Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 23, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | NOVABAY PHARMACEUTICALS, INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 61,113,056 | ||
Entity Public Float | $37,152,661 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1389545 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $5,429 | $10,500 |
Short-term investments | 2,553 | |
Accounts receivable | 273 | 784 |
Inventory | 521 | 70 |
Prepaid expenses and other current assets | 729 | 884 |
Total current assets | 6,952 | 14,791 |
Property and equipment, net | 436 | 718 |
Other assets | 149 | 141 |
TOTAL ASSETS | 7,537 | 15,650 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 1,865 | 1,674 |
Accrued liabilities | 1,055 | 1,616 |
Deferred revenue | 425 | 337 |
Total current liabilities | 3,345 | 3,627 |
Deferred revenue - non-current | 2,000 | 1,534 |
Deferred rent | 171 | 136 |
Warrant liability | 173 | 1,837 |
Total liabilities | 5,689 | 7,134 |
Commitement and contingencies (Note 8) | ||
Preferred stock, $0.01 par value; 5,000 shares authorized; none outstanding at December 31, 2014 and 2013 | 0 | 0 |
Common stock, $0.01 par value; 120,000 shares authorized; 51,650 and 44,624 shares issued and outstanding at December 31, 2014 and 2013, respectively | 516 | 446 |
Additional paid-in capital | 72,879 | 64,438 |
Accumulated other comprehensive loss | -15 | |
Accumulated deficit | -71,547 | -56,353 |
Total stockholders' equity | 1,848 | 8,516 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $7,537 | $15,650 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, issued | 51,650,000 | 44,624,000 |
Common stock, outstanding | 51,650,000 | 44,624,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Sales: | |||
Sales revenue | $684,000 | $223,000 | $14,000 |
Cost of goods sold | 486,000 | 162,000 | 8,000 |
Gross profit | 198,000 | 61,000 | 6,000 |
Other revenue: | |||
License, collaboration and distribution revenue | 158,000 | 3,045,000 | 6,855,000 |
Other revenues | 212,000 | 209,000 | 78,000 |
Total other revenue | 370,000 | 3,254,000 | 6,933,000 |
Operating expenses: | |||
Research and development | 9,511,000 | 12,461,000 | 9,275,000 |
Sales, general and administrative | 7,935,000 | 6,340,000 | 5,973,000 |
Total operating expenses | 17,446,000 | 18,801,000 | 15,248,000 |
Operating loss | -16,878,000 | -15,486,000 | -8,309,000 |
Non-cash gain (loss) on change in fair value of warrants | 1,664,000 | -555,000 | 1,439,000 |
Other income (expense), net | 22,000 | 1,000 | -155,000 |
Loss before provision for income taxes | -15,192,000 | -16,040,000 | -7,025,000 |
Provision for income taxes | -2,000 | -2,000 | -2,000 |
Net loss | -15,194,000 | -16,042,000 | -7,027,000 |
Other comprehensive income (loss): | |||
Change in unrealized gains (losses) on available-for-sale securities | 15,000 | -2,000 | 31,000 |
Total comprehensive loss | ($15,179,000) | ($16,044,000) | ($6,996,000) |
Net loss per share: | |||
Basic and diluted (in Dollars per share) | ($0.31) | ($0.42) | ($0.24) |
Shares used in per share calculations: | |||
Basic and diluted (in Shares) | 49,626 | 38,183 | 29,448 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Shelf Offering [Member] | Shelf Offering [Member] | Shelf Offering [Member] | International Distribution Agreement [Member] | International Distribution Agreement [Member] | International Distribution Agreement [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Employee and Director [Member] | Non-Employee [Member] | Pioneer Pharma Co [Member] | Feichter [Member] | Total |
In Thousands, except Share data | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Non-Employee [Member] | Pioneer Pharma Co [Member] | Feichter [Member] | Employee and Director [Member] | Non-Employee [Member] | Pioneer Pharma Co [Member] | Feichter [Member] | |||||||||||
Balance at Dec. 31, 2011 | $286 | $42,386 | ($44) | ($33,284) | $9,344 | |||||||||||||||||
Balance (in Shares) at Dec. 31, 2011 | 28,587,000 | |||||||||||||||||||||
Net loss | -7,027 | -7,027 | ||||||||||||||||||||
Change in unrealized gains (losses) on investments | 31 | 31 | ||||||||||||||||||||
Issuance of stock | 59 | 6,597 | 6,656 | |||||||||||||||||||
Issuance of stock (in Shares) | 5,900,000 | |||||||||||||||||||||
Issuance of stock and warrants in connection with international distribution agreement | 20 | 3,080 | 3,100 | |||||||||||||||||||
Issuance of stock and warrants in connection with international distribution agreement (in Shares) | 2,000,000 | |||||||||||||||||||||
Conversion of liablity to equity | 1 | 49 | 50 | |||||||||||||||||||
Conversion of liablity to equity (in Shares) | 43,000 | |||||||||||||||||||||
Issuance of stock for option exercises | 2 | 55 | 57 | |||||||||||||||||||
Issuance of stock for option exercises (in Shares) | 234,000 | 234,000 | ||||||||||||||||||||
Issuance of stock for warrant exercises | 30 | 30 | ||||||||||||||||||||
Issuance of stock for warrant exercises (in Shares) | 22,000 | |||||||||||||||||||||
Issuance of stock for services (in Shares) | 28,000 | 154,000 | ||||||||||||||||||||
Employee bonus paid in common stock | 230 | 230 | ||||||||||||||||||||
Issuance of restricted stock awards (in Shares) | 17,000 | |||||||||||||||||||||
Stock-based compensation expense related to warrants | 38 | 38 | ||||||||||||||||||||
Stock-based compensation expense related to employee and director stock options | 1,297 | 1,297 | ||||||||||||||||||||
Stock-based compensation expense related to non-employee stock options | 1 | 242 | 243 | -243 | ||||||||||||||||||
Stock-based compensation expense related to non-employee stock options (in Shares) | 84,000 | |||||||||||||||||||||
Balance at Dec. 31, 2012 | 369 | 54,004 | -13 | -40,311 | 14,049 | |||||||||||||||||
Balance (in Shares) at Dec. 31, 2012 | 36,915,000 | |||||||||||||||||||||
Net loss | -16,042 | -16,042 | ||||||||||||||||||||
Change in unrealized gains (losses) on investments | -2 | -2 | ||||||||||||||||||||
Issuance of stock | 3 | 349 | 352 | 50 | 3 | 5,650 | 372 | 5,700 | 375 | |||||||||||||
Issuance of stock (in Shares) | 289,000 | 5,000,000 | 300,000 | |||||||||||||||||||
Credits on sales of NeutroPhase | 7 | 7 | ||||||||||||||||||||
Credits on sales of NeutroPhase (in Shares) | 6,000 | |||||||||||||||||||||
Issuance of stock for option exercises | 3 | 123 | 126 | |||||||||||||||||||
Issuance of stock for option exercises (in Shares) | 266,000 | 262,000 | ||||||||||||||||||||
Issuance of stock for warrant exercises | 18 | 2,700 | 2,718 | |||||||||||||||||||
Issuance of stock for warrant exercises (in Shares) | 1,812,000 | |||||||||||||||||||||
Issuance of stock for services | 49 | 49 | ||||||||||||||||||||
Issuance of stock for services (in Shares) | 36,000 | 43,000 | ||||||||||||||||||||
Stock-based compensation expense related to warrants | 166 | 166 | ||||||||||||||||||||
Stock-based compensation expense related to employee and director stock options | 921 | 921 | ||||||||||||||||||||
Stock-based compensation expense related to non-employee stock options | 97 | 97 | -97 | |||||||||||||||||||
Balance at Dec. 31, 2013 | 446 | 64,438 | -15 | -56,353 | 8,516 | |||||||||||||||||
Balance (in Shares) at Dec. 31, 2013 | 44,624,000 | |||||||||||||||||||||
Net loss | -15,194 | -15,194 | ||||||||||||||||||||
Change in unrealized gains (losses) on investments | 15 | 15 | ||||||||||||||||||||
Issuance of stock | 69 | 7,056 | 7,125 | 205 | 205 | |||||||||||||||||
Issuance of stock (in Shares) | 6,871,000 | |||||||||||||||||||||
Issuance of stock for option exercises | 1 | 33 | 34 | |||||||||||||||||||
Issuance of stock for option exercises (in Shares) | 61,000 | 61,000 | ||||||||||||||||||||
Issuance of stock for services | 28 | 28 | ||||||||||||||||||||
Issuance of stock for services (in Shares) | 42,000 | 15,000 | ||||||||||||||||||||
Employee bonus paid in common stock | 77 | 77 | ||||||||||||||||||||
Employee bonus paid in common stock (in Shares) | 27,000 | |||||||||||||||||||||
Issuance of restricted stock awards (in Shares) | 25,000 | |||||||||||||||||||||
Stock-based compensation expense related to employee and director stock options | 853 | 853 | ||||||||||||||||||||
Stock-based compensation expense related to non-employee stock options | 189 | 189 | -189 | |||||||||||||||||||
Balance at Dec. 31, 2014 | $516 | $72,879 | ($71,547) | $1,848 | ||||||||||||||||||
Balance (in Shares) at Dec. 31, 2014 | 51,650,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net loss | ($15,194) | ($16,042) | ($7,027) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 232 | 314 | 341 |
Net realized loss on sales of short-term investments | 40 | 21 | 91 |
Loss (gain) on disposal of property and equipment | -54 | 180 | |
Stock-based compensation expense for options and stock issued to employees and directors | 853 | 921 | 1,297 |
Compensation expense for warrants issued for services | 166 | 38 | |
Stock-based compensation expense for options, warrants and stock issued to non-employees | 189 | 97 | 243 |
Non-cash (gain) loss on change in fair value of warrants | -1,664 | 555 | -1,439 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | 555 | 159 | -940 |
Increase in inventory | -451 | -208 | -23 |
(Increase) decrease in prepaid expenses and other assets | 138 | -345 | 54 |
Increase in accounts payable and accrued liabilities | -252 | 1,414 | 665 |
Increase (decrease) in deferred revenue | 553 | -21 | -8 |
Net cash used in operating activities | -15,055 | -12,969 | -6,528 |
Cash flows from investing activities: | |||
Purchases of property and equipment | -68 | -141 | -148 |
Proceeds from disposal of property and equipment | 128 | 6 | |
Purchases of short-term investments | -4,012 | -4,330 | -4,872 |
Proceeds from maturities and sales of short-term investments | 6,550 | 5,878 | 6,377 |
Net cash provided by investing activities | 2,598 | 1,407 | 1,363 |
Cash flows from financing activities: | |||
Proceeds from common stock issuances, net | 227 | 6,075 | 2,800 |
Proceeds from exercise of options and warrants | 34 | 2,900 | 87 |
Proceeds from shelf offering, net | 7,125 | 352 | 6,656 |
Principal payments on short-term borrowing | -71 | ||
Net cash provided by financing activities | 7,386 | 9,327 | 9,472 |
Net increase (decrease) in cash and cash equivalents | -5,071 | -2,235 | 4,307 |
Cash and cash equivalents, beginning of period | 10,500 | 12,735 | 8,428 |
Cash and cash equivalents, end of period | 5,429 | 10,500 | 12,735 |
Supplemental disclosure of non cash information | |||
Bonus paid in stock | 54 | 230 | |
Stock issued to consultants for services | $7 | $49 |
Note_1_Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION |
NovaBay Pharmaceuticals, Inc. (“we,” “NovaBay” or the “Company”) is a biopharmaceutical company focused on the development and commercialization of its non-antibiotic anti-infective products. | |
The Company was incorporated under the laws of the State of California on January 19, 2000, as NovaCal Pharmaceuticals, Inc. We had no operations until July 1, 2002, on which date we acquired all of the operating assets of NovaCal Pharmaceuticals, LLC, a California limited liability company. In February 2007, we changed our name from NovaCal Pharmaceuticals, Inc. to NovaBay Pharmaceuticals, Inc. In August 2007, we formed two subsidiaries––NovaBay Pharmaceuticals Canada, Inc., a wholly-owned subsidiary incorporated under the laws of British Columbia (Canada), which was formed to conduct research and development in Canada which was dissolved in July 2012, and DermaBay, Inc., a wholly-owned U.S. subsidiary, which may explore and pursue dermatological opportunities. In June 2010, we changed the state in which we are incorporated (the Reincorporation), and are now incorporated under the laws of the State of Delaware. All references to “we,” “us,” “our,” or “the Company” herein refer to the California corporation prior to the date of the Reincorporation, and to the Delaware corporation on and after the date of the Reincorporation. We currently operate in four business segments; see Note 14 for further details. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies [Text Block] | NOTE 2. 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 (U.S. GAAP) and are expressed in U.S. dollars. | |||||||||||||
Reclassifications | |||||||||||||
Prior period amounts in the accompanying consolidated balance sheets have been reclassified to conform to current period presentation. The reclassifications did not change total assets, total liabilities, or total stockholders’ equity. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DermaBay, Inc. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates include useful lives for property and equipment and related depreciation calculations, estimated amortization period for payments received from product development and license agreements as they relate to revenue recognition, assumptions for valuing options and warrants, and income taxes. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents and Short-Term Investments | |||||||||||||
The Company considers all highly liquid instruments with a stated maturity of three months or less to be cash and cash equivalents. As of December 31, 2014, cash and cash equivalents were held in financial institutions in the U.S. and include deposits in money market funds, which were unrestricted as to withdrawal or use. | |||||||||||||
The Company classifies all highly liquid investments with a stated maturity of greater than three months as short-term investments. Short-term investments generally consist of certificates of deposit and corporate debt securities. The Company has classified their short-term investments as available-for-sale. The Company does not intend to hold securities with stated maturities greater than twelve months until maturity. In response to changes in the availability of and the yield on alternative investments as well as liquidity requirements, they occasionally sell these securities prior to their stated maturities. These securities are carried at fair value, with the unrealized gains and losses reported as a component of other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. A decline in the market value below cost of any available-for-sale security that is determined to be other than temporary results in a revaluation of its carrying amount to fair value and an impairment charge to earnings, resulting in a new cost basis for the security. No such impairment charges were recorded for the periods presented. The interest income and realized gains and losses are included in other income (expense), net within the consolidated statements of operations. Interest income is recognized when earned. | |||||||||||||
Concentrations of Credit Risk and Major Partners | |||||||||||||
Financial instruments which potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. The Company maintains deposits of cash, cash equivalents and short-term investments with three highly-rated, major financial institutions in the United States. | |||||||||||||
Deposits in these banks may exceed the amount of federal insurance provided on such deposits. The Company does not believe they are exposed to significant credit risk due to the financial position of the financial institutions in which these deposits are held. Additionally, they have established guidelines regarding diversification and investment maturities, which are designed to maintain safety and liquidity. | |||||||||||||
During the year ended December 31, 2014, revenues were derived from one collaboration partner, two distribution partners, service revenues and sales of Avenova and NeutroPhase. During the year ended December 31, 2013, revenues were derived from two collaboration partners, two distribution partners, sales of NeutroPhase products and service revenues. During the year ended December 31, 2012, revenues were derived from two collaboration partners, two distribution partners and service revenues. | |||||||||||||
As of December 31, 2014, 41% and 18% of accounts receivable were derived from two distribution partners. As of December 31, 2013, 98% of accounts receivable was derived from one collaboration and one distribution partner. | |||||||||||||
Fair Value of Financial Assets and Liabilities | |||||||||||||
Financial instruments, including accounts receivable, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. | |||||||||||||
The Company measures the fair value of financial assets and liabilities based on U.S. GAAP guidance which defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. | |||||||||||||
Under U.S. GAAP, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy is also established, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities; | |||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | |||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | |||||||||||||
Inventory | |||||||||||||
Inventory comprises of (1) raw materials and supplies, such as bottles, packaging materials, labels, boxes, pumps; (2) goods in progress, which are normally unlabeled bottles; and (3) finished goods. | |||||||||||||
Inventory is stated at the lower of cost or market value determined by the first-in, first-out method. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets of five to seven years for office and laboratory equipment, three years for software and seven years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of seven years or the lease term. | |||||||||||||
The costs of normal maintenance, repairs, and minor replacements are charged to operations when incurred. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company accounts for long-lived assets in accordance with U.S. GAAP, which requires that companies consider whether events or changes in facts and circumstances, both internally and externally, may indicate that an impairment of long-lived assets held for use are present. Management periodically evaluates the carrying value of long-lived assets and has determined that there was no impairment as of all periods presented. Determination of recoverability is based on the estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the assets are written down to their estimated fair values and the loss is recognized in the statements of operations. | |||||||||||||
