Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 23, 2018 | |
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) | 95,943,408 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 1,182 | $ 4,162 |
Short-term investments | 12,441 | 18,428 |
Accounts receivable | 1,118 | 1,022 |
Inventory | 10,890 | 8,132 |
Prepaid expenses and other current assets | 1,129 | 1,018 |
Total current assets | 26,760 | 32,762 |
Property and equipment, net | 4,390 | 4,435 |
Other assets | 129 | 129 |
Total assets | 31,279 | 37,326 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current portion of long-term debt, net of discount | ||
Accounts payable | 4,036 | 3,345 |
Accrued expenses | 1,899 | 2,521 |
Total current liabilities | 5,935 | 5,866 |
Long-term debt, less current portion, net of discount | 14,748 | 14,624 |
Total liabilities | 20,683 | 20,490 |
Commitments and Contingencies (Note 8) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued and outstanding at March 31, 2018 and December 31, 2017 | 0 | 0 |
Additional paid-in capital | 112,258 | 112,045 |
Accumulated other comprehensive income | 6 | |
Accumulated deficit | (101,758) | (95,311) |
Total stockholders' equity | 10,596 | 16,836 |
Total liabilities and stockholders' equity | 31,279 | 37,326 |
Common Class A [Member] | ||
Stockholders' equity | ||
Common stock | 96 | 96 |
Common Class B [Member] | ||
Stockholders' equity | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
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 | |
Common stock, shares authorized (in shares) | 300,000,000 | |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 95,943,408 | 95,943,408 |
Common stock, shares outstanding (in shares) | 95,943,408 | 95,943,408 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net revenue | $ 1,754 | $ 257 |
Cost of goods sold | 2,356 | 2,030 |
Gross loss | (602) | (1,773) |
Operating expenses: | ||
Research and development | 1,450 | 2,058 |
Selling, general and administrative | 3,984 | 3,491 |
Total operating expenses | 5,434 | 5,549 |
Operating loss | (6,035) | (7,322) |
Other expense (income): | ||
Interest expense | 460 | 47 |
Other expense (income), net | (52) | (71) |
Total other expense (income), net | 408 | (24) |
Operating loss before income tax provision | (6,443) | (7,298) |
Provision for income taxes | ||
Net loss | $ (6,443) | $ (7,298) |
Net loss per common share: basic and diluted (in dollars per share) | $ (0.07) | $ (0.08) |
Weighted-average number of common shares used in computing net loss per common share: basic and diluted (in shares) | 95,943 | 87,432 |
Comprehensive Loss: | ||
Net loss | $ (6,443) | $ (7,298) |
Unrealized loss on investments | (9) | |
Total comprehensive loss | $ (6,440) | $ (7,298) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 95,943,409 | ||||
Balance at Dec. 31, 2017 | $ 96 | $ 112,045 | $ 6 | $ (95,311) | $ 16,836 |
Stock-based compensation | 210 | 210 | |||
Unrealized loss on investments | (9) | (9) | |||
Net loss | (6,443) | (6,443) | |||
Balance (in shares) at Mar. 31, 2018 | 95,943,409 | ||||
Balance at Mar. 31, 2018 | $ 96 | $ 111,863 | $ (3) | $ (101,754) | $ 10,596 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (6,443) | $ (7,298) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 304 | 80 |
Amortization of debt discount and deferred issuance cost | 124 | 33 |
Inventory write-down and reserves | 55 | 786 |
Stock-based compensation | 210 | 123 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (96) | (72) |
Inventory | (2,813) | (1,087) |
Prepaid expenses and other assets | (119) | (188) |
Accounts payable | 982 | 533 |
Accrued expenses | (621) | 518 |
Net cash used in operating activities | (8,417) | (6,572) |
Cash flows from investing activities | ||
Purchase of short-term investments | (24,953) | |
Maturities of short-term investments | 5,987 | |
Purchase of property and equipment | (550) | (370) |
Net cash used in investing activities | (5,437) | (25,323) |
Cash flows from financing activities | ||
Proceeds from debt issuance, net of issuance costs | ||
Principal payments on notes payable | (375) | |
Proceeds from issuance of common stock, net of issuance costs | 32,649 | |
Proceeds from exercise of stock options | 36 | |
Net cash provided by financing activities | 32,310 | |
Net decrease in cash and cash equivalents | (2,980) | 415 |
Cash and cash equivalents — beginning of period | 4,162 | 11,477 |
Cash and cash equivalents — end of period | 1,182 | 11,892 |
Supplemental disclosure: | ||
Cash paid for interest | 423 | 14 |
Cash paid for taxes | $ 1 |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
