at Mar. 31, 2019	$ 36,788,000	$ 0	$ 148,000		422,638,000	(385,998,000)
Preferred stock shares, beginning balance (in shares) at Dec. 31, 2019	0	0
Common stock, beginning balance (in shares) at Dec. 31, 2019	159,791,585		159,791,585
Beginning balance at Dec. 31, 2019	$ 23,271,000	$ 0	$ 160,000	$ 0	440,735,000	(417,624,000)
Stock-based compensation	1,280,000				1,280,000
Stock subscription receivable from Healios warrant exercise (in shares)								4,000,000
Stock subscription receivable from Healios warrant exercise							$ 0	$ 4,000	$ (7,040,000)	$ 7,036,000
Issuance of common stock (in shares)			6,825,000
Issuance of common stock	10,250,000		$ 7,000		10,243,000
Issuance of common stock under equity compensation plan (in shares)			153,504
Issuance of common stock under equity compensation plan	(149,000)				(149,000)
Net comprehensive income (loss)	$ (15,644,000)					(15,644,000)
Preferred stock shares, ending balance (in shares) at Mar. 31, 2020	0	0
Common stock, ending balance (in shares) at Mar. 31, 2020	170,770,089		170,770,089
Ending balance at Mar. 31, 2020	$ 19,008,000	$ 0	$ 171,000	$ (7,040,000)	$ 459,145,000	$ (433,268,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (15,644)	$ (12,956)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	190	184
Stock-based compensation	1,280	1,090
Changes in operating assets and liabilities:
Prepaid expenses, deposits and other	(279)	1,101
Accounts payable and accrued expenses	1,664	1,210
Net cash used in operating activities	(12,103)	(5,515)
Investing activities
Purchases of equipment	(347)	(64)
Net cash used in investing activities	(347)	(64)
Financing activities
Proceeds from issuance of common stock	10,250	5,607
Shares retained for withholding tax payments on stock-based awards	(149)	(69)
Net cash provided by financing activities	10,101	5,538
Decrease in cash and cash equivalents	(2,349)	(41)
Cash and cash equivalents at beginning of the period	35,041	51,059
Cash and cash equivalents at end of the period	32,692	51,018
Consolidated entity excluding, related party
Changes in operating assets and liabilities:
Accounts receivable	0	251
Healios
Changes in operating assets and liabilities:
Accounts receivable	686	2,261
Deferred revenue - Healios	0	499
Advances and deposits from Healios	$ 0	$ 845

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Background: We are an international biotechnology company focused in the field of regenerative medicine and operate in one business segment. Our operations consist of research, preclinical development and clinical development activities, and our most advanced program is in Phase 3 clinical development. We have incurred losses since our inception in 1995 and had an accumulated deficit of $433.3 million at March 31, 2020 , and we will not commence sales of our clinical product candidates until they receive regulatory approval for commercialization. We will require significant additional capital to continue our research and development programs, including progressing our clinical product candidates to commercialization and preparing for commercial-scale manufacturing and sales. At March 31, 2020 , we had available cash and cash equivalents of $32.7 million . In April 2020, we completed an underwritten public offering of common stock generating gross proceeds of approximately $57.6 million . Also, in March 2020, HEALIOS K.K. (“Healios”), our collaborator in Japan, elected to exercise its warrant in full, and we generated proceeds of approximately $7.0 million received in April 2020. We believe that these recent proceeds combined with our cash on hand, expected cash receipts primarily attributed to our collaboration with Healios and proceeds from the equity facility that we have in place are sufficient to meet our obligations as they come due at least for a period of twelve months from the date of the issuance of these unaudited condensed consolidated financial statements. We expect that our near-term milestones and clinical trial results, including the results of Healios’ clinical trials, will have a significant impact, favorable or unfavorable, on our ability to access capital from potential third-party commercial partners or the equity capital markets. Depending on the outcome of these milestones and clinical trial results, we may accelerate, defer or stage the timing of certain programs until we become cash flow positive from the sales of our clinical products, if they are approved for marketing. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of financial position and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our critical accounting policies, estimates and assumptions are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which is included in this Quarterly Report on Form 10-Q.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) . This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Subsequent to issuing ASU 2016-13, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326): Effective Dates , delaying the effective date for smaller reporting companies until January 2023. We are currently evaluating the potential impact of adoption of this standard on our consolidated financial statements and disclosures, and we do not intend to early adopt. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”) . ASU 2018-15 requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software and deferred over the noncancellable term of the cloud computing arrangements plus any optional renewal periods reasonably certain to be exercised by the customer or for which exercise is controlled by the provider. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019. The amendments in ASU 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted this standard on a prospective basis effective January 1, 2020 and such capitalized costs are recorded in Deposits and Other on our unaudited condensed consolidated balance sheet at March 31, 2020 . The adoption of this standard did not have a significant impact on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (“Topic 808”): Clarifying the Interaction between Topic 808 and Topic 606 . The amendments in this update: (i) clarify that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account and in those situations, all the guidance in Topic 606 should be applied, including recognition, measurement, presentation and disclosure requirements; (ii) add unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606; and (iii) require that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. The provisions of ASU 2018-18 are effective for years beginning after December 15, 2019. We have adopted the standard effective January 1, 2020 prospectively, which had no impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes, changes the accounting for certain income tax transactions, and other minor changes. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods, with early adoption permitted. We are currently assessing the impact that this ASU will have on our consolidated financial statements and disclosures.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Basic and diluted net loss per share have been computed using the weighted-average number of shares of common stock outstanding during the period. We have outstanding stock-based awards that are not used in the calculation of diluted net loss per share because to do so would be anti-dilutive. The following instruments (in thousands) were excluded from the calculation of diluted net loss per share because their effects would be antidilutive: Three months ended 2020 2019 Stock-based awards 16,662 12,431 Healios warrant – see Note 6 — 17,000 Total 16,662 29,431