Comprehensive Income(Loss) | |||||||||||||
ASC 220, Comprehensive Income requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. The Company reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss). | |||||||||||||
Revenue Recognition | |||||||||||||
License and collaboration revenue is primarily generated through agreements with strategic partners for the development and commercialization of the Company’s product candidates. The terms of the agreements typically include non-refundable upfront fees, funding of research and development activities, payments based upon achievement of certain milestones and royalties on net product sales. In accordance with revenue recognition criteria under U.S. GAAP, the Company analyzes its multiple element arrangements to determine whether the elements can be separated. The Company performs its analysis at the inception of the arrangement and as each product or service is delivered. If a product or service is not separable, the combined deliverables are | |||||||||||||
accounted for as a single unit of accounting and revenue is recognized over the performance obligation period. Revenue is recognized when the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred and risk of loss has passed; the seller’s price to the buyer is fixed or determinable; and collectability is reasonably assured. | |||||||||||||
Assuming the elements meet the revenue recognition guidelines the revenue recognition methodology prescribed for each unit of accounting is summarized below: | |||||||||||||
Upfront Fees—The Company defers recognition of non-refundable upfront fees if it has continuing performance obligations without which the technology licensed has no utility to the licensee. If the Company has performance obligations through research and development services that are required because its know-how and expertise related to the technology is proprietary, or can only be performed by the Company, then such up-front fees are deferred and recognized over the period of the performance obligations. The Company bases the estimate of the period of performance on factors in the contract. Actual time frames could vary and could result in material changes to their results of operations. | |||||||||||||
Funded Research and Development— Revenue from research and development services is recognized during the period in which the services are performed and is based upon the number of full-time-equivalent personnel working on the specific project at the agreed-upon rate. This revenue approximates the cost incurred. Reimbursements from collaborative partners for agreed-upon direct costs including direct materials and outsourced, or subcontracted, pre-clinical studies are classified as revenue and recognized in the period the reimbursable expenses are incurred. Payments received in advance are recorded as deferred revenue until the research and development services are performed or costs are incurred. | |||||||||||||
Milestones—Substantive milestone payments are considered to be performance bonuses that are recognized upon achievement of the milestone only if all of the following conditions are met: the milestone payments are non-refundable; achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; substantive effort is involved in achieving the milestone; the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and a reasonable amount of time passes between the up-front license payment and the first milestone payment as well as between each subsequent milestone payment. If any of these conditions are not met, the milestone payments are deferred and recognized as revenue over the term of the arrangement as we complete our performance obligations. | |||||||||||||
Royalties—The Company recognizes royalty revenues from licensed products upon the sale of the related products. | |||||||||||||
Product Sales—The Company sells NeutroPhase, CelleRx and Avenova through a limited number of distributors. The Company generally records product sales upon shipment to distributors if title and risk of loss pass to the distributors at the time of shipment. Otherwise, the Company records product sales upon shipment to final customers. | |||||||||||||
Cost of GoodsSold | |||||||||||||
Cost of goods sold includes third party manufacturing costs, shipping costs, cost of samples and other costs of goods sold. Cost of goods sold also includes any necessary allowances for excess inventory that may expire and become unsalable. The Company did not record an allowance for excess inventory as of December 31, 2014. | |||||||||||||
Research and Development Costs | |||||||||||||
The Company charges research and development costs to expense as incurred. These costs include salaries and benefits for research and development personnel, costs associated with clinical trials managed by contract research organizations, and other costs associated with research, development and regulatory activities. The Company use external service providers to conduct clinical trials, to manufacture supplies of product candidates and to provide various other research and development-related products and services. Research and development expenses under the collaborative agreements approximate the revenue recognized, excluding milestone and upfront payments received under such arrangements. | |||||||||||||
Patent Costs | |||||||||||||
Patent costs, including legal expenses, are expensed in the period in which they are incurred. Patent expenses are included in general and administrative expenses in the statements of operations. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as expense over the requisite service period, which is generally the vesting period. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted, the fair value of the stock options is estimated using a Black-Scholes-Merton option pricing model. See Note 11for further information regarding stock-based compensation expense and the assumptions used in estimating that expense. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 recognized if it is more likely than not that some portion or the entire deferred tax asset will not be recognized. | |||||||||||||
Common Stock Warrant Liabilities | |||||||||||||
For warrants where there is a deemed possibility that the Company may have to settle the warrants in cash, the Company records the fair value of the issued warrants as a liability at each balance sheet date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statements of operations and comprehensive loss. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on the part of the Company. | |||||||||||||
Net Income (Loss) per Share | |||||||||||||
The Company computes net income (loss) per share by presenting both basic and diluted earnings (loss) per share (EPS). | |||||||||||||
Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Potentially dilutive common share equivalents are excluded from the diluted EPS computation in net loss periods since their effect would be anti-dilutive. During years ended December 31, 2014, 2013 and 2012, there is no difference between basic and diluted net loss per share due to the Company’s net losses. The following table sets forth the reconciliation between basic EPS and diluted EPS: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net loss | $ | (15,194 | ) | $ | (16,042 | ) | $ | (7,027 | ) | ||||
Basic shares | 49,626 | 38,183 | 29,448 | ||||||||||
Add: shares issued upon assumed exercise of stock options and warrants | — | — | — | ||||||||||
Diluted shares | 49,626 | 38,183 | 29,448 | ||||||||||
Basic EPS | $ | (0.31 | ) | $ | (0.42 | ) | $ | (0.24 | ) | ||||
Diluted EPS | $ | (0.31 | ) | $ | (0.42 | ) | $ | (0.24 | ) | ||||
The following outstanding stock options and stock warrants were excluded from the diluted EPS computation as their effect would have been anti-dilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Stock options | 8,042 | 7,164 | 6,222 | ||||||||||
Stock warrants | 4,925 | 4,765 | 11,190 | ||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers” (Topic 606). The guidance of this Update effects any entities that either issues contracts with customers or transfer goods or services or enters into contracts for the transfer of non-financial assets. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve those core principals, the ASU specifies steps that the entity should apply for revenue recognition. The guidance also specifies the accounting for some costs to obtain or fulfill the contract with customer and disclosure requirements to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. For a public entity, ASU No. 2014-10 is effective for annual reporting period beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company will adopt ASU No. 2014-09 on January 1, 2017. The Company is currently evaluating the impact of the adoption of the ASU on its consolidated financial statements. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-10 “Development Stage Entities” (Topic 915). The objective of the ASU is to improve financial reporting by reducing the cost and complexity of associated with the incremental reporting requirements for development stage entities. The ASU removes all incremental financial reporting requirements from U.S. GAAP for development stage entities, including the inception-to-date information and certain other disclosures. The ASU also eliminates an exception provided to development stage entities in Topic 810 “Consolidation” for determining whether an entity is a variable interest entity on the basis of amount of investment equity at risk. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of the amendments is permitted for any annual or interim reporting period for which the entity’s financial statements have not been issued. The Company adopted ASU No. 2014-10 on December 31, 2014. The Company no longer presents incremental disclosure for development stage entities in this Annual Report on Form 10-K for the year ended December 31, 2014 and subsequently issued Forms 10-Q and 10-K, including consolidated financial statements for the cumulative period from July 1, 2002 (inception) to the reporting date and inception-to-date disclosures. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12 “Compensation – Stock Compensation” (Topic 718). The ASU provides guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendment requires a performance target that effects vesting and that could be achieved after requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that such performance condition would be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early application is permitted. The Company will adopt ASU No. 2014-12 on January 1, 2016. The adoption will not have a material impact on the Company’s consolidated financial statements, as the Company currently does not have share-based payment awards, which are subject to ASU No. 2014-12. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15 “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. All entities are required to apply the new requirements in annual periods ending after December 15, 2016, and interim periods thereafter. Early application is permitted. The Company will adopt ASU No. 2014-15 on January 1, 2016. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. |
Note_3_Shortterm_Investments
Note 3 - Short-term Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investment Holdings [Abstract] | |||||||||||||||||
Investment Holdings [Text Block] | NOTE 3. SHORT-TERM INVESTMENTS | ||||||||||||||||
The Company did not have any short-term investments as of December 31, 2014. | |||||||||||||||||
Short-term investments as of December 31, 2013, consisted of the following: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||
(in thousands) | Cost | Gains | Losses | Value | |||||||||||||
Corporate bonds | $ | 518 | $ | — | $ | (14 | ) | $ | 504 | ||||||||
Certificates of deposit | 2,050 | — | (1 | ) | 2,049 | ||||||||||||
$ | 2,568 | $ | — | $ | (15 | ) | $ | 2,553 | |||||||||
All short-term investments at December 31, 2013 mature in less than one year. During the years ended December 31, 2014, 2013 and 2012,we recognized a net realized losses of $ 40,000, $21,000, and $91,000,respectively, included in other income (expense) on the statements of operations and comprehensive loss. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 4. FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company measures the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The Company’s cash equivalents and investments are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices in active markets, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The types of investments that are generally classified within Level 1 of the fair value hierarchy include money market securities. The types of investments that are generally classified within Level 2 of the fair value hierarchy include corporate securities, certificates of deposits and U.S. government securities. | |||||||||||||||||
The Company’s warrant liability is classified within level 3 of the fair value hierarchy because the value is calculated using significant judgment based on our own assumptions in the valuation of this liability. | |||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
(in thousands) | Balance at | Quoted Prices in | Significant | Significant | |||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||
2014 | for Identical | Observable | Inputs | ||||||||||||||
Items | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 5,429 | $ | 5,429 | $ | — | $ | — | |||||||||
Total assets | $ | 5,429 | $ | 5,429 | $ | — | $ | — | |||||||||
Liabilities | |||||||||||||||||
Warrant liability | $ | 173 | $ | — | $ | — | $ | 173 | |||||||||
Total liabilities | $ | 173 | $ | — | $ | — | $ | 173 | |||||||||
For the year ended December 31, 2014, as a result of the fair value adjustment of the warrant liability, the Company recorded a non-cash gain on a change in the fair value of $1.7 million in its consolidated statements of operations and comprehensive loss. See Note 8 for further discussion on the calculation of the fair value of the warrant liability. | |||||||||||||||||
(in thousands) | Warrant | ||||||||||||||||
liability | |||||||||||||||||
Fair value of warrants at December 31, 2011 | $ | 2,721 | |||||||||||||||
Decrease in fair value at December 31, 2012 | (1,439 | ) | |||||||||||||||
Total warrant liability at December 31, 2012 | 1,282 | ||||||||||||||||
Increase in fair value at December 31, 2013 | 555 | ||||||||||||||||
Total warrant liability at December 31, 2013 | 1,837 | ||||||||||||||||
Decerase in fair value at December 31, 2014 | (1,664 | ) | |||||||||||||||
Total warrant liability at December 31, 2014 | $ | 173 | |||||||||||||||
Note_5_Inventory
Note 5 - Inventory | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE 5. INVENTORY | ||||||||
Inventory consisted of the following: | |||||||||
(in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Raw materials and supplies | $ | 260 | $ | 35 | |||||
Goods in process | 184 | - | |||||||
Finished goods | 77 | 35 | |||||||
Total inventory | $ | 521 | $ | 70 | |||||
Note_6_Property_and_Equipment
Note 6 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consisted of the following: | |||||||||
(in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Office and laboratory equipment | $ | 1,697 | $ | 2,101 | |||||
Furniture and fixtures | 98 | 83 | |||||||
Software | 9 | 11 | |||||||
Leasehold improvements | 172 | 171 | |||||||
Total property and equipment, at cost | 1,976 | 2,366 | |||||||
Less: accumulated depreciation | (1,540 | ) | (1,648 | ) | |||||
Total property and equipment, net | $ | 436 | $ | 718 | |||||
Depreciation expense was $232,000, $314,000 and $341,000 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_7_Accrued_Liabilities
Note 7 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 7. ACCRUED LIABILITIES | ||||||||
Accrued liabilities consisted of the following: | |||||||||
(in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Research and development | $ | 209 | $ | 550 | |||||
Employee payroll and benefits | 667 | 780 | |||||||
Professional fees | 10 | 69 | |||||||
Other | 169 | 217 | |||||||
Total accrued liabilities | $ | 1,055 | $ | 1,616 | |||||
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 8. COMMITMENTS AND CONTINGENCIES | ||||
Operating Leases | |||||
We lease laboratory facilities and office space under an operating lease, which expires on October 31, 2020. Rent expense was $1,045,000, $966,000, and $804,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The future minimum lease payments under this non-cancellable operating lease were as follows as of December 31, 2014: | |||||
Lease | |||||
(in thousands) | Commitment | ||||
Year ending December 31: | |||||
2015 | $ | 624 | |||
2016 | 643 | ||||
2017 | 662 | ||||
2018 | 682 | ||||
2019 | 703 | ||||
thereafter | 600 | ||||
Total lease commitment | $ | 3,914 | |||
The Company’s monthly rent payments fluctuate under the master lease agreement. In accordance with U.S. GAAP, the Company recognizes rent expense on a straight-line basis, and records deferred rent for the difference between the amounts paid and recorded as expense. At December 31, 2014 and 2013, the Company had $171,000 and $136,000 of deferred rent, respectively. | |||||
Directors and Officers Indemnity | |||||
As permitted under Delaware law and in accordance with our bylaws, we indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited; however, we have a director or officer insurance policy that limits our exposure and may enable us to recover a portion of any future payments. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of December 31, 2014. | |||||