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 two first October 2012, October 2013, January 2015, December 2016 ( |
Note 2 - Liquidity and Going Co
Note 2 - Liquidity and Going Concern | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 – LIQUIDITY AND GOING CONCERN 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 $101.7 March 31, 2018. 2015, 2017. no not may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The consolidated financial statements include the accounts of AirXpanders, Inc. and its Australian branch office. Intercompany transactions and balances have been eliminated in consolidation. Certain amounts presented in prior periods have been reclassified to the current year presentation. Such changes had no 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 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, 2017 not three March 31, 2018 not December 31, 2018 no Foreign Currency The Company transacts business in Australia. The functional currency of its Australian branch 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 $0.1 $0.1 three March 31, 2018 2017, Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 the valuation of its common stock prior to the IPO, valuation of stock options, estimate of sales returns and valuation of its inventory at the lower of cost or market. Certain Significant Risks and Uncertainties The Company operates in a dynamic, highly competitive industry and believes that changes in any of the following areas could have a material adverse effect on the Company ’s future financial position, results of operations, or cash flows: ability to obtain future financing; advances and trends in new technologies and industry standards; regulatory approval and market acceptance of the Company’s products; development of sales channels; certain supplier relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory, or other factors including the Company’s ability to attract and retain employees necessary to support its growth. 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 March 31, 2018 December 31, 2017, $0.7 $3.7 two may $0.2 250,000 March 31, 2018 December 31, 2017, no March 31, 2018 December 31, 2017, $13.4 $22.4 one Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three March 31, 2018 December 31, 2017, may 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 following estimated useful lives of the assets: Machinery and equipment 5 years Computer equipment 3 years Furniture and fixtures 5 years Software licenses 1 - 3 years Office equipment 3 years Leasehold improvements and property and equipment under capital leases are amortized over the shorter of the estimated useful lives of the assets or the lease terms. Construction in process assets are stated at cost and will be depreciated over their estimated useful lives once placed in service. 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 consolidated 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 March 31, 2018, 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): March 31, 2018 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1,182 $ — $ — $ 1,182 Short-term investments 12,441 — — 12,441 Total assets at fair value $ 13,623 $ — $ — $ 13,623 Dec 31, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,162 $ — $ — $ 4,162 Short-term investments 18,428 — — 18,428 Total assets at fair value $ 22,590 $ — $ — $ 22,590 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 no thirty may The Company has established an allowance for sales returns of $0.2 million as of March 31, 2018, No March 31, 2017, Shipping and Handling Costs Shipping and handling costs are included as a component of cost of goods sold. 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 March 31, 2018 and December 31, 2017. Revenue and Receivables Concentration No 10% three March 31, 2018 2017, or of the accounts receivable balance as of March 31, 2018 December 31, 2017. 89% 40% three March 31, 2018 2017, 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 reporting segment. 