Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 03, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | AIRXPANDERS INC | |
Entity Central Index Key | 1,387,156 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 95,901,588 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 2,215 | $ 11,477 |
Short-term investments | 24,938 | |
Accounts receivable | 501 | 118 |
Inventory | 2,789 | 1,413 |
Prepaid expenses and other current assets | 1,143 | 558 |
Total current assets | 31,586 | 13,566 |
Property and equipment, net | 3,620 | 1,879 |
Other assets | 219 | 84 |
Total assets | 35,425 | 15,529 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current portion of long-term debt, net of discount | 510 | 1,195 |
Accounts payable | 3,205 | 1,249 |
Accrued expenses | 1,826 | 916 |
Total current liabilities | 5,541 | 3,360 |
Commitments and Contingencies (Note 8) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued and outstanding at June 30, 2017 and December 31, 2016 | 0 | 0 |
Additional paid-in capital | 111,450 | 78,418 |
Accumulated other comprehensive loss | (14) | |
Accumulated deficit | (81,648) | (66,328) |
Total stockholders' equity | 29,884 | 12,169 |
Total liabilities and stockholders' equity | 35,425 | 15,529 |
Common Class A [Member] | ||
Stockholders' equity | ||
Common stock | 96 | 79 |
Common Class B [Member] | ||
Stockholders' equity | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 300,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | |
Common Class A [Member] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 95,896,120 | 79,241,708 |
Common stock, shares outstanding (in shares) | 95,896,120 | 79,241,708 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Class B [Member] | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 701 | $ 122 | $ 957 | $ 217 |
Cost of goods sold | 2,696 | 878 | 4,725 | 1,909 |
Gross loss | (1,995) | (756) | (3,768) | (1,692) |
Operating expenses: | ||||
Research and development | 2,319 | 2,015 | 4,377 | 3,318 |
Selling, general and administrative | 3,724 | 2,005 | 7,215 | 3,750 |
Total operating expenses | 6,043 | 4,020 | 11,592 | 7,068 |
Operating loss | (8,038) | (4,776) | (15,360) | (8,760) |
Other expense (income): | ||||
Interest expense | 39 | 65 | 86 | 119 |
Other expense (income), net | (57) | 75 | (128) | (39) |
Total other expense (income), net | (18) | 140 | (42) | 80 |
Operating loss before income tax provision | (8,020) | (4,916) | (15,318) | (8,840) |
Provision for income taxes | 2 | 2 | ||
Net loss | $ (8,022) | $ (4,916) | $ (15,320) | $ (8,840) |
Net loss per common share: basic and diluted (in dollars per share) | $ (0.08) | $ (0.07) | $ (0.17) | $ (0.12) |
Weighted-average number of common shares used in computing net loss per common share: basic and diluted (in shares) | 95,890 | 71,670 | 91,685 | 71,202 |
Comprehensive Loss: | ||||
Net loss | $ (8,022) | $ (4,916) | $ (15,320) | $ (8,840) |
Unrealized loss on investments | (14) | (14) | ||
Total comprehensive loss | $ (8,036) | $ (4,916) | $ (15,334) | $ (8,840) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 79,241,708 | ||||
Balance at Dec. 31, 2016 | $ 79 | $ 78,418 | $ (66,328) | $ 12,169 | |
Issuance of common stock for cash (net of issuance costs of $1,462) (in shares) | 16,304,348 | ||||
Issuance of common stock for cash (net of issuance costs of $1,462) | $ 16 | 32,633 | $ 32,649 | ||
Exercise of stock options, 374,549 shares net of 27,771 shares traded for exercise price (in shares) | 350,064 | 27,771 | |||
Exercise of stock options, 374,549 shares net of 27,771 shares traded for exercise price | $ 1 | 41 | $ 42 | ||
Stock-based compensation | 358 | 358 | |||
Unrealized loss on investments | (14) | (14) | |||
Net loss | (15,320) | (15,320) | |||
Balance at Jun. 30, 2017 | $ 96 | $ 111,450 | $ (14) | $ (81,648) | $ 29,884 |
Balance (in shares) at Jun. 30, 2017 | 95,896,120 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Additional Paid-in Capital [Member] | |
Issuance of common stock for cash, issuance costs | $ | $ 1,462,000 |
Exercise of stock options, shares exercised (in shares) | 374,549 |
Exercise of stock options, shares traded for exercise price (in shares) | 27,771 |
Exercise of stock options, shares exercised (in shares) | 374,549 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (15,320) | $ (8,840) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 193 | 154 |
Amortization of debt discount and deferred issuance cost | 65 | 21 |
Inventory write-down and reserves | 2,400 | 413 |
Stock-based compensation | 358 | 178 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (383) | (2) |
Inventory | (3,776) | (570) |
Prepaid expenses and other assets | (719) | (470) |
Accounts payable | 1,956 | 117 |
Accrued expenses | 910 | 264 |
Net cash used in operating activities | (14,316) | (8,735) |
Cash flows from investing activities | ||
Purchase of short-term investments | (24,953) | |
Purchase of property and equipment | (1,934) | (486) |
Net cash used in investing activities | (26,887) | (486) |
Cash flows from financing activities | ||
Principal payments on notes payable | (750) | (712) |
Proceeds from issuance of common stock, net of issuance costs | 32,649 | 14,159 |
Proceeds from exercise of stock options | 42 | |