In the normal course of business, we provide indemnifications of varying scope under our agreements with other companies, typically our clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with use or testing of our products or product candidates or with any U.S. patent or any copyright or other intellectual property infringement claims by any third party with respect to our products. The term of these indemnification agreements is generally perpetual. The potential future payments we could be required to make under these indemnification agreements is unlimited. Historically, costs related to these indemnification provisions have been immaterial. We also maintain various liability insurance policies that limit our exposure. As a result, we believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of December 31, 2014. | |||||
Legal Matters | |||||
From time to time, the Company may be involved in various legal proceedings arising in the ordinary course of business. There are no matters at December 31, 2014, that, in the opinion of management, would have a material adverse effect on our financial position, results of operations or cash flows. |
Note_9_Warrant_Liability
Note 9 - Warrant Liability | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Other Liabilities Disclosure [Text Block] | NOTE 9. WARRANT LIABILITY | ||||||||
In July 2011, the Company sold common stock and warrants in a registered direct financing. As part of this transaction, 3,488,005 warrants were issued with an exercise price of $1.33 and are exercisable on January 1, 2012, and expire on July 5, 2016. The terms of the warrants require registered shares to be delivered upon each warrant’s exercise and also require possible cash payments to the warrant holders (in lieu of the warrant’s exercise) upon specified fundamental transactions involving the Company’s common stock, such as in an acquisition of the Company. Under ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), the Company’s ability to deliver registered shares upon an exercise of the warrants and the Company’s potential obligation to cash-settle the warrants if specified fundamental transactions occur are deemed to be beyond the Company’s control. The warrants contain a provision where the warrant holder would have the option to receive cash, equal to the Black Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480 requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statement of operations. The Lattice model provides for assumptions regarding volatility and risk-free interest rates within the total period to maturity. In addition, after January 5, 2012, and if the closing bid price per share of the common stock in the principal market equals or exceeds $2.66 for any ten trading days (which do not have to be consecutive) in a period of fifteen consecutive trading days, the Company has the right to require the exercise of one-third of the warrants then held by the warrant holders, which would result in gross proceeds to the Company of approximately $1.5 million. | |||||||||
The key assumptions used to value the warrants were as follows: | |||||||||
December 31, | |||||||||
Assumption | 2014 | 2013 | |||||||
Expected price volatility | 60 | % | 80 | % | |||||
Expected term (in years) | 1.51 | 2.51 | |||||||
Risk-free interest rate | 0.47 | % | 0.59 | % | |||||
Dividend yield | 0 | % | 0 | % | |||||
Weighted-average fair value of warrants | $ | 0.05 | $ | 0.53 | |||||
Note_10_Stockholders_Equity
Note 10 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10. STOCKHOLDERS’ EQUITY | ||||||||
Preferred Stock | |||||||||
Under the Company’s amended articles of incorporation, the Company is authorized to issue of up to 5,000,000 shares of preferred stock in such series and with such rights and preferences as may be approved by the board of directors. As of December 31, 2014, there were no shares of preferred stock outstanding. | |||||||||
Common Stock | |||||||||
On July 5, 2011, the Company closed a registered direct offering for the sale of 4,650,675 units (The “July 2011 Registered Direct Financing”), each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.75 of a share of common stock (or a total of 3,488,005 shares), at a purchase price of $1.11 per unit. The warrants will be exercisable 180 days after issuance for $1.33 per share and will expire five years from the date of issuance. All of the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) were offered pursuant to a shelf registration statement filed with, and declared effective by, the Securities and Exchange Commission. The shares of common stock and the warrants were immediately separable and were issued separately, but were purchased together in the July 2011 Registered Direct Offering. The Company raised a total of $5.2 million from the July 2011 Registered Direct Financing, or approximately $4.6 million in net proceeds after deducting underwriting commissions of $288,000 and other offering costs of $244,000. | |||||||||
On December 6, 2012, the Company closed a public offering for the sale of 5,900,000 shares of common stock and 5,900,000 warrants to purchase 0.75 of a share of common stock (or a total of 4,425,000 shares), at a purchase price of $1.25 per share with associated warrant. The warrants were immediately exercisable for $1.50 per share and will expire one year from the date of issuance. All of the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) were offered pursuant to a shelf registration statement filed with, and declared effective by, the Securities and Exchange Commission. The shares of common stock and the warrants were immediately separable and were issued separately, but were purchased together. The Company raised a total of $7.4 million from this offering, or approximately $6.6 million in net proceeds after deducting underwriting commissions of $479,000 and other offering costs of $240,000. | |||||||||
On November 14, 2013, the Company entered into an At-The-Market Offering Agreement (“2013 ATM Agreement”), with Ascendiant Capital Markets (“Ascendiant”), as its agent, and filed a prospectus supplement to its shelf registration statement, pursuant to which the Company may offer and sell shares of our common stock having an aggregate offering price of up to $5.0 million from time to time. | |||||||||
On October 16, 2014, the Company entered into an At-The-Market Offering Agreement (the “2014 ATM Agreement”, the “Agreement”) with Ascendiant under which we may offer and sell our common stock having aggregate sales proceeds of up to $10.0 million from time to time through Ascendiant as our sales agent. Sales of our common stock through Ascendiant are made by means of ordinary brokers’ transactions on NYSE MKT or otherwise at market prices prevailing at the time of sale, in block transactions, or as otherwise agreed upon by us and Ascendiant. Ascendiant uses commercially reasonable efforts to sell our common stock from time to time, based upon instructions from us (including any price, time or size limits or other customary parameters or conditions we may impose). We pay Ascendiant a commission of 3.0% of the gross sales proceeds of any common stock sold through Ascendiant under the Agreement. We have also provided Ascendiant with customary indemnification rights. In connection with the Agreement we terminated the At-The-Market Offering Agreement with Ascendiant dated November 13, 2013. | |||||||||
We are not obligated to make any sales of common stock under the Agreement. The offering of shares of the Company’s common stock pursuant to the Agreement will terminate upon the earlier of (i) the sale of all common stock subject to the Agreement, or (ii) termination of the Agreement in accordance with its terms. | |||||||||
The common stock is being offered and sold pursuant to the Company’s effective shelf registration statement on Form S-3 and an accompanying prospectus (Registration Statement No. 333-180460) declared effective by the SEC on May 1, 2012 (the “Registration Statement”) and a prospectus supplement filed with the SEC on October 16, 2014. | |||||||||
For the year ended December 31, 2014, the Company sold 1.3 million shares for gross proceeds of $1.2 million, or approximately $1.1 million in net proceeds after deducting offering costs and commissions of $81,000. For the year ended December 31, 2013, the Company sold 289,492 shares for gross proceeds of $378,000, or approximately $352,000 in net proceeds after deducting offering costs and commissions of $26,000. Under the terms of the 2014 and 2013 ATM Agreement, the Company paid to Ascendiant 3% of the gross proceeds of all sales made under these agreements. | |||||||||
On December 2, 2013 the Company entered into a stock purchase agreement with Pioneer to purchase five million shares of NovaBay stock at $1.14 per share, resulting in cash proceeds to NovaBay of $5.7 million. In April 2013, the Company also sold 300,000 shares to W&M Carpenter III Trust FBO F Feichter IV for net proceeds of $375,000. | |||||||||
On March 25, 2014, the Company closed a public offering for the sale of 5,600,000 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.25 of a share of common stock (or a total of 1,400,000 shares), at a purchase price of $1.20 per unit. The warrants were immediately exercisable for $1.56 per share and will expire eighteen months from the date of issuance. All of the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) were offered pursuant to a shelf registration statement filed with, and declared effective by, the Securities and Exchange Commission. The shares of common stock and the warrants were immediately separable and were issued separately, but were purchased together. The Company raised a total of $6.7 million from this offering, or approximately $6.0 million in net proceeds after deducting underwriting commissions of $470,000 and other offering costs of $211,000. | |||||||||
Stock Warrants | |||||||||
At December 31, 2013, there were outstanding warrants to purchase 1,225,000 shares of common stock with an exercise price of $2.75 per share expiring on August 21, 2014. These outstanding warrants were exercisable at December 31, 2012. | |||||||||
In July 2011, 3,488,005 warrants were issued in connection with our July 2011 Registered Direct Financing. These warrants were issued with an exercise price of $1.33 and expire on July 5, 2016. These outstanding warrants were exercisable at December 31, 2013. During 2012, 22,500 of these warrants were exercised and the company received $30,000 in cash for the warrants. See Note 9 for further details on these warrants. | |||||||||
In January 2012, warrants to purchase 60,000 shares were issued to a vendor. These warrants were issued with an exercise price of $2.50 per share for 30,000 of the shares and $3.75 per share for the remaining 30,000 shares and became exercisable monthly through June 30, 2012, and expire on January 2, 2016. The warrants were valued at approximately $34,000 using the Black-Scholes-Merton option-pricing model based upon the following assumptions: (1) expected price volatility of 75% and 89%, respectively, (2) a risk-free interest rate of 0.30% and 0.36% respectively and (3) an expected life of 2.36 and 2.98 years, respectively. The Company accounts for the fair value of these warrants as an expense amortized over the vesting period of the warrants. The Company recognized the full $34,000 in expense during the year ended December 31, 2012, related to these warrants. | |||||||||
In September 2012 and October 2012, warrants to purchase 800,000 and 1,200,000 shares, respectively, were issued to Pioneer Pharma Co., Ltd as part of a unit purchase agreement that was accounted for along with an expanded distribution agreement. These warrants were issued with an exercise price of $1.50 per share, are immediately exercisable, and expire on August 31, 2013. The warrants were valued at approximately $360,000 and $330,000, respectively, using the Black-Scholes-Merton option-pricing model based upon the following assumptions: (1) expected price volatility of 79% and 71%, respectively, (2) a risk-free interest rate of 0.17% and 0.17%, respectively and (3) an expected life of 0.96 and 0.83 years, respectively. Due to the combined accounting of this agreement along with the expanded distribution agreement, the Company accounted for the fair value of the common stock and warrants as equity. In May 2013 the terms of these warrants were modified to extend the expiration date to November 29, 2013 and in exchange for this extension Pioneer agreed to exercise the warrant. As a result of this change NovaBay booked an additional expense related to these warrants of $163,000 during the year ended December 31, 2013. In November, 2013 these warrants were cancelled and replaced with a stock purchase agreement. | |||||||||
In October 2012, warrants to purchase 15,000 shares were issued to a vendor. These warrants were issued with an exercise price of $2.50 per share and 5,000 shares became exercisable on each of October 30, 2012, November 30, 2012 and December 30, 2012, and they all expired on September 30, 2014. The warrants were valued at approximately $4,000 using the Black-Scholes-Merton option-pricing model based upon the following assumptions: (1) expected price volatility of 72%, (2) a risk-free interest rate of 0.27% and (3) an expected life of 2.00 years. The Company accounts for the fair value of these warrants as an expense amortized over the vesting period of the warrants. The Company recognized the full $4,000 in expense during the year ended December 31, 2012, related to these warrants. | |||||||||
On December 6, 2012, 4,425,000 warrants were issued in connection with our July public offering. These warrants were issued with an exercise price of $1.50 and expire on December 6, 2013. During the year ended December 31, 2013, 1,811,800 of these warrants were exercised and the Company received $2.7 million in cash upon exercise of the warrants. The remainder of these warrants expired prior to December 31, 2013. | |||||||||
The following table summarizes information about the Company’s warrants outstanding at December 31, 2014, 2013 and 2012, and activity during the three years then ended. | |||||||||
(in thousands, except per share data) | Warrants | Weighted- | |||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding at December 31, 2011 | 4,863 | $ | 1.77 | ||||||
Warrants granted | 6,500 | $ | 1.52 | ||||||
Warrants expired | (150 | ) | $ | 4 | |||||
Warrants exercised | (23 | ) | $ | 1.33 | |||||
Outstanding at December 31, 2012 | 11,190 | $ | 1.59 | ||||||
Warrants granted | 20 | $ | 1.63 | ||||||
Warrants expired | (4,633 | ) | $ | 1.5 | |||||
Warrants exercised | (1,812 | ) | $ | 1.5 | |||||
Outstanding at December 31, 2013 | 4,765 | $ | 1.72 | ||||||
Warrants granted | 1,400 | $ | 1.56 | ||||||
Warrants expired | (1,240 | ) | $ | 2.75 | |||||
Outstanding at December 31, 2014 | 4,925 | $ | 1.42 | ||||||
Note_11_Equitybased_Compensati
Note 11 - Equity-based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11.EQUITY-BASED COMPENSATION | ||||||||||||||||
Equity Compensation Plans | |||||||||||||||||
Prior to October 2007, the Company had two equity incentive plans in place: the 2002 Stock Option Plan and the 2005 Stock Option Plan. In October 2007, the Company adopted the 2007 Omnibus Incentive Plan (the 2007 Plan) to provide for the granting of stock awards, such as stock options, unrestricted and restricted common stock, stock units, dividend equivalent rights, and stock appreciation rights to employees, directors and outside consultants as determined by the board of directors. In conjunction with the adoption of the 2007 Plan, no further option awards may be granted from the 2002 or 2005 Stock Option Plans and any option cancellations or expirations from the 2002 or 2005 Stock Option Plans may not be reissued. At the inception of the 2007 Plan, 2,000,000 shares were reserved for issuance under the Plan. | |||||||||||||||||
For the years from 2009 to 2012, the number of shares of common stock authorized for issuance under the 2007 Plan increases annually in an amount equal to the lesser of (a) 1,000,000 shares or (b) 4% of the number of shares of the Company’s common stock outstanding on the last day of the preceding year or (c) such lesser number as determined by the board of directors. Accordingly, an additional 1,000,000, 935,665, and 930,177 shares of common stock were authorized for issuance under the 2007 Plan in January 2012, 2011 and 2010, respectively. Beginning in 2013, the shareholders voted to remove the 1,000,000 share cap and the 2007 Plan increases annually by 4% of the number of shares of the Company’s common stock outstanding on the last day of the preceding year. Accordingly, additional 816,138 and 1,478,924 shares of common stock were authorized for issuance under the 2007 Plan in January 2014 and 2013, respectively. As of December 31, 2014, there were 753,005 shares available for future grant under the 2007 Plan. | |||||||||||||||||
Under the terms of the 2007 Plan, the exercise price of incentive stock options may not be less than 100% of the fair market value of the common stock on the date of grant and, if granted to an owner of more than 10% of the Company’s stock, then not less than 110%. Stock options granted under the 2007 Plan expire no later than ten years from the date of grant. Stock options granted to employees generally vest over four years while options granted to directors and consultants typically vest over a shorter period, subject to continued service. All of the options granted prior to October 2007 include early exercise provisions that allow for full exercise of the option prior to the option vesting, subject to certain repurchase provisions. The Company issues new shares to satisfy option exercises under the plans. | |||||||||||||||||
Stock Based Compensation Summary | |||||||||||||||||
The following table summarizes information about the Company’s stock options and restricted stock units outstanding at December 31, 2014, 2013 and 2012, and activity during the three years then ended: | |||||||||||||||||
(in thousands, except per share data) | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2011 | 5,299 | $ | 1.62 | ||||||||||||||
Options granted | 1,232 | $ | 1.22 | ||||||||||||||
Options exercised | (234 | ) | $ | 0.25 | |||||||||||||
Restricted stock units vested | (28 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (47 | ) | $ | 1.64 | |||||||||||||