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 for the three nine March 31, 2018 2017, 2018 2017 Shares of common stock issuable upon exercise of warrants 615 337 Shares of common stock issuable upon exercise of stock options 8,153 5,695 Potential common shares excluded from diluted net loss per share 8,768 6,032 Recent Accounting Pronouncements The Company assesses the adoption impact of recently issued accounting standards by the Financial Accounting Standards Board on our financial statements. The above describes the impact of newly issued standards as well as material updates to our previous assessments, if any, from our audited financial statements included in our registration statement on Form 10, July 17, 2018. |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 – INVENTORY Inventory consisted of the following at (in thousands): March 31, December 31, 2018 2017 Raw materials $ 2,184 $ 1,777 Work in progress 6,333 4,863 Finished goods 2,373 1,492 Inventory $ 10,890 $ 8,132 The Company had recorded inventory provisions and write-downs to inven tory to market value by $0.7 $0.8 three March 31, 2018 and 2017, . |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, 2018 2017 Machinery and equipment $ 3,540 $ 3,357 Computer equipment 283 284 Furniture and fixtures 402 386 Leasehold improvements 809 810 Software licenses 296 284 Office equipment 23 23 Construction in progress 700 650 Property and equipment, gross 6,053 5,794 Accumulated depreciation and amortization (1,663 ) (1,359 ) Property and equipment, net $ 4,390 $ 4,435 Depreciation and a mortization expense amounted to $0.3 $0.1 nine March 31, 2018 2017, |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, 2018 2017 Accrued compensation and benefits $ 726 $ 967 Accrued rent payable 191 205 Accrued clinical trials services 15 75 Accrued inventory supplies 159 391 Accrued other 808 883 Total accrued expenses $ 1,899 $ 2,521 |
Note 7 - Debt Financing
Note 7 - Debt Financing | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 – DEBT FINANCING January 2014 In January 2014, $3,500,000 July 2017. 7.34% A fee of $271,250 July 2017. No The Company recorded $13,000 three March 31, 2017. 33,000 three March 31, 2017 . August 2018 In August 2018, $15,000,000 August 2022. thirty 0.99%, 7.26% 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 Under the loan and security agreement the Company is required to maintain a certain minimum level of revenues on a trailing six 2018, covenants. The loan and security agreement also includes events of default, the occurrence and continuation of any of which provides the financial institution with the right to exercise remedies against us and the collateral securing the loans, including cash. These events of default include, among other things, the failure to pay amounts due under the credit facilities, insolvency, the occurrence of a material adverse event, which includes a material adverse change in our business, operations or properties (financial or otherwise) or a material impairment of the prospect of repayment of any portion of the obligations. A violation of any of these covenants or the occurrence of a material adverse change could result in a default under the loan and security, which would result in termination of all commitments and loans under the agreement and all amounts owing under the agreement to become immediately due and payable. As of March 31, 2018, one November 9, 2018, first March 31, 2018 In connection with the loan and security agreement, the Company issued warrants to the financial institution for the purchase of 277,778 $1.62 The fair value of the warrants of $227,000 The Company recorded $40,000 three March 31, 2018 . As of March 31, 2018 , the unamortized discount and issuance cost is $0.5 The Company recorded $ 0.4 three March 31, 2018 . At March 31, 2018, $15.0 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 – COMMITMENTS AND CONTINGENCIES As of March 31, 2018 , the future rental commitments due under the lease are (in thousands): Year ending December 31, 2018 (remaining 9 months) $ 632 2019 681 2020 18 2021 — 2022 and beyond — Total $ 1,331 The Company maintains an inventory purchase agreements with its third The Company’s liability under this purchase commitment is generally restricted to a forecasted three March 31, 2018 $1.2 $0.2 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 March 31, 2018 and December 31, 2017. 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 March 31, 2018 and 2017, $35,000 $5,000 nine March 31, 2018 and 2017, $0.1 $12,000 58%, 8%, Mr. Shalon was a director of the Company through May 2018, |
Note 9 - Common Stock
Note 9 - Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017, no March 31, 2018 , 95,943,409 shares of common stock Class A and no |
Note 10 - Convertible Preferred
Note 10 - Convertible Preferred Stock | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017, no |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