Collaborative Arrangements and

Collaborative Arrangements and Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangements and Revenue Recognition	Collaborative Arrangements and Revenue Recognition Healios Collaboration We have a licensing collaboration with Healios to primarily develop and commercialize our cell therapy technologies for certain disease indications in Japan, pursuant to which we received nonrefundable license fee payments and are entitled to royalties on net sales. We also have the right to receive development and commercial milestone payments from Healios, subject to certain potential credits that have been negotiated from time-to-time associated with modifications to the arrangement. Healios is responsible for the development and commercialization of the licensed products in the licensed territories, and we provide certain services to Healios for which we are paid. Refer to Note 6 regarding Healios exercise of a warrant in 2020. Healios Revenue Recognition At the inception of the Healios arrangement and again each time that the arrangement is modified, all material performance obligations are identified, which currently include (i) licenses to our technology, (ii) product supply services and (iii) services to transfer technology to a contract manufacturer on Healios’ behalf. It was determined that these performance obligations are separate and distinct within the context of the contract. We determine the standalone selling price of each performance obligation and the related transaction price, taking into account variable consideration using the expected value or most likely amount method and reassessing our estimates each reporting period. We constrain, or reduce, the estimates of variable consideration if it is probable that a significant reversal of previously recognized revenue could occur throughout the life of the contract, and both the likelihood and magnitude of a potential reversal of revenue are taken into consideration. At inception and upon each modification date, once the estimated transaction price is established, amounts are allocated to each separate performance obligation on a relative standalone selling price basis. These performance obligations include any remaining, undelivered elements at the time of modifications and any new elements from a modification to the arrangement if the conditions are not met for being treated as a separate agreement. The remaining transaction price for the performance obligations that were not yet delivered is not significant at March 31, 2020 . At March 31, 2020 , the contract liability, included in Deferred Revenue - Healios on the unaudited condensed consolidated balance sheets, is properly classified as a current liability since the rights to consideration are expected to be satisfied, in all material respects, within one year. Advance from Healios Certain clinical product supply services that were concluded in 2019 involved a cost-sharing arrangement, the proceeds from which may either (i) result in a reduction in the proceeds we receive from Healios upon the achievement of two potential milestones and an increase to a commercial milestone under the license agreement for stroke or (ii) be repaid to Healios at our election, as defined. The cost-sharing proceeds received are recognized in Advance from Healios on the unaudited condensed consolidated balance sheets until the earlier of the milestones being achieved or such amounts being repaid to Healios at our election, at which time, the culmination of the earnings process or the repayment will be complete. Disaggregation of Revenues We recognize license-related amounts, including upfront payments, exclusivity fees, additional disease indication fees and milestones at a point in time when earned. Similarly, product supply revenue is recognized at a point in time upon delivery, as defined, while service revenue (e.g., technology transfer) is recognized when earned over time in proportion to the contractual services provided. For performance obligations satisfied over time, we apply an appropriate method of measuring progress each reporting period and, if necessary, adjust the estimates of performance and the related revenue recognition. The following table presents our contract revenues disaggregated by timing of revenue recognition and excludes royalty revenue (in thousands): Three months ended March 31, 2020 Three months ended Point in Time Over Time Point in Time Over Time Contract Revenue from Healios Product supply revenue $ — $ — $ 966 $ — Service revenue — — — 475 Total disaggregated revenues $ — $ — $ 966 $ 475