Net cash provided by financing activities | 31,941 | 13,447 |
Net (decrease) increase in cash and cash equivalents | (9,262) | 4,226 |
Cash and cash equivalents — beginning of period | 11,477 | 19,113 |
Cash and cash equivalents — end of period | 2,215 | 23,339 |
Supplemental disclosure: | ||
Cash paid for interest | 26 | 98 |
Cash paid for taxes | $ 2 | $ 1 |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 – DESCRIPTION OF BUSINESS AirXpanders, Inc. and its Australian branch (“AirXpanders” or the “Company”) is a Delaware corporation formed on March 17, 2005, two 2016, first 2012 |
Note 2 - Liquidity
Note 2 - Liquidity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 – LIQUIDITY The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business for the foreseeable future. The Company has incurred net losses and cash flow deficits from operations since its inception and has an accumulated deficit of $ 81.6 June 30, 2017. 2015, 2017. The Company believes our current cash balances will be sufficient to meet our anticipated cash requirements to fund our commercial launch of AeroForm in the United States in 2017, twelve The accompanying consolidated financial statements do not may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements and related financial information are unaudited and should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2016 10, July 17, 2017. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2016 not ’s financial information. The results of operations for the three six June 30, 2017 not December 31, 2017 no Foreign Currency The Company transacts business in Australia. The functional currency of its branch office in Australia is the U.S. dollar. Monetary assets and liabilities are translated at the year-end exchange rate and non-monetary assets and liabilities are translated at historical rates and items in the statement of operations are translated at average rates with gains and losses from remeasurement being recorded in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss. Foreign currency translation and remeasurement gains or losses included in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss was a loss of $6,000 $67,000 three June 30, 2017 2016, $44,000 $9,000 six June 30, 2017 2016, Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. The Company’s most significant estimates relate to revenue recognition, the valuation of its common stock prior to the IPO, valuation of stock options and valuation of its inventory at the lower of cost or market. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company maintains all of its U.S. cash balances at one may $250,000 June 30, 2017 December 31, 2016, $1.6 $10.8 one may $195,000 250,000 June 30, 2017 December 31, 2016, $0.2 $0.8 Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three June 30, 2017, may June 30, 2017 December 31, 2016, $26.8 $10.5 one $0.4 $1.0 one Inventory Inventory is valued at the lower of cost or market value, with cost determined by the first first Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, generally three five three five Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in the statement of operations. Impairment of Long-Lived Assets The Company's long-lived assets and other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not As of June 30, 2017 December 31, 2016, not Fair Value of Financial Instruments The Company follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic No. 820, 820" 820 As defined in ASC 820, 820 three Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 not Level 3 – Unobservable inputs that are supported by little or no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth by level, within the fair value hierarchy, the Company ’s assets measured at fair value on a recurring basis in the balance sheet as of the following dates (in thousands): June 30, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,215 $ — $ — $ 2,215 Short-term investments (1) 24,938 — — 24,938 Total assets at fair value $ 27,153 $ - $ — $ 27,153 December 31, 2016 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 11,477 $ — $ — $ 11,477 Total assets at fair value $ 11,477 $ — $ — $ 11,477 Long-term debt is valued at carrying value which is considered to be representative of its fair value based on current market rates available to the Company for comparable borrowing facilities as well as due to its short time of maturity (Level 2 Revenue Recognition The Company recognizes revenue from sales of its products in accordance with the Revenue Recognition Topic ASC 605. four Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at cost, net of allowance for doubtful accounts. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company does not not The Company estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates that customers may may ’s customer analysis, it did not June 30, 2017 December 31, 2016. Concentration Four customers contributed 28% 64%, three June 30, 2017 2016. 29% 64%, six June 30, 2017 2016. 42% June 30, 2017. 70% June 30, 2016. 