Outstanding at December 31, 2012 | 6,222 | $ | 1.62 | ||||||||||||||
Options granted | 1,777 | $ | 1.39 | ||||||||||||||
Options exercised | (262 | ) | $ | 0.44 | |||||||||||||
Restricted stock units vested | (249 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (324 | ) | $ | 1.7 | |||||||||||||
Outstanding at December 31, 2013 | 7,164 | $ | 1.66 | ||||||||||||||
Options granted | 1,698 | $ | 0.9 | ||||||||||||||
Restricted stock units granted | 72 | $ | — | ||||||||||||||
Options exercised | (61 | ) | $ | 0.56 | |||||||||||||
Restricted stock units vested | (98 | ) | $ | — | |||||||||||||
Restricted stock units forfeited/cancelled | (3 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (730 | ) | $ | 1.46 | |||||||||||||
Outstanding at December 31, 2014 | 8,042 | $ | 1.53 | 6.3 | $ | 23 | |||||||||||
Vested and expected to vest at December 31, 2014 | 7,674 | $ | 1.55 | 6.2 | $ | 19 | |||||||||||
Vested at December 31, 2014 | 5,864 | $ | 1.7 | 5.3 | $ | 2 | |||||||||||
Exercisable at December 31, 2014 | 5,864 | $ | 1.7 | 5.3 | $ | 2 | |||||||||||
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of the Company’s common stock as quoted on the NYSE Mkt as of December 31, 2014, for options that have a quoted market price in excess of the exercise price (“in-the-money options”). The Company received cash payments for the exercise of stock options in the amount of $34,000, $114,000 and $57,000 during the years ended December 31, 2014, 2013 and 2012, respectively. The aggregate intrinsic value of stock option awards exercised was $32,000, $261,000, and $271,000 for the years ended December 31, 2014, 2013 and 2012, respectively, as determined at the date of option exercise. | |||||||||||||||||
As of December 31, 2014, total unrecognized compensation cost related to unvested stock options and restricted stock units was $1.2 million. This amount is expected to be recognized as stock-based compensation expense in the Company’s consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 2.78 years. | |||||||||||||||||
Stock Option Awards to Employees and Directors | |||||||||||||||||
The Company grants options to purchase common stock to its employees and directors at prices equal to or greater than the market value of the stock on the dates the options are granted. The Company has estimated the value of stock option awards as of the date of grant by applying the Black-Scholes-Merton option pricing model using the single-option valuation approach. The application of this valuation model involves assumptions that are judgmental and subjective in nature. See Note 2 for a description of the accounting policies that the Company applied to value its stock-based awards. | |||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company granted options to employees and directors to purchase an aggregate of 1.3 million, 1.6 million and 1.1 million shares of common stock, respectively. | |||||||||||||||||
The weighted average assumptions used in determining the value of options granted and a summary of the methodology applied to develop each assumption are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Assumption | 2014 | 2013 | 2012 | ||||||||||||||
Expected price volatility | 76.88 | % | 80.15 | % | 93.9 | % | |||||||||||
Expected term (in years) | 6.5 | 5.1 | 4.6 | ||||||||||||||
Risk-free interest rate | 2.06 | % | 1.13 | % | 0.7 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.61 | $ | 0.92 | $ | 0.91 | |||||||||||
Expected Price Volatility—This is a measure of the amount by which the stock price has fluctuated or is expected to fluctuate. The computation of expected volatility was based on the historical volatility of our own stock and comparable companies from a representative peer group selected based on industry and market capitalization data. | |||||||||||||||||
Expected Term—This is the period of time over which the options granted are expected to remain outstanding. The expected life assumption is based on the Company’s historical data. | |||||||||||||||||
Risk-Free Interest Rate—This is the U.S. Treasury rate for the week of the grant having a term approximating the expected life of the option. | |||||||||||||||||
Dividend Yield—We have not made any dividend payments nor do we have plans to pay dividends in the foreseeable future. | |||||||||||||||||
Forfeitures are estimated at the time of grant and reduce compensation expense ratably over the vesting period. This estimate is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate. | |||||||||||||||||
Additionally, during the year ended December 31, 2014, the Company issued 48,000 shares of common stock to employees. The Company did not issue any shares of common stock to its employees during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, we recognized stock-based compensation expense of $853,000, $921,000 and $1.3 million, respectively, for option awards to employees and directors. | |||||||||||||||||
Stock-Based Awards to Non-Employees | |||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company granted options to purchase an aggregate of 361,000, 184,000, and 98,000 shares of common stock, respectively, to non-employees in exchange for advisory and consulting services. The stock options are recorded at their fair value on the measurement date and recognized over the respective service or vesting period. The fair value of the stock options granted was calculated using the Black-Scholes-Merton option pricing model based upon the following assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Assumption | 2014 | 2013 | 2012 | ||||||||||||||
Expected price volatility | 79.1 | % | 78.89 | % | 88.52 | % | |||||||||||
Expected term (in years) | 8.6 | 8.5 | 9.1 | ||||||||||||||
Risk-free interest rate | 2.28 | % | 2.75 | % | 1.53 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.61 | $ | 0.95 | $ | 1.06 | |||||||||||
In addition the Company granted restricted stock to non-employees totaling 15,000, 43,000 and 154,000 shares of common stock in the years ended December 31, 2014, 2013 and 2012, respectively, in exchange for advisory and consulting services. | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recognized stock-based compensation expense of $189,000, $97,000 and $243,000, respectively, related to non-employee options and restricted stock grants. | |||||||||||||||||
Summary of Stock-Based Compensation Expense | |||||||||||||||||
A summary of the stock-based compensation expense included in results of operations for the option and stock awards discussed above is as follows: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 376 | $ | 381 | $ | 450 | |||||||||||
General and administrative | 666 | 637 | 1,090 | ||||||||||||||
Total stock-based compensation expense | $ | 1,042 | $ | 1,018 | $ | 1,540 | |||||||||||
Since the Company has operating losses and net operating loss carryforwards, there are no tax benefits associated with stock-based compensation expense. |
Note_12_License_Collaboration_
Note 12 - License, Collaboration and Distribution Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Collaborative Arrangement Disclosure [Text Block] | NOTE 12. LICENSE, COLLABORATION AND DISTRIBUTION AGREEMENTS | ||||||||||||
Galderma | |||||||||||||
On March 25, 2009, the Company entered into a collaboration and license agreement with Galderma S.A. to develop and commercialize the Company’s Aganocide compounds, which covers acne and impetigo and potentially other major dermatological conditions. The Company amended this agreement in December 2009 and again in December 2010. Based on the Impetigo Phase 2a clinical trial results, in December 2010, Galderma S.A., exercised the option to continue with the development of impetigo and initiated a Phase 2 study. In November 2013, the Company announced that the auriclosene Phase 2b clinical study of impetigo had been completed. While the study showed that auriclosene is safe and well tolerated, it did not meet its primary clinical endpoint. Knowledge gained from two previous impetigo studies is expected to lead to both improvements in the clinical study protocol and an optimized auriclosene formulation if the program moves forward. | |||||||||||||
Galderma paid to NovaBay certain upfront fees, ongoing fees, reimbursements, and milestone payments related to achieving development and commercialization of its Aganocide compounds. If products are commercialized under the agreement, NovaBay’s royalties will escalate as sales increase. The Company received a $1.0 million upfront technology access fee payment in the first quarter of 2009 and a $3.25 million continuation fee and a $500,000 fee to expand the license to include the Asia-Pacific Territory in December 2010. These fees were recorded as deferred revenues and recognized as earned on a straight-line basis over the Company’s expected performance period. The initial upfront technology access fee was recognized over the initial 20 month funding term of the agreement through October 2010, and the continuation and license fees were recognized over the additional three year funding term of the agreement through November 2013. | |||||||||||||
Revenue has been recognized under the Galderma agreement as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | 1 | $ | 945 | $ | 1,259 | |||||||
On-going Research and Development | — | 1,228 | 1,604 | ||||||||||
Materials, Equipment, and Contract Study Costs | — | 393 | 3,485 | ||||||||||
$ | 1 | $ | 2,566 | $ | 6,348 | ||||||||
The Company had deferred revenue balances of $0, $1,000 and $957,000 and respectively, at December 31, 2014, 2013 and 2012, related to the Galderma agreement, which consisted of the unamortized balances on the upfront technology and access fee and the continuation and license fee and support for ongoing research and development. As of December 31, 2014, the Company has earned $4.25 million in milestone payments. As of December 31, 2014, the Company has not earned or received any royalty payments under the Galderma agreement. | |||||||||||||
Virbac | |||||||||||||
In April 2012, the Company entered into a feasibility and option agreement with Virbac, a global animal health company for the development and potential commercialization of Aganocides for a number of veterinary uses for companion animals. Under the terms of the agreement, NovaBay received an upfront payment and is entitled to additional support for research and development. The Company will conduct veterinary studies using NovaBay’s Aganocide compounds to assess feasibility for treating several veterinary indications. | |||||||||||||
In April 2013, the option was exercised and the Company entered into a collaboration and license agreement with Virbac. Under this new agreement Virbac acquired exclusive worldwide rights to develop the Company’s proprietary compound, auriclosene (NVC-422), for global veterinary markets for companion animals. The Company received an option exercise fee and may receive future development and pre-commercial milestone payments as a result of the collaboration. The Company also expects to receive royalties on the sale of any commercial products in the companion animal field. Virbac’s option exercise follows its extensive testing of auriclosene for veterinary uses during the 12-month option period. The Company is recognizing the option exercise fee over its expected performance period of 10 years based on actual sales during this period. | |||||||||||||
Revenue has been recognized under the agreement as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | — | $ | 42 | $ | 113 | |||||||
On-going Research and Development | — | 87 | 262 | ||||||||||
Materials, Equipment, and Contract Study Costs | — | 8 | 42 | ||||||||||
$ | — | $ | 137 | $ | 417 | ||||||||
The Company had deferred revenue balances of $246,000, $246,000 and $125,000, respectively, at December 31, 2014, 2013 and 2012, related to this agreement, which consisted of the unamortized balances on the upfront technology and access fee and the support for ongoing research and development. | |||||||||||||
NeutroPhase Distribution Agreements | |||||||||||||
In January 2012, the Company entered into a distribution agreement with Pioneer Pharma Co., Ltd., a Shanghai-based company that markets high-end pharmaceutical products into China, for the commercialization of NeutroPhase in this territory. Under the terms of the agreement, NovaBay received an upfront payment of $312,500. NovaBay also received $312,500 in January 2013, related to the submission of the first marketing approval for the product to the CFDA (formerly the SFDA, State Food and Drug Administration), which was submitted in December 2012. The distribution agreement provides that Pioneer Pharma Co., Ltd is entitled to receive cumulative purchase discounts of up to $500,000 upon the purchase of NeutroPhase product. The deferred revenue will be recognized as the purchase discounts are earned, with the remaining deferred revenue recognized ratable over the product distribution period. During the year ended December 31, 2014, NovaBay received $625,000 upon receipt of a marketing approval of the product from the CFDA. | |||||||||||||
In September 2012, the Company entered into two agreements with Pioneer Pharma Co., Ltd. (“Pioneer”): (1) an international distribution agreement (“Distribution Agreement”) and (2) a unit purchase agreement (“Purchase Agreement”). These agreements were combined and accounted for as one arrangement with one unit of accounting for revenue recognition purposes. | |||||||||||||
Pursuant to the terms of the Distribution Agreement, Pioneer has the right to distribute NeutroPhase, upon a marketing approval from a Regulatory Authority, in certain territories in Asia (other than China). Upon execution of the Distribution Agreement, we received an upfront payment, which was recorded as deferred revenue. Pioneer is also obligated to make certain additional payments to us upon receipt of the marketing approval. The Distribution Agreement further provides that Pioneer is entitled to a cumulative purchase discount not to exceed $500,000 upon the purchase of NeutroPhase product; payable in NovaBay unregistered restricted common stock. | |||||||||||||
Pursuant to the Purchase Agreement, we also received $2.5 million from Pioneer for the purchase of restricted units (comprising 1 share of common stock and a warrant for the purchase of 1 share of common stock). The unit purchase was completed in two tranches: (1) 800,000 units in September 2012; and (2) 1,200,000 units in October 2012, with both tranches at a purchase price of $1.25 per share. The fair value of the total units sold was $3.5 million, based upon the trading price of our common stock on the dates the units were purchased and fair value of the warrants based on the Black-Scholes Merton option pricing model. Because the aggregate fair value of the units on the dates of purchase exceeded the $2.5 million in proceeds received from the unit purchase by approximately $1 million, we reallocated $600,000 from deferred revenue to stockholders’ equity as consideration for the purchase of the units. | |||||||||||||
In December 2013, the Company announced it had expanded its NeutroPhase commercial partnership agreement with Pioneer. The expanded agreement includes licensing rights to two new products, Avenova and CelleRx™, developed internally by NovaBay. The expanded partnership agreement covers the commercialization and distribution of these products in China and 11 countries in Southeast Asia. | |||||||||||||
During the year ended December 31, 2014, the Company had three other smaller agreements and continues to seek additional distribution agreements. | |||||||||||||
Revenue has been recognized under these agreements as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization of upfront technology access fee | $ | 63 | $ | 62 | $ | 46 | |||||||
On-going Research and Development | 55 | 148 | 44 | ||||||||||
$ | 118 | $ | 210 | $ | 90 | ||||||||
The Company had deferred revenue balances of $2.2 million, $1.6 million, and $810,000, respectively, at December 31, 2013, 2012 and 2011, related to these agreements, which consisted of the unamortized balances on the upfront technology and access fee and the support for ongoing research and development. | |||||||||||||
Avenova Distribution Agreements | |||||||||||||
In November 2014, the Company signed a nationwide distribution agreement for its Avenova product with McKesson Corporation (“McKesson”). The agreement is part of the Company’s commercialization strategy. McKesson makes Avenova widely available in local pharmacies and major retail chains across the U.S., such as Wal-Mart, Costco, CVS and Target. During the year ended December 31, 2014, the Company earned $4,000 in sales revenue related to the distribution agreement with McKessen. | |||||||||||||
In November 2014, the Company entered into a new agreement with Alpha Pharma LLC to market NeutroPhase in the Ukraine. | |||||||||||||
In December 2014, the Company signed an exclusive distribution agreement for our NeutroPhase Skin and Wound Cleanser with the Biopharm Group, a leading pharmaceutical company in the Middle East, headquartered in Cairo, Egypt. Under the terms of the agreement, Biopharm will market NeutroPhase in Egypt, Saudi Arabia, Algeria, Sudan and Libya. | |||||||||||||
In January 2015, the Company signed a nationwide distribution agreement with Cardinal Health and a new agreement with Sarmedic Ltd to market Avenova in Israel. See Note 16 for details. |
Note_13_Employee_Benefit_Plan
Note 13 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 13. EMPLOYEE BENEFIT PLAN |
We have a 401(k) plan covering all eligible employees. We are not required to contribute to the plan and have made no contributions through December 31, 2014. |
Note_14_Segment_Information
Note 14 - Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | NOTE 14. SEGMENT INFORMATION | ||||||||