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. Three Months Ended March 31, 2018 2017 Expected terms (years) 6.0 - 6.5 5.95 - 9.93 Volatility 32.1 - 33.7% 33.8 - 40.6% Risk-free rate 2.6 - 2.7% 2.1 - 2.4% 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, 2017 1,601,202 6,521,146 $ 1.19 6.9 Additional shares reserved 1,918,868 — Options granted (1,802,704 ) 1,802,704 $ 1.32 Options forfeited/cancelled/repurchase 171,057 (171,057 ) $ 2.35 Balance — 1,888,423 8,152,793 $ 1.20 7.3 Vested or expected to vest at March 31, 2018 7,734,708 $ 1.17 7.2 Exercisable at March 31, 2018 4,490,966 $ 0.81 5.6 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 March 31, 2018 2017 Cost of goods sold $ 27 $ 19 Research and development 26 11 Selling, general and administrative 157 93 Total $ 210 $ 123 |
Note 11 - Subsequent Event
Note 11 - Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 1 – SUBSEQUENT EVENT On April 26, 2018, second March 31, 2018 In connection with the Second Amendment, the Company issued warrants to the financial institution for the purchase of 277,778 $0.32 The fair value of the warrants will be recorded as additional debt discount and amortized over the remaining loan period. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The consolidated financial statements include the accounts of AirXpanders, Inc. and its Australian branch office. Intercompany transactions and balances have been eliminated in consolidation. Certain amounts presented in prior periods have been reclassified to the current year presentation. Such changes had no 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 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, 2017 not three March 31, 2018 not December 31, 2018 no |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company transacts business in Australia. The functional currency of its Australian branch 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 $0.1 $0.1 three March 31, 2018 2017, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 the valuation of its common stock prior to the IPO, valuation of stock options, estimate of sales returns and valuation of its inventory at the lower of cost or market. |
Certain Significant Risks and Uncertainties, Policy [Policy Text Block] | Certain Significant Risks and Uncertainties The Company operates in a dynamic, highly competitive industry and believes that changes in any of the following areas could have a material adverse effect on the Company ’s future financial position, results of operations, or cash flows: ability to obtain future financing; advances and trends in new technologies and industry standards; regulatory approval and market acceptance of the Company’s products; development of sales channels; certain supplier relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory, or other factors including the Company’s ability to attract and retain employees necessary to support its growth. |
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 March 31, 2018 December 31, 2017, $0.7 $3.7 two may $0.2 250,000 March 31, 2018 December 31, 2017, no March 31, 2018 December 31, 2017, $13.4 $22.4 one Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three March 31, 2018 December 31, 2017, may |
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 following estimated useful lives of the assets: Machinery and equipment 5 years Computer equipment 3 years Furniture and fixtures 5 years Software licenses 1 - 3 years Office equipment 3 years Leasehold improvements and property and equipment under capital leases are amortized over the shorter of the estimated useful lives of the assets or the lease terms. Construction in process assets are stated at cost and will be depreciated over their estimated useful lives once placed in service. 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 consolidated 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 March 31, 2018, 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): March 31, 2018 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1,182 $ — $ — $ 1,182 Short-term investments 12,441 — — 12,441 Total assets at fair value $ 13,623 $ — $ — $ 13,623 Dec 31, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,162 $ — $ — $ 4,162 Short-term investments 18,428 — — 18,428 Total assets at fair value $ 22,590 $ — $ — $ 22,590 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 no thirty may The Company has established an allowance for sales returns of $0.2 million as of March 31, 2018, No March 31, 2017, |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are included as a component of cost of goods sold. |