61% 68% three six June 30, 2017, three six June 30, 2016 Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The expense recognized for the portion of the award that is expected to vest has been reduced by an estimated forfeiture rate. The forfeiture rate is determined at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company uses the Black-Scholes option-pricing model (the "Black-Scholes model") as the method for determining the estimated fair value of stock options. Expected Term The Company's expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method, which essentially equates to a weighted average of the vesting periods and total term of the award. Expected Volatility Expected volatility is estimated using comparable public company ’s volatility for similar terms as the Company does not Expected Dividend The Black-Scholes model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no Risk-Free Interest Rate The risk-free interest rate used in the Black-Scholes model is based on the U.S. Treasury zero The Company recognizes the fair value of stock options granted to nonemployees as stock-based compensation expense over the period in which the related services are received. Research and Development Costs incurred in research and development activities (including clinical trials) are expensed as incurred. Research and development costs include, but are not Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of assets and liabilities. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating loss and tax credit carryovers. Deferred tax assets and liabilities are measured using the enacted tax rates applied to taxable income. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided against the Company ’s deferred income tax assets when it is more likely than not not Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that are more likely than not The Company follows authoritative guidance regarding uncertain tax positions. This guidance requires that realization of an uncertain income tax position must be more likely than not 50% Segments The Company has determined the chief executive officer is the chief operating decision maker. The Company ’s chief executive officer reviews financial information presented for purposes of assessing performance and making decisions on how to allocate resources. The Company has determined that it operates in a single Basic and Diluted Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, resulting from the conversion or exercise of stock options, stock warrants, convertible debt and convertible preferred stock to the extent dilutive. For the periods presented, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive. Following is a table summarizing the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding as there effects would be antidilutive as of (in thousands): 2017 2016 Shares of common stock issuable upon exercise of warrants 337 337 Shares of common stock options 6,357 5,239 Potential common shares excluded from diluted net loss per share 6,694 5,576 Recent Accounting Pronouncements In May 2017, 2017 09, —Stock Compensation (Topic 718 first 2018. not |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 – INVENTORY Inventory consisted of the following at (in thousands): June 30, December 31, 2017 2016 Raw materials $ 607 $ 760 Work in progress 1,763 439 Finished goods 419 214 Inventory $ 2,789 $ 1,413 The Company had recorded inventory provisions and write-downs to inven tory to market value by $2.4 $0.4 six June 30, 2017 2016, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following at (in thousands): June 30, December 31, 2017 2016 Machinery and equipment $ 1,194 $ 1,084 Computer equipment 233 161 Furniture and fixtures 161 84 Leasehold improvements 180 170 Software licenses 277 189 Office equipment 21 11 Construction in progress 2,440 872 Property and equipment, gross 4,506 2,571 Accumulated depreciation and amortization (886 ) (692 ) Property and equipment, net $ 3,620 $ 1,879 Depreciation and a mortization expense amounted to $0.2 $0.2 six June 30, 2017 2016, |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6 – ACCRUED EXPENSES Accrued expenses consisted of the following at (in thousands): June 30, December 31, 2017 2016 Accrued compensation and benefits $ 820 $ 425 Accrued rent payable 120 69 Accrued clinical trials services 50 177 Accrued inventory supplies - 93 Accrued other 836 152 Total accrued expenses 1,826 $ 916 |
Note 7 - Debt Financing
Note 7 - Debt Financing | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 – DEBT FINANCING In January 2014, $3,500,000 July 2017. 7.34% ’s assets, excluding intellectual property. Under the terms of the agreement, interest-only payments were made monthly through March 2015, April 2015, 28 $271,250 five In March 2015, March 2015 April 2015, May 2015, 27 $3,500,000 June 2015. In connection with the loan agreement and security agreement, the Company granted a warrant to the financial institution for the purchase of 52,500 $1.00 ’s IPO in June 2015 52,500 $1.00 $32,000 The Company recorded $13,000 $11,000 three June 30, 2017 2016, 27,000 $21,000 six June 30, 2017 2016, June 30, 2017 December 31, 2016, $4,000 $31,000, The Company recorded $ 26,000 $54,000 three June 30, 2017 2016, $59,000 $0.1 six June 30, 2017 2016, June 30, 2017 December 31, 2016, $0.5 $1.2 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 – COMMITMENTS AND CONTINGENCIES As of June 30, 2017, Year ending December 31, 2017 (remaining 6 months) $ 294 2018 