The Company reports financial data for four reportable segments, coinciding with its four business units: dermatology, ophthalmology, urology and wound care. The dermatology segment includes all aspects of its business around the dermatology arena including the collaboration with Galderma and their impetigo clinical trial. The ophthalmology segment includes Avenova and its clinical trial on ophthalmology which it was conducting on its own. This segment also includes the i-Case product which is currently in development phases. The urology segment covers its urinary catheter encrustation and blockage (UCBE) trials. The wound care segment encompasses the business around its NeutroPhase product, which went on the market in December 2012. Its remaining activities are immaterial and are shown as an aggregate. | |||||||||
The Company discloses information about its reportable segments based on the measures it uses in assessing the performance of each segment. The Company uses “segment net income (loss)” to measure the performance of its business units. Segment net income (loss) includes the allocation of certain corporate expense. These expenses have been allocated based on the FTE allocations to each individual segment or business unit. | |||||||||
The Company does not segregate specific assets to each business unit as we do not have a reasonable way to allocate the corporate assets to each unit and the Company does not use this as a measure of segment performance. | |||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Revenues: | |||||||||
Dermatology | $ | 5 | $ | 2,697 | |||||
Ophthalmology | 329 | — | |||||||
Urology | — | — | |||||||
Wound Care | 471 | 433 | |||||||
Other | 249 | 347 | |||||||
$ | 1,054 | $ | 3,477 | ||||||
Segment net loss: | |||||||||
Dermatology | $ | (1,331 | ) | $ | (264 | ) | |||
Ophthalmology | (7,953 | ) | (6,199 | ) | |||||
Urology | (2,296 | ) | (2,933 | ) | |||||
Wound Care | (4,522 | ) | (4,853 | ) | |||||
Other | (776 | ) | (1,237 | ) | |||||
$ | (16,878 | ) | $ | (15,486 | ) | ||||
A reconciliation of total segment net loss to consolidated net loss is as follows: | |||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Segment net income (loss) | $ | (16,878 | ) | $ | (15,486 | ) | |||
Non-cash gain (loss) on change in fair value of warrants of warrants | 1,664 | (555 | ) | ||||||
Other income (expense), net | 22 | 1 | |||||||
Provision for income taxes | (2 | ) | (2 | ) | |||||
Net loss | $ | (15,194 | ) | $ | (16,042 | ) | |||
Note_15_Income_Taxes
Note 15 - Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income Tax Disclosure [Text Block] | NOTE 15. INCOME TAXES | |||||||||||||
The federal and state income tax provision is summarized as follows (in thousands): | ||||||||||||||
Year Ending December 31 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||
Current | ||||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||||
State | 2 | 2 | 2 | |||||||||||
Other | — | — | — | |||||||||||
Total current tax expense | 2 | 2 | 2 | |||||||||||
Deferred | ||||||||||||||
Federal | — | — | — | |||||||||||
State | — | — | — | |||||||||||
Other | — | — | — | |||||||||||
Total deferred tax expense | — | — | — | |||||||||||
Income tax provision | $ | 2 | $ | 2 | $ | 2 | ||||||||
Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. | ||||||||||||||
The tax effects of significant items comprising the Company's deferred taxes as of December 31 are as follows: | ||||||||||||||
Net operating losses | $ | 24,213 | $ | 19,053 | ||||||||||
Accruals | 246 | 96 | ||||||||||||
Deferred revenue | 717 | 117 | ||||||||||||
Stock options | 1,329 | 1,097 | ||||||||||||
Other deferred tax assets | 464 | 412 | ||||||||||||
Total deferred tax assets | 26,969 | 20,775 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Property and equipment | (67 | ) | (159 | ) | ||||||||||
Total deferred tax liabilities | (67 | ) | (159 | ) | ||||||||||
Valuation allowance | (26,902 | ) | (20,616 | ) | ||||||||||
Net deferred taxes | $ | — | $ | — | ||||||||||
The Company records the tax benefit of net operating loss carryfowards and temporary differences as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets is currently not likely to be realized and, accordingly, has provided a valuation allowance. | ||||||||||||||
The valuation allowance increased by the following amounts (in thousands): | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
$ | 6,286 | $ | 6,096 | $ | 3,018 | |||||||||
In accordance with ASC 718 Compensation – Stock Compensation, the Company has excluded from deferred tax assets benefits attributable to employee stock option exercises. Therefore, these amounts are not included in gross or net deferred tax assets. The benefit of these net operating loss carryforwards, totaling $1.1 million at December 31, 2014, will only be recorded to equity when they reduce cash taxes payable. | ||||||||||||||
Net operating loss and tax credit carryforwards as of December 31, 2014,are as follows (in thousands): | ||||||||||||||
Expiration | ||||||||||||||
Amount | Years | |||||||||||||
Net operating losses, federal | $ | 61,931 | 2024 - 2033 | |||||||||||
Net operating losses, state | $ | 61,767 | 2015 - 2033 | |||||||||||
Tax credits, federal | $ | 387 | 2031-2034 | |||||||||||
Under U.S. federal tax law, the amount and availability of tax benefits are subject to a variety of interpretations and restrictive tests. Utilization of the net operating loss (NOL) carryforwards may be subject to a substantial annual limitation due to ownership changes that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, and similar state provisions. Ownership changes may limit the amount of NOL carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on two occasions which, combined with the purchasing shareholders’ subsequent disposition of those shares, may have resulted in one or more changes of control, as defined by Section 382. The Company has not currently completed a study to assess whether any change of control has occurred, or whether there have been multiple changes of control since the Company’s formation, due to the significant complexity and cost associated with the study. If the Company has experienced a change of control at any time since its formation, its NOL carryforwards and tax credits may not be available, or their utilization could be subject to an annual limitation under Section 382. A full valuation allowance has been provided against the Company’s NOL carryforwards, and if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Accordingly, there would be no impact on the consolidated balance sheet or statement of operations if an adjustment is required. | ||||||||||||||
The effective tax rate of the Company's provision (benefit) for income taxes differs from the federal statutory rate as follows: | ||||||||||||||
Year Ending December 31 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||
Income tax benefit at federal statutory rate | $ | (5,154 | ) | $ | (5,425 | ) | $ | (2,389 | ) | |||||
State tax | (818 | ) | (836 | ) | (443 | ) | ||||||||
ISO-related expense for GAAP | 144 | 178 | 194 | |||||||||||
Change in valuation allowance | 6,286 | 6,095 | 3,020 | |||||||||||
Revaluation of warrant liability | (565 | ) | 189 | (489 | ) | |||||||||
Tax credits | (44 | ) | (285 | ) | (58 | ) | ||||||||
Other | 153 | 86 | 167 | |||||||||||
Total | $ | 2 | $ | 2 | $ | 2 | ||||||||
Uncertain Income Tax Positions | ||||||||||||||
The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. A reconciliation of unrecognized tax benefits during the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||||
Year ended December 31, | ||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||
Unrecognized benefit - beginning of period | $ | 866 | $ | 770 | ||||||||||
Gross increases - current period tax positions | 15 | 96 | ||||||||||||
Unrecognized benefit - end of period | $ | 881 | $ | 866 | ||||||||||
Our policy is to recognize interest and penalties related to income taxes as a component of income tax expense. We are subject to income tax examinations for U.S. incomes taxes and state income taxes from 2004 forward. We do not anticipate that total unrecognized tax benefits will significantly change prior to December 31, 2015. |
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 16. SUBSEQUENT EVENTS |
In January 2015, the Company signed a nationwide distribution agreement with Cardinal Health, which delivers prescription drugs and many other products to retail pharmacies, hospitals, mail-order facilities, physician offices, surgery centers and other facilities across the U.S. Under the agreement, Cardinal Health will carry and distribute our Avenova product. | |
In January 2015, the Company entered into a new agreement with Sarmedic Ltd to market Avenova in Israel. | |
In March 2015, the Company entered into a securities purchase agreement for the sale of its common stock and warrants in a private placement for net proceeds of approximately $4.6 million. Investors purchased 9,273,332 units consisting of one share of the Company’s common stock and two warrants to purchase an additional share and three-quarters share of common stock, respectively. The first warrant, totaling rights to 9,273,332 shares, which is exercisable beginning on the date six months after the date of issuance, entitles the holder to purchase one share of common stock at a price of $0.60 per share, and includes a provision for forced conversion if the common stock trades at or above $1.10 for 10 out of 20 consecutive trading days. This warrant will expire, unless exercised, 15 months following the date of issuance. The second warrant, totaling rights to 6,955,000 shares, entitles the holder to purchase three-quarters of one share of common stock at a price of $0.65 per share, and is exercisable beginning on the date six months after the date of issuance. This warrant expires five and one half years from closing, unless exercised. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 (U.S. GAAP) and are expressed in U.S. dollars. | |||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | ||||||||||||
Prior period amounts in the accompanying consolidated balance sheets have been reclassified to conform to current period presentation. The reclassifications did not change total assets, total liabilities, or total stockholders’ equity. | |||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DermaBay, Inc. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates include useful lives for property and equipment and related depreciation calculations, estimated amortization period for payments received from product development and license agreements as they relate to revenue recognition, assumptions for valuing options and warrants, and income taxes. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Short-Term Investments | ||||||||||||
The Company considers all highly liquid instruments with a stated maturity of three months or less to be cash and cash equivalents. As of December 31, 2014, cash and cash equivalents were held in financial institutions in the U.S. and include deposits in money market funds, which were unrestricted as to withdrawal or use. | |||||||||||||
The Company classifies all highly liquid investments with a stated maturity of greater than three months as short-term investments. Short-term investments generally consist of certificates of deposit and corporate debt securities. The Company has classified their short-term investments as available-for-sale. The Company does not intend to hold securities with stated maturities greater than twelve months until maturity. In response to changes in the availability of and the yield on alternative investments as well as liquidity requirements, they occasionally sell these securities prior to their stated maturities. These securities are carried at fair value, with the unrealized gains and losses reported as a component of other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. A decline in the market value below cost of any available-for-sale security that is determined to be other than temporary results in a revaluation of its carrying amount to fair value and an impairment charge to earnings, resulting in a new cost basis for the security. No such impairment charges were recorded for the periods presented. The interest income and realized gains and losses are included in other income (expense), net within the consolidated statements of operations. Interest income is recognized when earned. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Partners | ||||||||||||
Financial instruments which potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. The Company maintains deposits of cash, cash equivalents and short-term investments with three highly-rated, major financial institutions in the United States. | |||||||||||||
Deposits in these banks may exceed the amount of federal insurance provided on such deposits. The Company does not believe they are exposed to significant credit risk due to the financial position of the financial institutions in which these deposits are held. Additionally, they have established guidelines regarding diversification and investment maturities, which are designed to maintain safety and liquidity. | |||||||||||||
During the year ended December 31, 2014, revenues were derived from one collaboration partner, two distribution partners, service revenues and sales of Avenova and NeutroPhase. During the year ended December 31, 2013, revenues were derived from two collaboration partners, two distribution partners, sales of NeutroPhase products and service revenues. During the year ended December 31, 2012, revenues were derived from two collaboration partners, two distribution partners and service revenues. | |||||||||||||
As of December 31, 2014, 41% and 18% of accounts receivable were derived from two distribution partners. As of December 31, 2013, 98% of accounts receivable was derived from one collaboration and one distribution partner. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Assets and Liabilities | ||||||||||||
Financial instruments, including accounts receivable, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. | |||||||||||||
The Company measures the fair value of financial assets and liabilities based on U.S. GAAP guidance which defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. | |||||||||||||
Under U.S. GAAP, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy is also established, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities; | |||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | |||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | |||||||||||||
Inventory, Policy [Policy Text Block] | Inventory | ||||||||||||
Inventory comprises of (1) raw materials and supplies, such as bottles, packaging materials, labels, boxes, pumps; (2) goods in progress, which are normally unlabeled bottles; and (3) finished goods. | |||||||||||||
Inventory is stated at the lower of cost or market value determined by the first-in, first-out method. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets of five to seven years for office and laboratory equipment, three years for software and seven years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of seven years or the lease term. | |||||||||||||
The costs of normal maintenance, repairs, and minor replacements are charged to operations when incurred. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets | ||||||||||||
The Company accounts for long-lived assets in accordance with U.S. GAAP, which requires that companies consider whether events or changes in facts and circumstances, both internally and externally, may indicate that an impairment of long-lived assets held for use are present. Management periodically evaluates the carrying value of long-lived assets and has determined that there was no impairment as of all periods presented. Determination of recoverability is based on the estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the assets are written down to their estimated fair values and the loss is recognized in the statements of operations. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income(Loss) | ||||||||||||
ASC 220, Comprehensive Income requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. The Company reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss). | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||
License and collaboration revenue is primarily generated through agreements with strategic partners for the development and commercialization of the Company’s product candidates. The terms of the agreements typically include non-refundable upfront fees, funding of research and development activities, payments based upon achievement of certain milestones and royalties on net product sales. In accordance with revenue recognition criteria under U.S. GAAP, the Company analyzes its multiple element arrangements to determine whether the elements can be separated. The Company performs its analysis at the inception of the arrangement and as each product or service is delivered. If a product or service is not separable, the combined deliverables are | |||||||||||||
accounted for as a single unit of accounting and revenue is recognized over the performance obligation period. Revenue is recognized when the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred and risk of loss has passed; the seller’s price to the buyer is fixed or determinable; and collectability is reasonably assured. | |||||||||||||
Assuming the elements meet the revenue recognition guidelines the revenue recognition methodology prescribed for each unit of accounting is summarized below: | |||||||||||||
Upfront Fees—The Company defers recognition of non-refundable upfront fees if it has continuing performance obligations without which the technology licensed has no utility to the licensee. If the Company has performance obligations through research and development services that are required because its know-how and expertise related to the technology is proprietary, or can only be performed by the Company, then such up-front fees are deferred and recognized over the period of the performance obligations. The Company bases the estimate of the period of performance on factors in the contract. Actual time frames could vary and could result in material changes to their results of operations. | |||||||||||||