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 March 31, 2018 and December 31, 2017. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Revenue and Receivables Concentration No 10% three March 31, 2018 2017, or of the accounts receivable balance as of March 31, 2018 December 31, 2017. 89% 40% three March 31, 2018 2017, |
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 reporting segment. |
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 for the three nine March 31, 2018 2017, 2018 2017 Shares of common stock issuable upon exercise of warrants 615 337 Shares of common stock issuable upon exercise of stock options 8,153 5,695 Potential common shares excluded from diluted net loss per share 8,768 6,032 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company assesses the adoption impact of recently issued accounting standards by the Financial Accounting Standards Board on our financial statements. The above describes the impact of newly issued standards as well as material updates to our previous assessments, if any, from our audited financial statements included in our registration statement on Form 10, July 17, 2018. |
Note 3 - Summary of Significa20
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment, Weighted Average Useful Life [Table Text Block] | Machinery and equipment 5 years Computer equipment 3 years Furniture and fixtures 5 years Software licenses 1 - 3 years Office equipment 3 years |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2018 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1,182 $ — $ — $ 1,182 Short-term investments 12,441 — — 12,441 Total assets at fair value $ 13,623 $ — $ — $ 13,623 Dec 31, 2017 Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 4,162 $ — $ — $ 4,162 Short-term investments 18,428 — — 18,428 Total assets at fair value $ 22,590 $ — $ — $ 22,590 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2018 2017 Shares of common stock issuable upon exercise of warrants 615 337 Shares of common stock issuable upon exercise of stock options 8,153 5,695 Potential common shares excluded from diluted net loss per share 8,768 6,032 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2018 2017 Raw materials $ 2,184 $ 1,777 Work in progress 6,333 4,863 Finished goods 2,373 1,492 Inventory $ 10,890 $ 8,132 |
Note 5 - Property and Equipme22
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2018 2017 Machinery and equipment $ 3,540 $ 3,357 Computer equipment 283 284 Furniture and fixtures 402 386 Leasehold improvements 809 810 Software licenses 296 284 Office equipment 23 23 Construction in progress 700 650 Property and equipment, gross 6,053 5,794 Accumulated depreciation and amortization (1,663 ) (1,359 ) Property and equipment, net $ 4,390 $ 4,435 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2018 2017 Accrued compensation and benefits $ 726 $ 967 Accrued rent payable 191 205 Accrued clinical trials services 15 75 Accrued inventory supplies 159 391 Accrued other 808 883 Total accrued expenses $ 1,899 $ 2,521 |
Note 8 - Commitments and Cont24
Note 8 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, 2018 (remaining 9 months) $ 632 2019 681 2020 18 2021 — 2022 and beyond — Total $ 1,331 |
Note 11 - Stock-based Compens25
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2018 2017 Expected terms (years) 6.0 - 6.5 5.95 - 9.93 Volatility 32.1 - 33.7% 33.8 - 40.6% Risk-free rate 2.6 - 2.7% 2.1 - 2.4% 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, 2017 1,601,202 6,521,146 $ 1.19 6.9 Additional shares reserved 1,918,868 — Options granted (1,802,704 ) 1,802,704 $ 1.32 Options forfeited/cancelled/repurchase 171,057 (171,057 ) $ 2.35 Balance — 1,888,423 8,152,793 $ 1.20 7.3 Vested or expected to vest at March 31, 2018 7,734,708 $ 1.17 7.2 Exercisable at March 31, 2018 4,490,966 $ 0.81 5.6 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2018 2017 Cost of goods sold $ 27 $ 19 Research and development 26 11 Selling, general and administrative 157 93 Total $ 210 $ 123 |
Note 2 - Liquidity and Going 26
Note 2 - Liquidity and Going Concern (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (101,758) | $ (95,311) |
Note 3 - Summary of Significa27
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | ||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | 200 | $ 0 | |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 0 | $ 0 | |
Number of Reportable Segments | 1 | ||
UNITED STATES | |||
Cash, Uninsured Amount | $ 700 | 3,700 | |
Cash, Cash Equivalents, and Short-term Investments, Total | $ 13,400 | 22,400 | |
UNITED STATES | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk, Percentage | 89.00% | 40.00% | |
AUSTRALIA | |||
Cash, Uninsured Amount | $ 0 | $ 0 | |