835 2019 681 2020 18 2021 and beyond - Total $ 1,828 Indemnifications The Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officers or directors serving in such capacity. The Company has a directors and officers ’ liability insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts paid resulting from the indemnification of its officers and directors. In addition, the Company enters into indemnification agreements with other parties in the ordinary course of business. The Company has not not June 30, 2017 December 31, 2016. Royalties The Company uses AeroForm technology in the products it is developing. AeroForm embodies inventions that have been patented in certain key jurisdictions. Certain of those patents are held by Shalon Ventures (either alone or jointly with AirXpanders). Shalon Ventures and AirXpanders have entered into a License Agreement dated March 9, 2005 ( March 9, 2009 January 9, 2012) one In consideration for the license, AirXpanders pays Shalon Ventures a running royalty of 3% $10,000, ’ out of pocket costs for prosecuting and maintaining the relevant patents. Each party indemnifies the other for any liability arising out of its material breach of the license, or its gross negligence, intentional misconduct and illegal actions. AirXpanders also indemnifies Shalon Ventures for any liability arising out of the commercialization of products using the license. For the three June 30, 2017 2016, $21,000 $2,000 six June 30, 2017 2016, $29,000 $7,000 58%, 8%, Mr. Shalon was a director of the Company through May 2017, |
Note 9 - Common Stock
Note 9 - Common Stock | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 – COMMON STOCK The Company's Certificate of Incorporation, as amended, authorize the Company to issue 300,000,000 $0.001 200,000,000 100,000,000 not one not June 30, 2017 December 31, 2016, no June 30, 2017, 95,896,120 no In February 2017, 16,304,348 $32,648,406, $1,461,659. |
Note 10 - Convertible Preferred
Note 10 - Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 10 – CONVERTIBLE PREFERRED STOCK The Company's Certificate of Incorporation, as amended, authorizes the Company to issue 10,000,000 ’s Board of Directors before issuing preferred shares. At June 30, 2017 December 31, 2016, no |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 1 – STOCK-BASED COMPENSATION The fair value of stock options is estimated on the grant date using the Black-Scholes valuation model and the assumptions noted in the following table. Six Months Ended June 30, 2017 2016 Expected terms (years) 5.28 - 10.0 5.54 - 6.08 Volatility 31.9 - 40.8% 34.11 - 34.88% Risk-free rate 1.8 - 2.4% 1.18 - 1.43% Dividend yield —% —% Activity under the Plan is set forth below: Weighted Weighted Average Average Options Number of Exercise Remaining Available Options Price Contractual for Grant Outstanding per Share Life in Years Balance — December 31, 2016 1,600,878 5,355,702 $ 0.92 6.6 Additional shares reserved (net of released) 1,584,834 — Options granted (1,473,517 ) 1,473,517 $ 1.93 Options exercised — (374,549 ) $ 0.26 Shares traded for option exercises 27,771 — Options forfeited/cancelled/repurchase 97,758 (97,758 ) $ 0.53 Balance — June 30, 2017 1,837,724 6,356,912 $ 1.18 7.2 Vested or expected to vest at June 30, 2017 6,209,730 $ 1.16 7.2 Exercisable at June 30, 2017 3,851,899 $ 0.59 5.8 In connection with the grant of stock options to employees and non-employees, the Company recorded stock compensation expense as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Cost of goods sold $ 25 $ 19 $ 44 $ 24 Research and development 14 17 25 21 Selling, general and administrative 197 115 288 133 Total $ 235 $ 151 $ 358 $ 178 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 – SUBSEQUENT EVENTS In July 2017, fee of $271,250 January 2014 . In August 2017, $15,000,000 August 2022. thirty 0.99%, 7.26% 8.48% ’s assets, excluding intellectual property, which intellectual property is subject to a negative pledge in favor of the financial institution. Under the terms of the agreement, interest-only payments are due monthly through September 2019, October 2019, 35 twelve September 2020, October 2020, 23 $1,200,000 0.5% 2.0% five In connection with the loan and security agreement, the Company granted warrants to the financial institution for the purchase of 277,778 $1.62 August 4, 2027. The fair value of the warrants on the date of issuance will be recorded as a debt discount, and amortized over the life of the loan, along with the issuance costs. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed consolidated financial statements and related financial information are unaudited and should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2016 10, July 17, 2017. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2016 not ’s financial information. The results of operations for the three six June 30, 2017 not December 31, 2017 no |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company transacts business in Australia. The functional currency of its branch office in Australia is the U.S. dollar. Monetary assets and liabilities are translated at the year-end exchange rate and non-monetary assets and liabilities are translated at historical rates and items in the statement of operations are translated at average rates with gains and losses from remeasurement being recorded in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss. Foreign currency translation and remeasurement gains or losses included in other expense (income), net in the accompanying condensed consolidated statements of operations and comprehensive loss was a loss of $6,000 $67,000 three June 30, 2017 2016, $44,000 $9,000 six June 30, 2017 2016, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. The Company’s most significant estimates relate to revenue recognition, the valuation of its common stock prior to the IPO, valuation of stock options and valuation of its inventory at the lower of cost or market. |