Funded Research and Development— Revenue from research and development services is recognized during the period in which the services are performed and is based upon the number of full-time-equivalent personnel working on the specific project at the agreed-upon rate. This revenue approximates the cost incurred. Reimbursements from collaborative partners for agreed-upon direct costs including direct materials and outsourced, or subcontracted, pre-clinical studies are classified as revenue and recognized in the period the reimbursable expenses are incurred. Payments received in advance are recorded as deferred revenue until the research and development services are performed or costs are incurred. | |||||||||||||
Milestones—Substantive milestone payments are considered to be performance bonuses that are recognized upon achievement of the milestone only if all of the following conditions are met: the milestone payments are non-refundable; achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; substantive effort is involved in achieving the milestone; the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and a reasonable amount of time passes between the up-front license payment and the first milestone payment as well as between each subsequent milestone payment. If any of these conditions are not met, the milestone payments are deferred and recognized as revenue over the term of the arrangement as we complete our performance obligations. | |||||||||||||
Royalties—The Company recognizes royalty revenues from licensed products upon the sale of the related products. | |||||||||||||
Product Sales—The Company sells NeutroPhase, CelleRx and Avenova through a limited number of distributors. The Company generally records product sales upon shipment to distributors if title and risk of loss pass to the distributors at the time of shipment. Otherwise, the Company records product sales upon shipment to final customers. | |||||||||||||
Cost of Goods Sold [Policy Text Block] | Cost of GoodsSold | ||||||||||||
Cost of goods sold includes third party manufacturing costs, shipping costs, cost of samples and other costs of goods sold. Cost of goods sold also includes any necessary allowances for excess inventory that may expire and become unsalable. The Company did not record an allowance for excess inventory as of December 31, 2014. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs | ||||||||||||
The Company charges research and development costs to expense as incurred. These costs include salaries and benefits for research and development personnel, costs associated with clinical trials managed by contract research organizations, and other costs associated with research, development and regulatory activities. The Company use external service providers to conduct clinical trials, to manufacture supplies of product candidates and to provide various other research and development-related products and services. Research and development expenses under the collaborative agreements approximate the revenue recognized, excluding milestone and upfront payments received under such arrangements. | |||||||||||||
Legal Costs, Policy [Policy Text Block] | Patent Costs | ||||||||||||
Patent costs, including legal expenses, are expensed in the period in which they are incurred. Patent expenses are included in general and administrative expenses in the statements of operations. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | ||||||||||||
The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as expense over the requisite service period, which is generally the vesting period. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted, the fair value of the stock options is estimated using a Black-Scholes-Merton option pricing model. See Note 11for further information regarding stock-based compensation expense and the assumptions used in estimating that expense. | |||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||||||
The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 recognized if it is more likely than not that some portion or the entire deferred tax asset will not be recognized. | |||||||||||||
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block] | Common Stock Warrant Liabilities | ||||||||||||
For warrants where there is a deemed possibility that the Company may have to settle the warrants in cash, the Company records the fair value of the issued warrants as a liability at each balance sheet date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statements of operations and comprehensive loss. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on the part of the Company. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share | ||||||||||||
The Company computes net income (loss) per share by presenting both basic and diluted earnings (loss) per share (EPS). | |||||||||||||
Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Potentially dilutive common share equivalents are excluded from the diluted EPS computation in net loss periods since their effect would be anti-dilutive. During years ended December 31, 2014, 2013 and 2012, there is no difference between basic and diluted net loss per share due to the Company’s net losses. The following table sets forth the reconciliation between basic EPS and diluted EPS: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net loss | $ | (15,194 | ) | $ | (16,042 | ) | $ | (7,027 | ) | ||||
Basic shares | 49,626 | 38,183 | 29,448 | ||||||||||
Add: shares issued upon assumed exercise of stock options and warrants | — | — | — | ||||||||||
Diluted shares | 49,626 | 38,183 | 29,448 | ||||||||||
Basic EPS | $ | (0.31 | ) | $ | (0.42 | ) | $ | (0.24 | ) | ||||
Diluted EPS | $ | (0.31 | ) | $ | (0.42 | ) | $ | (0.24 | ) | ||||
The following outstanding stock options and stock warrants were excluded from the diluted EPS computation as their effect would have been anti-dilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Stock options | 8,042 | 7,164 | 6,222 | ||||||||||
Stock warrants | 4,925 | 4,765 | 11,190 | ||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||||||
In May 2014, Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers” (Topic 606). The guidance of this Update effects any entities that either issues contracts with customers or transfer goods or services or enters into contracts for the transfer of non-financial assets. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve those core principals, the ASU specifies steps that the entity should apply for revenue recognition. The guidance also specifies the accounting for some costs to obtain or fulfill the contract with customer and disclosure requirements to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. For a public entity, ASU No. 2014-10 is effective for annual reporting period beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company will adopt ASU No. 2014-09 on January 1, 2017. The Company is currently evaluating the impact of the adoption of the ASU on its consolidated financial statements. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-10 “Development Stage Entities” (Topic 915). The objective of the ASU is to improve financial reporting by reducing the cost and complexity of associated with the incremental reporting requirements for development stage entities. The ASU removes all incremental financial reporting requirements from U.S. GAAP for development stage entities, including the inception-to-date information and certain other disclosures. The ASU also eliminates an exception provided to development stage entities in Topic 810 “Consolidation” for determining whether an entity is a variable interest entity on the basis of amount of investment equity at risk. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of the amendments is permitted for any annual or interim reporting period for which the entity’s financial statements have not been issued. The Company adopted ASU No. 2014-10 on December 31, 2014. The Company no longer presents incremental disclosure for development stage entities in this Annual Report on Form 10-K for the year ended December 31, 2014 and subsequently issued Forms 10-Q and 10-K, including consolidated financial statements for the cumulative period from July 1, 2002 (inception) to the reporting date and inception-to-date disclosures. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12 “Compensation – Stock Compensation” (Topic 718). The ASU provides guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendment requires a performance target that effects vesting and that could be achieved after requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that such performance condition would be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early application is permitted. The Company will adopt ASU No. 2014-12 on January 1, 2016. The adoption will not have a material impact on the Company’s consolidated financial statements, as the Company currently does not have share-based payment awards, which are subject to ASU No. 2014-12. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15 “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. All entities are required to apply the new requirements in annual periods ending after December 15, 2016, and interim periods thereafter. Early application is permitted. The Company will adopt ASU No. 2014-15 on January 1, 2016. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net loss | $ | (15,194 | ) | $ | (16,042 | ) | $ | (7,027 | ) | ||||
Basic shares | 49,626 | 38,183 | 29,448 | ||||||||||
Add: shares issued upon assumed exercise of stock options and warrants | — | — | — | ||||||||||
Diluted shares | 49,626 | 38,183 | 29,448 | ||||||||||
Basic EPS | $ | (0.31 | ) | $ | (0.42 | ) | $ | (0.24 | ) | ||||
Diluted EPS | $ | (0.31 | ) | $ | (0.42 | ) | $ | (0.24 | ) | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Stock options | 8,042 | 7,164 | 6,222 | ||||||||||
Stock warrants | 4,925 | 4,765 | 11,190 |
Note_3_Shortterm_Investments_T
Note 3 - Short-term Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investment Holdings [Abstract] | |||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | 31-Dec-13 | ||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||
(in thousands) | Cost | Gains | Losses | Value | |||||||||||||
Corporate bonds | $ | 518 | $ | — | $ | (14 | ) | $ | 504 | ||||||||
Certificates of deposit | 2,050 | — | (1 | ) | 2,049 | ||||||||||||
$ | 2,568 | $ | — | $ | (15 | ) | $ | 2,553 |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using | ||||||||||||||||
(in thousands) | Balance at | Quoted Prices in | Significant | Significant | |||||||||||||
December 31, | Active Markets | Other | Unobservable | ||||||||||||||
2014 | for Identical | Observable | Inputs | ||||||||||||||
Items | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 5,429 | $ | 5,429 | $ | — | $ | — | |||||||||
Total assets | $ | 5,429 | $ | 5,429 | $ | — | $ | — | |||||||||
Liabilities | |||||||||||||||||
Warrant liability | $ | 173 | $ | — | $ | — | $ | 173 | |||||||||
Total liabilities | $ | 173 | $ | — | $ | — | $ | 173 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) | Warrant | |||||||||||||||
liability | |||||||||||||||||
Fair value of warrants at December 31, 2011 | $ | 2,721 | |||||||||||||||
Decrease in fair value at December 31, 2012 | (1,439 | ) | |||||||||||||||
Total warrant liability at December 31, 2012 | 1,282 | ||||||||||||||||
Increase in fair value at December 31, 2013 | 555 | ||||||||||||||||
Total warrant liability at December 31, 2013 | 1,837 | ||||||||||||||||
Decerase in fair value at December 31, 2014 | (1,664 | ) | |||||||||||||||
Total warrant liability at December 31, 2014 | $ | 173 |
Note_5_Inventory_Tables
Note 5 - Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | (in thousands) | 31-Dec-14 | 31-Dec-13 | ||||||
Raw materials and supplies | $ | 260 | $ | 35 | |||||
Goods in process | 184 | - | |||||||
Finished goods | 77 | 35 | |||||||
Total inventory | $ | 521 | $ | 70 |
Note_6_Property_and_Equipment_
Note 6 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | (in thousands) | 31-Dec-14 | 31-Dec-13 | ||||||
Office and laboratory equipment | $ | 1,697 | $ | 2,101 | |||||
Furniture and fixtures | 98 | 83 | |||||||
Software | 9 | 11 | |||||||
Leasehold improvements | 172 | 171 | |||||||
Total property and equipment, at cost | 1,976 | 2,366 | |||||||
Less: accumulated depreciation | (1,540 | ) | (1,648 | ) | |||||
Total property and equipment, net | $ | 436 | $ | 718 |
Note_7_Accrued_Liabilities_Tab
Note 7 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | (in thousands) | 31-Dec-14 | 31-Dec-13 | ||||||
Research and development | $ | 209 | $ | 550 | |||||
Employee payroll and benefits | 667 | 780 | |||||||
Professional fees | 10 | 69 | |||||||
Other | 169 | 217 | |||||||
Total accrued liabilities | $ | 1,055 | $ | 1,616 |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Lease | ||||
(in thousands) | Commitment | ||||
Year ending December 31: | |||||
2015 | $ | 624 | |||
2016 | 643 | ||||
2017 | 662 | ||||
2018 | 682 | ||||
2019 | 703 | ||||
thereafter | 600 | ||||
Total lease commitment | $ | 3,914 |
Note_9_Warrant_Liability_Table
Note 9 - Warrant Liability (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Schedule of Derivative Instruments [Table Text Block] | December 31, | ||||||||
Assumption | 2014 | 2013 | |||||||
Expected price volatility | 60 | % | 80 | % | |||||
Expected term (in years) | 1.51 | 2.51 | |||||||
Risk-free interest rate | 0.47 | % | 0.59 | % | |||||
Dividend yield | 0 | % | 0 | % | |||||
Weighted-average fair value of warrants | $ | 0.05 | $ | 0.53 |
Note_10_Stockholders_Equity_Ta
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | (in thousands, except per share data) | Warrants | Weighted- | ||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding at December 31, 2011 | 4,863 | $ | 1.77 | ||||||
Warrants granted | 6,500 | $ | 1.52 | ||||||
Warrants expired | (150 | ) | $ | 4 | |||||
Warrants exercised | (23 | ) | $ | 1.33 | |||||
Outstanding at December 31, 2012 | 11,190 | $ | 1.59 | ||||||
Warrants granted | 20 | $ | 1.63 | ||||||
Warrants expired | (4,633 | ) | $ | 1.5 | |||||
Warrants exercised | (1,812 | ) | $ | 1.5 | |||||
Outstanding at December 31, 2013 | 4,765 | $ | 1.72 | ||||||
Warrants granted | 1,400 | $ | 1.56 | ||||||
Warrants expired | (1,240 | ) | $ | 2.75 | |||||
Outstanding at December 31, 2014 | 4,925 | $ | 1.42 |
Note_11_Equitybased_Compensati1
Note 11 - Equity-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Note 11 - Equity-based Compensation (Tables) [Line Items] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | (in thousands, except per share data) | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at December 31, 2011 | 5,299 | $ | 1.62 | ||||||||||||||
Options granted | 1,232 | $ | 1.22 | ||||||||||||||
Options exercised | (234 | ) | $ | 0.25 | |||||||||||||
Restricted stock units vested | (28 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (47 | ) | $ | 1.64 | |||||||||||||
Outstanding at December 31, 2012 | 6,222 | $ | 1.62 | ||||||||||||||
Options granted | 1,777 | $ | 1.39 | ||||||||||||||
Options exercised | (262 | ) | $ | 0.44 | |||||||||||||
Restricted stock units vested | (249 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (324 | ) | $ | 1.7 | |||||||||||||
Outstanding at December 31, 2013 | 7,164 | $ | 1.66 | ||||||||||||||
Options granted | 1,698 | $ | 0.9 | ||||||||||||||
Restricted stock units granted | 72 | $ | — | ||||||||||||||
Options exercised | (61 | ) | $ | 0.56 | |||||||||||||
Restricted stock units vested | (98 | ) | $ | — | |||||||||||||
Restricted stock units forfeited/cancelled | (3 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (730 | ) | $ | 1.46 | |||||||||||||
Outstanding at December 31, 2014 | 8,042 | $ | 1.53 | 6.3 | $ | 23 | |||||||||||
Vested and expected to vest at December 31, 2014 | 7,674 | $ | 1.55 | 6.2 | $ | 19 | |||||||||||
Vested at December 31, 2014 | 5,864 | $ | 1.7 | 5.3 | $ | 2 | |||||||||||
Exercisable at December 31, 2014 | 5,864 | $ | 1.7 | 5.3 | $ | 2 | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year ended December 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 376 | $ | 381 | $ | 450 | |||||||||||
General and administrative | 666 | 637 | 1,090 | ||||||||||||||
Total stock-based compensation expense | $ | 1,042 | $ | 1,018 | $ | 1,540 | |||||||||||
Employee [Member] | |||||||||||||||||
Note 11 - Equity-based Compensation (Tables) [Line Items] | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, | ||||||||||||||||
Assumption | 2014 | 2013 | 2012 | ||||||||||||||
Expected price volatility | 76.88 | % | 80.15 | % | 93.9 | % | |||||||||||
Expected term (in years) | 6.5 | 5.1 | 4.6 | ||||||||||||||
Risk-free interest rate | 2.06 | % | 1.13 | % | 0.7 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.61 | $ | 0.92 | $ | 0.91 | |||||||||||
Non-Employee [Member] | |||||||||||||||||
Note 11 - Equity-based Compensation (Tables) [Line Items] | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, | ||||||||||||||||
Assumption | 2014 | 2013 | 2012 | ||||||||||||||
Expected price volatility | 79.1 | % | 78.89 | % | 88.52 | % | |||||||||||
Expected term (in years) | 8.6 | 8.5 | 9.1 | ||||||||||||||
Risk-free interest rate | 2.28 | % | 2.75 | % | 1.53 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.61 | $ | 0.95 | $ | 1.06 |
Note_12_License_Collaboration_1
Note 12 - License, Collaboration and Distribution Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | 1 | $ | 945 | $ | 1,259 | |||||||
On-going Research and Development | — | 1,228 | 1,604 | ||||||||||
Materials, Equipment, and Contract Study Costs | — | 393 | 3,485 | ||||||||||
$ | 1 | $ | 2,566 | $ | 6,348 | ||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | — | $ | 42 | $ | 113 | |||||||
On-going Research and Development | — | 87 | 262 | ||||||||||
Materials, Equipment, and Contract Study Costs | — | 8 | 42 | ||||||||||
$ | — | $ | 137 | $ | 417 | ||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Amortization of upfront technology access fee | $ | 63 | $ | 62 | $ | 46 | |||||||
On-going Research and Development | 55 | 148 | 44 | ||||||||||
$ | 118 | $ | 210 | $ | 90 |
Note_14_Segment_Information_Ta