Other Nonoperating Income (Expense) [Member] | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (100) | $ 100 |
Note 3 - Summary of Significa28
Note 3 - Summary of Significant Accounting Policies - Property, Plant, and Equipment Weighted Average Useful Life (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Machinery and Equipment [Member] | |
Property, plant, and equipment, weighted average useful life (Year) | 5 years |
Computer Equipment [Member] | |
Property, plant, and equipment, weighted average useful life (Year) | 3 years |
Furniture and Fixtures [Member] | |
Property, plant, and equipment, weighted average useful life (Year) | 5 years |
Software Licenses [Member] | Minimum [Member] | |
Property, plant, and equipment, weighted average useful life (Year) | 1 year |
Software Licenses [Member] | Maximum [Member] | |
Property, plant, and equipment, weighted average useful life (Year) | 3 years |
Office Equipment [Member] | |
Property, plant, and equipment, weighted average useful life (Year) | 3 years |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 1,182 | $ 4,162 |
Short-term investments | 12,441 | 18,428 |
Total assets at fair value | 13,623 | 22,590 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 1,182 | 4,162 |
Short-term investments | 12,441 | 18,428 |
Total assets at fair value | 13,623 | 22,590 |
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 | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive securities (in shares) | 8,768 | 6,032 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 615 | 337 |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 8,153 | 5,695 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Inventory Write-down | $ 55 | $ 786 |
Note 4 - Inventory - Summary of
Note 4 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 2,184 | $ 1,777 |
Work in progress | 6,333 | 4,863 |
Finished goods | 2,373 | 1,492 |
Inventory | $ 10,890 | $ 8,132 |
Note 5 - Property and Equipme33
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Depreciation, Depletion and Amortization, Total | $ 304 | $ 80 |
Note 5 - Property and Equipme34
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 6,053 | $ 5,794 |
Accumulated depreciation and amortization | (1,663) | (1,359) |
Property and equipment, net | 4,390 | 4,435 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 3,540 | 3,357 |
Computer Equipment [Member] | ||
Property and equipment, gross | 283 | 284 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 402 | 386 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 809 | 810 |
Software and Software Development Costs [Member] | ||
Property and equipment, gross | 296 | 284 |
Office Equipment [Member] | ||
Property and equipment, gross | 23 | 23 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 700 | $ 650 |
Note 6 - Accrued Expenses - Sum
Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued compensation and benefits | $ 726 | $ 967 |
Accrued rent payable | 191 | 205 |
Accrued clinical trials services | 15 | 75 |
Accrued inventory supplies | 159 | 391 |
Accrued other | 808 | 883 |
Total accrued expenses | $ 1,899 | $ 2,521 |
Note 7 - Debt Financing (Detail
Note 7 - Debt Financing (Details Textual) | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2017USD ($)$ / sharesshares | Jan. 31, 2014USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Amortization of Debt Issuance Costs and Discounts, Total | $ 124,000 | $ 33,000 | ||
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 | |||
Warrants and Rights Outstanding | $ 227,000 | |||
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 | |||
Amortization of Debt Issuance Costs and Discounts, Total | 13,000 | |||
Interest Expense, Debt, Total | $ 33,000 | |||
Loan and Security Agreement 2 [Member] | ||||
Proceeds from Issuance of Debt | 15,000,000 | |||
Debt Instrument, Fee Amount | $ 1,200,000 | |||
Amortization of Debt Issuance Costs and Discounts, Total | 40,000 | |||
Interest Expense, Debt, Total | 400,000 | |||
Debt Instrument, Variable Rate | 0.99% | |||
Debt Instrument, Basis Spread on Variable Rate | 7.26% | |||
Debt Instrument, Number of Equal Monthly Installments | 35 | |||
Debt Instrument, Number of Equal Monthly Installments When Compliant with Certain Financial Milestones | 23 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total | 500,000 | |||
Long-term Debt, Total | $ 15,000,000 | |||
Loan and Security Agreement 2 [Member] | Minimum [Member] | ||||
Debt Instrument, Prepayment Fee, Percentage | 0.50% | |||
Loan and Security Agreement 2 [Member] | Maximum [Member] | ||||
Debt Instrument, Prepayment Fee, Percentage | 2.00% |