Cash, Cash Equivalents, and Short-term Investments, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company maintains all of its U.S. cash balances at one may $250,000 June 30, 2017 December 31, 2016, $1.6 $10.8 one may $195,000 250,000 June 30, 2017 December 31, 2016, $0.2 $0.8 Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three June 30, 2017, may June 30, 2017 December 31, 2016, $26.8 $10.5 one $0.4 $1.0 one |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost or market value, with cost determined by the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, generally three five three five Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in the statement of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company's long-lived assets and other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not As of June 30, 2017 December 31, 2016, not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic No. 820, 820" 820 As defined in ASC 820, 820 three Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 not Level 3 – Unobservable inputs that are supported by little or no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth by level, within the fair value hierarchy, the Company ’s assets measured at fair value on a recurring basis in the balance sheet as of the following dates (in thousands): June 30, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,215 $ — $ — $ 2,215 Short-term investments (1) 24,938 — — 24,938 Total assets at fair value $ 27,153 $ - $ — $ 27,153 December 31, 2016 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 11,477 $ — $ — $ 11,477 Total assets at fair value $ 11,477 $ — $ — $ 11,477 Long-term debt is valued at carrying value which is considered to be representative of its fair value based on current market rates available to the Company for comparable borrowing facilities as well as due to its short time of maturity (Level 2 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue from sales of its products in accordance with the Revenue Recognition Topic ASC 605. four |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at cost, net of allowance for doubtful accounts. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company does not not The Company estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates that customers may may ’s customer analysis, it did not June 30, 2017 December 31, 2016. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Four customers contributed 28% 64%, three June 30, 2017 2016. 29% 64%, six June 30, 2017 2016. 42% June 30, 2017. 70% June 30, 2016. 61% 68% three six June 30, 2017, three six June 30, 2016 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The expense recognized for the portion of the award that is expected to vest has been reduced by an estimated forfeiture rate. The forfeiture rate is determined at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company uses the Black-Scholes option-pricing model (the "Black-Scholes model") as the method for determining the estimated fair value of stock options. Expected Term The Company's expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method, which essentially equates to a weighted average of the vesting periods and total term of the award. Expected Volatility Expected volatility is estimated using comparable public company ’s volatility for similar terms as the Company does not Expected Dividend The Black-Scholes model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no Risk-Free Interest Rate The risk-free interest rate used in the Black-Scholes model is based on the U.S. Treasury zero The Company recognizes the fair value of stock options granted to nonemployees as stock-based compensation expense over the period in which the related services are received. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs incurred in research and development activities (including clinical trials) are expensed as incurred. Research and development costs include, but are not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income tax basis of assets and liabilities. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating loss and tax credit carryovers. Deferred tax assets and liabilities are measured using the enacted tax rates applied to taxable income. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided against the Company ’s deferred income tax assets when it is more likely than not not Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that are more likely than not The Company follows authoritative guidance regarding uncertain tax positions. This guidance requires that realization of an uncertain income tax position must be more likely than not 50% |