Note 14 - Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Revenues: | |||||||||
Dermatology | $ | 5 | $ | 2,697 | |||||
Ophthalmology | 329 | — | |||||||
Urology | — | — | |||||||
Wound Care | 471 | 433 | |||||||
Other | 249 | 347 | |||||||
$ | 1,054 | $ | 3,477 | ||||||
Segment net loss: | |||||||||
Dermatology | $ | (1,331 | ) | $ | (264 | ) | |||
Ophthalmology | (7,953 | ) | (6,199 | ) | |||||
Urology | (2,296 | ) | (2,933 | ) | |||||
Wound Care | (4,522 | ) | (4,853 | ) | |||||
Other | (776 | ) | (1,237 | ) | |||||
$ | (16,878 | ) | $ | (15,486 | ) | ||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Segment net income (loss) | $ | (16,878 | ) | $ | (15,486 | ) | |||
Non-cash gain (loss) on change in fair value of warrants of warrants | 1,664 | (555 | ) | ||||||
Other income (expense), net | 22 | 1 | |||||||
Provision for income taxes | (2 | ) | (2 | ) | |||||
Net loss | $ | (15,194 | ) | $ | (16,042 | ) |
Note_15_Income_Taxes_Tables
Note 15 - Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ending December 31 | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||
Current | ||||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||||
State | 2 | 2 | 2 | |||||||||||
Other | — | — | — | |||||||||||
Total current tax expense | 2 | 2 | 2 | |||||||||||
Deferred | ||||||||||||||
Federal | — | — | — | |||||||||||
State | — | — | — | |||||||||||
Other | — | — | — | |||||||||||
Total deferred tax expense | — | — | — | |||||||||||
Income tax provision | $ | 2 | $ | 2 | $ | 2 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net operating losses | $ | 24,213 | $ | 19,053 | |||||||||
Accruals | 246 | 96 | ||||||||||||
Deferred revenue | 717 | 117 | ||||||||||||
Stock options | 1,329 | 1,097 | ||||||||||||
Other deferred tax assets | 464 | 412 | ||||||||||||
Total deferred tax assets | 26,969 | 20,775 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Property and equipment | (67 | ) | (159 | ) | ||||||||||
Total deferred tax liabilities | (67 | ) | (159 | ) | ||||||||||
Valuation allowance | (26,902 | ) | (20,616 | ) | ||||||||||
Net deferred taxes | $ | — | $ | — | ||||||||||
Summary of Valuation Allowance [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||
$ | 6,286 | $ | 6,096 | $ | 3,018 | |||||||||
Summary of Tax Credit Carryforwards [Table Text Block] | Expiration | |||||||||||||
Amount | Years | |||||||||||||
Net operating losses, federal | $ | 61,931 | 2024 - 2033 | |||||||||||
Net operating losses, state | $ | 61,767 | 2015 - 2033 | |||||||||||
Tax credits, federal | $ | 387 | 2031-2034 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ending December 31 | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||
Income tax benefit at federal statutory rate | $ | (5,154 | ) | $ | (5,425 | ) | $ | (2,389 | ) | |||||
State tax | (818 | ) | (836 | ) | (443 | ) | ||||||||
ISO-related expense for GAAP | 144 | 178 | 194 | |||||||||||
Change in valuation allowance | 6,286 | 6,095 | 3,020 | |||||||||||
Revaluation of warrant liability | (565 | ) | 189 | (489 | ) | |||||||||
Tax credits | (44 | ) | (285 | ) | (58 | ) | ||||||||
Other | 153 | 86 | 167 | |||||||||||
Total | $ | 2 | $ | 2 | $ | 2 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||
Unrecognized benefit - beginning of period | $ | 866 | $ | 770 | ||||||||||
Gross increases - current period tax positions | 15 | 96 | ||||||||||||
Unrecognized benefit - end of period | $ | 881 | $ | 866 |
Note_1_Organization_Details
Note 1 - Organization (Details) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2007 | Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | ||
Number of Subsidiaries | 2 | |
Number of Operating Segments | 4 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equipment [Member] | Minimum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Equipment [Member] | Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Software Development [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Distribution Partner [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 41.00% | |
Vendor [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 18.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 98.00% |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Between Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share [Abstract] | |||
Net loss | ($15,194) | ($16,042) | ($7,027) |
Basic shares | 49,626 | 38,183 | 29,448 |
Diluted shares | 49,626 | 38,183 | 29,448 |
Basic EPS | ($0.31) | ($0.42) | ($0.24) |
Diluted EPS | ($0.31) | ($0.42) | ($0.24) |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Outstanding Stock Options and Stock Warrants Excluded from the Diluted Net Loss Per Share Computation | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 8,042 | 7,164 | 6,222 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 4,925 | 4,765 | 11,190 |
Note_3_Shortterm_Investments_D
Note 3 - Short-term Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment Holdings [Abstract] | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | ($40,000) | ($21,000) | ($91,000) |
Note_3_Shortterm_Investments_D1
Note 3 - Short-term Investments (Details) - Short-term Investments (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Note 3 - Short-term Investments (Details) - Short-term Investments [Line Items] | |
Amortized Cost | $2,568 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | -15 |
Market Value | 2,553 |
Corporate Bond Securities [Member] | |
Note 3 - Short-term Investments (Details) - Short-term Investments [Line Items] | |
Amortized Cost | 518 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | -14 |
Market Value | 504 |
Certificates of Deposit [Member] | |
Note 3 - Short-term Investments (Details) - Short-term Investments [Line Items] | |
Amortized Cost | 2,050 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | -1 |
Market Value | $2,049 |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | |||
Other Nonoperating Gains (Losses) | $1,664 | ($555) | $1,439 |
Note_4_Fair_Value_Measurements3
Note 4 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Assets | |
Cash equivalents | $5,429 |
Total assets | 5,429 |
Liabilities | |
Other Liabilities | 173 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |
Liabilities | |
Other Liabilities | 0 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Liabilities | |
Other Liabilities | 0 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |
Liabilities | |
Other Liabilities | 173 |
Derivative Financial Instruments, Liabilities [Member] | |
Liabilities | |
Other Liabilities | 173 |
Fair Value, Inputs, Level 1 [Member] | |
Assets | |
Cash equivalents | 5,429 |
Total assets | 5,429 |
Liabilities | |
Other Liabilities | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Liabilities | |
Other Liabilities | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Assets | |
Total assets | 0 |
Liabilities | |
Other Liabilities | $173 |
Note_4_Fair_Value_Measurements4
Note 4 - Fair Value Measurements (Details) - Fair Value of Warrant Liability (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of warrants | $1,282,000 | $34,000 | |||
Adjustment to fair value | -1,664,000 | 555,000 | -1,439,000 | ||
Warrant Fair Value [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of warrants | 173,000 | 1,837,000 | 2,721,000 | ||
Adjustment to fair value | ($1,664,000) | $555,000 | ($1,439,000) |
Note_5_Inventory_Details_Inven
Note 5 - Inventory (Details) - Inventory (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ||
Raw materials and supplies | $260 | $35 |
Goods in process | 184 | |
Finished goods | 77 | 35 |
Total inventory | $521 | $70 |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $232,000 | $314,000 | $341,000 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment (Details) - Property and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment [Abstract] | ||
Office and laboratory equipment | $1,697 | $2,101 |
Furniture and fixtures | 98 | 83 |
Software | 9 | 11 |
Leasehold improvements | 172 | 171 |
Total property and equipment, at cost | 1,976 | 2,366 |
Less: accumulated depreciation | -1,540 | -1,648 |
Total property and equipment, net | $436 | $718 |
Note_7_Accrued_Liabilities_Det
Note 7 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Research and development | $209 | $550 |
Employee payroll and benefits | 667 | 780 |
Professional fees | 10 | 69 |
Other | 169 | 217 |
Total accrued liabilities | $1,055 | $1,616 |
Note_8_Commitments_and_Conting2
Note 8 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $1,045,000 | $966,000 | $804,000 |
Deferred Rent Credit | $171,000 | $136,000 |
Note_8_Commitments_and_Conting3
Note 8 - Commitments and Contingencies (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | |
2015 | $624 |
2016 | 643 |
2017 | 662 |
2018 | 682 |
2019 | 703 |
thereafter | 600 |
Total lease commitment | $3,914 |
Note_9_Warrant_Liability_Detai
Note 9 - Warrant Liability (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jan. 05, 2012 | Jul. 31, 2011 | Dec. 31, 2014 | Mar. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 06, 2012 | Dec. 30, 2011 |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued (in Shares) | 3,488,005 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.33 | $1.42 | $1.56 | $1.72 | $1.59 | $1.50 | $1.77 | |
Minimum Common Stock Closing Bid Price Per Share | $2.66 | |||||||
Proceeds from Warrant Exercises (in Dollars) | $1.50 |
Note_9_Warrant_Liability_Detai1
Note 9 - Warrant Liability (Details) - The Key Assumptions Used to Value the Warrants (Warrant Fair Value [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrant Fair Value [Member] | ||
Derivative [Line Items] | ||
Expected price volatility | 60.00% | 80.00% |
Expected term (in years) | 1 year 186 days | 2 years 186 days |
Risk-free interest rate | 0.47% | 0.59% |
Dividend yield | 0.00% | 0.00% |
Weighted-average fair value of warrants (in Dollars per share) | $0.05 | $0.53 |
Note_10_Stockholders_Equity_De
Note 10 - Stockholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 11 Months Ended | 9 Months Ended | 6 Months Ended | 7 Months Ended | 10 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||
Dec. 06, 2012 | Jan. 05, 2012 | Mar. 25, 2014 | Jul. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 05, 2011 | Nov. 29, 2013 | Sep. 30, 2012 | Jul. 05, 2011 | Jul. 31, 2011 | Oct. 31, 2012 | Oct. 16, 2014 | Nov. 14, 2013 | Dec. 02, 2013 | Apr. 30, 2013 | Jun. 30, 2012 | Dec. 30, 2011 | Jan. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2014 | Aug. 31, 2013 | |
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,900,000 | ||||||||||||||||||||||
Common Stock Shares Per Unit | 1 | ||||||||||||||||||||||
Warrant Per Unit | 1 | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.75 | 0.25 | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,425,000 | 1,400,000 | |||||||||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $1.25 | $1.20 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 284 days | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $1.50 | $1.56 | $1.33 | $1.42 | $1.72 | $1.59 | $1.33 | $1.77 | |||||||||||||||
Expense Related to Distribution or Servicing and Underwriting Fees (in Dollars) | $479,000 | $470,000 | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 5,900,000 | 5,600,000 | 1,225,000 | ||||||||||||||||||||
Warrant Date of Issuance of Term | 1 year | 18 months | |||||||||||||||||||||
Proceeds from Issuance of Common Stock (in Dollars) | 7,400,000 | 6,700,000 | 227,000 | 6,075,000 | 2,800,000 | ||||||||||||||||||
Noninterest Expense Offering Cost (in Dollars) | 240,000 | 211,000 | |||||||||||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 3,488,005 | ||||||||||||||||||||||
Proceeds from Warrant Exercises (in Dollars) | 1,500,000 | ||||||||||||||||||||||
Warrants and Rights Outstanding (in Dollars) | 1,282,000 | 34,000 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 76.88% | 80.15% | 93.90% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.06% | 1.13% | 0.70% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months | 5 years 36 days | 4 years 219 days | ||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 1,042,000 | 1,018,000 | 1,540,000 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 1,812,000 | 23,000 | |||||||||||||||||||||
July 2011 Registered Direct Financing [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Common Stock Shares Per Unit | 1 | ||||||||||||||||||||||
Warrant [Member] | July Public Offering [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 1,811,800 | ||||||||||||||||||||||
Warrant Plan One [Member] | Vendor [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 30,000 | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $3.75 | ||||||||||||||||||||||
Warrant Plan One [Member] | Pioneer Pharma Co [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 79.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.17% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 350 days | ||||||||||||||||||||||
Warrant Plan One [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 75.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 131 days | ||||||||||||||||||||||
Warrant Plan Two [Member] | Vendor [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 30,000 | ||||||||||||||||||||||
Warrant Plan Two [Member] | Pioneer Pharma Co [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 71.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.17% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 302 days | ||||||||||||||||||||||
Warrant Plan Two [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 89.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.36% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 357 days | ||||||||||||||||||||||
Exercisable [Member] | Vendor [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000 | ||||||||||||||||||||||
Warrants and Rights Outstanding (in Dollars) | 4,000 | ||||||||||||||||||||||
Net of Offering Costs and Commissions [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Proceeds from Issuance of Common Stock (in Dollars) | 6,600,000 | 6,000,000 | |||||||||||||||||||||
July 2011 Registered Direct Financing [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,650,675 | ||||||||||||||||||||||
Warrant Per Unit | 1 | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.75 | 0.75 | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,488,005 | 3,488,005 | |||||||||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | 1.11 | $1.11 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 180 days | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | 1.33 | $1.33 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||||||||||||||||||
Proceeds from Contributed Capital (in Dollars) | 5,200,000 | ||||||||||||||||||||||
Expense Related to Distribution or Servicing and Underwriting Fees (in Dollars) | 288,000 | ||||||||||||||||||||||
Payments of Stock Issuance Costs (in Dollars) | 244,000 | ||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 3,488,005 | ||||||||||||||||||||||
Investment Warrants, Exercise Price (in Dollars per share) | $1.33 | ||||||||||||||||||||||
Proceeds from Warrant Exercises (in Dollars) | 30,000 | ||||||||||||||||||||||
July 2011 Registered Direct Financing [Member] | Net of Offering Costs and Commissions [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Proceeds from Contributed Capital (in Dollars) | 4,600,000 | ||||||||||||||||||||||
Net of Offering Costs and Commissions [Member] | Ascendiant Capital Markets [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Proceeds from Issuance of Common Stock (in Dollars) | 1,100,000 | 352,000 | |||||||||||||||||||||
Sales Commissions and Fees (in Dollars) | 26,000 | ||||||||||||||||||||||
Outstanding [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $2.75 | ||||||||||||||||||||||
Related to January 2012 Warrants [Member] | Vendor [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 34,000 | ||||||||||||||||||||||
Related to October 2012 Warrants [Member] | Vendor [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 4,000 | ||||||||||||||||||||||
July 2011 Registered Direct Financing [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 22,500 | ||||||||||||||||||||||
July Public Offering [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,425,000 | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $1.50 | ||||||||||||||||||||||
Proceeds from Warrant Exercises (in Dollars) | 2,700,000 | ||||||||||||||||||||||
Vendor [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 15,000 | 60,000 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $2.50 | $2.50 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 72.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.27% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | ||||||||||||||||||||||
Class of Warrant or Right Number of Securities Called by Warrants or Rights Expirations | 15,000 | ||||||||||||||||||||||
Pioneer Pharma Co [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 800,000 | 1,200,000 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $1.50 | ||||||||||||||||||||||
Warrants and Rights Outstanding (in Dollars) | 360,000 | 330,000 | |||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 163,000 | ||||||||||||||||||||||
Ascendiant Capital Markets [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,300,000 | 289,492 | |||||||||||||||||||||
Proceeds from Issuance of Common Stock (in Dollars) | 1,200,000 | 378,000 | |||||||||||||||||||||
Common Stock, Aggregate Offering Price (in Dollars) | 5,000,000 | ||||||||||||||||||||||
Maximum Common Stock Aggregate Proceeds Pursuant to Offering Agreement (in Dollars) | 10,000,000 | ||||||||||||||||||||||
Percent of Gross Proceeds on Common Stock Sold, Commissions | 3.00% | ||||||||||||||||||||||
Sales Commissions and Fees (in Dollars) | 81,000 | ||||||||||||||||||||||
Percent of Gross Proceeds Paid of Sales Under Prospectus Supplement | 3.00% | ||||||||||||||||||||||
Pioneer Pharma Co [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Stock Purchase Agreement, Number of Shares to Purchase | 5,000,000 | ||||||||||||||||||||||
Stock Purchase Agreement, Price Per Share (in Dollars per share) | $1.14 | ||||||||||||||||||||||