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Our 2019 Equity and Incentive Compensation Plan (the “EICP”) authorized at inception an aggregate of approximately 18,500,000 shares of common stock for awards to employees, directors and consultants. In the three-month period ended March 31, 2020 , we granted 80,000 stock options to our employees under the EICP. Also, in the first quarter of 2020 we awarded inducement stock options to purchase 1,000,000 shares of our common stock. The EICP authorizes the issuance of stock-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock-based awards. As of March 31, 2020 , a total of 14,123,833 shares were available for issuance under our EICP, and stock-based awards to purchase 15,661,772 shares of common stock were outstanding under our current and former equity incentive plans, and 1,000,000 shares of common stock were outstanding as inducement awards granted outside of our equity incentive plans. For the three-month periods ended March 31, 2020 and 2019 , stock-based compensation expense was approximately $1.3 million and $1.1 million , respectively. At March 31, 2020 , total unrecognized estimated compensation cost related to unvested stock-based awards was approximately $ 8.3 million , which is expected to be recognized by the end of 2024 using the straight-line method.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Equity Purchase Agreement We have had equity purchase agreements in place since 2011 with Aspire Capital Fund LLC (“Aspire Capital”) that provide us the ability to sell shares to Aspire Capital from time to time. Currently, we have an agreement with Aspire Capital that was entered into on November 5, 2019 and includes Aspire Capital’s commitment to purchase up to an aggregate of $100.0 million shares of our common stock over a defined timeframe. The terms of the 2019 equity facility are similar to the previous equity facilities with Aspire Capital, and we issued 350,000 shares of our common stock to Aspire Capital as a commitment fee in November 2019 and filed a registration statement for the resale of 31,000,000 shares of common stock in connection with the equity facility. Our prior equity facility that was entered into in February 2018 was fully utilized and terminated during the first quarter of 2020. We sold 6,825,000 shares to Aspire Capital at an average price of $1.50 per share in the first quarter of 2020 , generating proceeds of $10.2 million . We sold 3,825,000 shares to Aspire Capital at an average price of $1.47 per share in the first quarter of 2019 , generating proceeds of $5.6 million . Healios Warrant In March 2020, Healios elected to exercise its warrant in full, and we issued 4,000,000 shares of our common stock at an exercise price equal to the reference price of $1.76 per share, as defined in the warrant. The proceeds of approximately $7.0 million were received in April 2020 in accordance with the terms of the warrant and are reflected on the unaudited condensed consolidated balance sheet at March 31, 2020 as a subscription receivable.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have United States (“U.S.”) federal net operating loss and research and development tax credit carryforwards, as well as state and city net operating loss carryforwards, which may be used to reduce future taxable income and tax liabilities. We also have foreign net operating loss and tax credit carryforwards, and the foreign net operating loss carryforwards do not expire. All of our deferred tax assets have been fully offset by a valuation allowance due to our cumulative losses. The carrying value of our deferred tax assets and liabilities is determined by the enacted U.S. corporate income tax rate. Consequently, any changes in the U.S. corporate income tax rate impacts the carrying value of our deferred tax assets and liabilities. Also, there are significant limitations on our ability to utilize our net operating loss and tax credit carryforwards under Section 382 of the Internal Revenue Code of 1986, as amended.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2020, we completed an underwritten public offering of common stock generating gross proceeds of approximately $57.6 million and net proceeds of approximately $53.7 million through the issuance of 25,587,500 shares of common stock at an offering price of $2.25 per share. In April 2020, we were approved to receive loan proceeds in the amount of $1.3 million under the Paycheck Protection Program (“PPP”), established as part of the Coronavirus Aid, Relief and Economic Security Act to provide loans to qualifying businesses. We applied for the loan based on the initial criteria established by the PPP and guidance of the U.S. Department of the Treasury (“Treasury Department”). Because additional guidance recently issued by the Treasury Department after we had been approved for the PPP loan indicated that public companies may not be eligible for PPP loans, we did not accept the PPP loan.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Standards	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) . This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Subsequent to issuing ASU 2016-13, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326): Effective Dates , delaying the effective date for smaller reporting companies until January 2023. We are currently evaluating the potential impact of adoption of this standard on our consolidated financial statements and disclosures, and we do not intend to early adopt. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”) . ASU 2018-15 requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software and deferred over the noncancellable term of the cloud computing arrangements plus any optional renewal periods reasonably certain to be exercised by the customer or for which exercise is controlled by the provider. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019. The amendments in ASU 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted this standard on a prospective basis effective January 1, 2020 and such capitalized costs are recorded in Deposits and Other on our unaudited condensed consolidated balance sheet at March 31, 2020 . The adoption of this standard did not have a significant impact on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (“Topic 808”): Clarifying the Interaction between Topic 808 and Topic 606 . The amendments in this update: (i) clarify that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account and in those situations, all the guidance in Topic 606 should be applied, including recognition, measurement, presentation and disclosure requirements; (ii) add unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606; and (iii) require that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. The provisions of ASU 2018-18 are effective for years beginning after December 15, 2019. We have adopted the standard effective January 1, 2020 prospectively, which had no impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes, changes the accounting for certain income tax transactions, and other minor changes. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods, with early adoption permitted. We are currently assessing the impact that this ASU will have on our consolidated financial statements and disclosures.