Segment Reporting, Policy [Policy Text Block] | Segments The Company has determined the chief executive officer is the chief operating decision maker. The Company ’s chief executive officer reviews financial information presented for purposes of assessing performance and making decisions on how to allocate resources. The Company has determined that it operates in a single |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, resulting from the conversion or exercise of stock options, stock warrants, convertible debt and convertible preferred stock to the extent dilutive. For the periods presented, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive. Following is a table summarizing the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding as there effects would be antidilutive as of (in thousands): 2017 2016 Shares of common stock issuable upon exercise of warrants 337 337 Shares of common stock options 6,357 5,239 Potential common shares excluded from diluted net loss per share 6,694 5,576 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2017, 2017 09, —Stock Compensation (Topic 718 first 2018. not |
Note 3 - Summary of Significa21
Note 3 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | June 30, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,215 $ — $ — $ 2,215 Short-term investments (1) 24,938 — — 24,938 Total assets at fair value $ 27,153 $ - $ — $ 27,153 December 31, 2016 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 11,477 $ — $ — $ 11,477 Total assets at fair value $ 11,477 $ — $ — $ 11,477 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2017 2016 Shares of common stock issuable upon exercise of warrants 337 337 Shares of common stock options 6,357 5,239 Potential common shares excluded from diluted net loss per share 6,694 5,576 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2017 2016 Raw materials $ 607 $ 760 Work in progress 1,763 439 Finished goods 419 214 Inventory $ 2,789 $ 1,413 |
Note 5 - Property and Equipme23
Note 5 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2017 2016 Machinery and equipment $ 1,194 $ 1,084 Computer equipment 233 161 Furniture and fixtures 161 84 Leasehold improvements 180 170 Software licenses 277 189 Office equipment 21 11 Construction in progress 2,440 872 Property and equipment, gross 4,506 2,571 Accumulated depreciation and amortization (886 ) (692 ) Property and equipment, net $ 3,620 $ 1,879 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2017 2016 Accrued compensation and benefits $ 820 $ 425 Accrued rent payable 120 69 Accrued clinical trials services 50 177 Accrued inventory supplies - 93 Accrued other 836 152 Total accrued expenses 1,826 $ 916 |
Note 8 - Commitments and Cont25
Note 8 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, 2017 (remaining 6 months) $ 294 2018 835 2019 681 2020 18 2021 and beyond - Total $ 1,828 |
Note 11 - Stock-based Compens26
Note 11 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2017 2016 Expected terms (years) 5.28 - 10.0 5.54 - 6.08 Volatility 31.9 - 40.8% 34.11 - 34.88% Risk-free rate 1.8 - 2.4% 1.18 - 1.43% Dividend yield —% —% |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Options Number of Exercise Remaining Available Options Price Contractual for Grant Outstanding per Share Life in Years Balance — December 31, 2016 1,600,878 5,355,702 $ 0.92 6.6 Additional shares reserved (net of released) 1,584,834 — Options granted (1,473,517 ) 1,473,517 $ 1.93 Options exercised — (374,549 ) $ 0.26 Shares traded for option exercises 27,771 — Options forfeited/cancelled/repurchase 97,758 (97,758 ) $ 0.53 Balance — June 30, 2017 1,837,724 6,356,912 $ 1.18 7.2 Vested or expected to vest at June 30, 2017 6,209,730 $ 1.16 7.2 Exercisable at June 30, 2017 3,851,899 $ 0.59 5.8 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Cost of goods sold $ 25 $ 19 $ 44 $ 24 Research and development 14 17 25 21 Selling, general and administrative 197 115 288 133 Total $ 235 $ 151 $ 358 $ 178 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Retained Earnings (Accumulated Deficit) | $ (81,648) | $ (66,328) |
Note 3 - Summary of Significa28
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | |||
Allowance for Doubtful Accounts Receivable, Current | $ 0 | $ 0 | 0 | ||
Number of Reportable Segments | 0 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Four Customers [Member] | |||||
Concentration Risk, Percentage | 28.00% | 64.00% | 29.00% | 64.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Four Customers [Member] | |||||
Concentration Risk, Percentage | 70.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member] | |||||
Concentration Risk, Percentage | 42.00% | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum [Member] | Construction in Progress [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Maximum [Member] | Construction in Progress [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
UNITED STATES | |||||
Cash, Uninsured Amount | $ 1,600,000 | $ 1,600,000 | 10,800,000 | ||
Cash, Cash Equivalents, and Short-term Investments | $ 26,800,000 | $ 26,800,000 | 10,500,000 | ||
UNITED STATES | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Hospitals [Member] | |||||