Payment for Shares in Stock Purchase Agreement (in Dollars) | 5,700,000 | ||||||||||||||||||||||
W&M Carpenter III Trust FBO F Feichter IV [Member] | |||||||||||||||||||||||
Note 10 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 300,000 | ||||||||||||||||||||||
Proceeds from Issuance of Common Stock (in Dollars) | $375,000 |
Note_10_Stockholders_Equity_De1
Note 10 - Stockholders' Equity (Details) - Outstanding Warrants (USD $) | 12 Months Ended | ||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 25, 2014 | Dec. 06, 2012 | Dec. 30, 2011 | Jul. 31, 2011 |
Outstanding Warrants [Abstract] | |||||||
Warrants outstanding | 4,765 | 11,190 | 4,863 | ||||
Warrants outstanding, weighted-average exercise price (in Dollars per share) | $1.72 | $1.59 | $1.56 | $1.50 | $1.77 | $1.33 | |
Warrants granted | 1,400 | 20 | 6,500 | ||||
Warrants granted, weighted-average exercise price (in Dollars per share) | $1.56 | $1.63 | $1.52 | ||||
Warrants expired | -1,240 | -4,633 | -150 | ||||
Warrants expired, weighted-average exercise price (in Dollars per share) | $2.75 | $1.50 | $4 | ||||
Warrants exercised | -1,812 | -23 | |||||
Warrants exercised, weighted-average exercise price (in Dollars) | $1,500 | $1,330 | |||||
Warrants outstanding | 4,925 | 4,765 | 11,190 | 4,863 | |||
Warrants outstanding, weighted-average exercise price (in Dollars per share) | $1.42 | $1.72 | $1.59 | $1.56 | $1.50 | $1.77 | $1.33 |
Note_11_Equitybased_Compensati2
Note 11 - Equity-based Compensation (Details) (USD $) | 12 Months Ended | 48 Months Ended | 1 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2010 | Sep. 30, 2014 | Oct. 31, 2007 | |
Note 11 - Equity-based Compensation (Details) [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 284 days | ||||||||||
Proceeds from Stock Options Exercised (in Dollars) | $34,000 | $2,900,000 | $87,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | 32,000 | 261,000 | 271,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 1,200,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,698,000 | 1,777,000 | 1,232,000 | ||||||||
Allocated Share-based Compensation Expense (in Dollars) | 1,042,000 | 1,018,000 | 1,540,000 | ||||||||
Exercised [Member] | |||||||||||
Note 11 - Equity-based Compensation (Details) [Line Items] | |||||||||||
Proceeds from Stock Options Exercised (in Dollars) | 34,000 | 114,000 | 57,000 | ||||||||
Maximum [Member] | 2007 Omnibus Incentive Plan [Member] | |||||||||||
Note 11 - Equity-based Compensation (Details) [Line Items] | |||||||||||
Increase (Decrease) in Number of Shares Available For Grant | 1,000,000 | ||||||||||
Percentage of Number of Common Shares Outstanding | 4.00% | ||||||||||
Employee [Member] | |||||||||||
Note 11 - Equity-based Compensation (Details) [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,300,000 | 1,600,000 | 1,100,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 48,000 | ||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 853,000 | 921,000 | 1,300,000 | ||||||||
Non-Employee [Member] | |||||||||||
Note 11 - Equity-based Compensation (Details) [Line Items] | |||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $189,000 | $97,000 | $243,000 | ||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 361,000 | 184,000 | 98,000 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 15,000 | 43,000 | 154,000 | ||||||||
2007 Omnibus Incentive Plan [Member] | |||||||||||
Note 11 - Equity-based Compensation (Details) [Line Items] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,000,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 816,138 | 1,478,924 | 1,000,000 | 935,665 | 930,177 | ||||||
Annual Increase, Number of Shares, Percentage | 4.00% | 4.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 753,005 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Note_11_Equitybased_Compensati3
Note 11 - Equity-based Compensation (Details) - Stock Options Outstanding (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options Outstanding [Abstract] | |||
Outstanding Options | 7,164 | 6,222 | 5,299 |
Outstanding Weighted-Average Exercise Price (in Dollars per share) | $1.66 | $1.62 | $1.62 |
Outstanding Weighted-Average Remaining Contractual Life | 6 years 109 days | ||
Outstanding Aggregate Intrinsic Value (in Dollars) | $23 | ||
Vested and expected to vest at December 31, 2014 | 7,674 | ||
Vested and expected to vest at December 31, 2014 (in Dollars per share) | $1.55 | ||
Vested and expected to vest at December 31, 2014 | 6 years 73 days | ||
Vested and expected to vest at December 31, 2014 (in Dollars) | 19 | ||
Vested at December 31, 2014 | 5,864 | ||
Vested at December 31, 2014 (in Dollars per share) | $1.70 | ||
Vested at December 31, 2014 | 5 years 109 days | ||
Vested at December 31, 2014 (in Dollars) | 2 | ||
Exercisable at December 31, 2014 | 5,864 | ||
Exercisable at December 31, 2014 (in Dollars per share) | $1.70 | ||
Exercisable at December 31, 2014 | 5 years 109 days | ||
Exercisable at December 31, 2014 (in Dollars) | $2 | ||
Options Granted | 1,698 | 1,777 | 1,232 |
Options Granted Weighted-Average Exercise Price (in Dollars per share) | $0.90 | $1.39 | $1.22 |
Restricted stock units granted | 72 | ||
Options Exercised | -61 | -262 | -234 |
Options Exercised Weighted-Average Exercise Price (in Dollars per share) | $0.56 | $0.44 | $0.25 |
Restricted stock units vested | -98 | -249 | -28 |
Restricted stock units forfeited/cancelled | -3 | ||
Options Forfeited/Cancelled | -730 | -324 | -47 |
Options Forfeited/Cancelled Weighted-Average Exercise Price (in Dollars per share) | $1.46 | $1.70 | $1.64 |
Outstanding Options | 8,042 | 7,164 | 6,222 |
Outstanding Weighted-Average Exercise Price (in Dollars per share) | $1.53 | $1.66 | $1.62 |
Note_11_Equitybased_Compensati4
Note 11 - Equity-based Compensation (Details) - The Weighted-average Assumptions Used in Determining the Value of Options Granted Employee (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
The Weighted-average Assumptions Used in Determining the Value of Options Granted Employee [Abstract] | |||
Expected price volatility | 76.88% | 80.15% | 93.90% |
Expected term (in years) | 6 years 6 months | 5 years 36 days | 4 years 219 days |
Risk-free interest rate | 2.06% | 1.13% | 0.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of options granted during the period (in Dollars per share) | $0.61 | $0.92 | $0.91 |
Note_11_Equitybased_Compensati5
Note 11 - Equity-based Compensation (Details) - The Weighted-average Assumptions Used in Determining the Value of Options Granted Non-employee (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Equity-based Compensation (Details) - The Weighted-average Assumptions Used in Determining the Value of Options Granted Non-employee [Line Items] | |||
Expected price volatility | 79.10% | 78.89% | 88.52% |
Expected term (in years) | 8 years 219 days | 8 years 6 months | 9 years 36 days |
Risk-free interest rate | 2.28% | 2.75% | 1.53% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of options granted during the period (in Dollars per share) | $0.61 | $0.92 | $0.91 |
Non-Employee [Member] | |||
Note 11 - Equity-based Compensation (Details) - The Weighted-average Assumptions Used in Determining the Value of Options Granted Non-employee [Line Items] | |||
Weighted-average fair value of options granted during the period (in Dollars per share) | $0.61 | $0.95 | $1.06 |
Note_11_Equitybased_Compensati6
Note 11 - Equity-based Compensation (Details) - Summary of the Stock-based Compensation Expense Included in Results of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $1,042,000 | $1,018,000 | $1,540,000 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 376,000 | 381,000 | 450,000 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $666,000 | $637,000 | $1,090,000 |
Note_12_License_Collaboration_2
Note 12 - License, Collaboration and Distribution Agreements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Jan. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2010 | Mar. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2014 | Nov. 30, 2014 | Sep. 30, 2012 | Oct. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 25, 2014 | Dec. 06, 2012 | Dec. 31, 2011 | |
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Technology Services Revenue | $1,000,000 | ||||||||||||||||
Contracts Revenue | 312,500 | 3,250,000 | |||||||||||||||
License and Services Revenue | 500,000 | 158,000 | 3,045,000 | 6,855,000 | |||||||||||||
Fees and Commissions, Other | 312,500 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | 0.25 | 0.75 | |||||||||||||||
Excess Fair Value Over Proceeds Received from Purchase | 1,000,000 | 1,000,000 | |||||||||||||||
Restricted Stock [Member] | Pioneer Pharma Co [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Unit Purchase Agreement Shares Per Unit (in Dollars per share) | $1 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | 1 | 1 | |||||||||||||||
Galderma [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Valuation Allowances and Reserves, Balance | 0 | 1,000 | 957,000 | 0 | |||||||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | 4,250,000 | ||||||||||||||||
Royalty Revenue | 0 | ||||||||||||||||
Proceeds from Royalties Received | 0 | ||||||||||||||||
Expected Performance Period | 10 years | ||||||||||||||||
Virbac [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Deferred Revenue | 246,000 | 246,000 | 125,000 | 246,000 | |||||||||||||
Neutrophase [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Deferred Revenue | 2,200,000 | 1,600,000 | 810,000 | ||||||||||||||
McKesson Corporation [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Contracts Revenue | 4,000 | ||||||||||||||||
Milestone Payments [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Contracts Revenue | 500,000 | ||||||||||||||||
Tranche One [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Purchase Agreement Units (in Shares) | 800,000 | ||||||||||||||||
Purchase Agreement Unit Price Per Share (in Dollars per share) | $1.25 | ||||||||||||||||
Tranche Two [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Purchase Agreement Units (in Shares) | 1,200,000 | ||||||||||||||||
Purchase Agreement Unit Price Per Share (in Dollars per share) | $1.25 | ||||||||||||||||
Reallocated from Deferred Revenue [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Stockholders' Equity, Period Increase (Decrease) | 600,000 | ||||||||||||||||
MAA Approval [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Contracts Revenue | 625,000 | ||||||||||||||||
Restricted Stock Purchase [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Contracts Revenue | 2,500,000 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Sales Discounts, Goods | 500,000 | ||||||||||||||||
Pioneer Pharma Co [Member] | |||||||||||||||||
Note 12 - License, Collaboration and Distribution Agreements (Details) [Line Items] | |||||||||||||||||
Purchase Unit Agreement Total Units Fair Value | $3,500,000 |
Note_12_License_Collaboration_3
Note 12 - License, Collaboration and Distribution Agreements (Details) - Revenue Has Been Recognized Under the Galderma Agreement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization Revenue [Member] | Galderma [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | $1 | $945 | $1,259 |
Amortization Revenue [Member] | Virbac [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 42 | 113 | |
Amortization Revenue [Member] | Neutrophase [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 63 | 62 | 46 |
Research and Development [Member] | Galderma [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 1,228 | 1,604 | |
Research and Development [Member] | Virbac [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 87 | 262 | |
Research and Development [Member] | Neutrophase [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 55 | 148 | 44 |
Materials, Equipment, and Contract Study Costs [Member] | Galderma [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 393 | 3,485 | |
Materials, Equipment, and Contract Study Costs [Member] | Virbac [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 8 | 42 | |
Galderma [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 1 | 2,566 | 6,348 |
Virbac [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | 137 | 417 | |
Neutrophase [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Recognized Revenue | $118 | $210 | $90 |
Note_14_Segment_Information_De
Note 14 - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 4 |
Number of Operating Segments | 4 |
Note_14_Segment_Information_De1
Note 14 - Segment Information (Details) - Segment Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Revenues | $370 | $3,254 | $6,933 |
Segment net loss: | |||
Segment Net Income (Loss) | -16,878 | -15,486 | -8,309 |
Dermatology [Member] | |||
Revenues: | |||
Revenues | 5 | 2,697 | |
Segment net loss: | |||
Segment Net Income (Loss) | -1,331 | -264 | |
Ophthalmology [Member] | |||
Revenues: | |||
Revenues | 329 | ||
Segment net loss: | |||
Segment Net Income (Loss) | -7,953 | -6,199 | |
Urology [Member] | |||
Segment net loss: | |||
Segment Net Income (Loss) | -2,296 | -2,933 | |
Wound Care [Member] | |||
Revenues: | |||
Revenues | 471 | 433 | |
Segment net loss: | |||
Segment Net Income (Loss) | -4,522 | -4,853 | |
Other Segments [Member] | |||
Revenues: | |||
Revenues | 249 | 347 | |
Segment net loss: | |||
Segment Net Income (Loss) | -776 | -1,237 | |
Operating Segments [Member] | |||
Revenues: | |||
Revenues | $1,054 | $3,477 |
Note_14_Segment_Information_De2
Note 14 - Segment Information (Details) - A Reconciliation of Total Segment Net Loss to Consolidated Net Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
A Reconciliation of Total Segment Net Loss to Consolidated Net Loss [Abstract] | |||
Segment net income (loss) | ($16,878) | ($15,486) | ($8,309) |
Non-cash gain (loss) on change in fair value of warrants of warrants | 1,664 | -555 | 1,439 |
Other income (expense), net | 22 | 1 | -155 |
Provision for income taxes | -2 | -2 | -2 |
Net loss | ($15,194) | ($16,042) | ($7,027) |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $1.10 |
Note_15_Income_Taxes_Details_F
Note 15 - Income Taxes (Details) - Federal and State Income Tax Provision (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
State | $2 | $2 | $2 |
Total current tax expense | 2 | 2 | 2 |
Income tax provision | $2 | $2 | $2 |
Note_15_Income_Taxes_Details_D
Note 15 - Income Taxes (Details) - Deferred Taxes (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Taxes [Abstract] | ||
Net operating losses | $24,213 | $19,053 |
Accruals | 246 | 96 |
Deferred revenue | 717 | 117 |
Stock options | 1,329 | 1,097 |
Other deferred tax assets | 464 | 412 |
Total deferred tax assets | 26,969 | 20,775 |
Deferred tax liabilities: | ||
Property and equipment | -67 | -159 |
Total deferred tax liabilities | -67 | -159 |
Valuation allowance | ($26,902) | ($20,616) |
Note_15_Income_Taxes_Details_V
Note 15 - Income Taxes (Details) - Valuation Allowance Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance Activity [Abstract] | |||
$6,286 | $6,096 | $3,018 |
Note_15_Income_Taxes_Details_N
Note 15 - Income Taxes (Details) - Net Operating Loss and Tax Credit Carryforwards (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ||
Net operating losses | $24,213 | $19,053 |
Domestic Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating losses | 61,931 | |
Tax credits, federal | 387 | |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating losses | $61,767 |
Note_15_Income_Taxes_Details_E
Note 15 - Income Taxes (Details) - Effective Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Tax Rate Reconciliation [Abstract] | |||
Income tax benefit at federal statutory rate | ($5,154) | ($5,425) | ($2,389) |
State tax | -818 | -836 | -443 |
ISO-related expense for GAAP | 144 | 178 | 194 |
Change in valuation allowance | 6,286 | 6,095 | 3,020 |
Revaluation of warrant liability | -565 | 189 | -489 |
Tax credits | -44 | -285 | -58 |
Other | 153 | 86 | 167 |
Total | $2 | $2 | $2 |
Note_15_Income_Taxes_Details_U
Note 15 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Unrecognized Tax Benefits [Abstract] | ||
Unrecognized benefit - beginning of period | $866 | $770 |
Gross increases - current period tax positions | 15 | 96 |
Unrecognized benefit - end of period | $881 | $866 |
Note_16_Subsequent_Events_Deta
Note 16 - Subsequent Events (Details) (USD $) | 1 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Mar. 26, 2015 | Dec. 31, 2014 | Mar. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 06, 2012 | Dec. 30, 2011 | Jul. 31, 2011 |
Note 16 - Subsequent Events (Details) [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,400,000 | 4,425,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.25 | 0.75 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $1.42 | $1.56 | $1.72 | $1.59 | $1.50 | $1.77 | $1.33 | |
Warrant [Member] | Warrant 1 [Member] | Private Placement [Member] | Subsequent Event [Member] | ||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ||||||||
Derivative, Term of Contract | 15 months | |||||||
Warrant 1 [Member] | Private Placement [Member] | Subsequent Event [Member] | ||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 9,273,332 | |||||||
Class of Warrant or Right, Vesting Period | 6 months | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | 0.6 | |||||||
Class of Warrant or Right, Stock Trigger (in Dollars per share) | 1.1 | |||||||
Class of Warrant or Right, Threshold Trading Days | 10 days | |||||||
Class of Warrant or Right, Threshold Consecutive Trading Days | 20 days | |||||||
Warrant 2 [Member] | Private Placement [Member] | Subsequent Event [Member] | ||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,955,000 | |||||||
Class of Warrant or Right, Vesting Period | 6 months | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | 0.65 | |||||||
Private Placement [Member] | Subsequent Event [Member] | ||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ||||||||
Proceeds from Issuance of Private Placement (in Dollars) | 4.6 | |||||||
Sale of Stock, Number of Units | 9,273,332 | |||||||
Sale of Stock, Shares Per Unit | 1 | |||||||
Sale of Stock, Warrants Per Unit | 2 |