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Instruments Excluded from Calculation of Diluted Net Loss Per Share	The following instruments (in thousands) were excluded from the calculation of diluted net loss per share because their effects would be antidilutive: Three months ended 2020 2019 Stock-based awards 16,662 12,431 Healios warrant – see Note 6 — 17,000 Total 16,662 29,431

Collaborative Arrangements an_2

Collaborative Arrangements and Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of Revenue	The following table presents our contract revenues disaggregated by timing of revenue recognition and excludes royalty revenue (in thousands): Three months ended March 31, 2020 Three months ended Point in Time Over Time Point in Time Over Time Contract Revenue from Healios Product supply revenue $ — $ — $ 966 $ — Service revenue — — — 475 Total disaggregated revenues $ — $ — $ 966 $ 475

Background and Basis of Prese_2

Background and Basis of Presentation - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments | Segment		1
Accumulated deficit		$ 433,268	$ 417,624
Cash and cash equivalents		$ 32,692	$ 35,041
Public Stock Offering | Subsequent Event
Class of Stock [Line Items]
Gross proceeds from public offering	$ 57,600
Healios | Subsequent Event
Class of Stock [Line Items]
Proceeds from exercise of warrant	$ 7,000

Net Loss per Share - Instrument

Net Loss per Share - Instruments Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	16,662	29,431
Stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	16,662	12,431
Healios | Healios Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	17,000

Collaborative Arrangements an_3

Collaborative Arrangements and Revenue Recognition - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019Milestone
Regulatory and sales milestones | Healios
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of future milestones achieved	2

Collaborative Arrangements an_4

Collaborative Arrangements and Revenue Recognition - Summary of Revenues Disaggregated by Recognition at Point in Time and Over Time (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Point in Time
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 966
Over Time
Disaggregation of Revenue [Line Items]
Revenues	0	475
Healios | Point in Time | Product supply revenue
Disaggregation of Revenue [Line Items]
Revenues	0	966
Healios | Point in Time | Service revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0
Healios | Over Time | Product supply revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0
Healios | Over Time | Service revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 475

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for equity incentive plan (in shares)	18,500,000
Stock options granted (in shares)	80,000
Shares purchased for award (in shares)	1,000,000
Shares available for issuance (in shares)	14,123,833
Stock-based compensation expense	$ 1.3	$ 1.1
Estimated compensation cost of unvested restricted stock	$ 8.3
2019 Equity And Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)	15,661,772
Inducement Awards Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)	1,000,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2019	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Nov. 30, 2019
Class of Stock [Line Items]
Net proceeds from sales of common stock				$ 10,250	$ 5,607
Common Stock
Class of Stock [Line Items]
Issuance of common stock, new issues (in shares)				6,825,000	3,825,000
Aspire Capital
Class of Stock [Line Items]
Equity purchase agreement, value	$ 100,000
Common stock issued as commitment fees (in shares)						350,000
Common stock registered for resale (in shares)						31,000,000
Net proceeds from sales of common stock				$ 10,200	$ 5,600
Aspire Capital | Common Stock
Class of Stock [Line Items]
Issuance of common stock, new issues (in shares)				6,825,000	3,825,000
Sale of additional shares at an average price (in dollars per share)				$ 1.50	$ 1.47
Healios
Class of Stock [Line Items]
Common stock issued upon exercise of warrant (in shares)			4,000,000
Common stock issued, price per share (in dollars per share)			$ 1.76
Subsequent Event | Healios
Class of Stock [Line Items]
Proceeds from exercise of warrant		$ 7,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2020USD ($)$ / sharesshares
CARES Act, Paycheck Protection Program Loan
Subsequent Event [Line Items]
Loan proceeds	$ 1.3
Public Stock Offering
Subsequent Event [Line Items]
Gross proceeds from public offering	57.6
Net proceeds from public offering	$ 53.7
Shares issued in public offering (in shares) | shares	25,587,500
Offering price (in dollars per share) | $ / shares	$ 2.25