Concentration Risk, Percentage | 61.00% | 68.00% | |||
AUSTRALIA | |||||
Cash, Uninsured Amount | $ 200,000 | $ 200,000 | 800,000 | ||
Cash, Cash Equivalents, and Short-term Investments | 400,000 | 400,000 | $ 1,000,000 | ||
Other Nonoperating Income (Expense) [Member] | |||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (6,000) | $ (67,000) | $ 44,000 | $ 9,000 |
Note 3 - Summary of Significa29
Note 3 - Summary of Significant Accounting Policies - Fair Value of Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 2,215 | $ 11,477 |
Short-term investments | 24,938 | |
Total assets at fair value | 27,153 | 11,477 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 2,215 | 11,477 |
Short-term investments | 24,938 | |
Total assets at fair value | 27,153 | 11,477 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Short-term investments | ||
Total assets at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Short-term investments | ||
Total assets at fair value |
Note 3 - Summary of Significa30
Note 3 - Summary of Significant Accounting Policies - Summary of Potentially Dilutive Shares Excluded from Weighted Average Diluted Shares Outstanding (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive securities (in shares) | 6,694 | 5,576 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 337 | 337 |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 6,357 | 5,239 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Inventory Write-down | $ 2,400 | $ 413 |
Note 4 - Inventory - Summary of
Note 4 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Raw materials | $ 607 | $ 760 |
Work in progress | 1,763 | 439 |
Finished goods | 419 | 214 |
Inventory | $ 2,789 | $ 1,413 |
Note 5 - Property and Equipme33
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation, Depletion and Amortization | $ 193 | $ 154 |
Note 5 - Property and Equipme34
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property and equipment, gross | $ 4,506 | $ 2,571 |
Accumulated depreciation and amortization | (886) | (692) |
Property and equipment, net | 3,620 | 1,879 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 1,194 | 1,084 |
Computer Equipment [Member] | ||
Property and equipment, gross | 233 | 161 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 161 | 84 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 180 | 170 |
Software and Software Development Costs [Member] | ||
Property and equipment, gross | 277 | 189 |
Office Equipment [Member] | ||
Property and equipment, gross | 21 | 11 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 2,440 | $ 872 |
Note 6 - Accrued Expenses - Sum
Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued compensation and benefits | $ 820 | $ 425 |
Accrued rent payable | 120 | 69 |
Accrued clinical trials services | 50 | 177 |
Accrued inventory supplies | 93 | |
Accrued other | 836 | 152 |
Total accrued expenses | $ 1,826 | $ 916 |
Note 7 - Debt Financing (Detail
Note 7 - Debt Financing (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Jan. 31, 2014USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Amortization of Debt Issuance Costs and Discounts | $ 65,000 | $ 21,000 | ||||||
Long-term Debt, Current Maturities | $ 510,000 | 510,000 | $ 1,195,000 | |||||
Series E Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 52,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||||||
Class of Warrant or Right, Issued During Period | shares | 52,500 | |||||||
Class of Warrant or Right, Issued During Period, Exercise Price | $ / shares | $ 1 | |||||||
Debt Instrument, Unamortized Discount | $ 32,000 | |||||||
Loan and Security Agreement [Member] | ||||||||
Proceeds from Issuance of Debt | $ 3,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.34% | |||||||
Debt Instrument, Fee Amount | $ 271,250 | |||||||
Debt Instrument, Number of Equal Monthly Installments | 27 | 28 | ||||||
Debt Instrument, Additional Option to Borrow | $ 3,500,000 | |||||||
Amortization of Debt Issuance Costs and Discounts | 13,000 | $ 11,000 | 27,000 | 21,000 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4,000 | 4,000 | 31,000 | |||||
Interest Expense, Debt | 26,000 | $ 54,000 | 59,000 | $ 100,000 | ||||
Long-term Debt, Current Maturities | $ 500,000 | $ 500,000 | $ 1,200,000 |
Note 8 - Commitments and Cont37
Note 8 - Commitments and Contingencies (Details Textual) - Shalon Ventures License Agreement [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Royalty Expense, Percentage of Net Sales | 3.00% | |||
Royalty Expense, Threshold Amount for Additional Costs | $ 10,000 | |||
Chief Executive Officer [Member] | Shalon Ventures [Member] | ||||
Royalty Revenue, Percentage | 58.00% | |||
Board of Directors Chairman [Member] | ||||
Royalty Revenue, Percentage | 8.00% | |||
Cost of Sales [Member] | ||||
Royalty Expense | $ 21,000 | $ 2,000 | $ 29,000 | $ 7,000 |
Note 8 - Commitments and Cont38
Note 8 - Commitments and Contingencies - Future Rental Commitments (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2017 (remaining 6 months) | $ 294 |
2,018 | 835 |
2,019 | 681 |
2,020 | 18 |
2021 and beyond | |
Total | $ 1,828 |
Note 9 - Common Stock (Details
Note 9 - Common Stock (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Feb. 28, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||