Note 8 - Commitments and Cont37
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,200,000 | |
Inventory Write-down | $ 55,000 | $ 786,000 |
Shalon Ventures License Agreement [Member] | Board of Directors Chairman [Member] | Shalon Ventures [Member] | ||
Royalty Revenue, Percentage | 8.00% | |
Shalon Ventures [Member] | Shalon Ventures License Agreement [Member] | Former Director [Member] | ||
Royalty Revenue, Percentage | 58.00% | |
Shalon Ventures License Agreement [Member] | ||
Royalty Expense, Percentage of Net Sales | 3.00% | |
Royalty Expense, Threshold Amount for Additional Costs | $ 10,000 | |
Shalon Ventures License Agreement [Member] | Cost of Sales [Member] | ||
Royalty Expense | 35,000 | $ 5,000 |
Purchase Commitment [Member] | Accrued Expenses [Member] | ||
Inventory Write-down | $ 200,000 |
Note 8 - Commitments and Cont38
Note 8 - Commitments and Contingencies - Future Rental Commitments (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2018 (remaining 9 months) | $ 632 |
2,019 | 681 |
2,020 | 18 |
2,021 | |
2022 and beyond | |
Total | $ 1,331 |
Note 9 - Common Stock (Details
Note 9 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Common Stock, Shares Authorized | 300,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
Dividends, Common Stock, Total | $ 0 | $ 0 |
Common Class A [Member] | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued, Total | 95,943,408 | 95,943,408 |
Common Stock, Shares, Outstanding, Ending Balance | 95,943,408 | 95,943,408 |
Common Class B [Member] | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued, Total | 0 | 0 |
Common Stock, Shares, Outstanding, Ending Balance | 0 | 0 |
Note 10 - Convertible Preferr40
Note 10 - Convertible Preferred Stock (Details Textual) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 |
Note 11 - Stock-based Compens41
Note 11 - Stock-based Compensation - Fair Value Assumption for Stock Options (Details) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Dividend yield | ||
Minimum [Member] | ||
Expected terms (years) (Year) | 6 years | 5 years 346 days |
Volatility | 32.10% | 33.80% |
Risk-free rate | 2.60% | 2.10% |
Maximum [Member] | ||
Expected terms (years) (Year) | 6 years 182 days | 9 years 339 days |
Volatility | 33.70% | 40.60% |
Risk-free rate | 2.70% | 2.40% |
Note 11 - Stock-based Compens42
Note 11 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Options available for grant (in shares) | 1,601,202 | |
Number of options outstanding (in shares) | 6,521,146 | |
Weighted average exercise price per share (in dollars per share) | $ 1.19 | |
Weighted average remaining contractual life (Year) | 7 years 109 days | 6 years 328 days |
Additional shares reserved (in shares) | 1,918,868 | |
Options available for grant, options granted (in shares) | (1,802,704) | |
Number of options outstanding, options granted (in shares) | 1,802,704 | |
Weighted average exercise price per share, options granted (in dollars per share) | $ 1.32 | |
Options available for grant, options forfeited/cancelled/repurchase (in shares) | 171,057 | |
Number of options outstanding, options forfeited/cancelled/repurchase (in shares) | (171,057) | |
Weighted average exercise price per share, options forfeited/cancelled/repurchase (in dollars per share) | $ 2.35 | |
Options available for grant (in shares) | 1,888,423 | 1,601,202 |
Number of options outstanding (in shares) | 8,152,793 | 6,521,146 |
Weighted average exercise price per share (in dollars per share) | $ 1.20 | $ 1.19 |
Number of options outstanding, vested or expected to vest (in shares) | 7,734,708 | |
Weighted average exercise price per share, vested or expected to vest (in dollars per share) | $ 1.17 | |
Weighted average remaining contractual life, vested or expected to vest (Year) | 7 years 73 days | |
Number of options outstanding, exercisable (in shares) | 4,490,966 | |
Weighted average exercise price per share, exercisable (in dollars per share) | $ 0.81 | |
Weighted average remaining contractual life, exercisable (Year) | 5 years 219 days |
Note 11 - Stock-based Compens43
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-based compensation expense | $ 210 | $ 123 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 27 | 19 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 26 | 11 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ 157 | $ 93 |
Note 11 - Subsequent Event (Det
Note 11 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Warrants in Connection with Second Amendment [Member] | Apr. 26, 2018$ / sharesshares |
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 | $ 0.32 |