Common Stock, Shares Authorized | 300,000,000 | ||
Stock Issued During Period, Shares, New Issues | 16,304,348 | ||
Stock Issued During Period, Value, New Issues | $ 32,648,406 | $ 32,649,000 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,461,659 | ||
Dividends, Common Stock | $ 0 | $ 0 | |
Common Class A [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common Stock, Shares, Issued | 95,896,120 | 79,241,708 | |
Common Stock, Shares, Outstanding | 95,896,120 | 79,241,708 | |
Common Class B [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Shares, Issued | 0 | 0 | |
Common Stock, Shares, Outstanding | 0 | 0 |
Note 10 - Convertible Preferr40
Note 10 - Convertible Preferred Stock (Details Textual) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Note 11 - Stock-based Compens41
Note 11 - Stock-based Compensation - Fair Value Assumptions for Stock Options (Details) - Employee Stock Option [Member] | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Dividend yield | ||
Minimum [Member] | ||
Expected terms (Year) | 5 years 102 days | 5 years 197 days |
Volatility | 31.90% | 34.11% |
Risk-free rate | 1.80% | 1.18% |
Maximum [Member] | ||
Expected terms (Year) | 10 years | 6 years 29 days |
Volatility | 40.80% | 34.88% |
Risk-free rate | 2.40% | 1.43% |
Note 11 - Stock-based Compens42
Note 11 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Options available for grant (in shares) | 1,600,878 | |
Number of options outstanding (in shares) | 5,355,702 | |
Weighted average exercise price per share (in dollars per share) | $ 0.92 | |
Weighted average exercise price per share (in dollars per share) | $ 1.18 | $ 0.92 |
Weighted average remaining contractual life (Year) | 7 years 73 days | 6 years 219 days |
Options available for grant, additional shares reserved (net of released) (in shares) | 1,584,834 | |
Options available for grant, options granted (in shares) | (1,473,517) | |
Number of options outstanding, options granted (in shares) | 1,473,517 | |
Weighted average exercise price per share, options granted (in dollars per share) | $ 1.93 | |
Number of options outstanding, options exercised (in shares) | (374,549) | |
Weighted average exercise price per share, options exercised (in dollars per share) | $ 0.26 | |
Exercise of stock options, 374,549 shares net of 27,771 shares traded for exercise price (in shares) | 27,771 | |
Options available for grant, options forfeited/cancelled/repurchase (in shares) | 97,758 | |
Number of options outstanding, options forfeited/cancelled/repurchase (in shares) | (97,758) | |
Number of options outstanding, vested or expected to vest (in shares) | 6,209,730 | |
Weighted average exercise price per share, vested or expected to vest (in dollars per share) | $ 1.16 | |
Number of options outstanding (in shares) | 6,356,912 | 5,355,702 |
Weighted average exercise price per share, options forfeited/cancelled/repurchase (in dollars per share) | $ 0.53 | |
Options available for grant (in shares) | 1,837,724 | 1,600,878 |
Weighted average remaining contractual life, vested or expected to vest (Year) | 7 years 73 days | |
Number of options outstanding, exercisable (in shares) | 3,851,899 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 0.59 | |
Weighted average remaining contractual life, exercisable (Year) | 5 years 292 days |
Note 11 - Stock-based Compens43
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-based compensation expense | $ 235 | $ 151 | $ 358 | $ 178 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 25 | 19 | 44 | 24 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 14 | 17 | 25 | 21 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 197 | $ 115 | $ 288 | $ 133 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) | Aug. 04, 2017USD ($)$ / sharesshares | Jul. 31, 2017USD ($) | Mar. 31, 2015 | Jan. 31, 2014USD ($) |
Subsequent Event [Member] | Warrants Issued in Connection with Loan and Security Agreement 2 [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 277,778 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.62 | |||
Loan and Security Agreement [Member] | ||||
Proceeds from Issuance of Debt | $ 3,500,000 | |||
Debt Instrument, Number of Equal Monthly Installments | 27 | 28 | ||
Debt Instrument, Fee Amount | $ 271,250 | |||
Loan and Security Agreement [Member] | Subsequent Event [Member] | ||||
Payments of Debt Issuance Costs | $ 271,250 | |||
Loan and Security Agreement 2 [Member] | Subsequent Event [Member] | ||||
Proceeds from Issuance of Debt | $ 15,000,000 | |||
Debt Instrument, Variable Rate | 0.99% | |||
Debt Instrument, Number of Equal Monthly Installments | 35 | |||
Debt Instrument, Number of Equal Monthly Installments When Compliant with Certain Financial Milestones | 23 | |||
Debt Instrument, Fee Amount | $ 1,200,000 | |||
Loan and Security Agreement 2 [Member] | Subsequent Event [Member] | Minimum [Member] | ||||
Debt Instrument, Prepayment Fee, Percentage | 0.50% | |||
Loan and Security Agreement 2 [Member] | Subsequent Event [Member] | Maximum [Member] | ||||
Debt Instrument, Prepayment Fee, Percentage | 2.00% | |||
Loan and Security Agreement 2 [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 7.26% | |||
Debt Instrument, Interest Rate, Effective Percentage | 8.48% |