Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 22, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | NOVABAY PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 1,389,545 | ||
Trading Symbol | nby | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,288,175 | ||
Entity Public Float | $ 7,530,005 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 9,512,000 | $ 2,385,000 |
Accounts receivable, net of allowance for doubtful accounts ($10 and $40 at December 31 2016, and December 31, 2015, respectively) | 2,120,000 | 536,000 |
Inventory, net of allowance for excess and obsolete inventory ($196 and $45 at December 31, 2016 and 2015, respectively) | 873,000 | 1,345,000 |
Prepaid expenses and other current assets | 1,966,000 | 261,000 |
Total current assets | 14,471,000 | 4,527,000 |
Property and equipment, net | 371,000 | 395,000 |
Other assets | 539,000 | 155,000 |
TOTAL ASSETS | 15,381,000 | 5,077,000 |
Current liabilities: | ||
Accounts payable | 455,000 | 2,483,000 |
Accrued liabilities | 1,801,000 | 1,980,000 |
Deferred revenue | 2,067,000 | 170,000 |
Total current liabilities | 4,323,000 | 4,633,000 |
Deferred revenue - non-current | 1,986,000 | 2,248,000 |
Deferred rent | 327,000 | 189,000 |
Notes payable, related party | 1,655,000 | |
July 2011 Warrants, Warrant Liability | 1,446,000 | 1,450,000 |
Other liabilities | 198,000 | |
Total liabilities | 8,280,000 | 10,175,000 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity (deficit): | ||
Preferred stock: 5,000 shares authorized; none outstanding at December 31, 2016 and 2015 | ||
Common stock, $0.01 par value; 240,000 shares authorized 15,269 and 3,486 shares issued and outstanding at December 31, 2016 and 2015, respectively | 153,000 | 35,000 |
Additional paid-in capital | 110,619,000 | 85,387,000 |
Accumulated other comprehensive loss | ||
Accumulated deficit | (103,671,000) | (90,520,000) |
Total stockholders' equity (deficit) | 7,101,000 | (5,098,000) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 15,381,000 | $ 5,077,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 10 | $ 40 |
Inventory, allowance for obsolete inventory accounts and lower cost market | $ 196 | $ 45 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, shares issued (in shares) | 15,269,000 | 3,486,000 |
Common stock, shares outstanding (in shares) | 15,269,000 | 3,486,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales: | |||
Product Revenue, net | $ 11,617 | $ 4,146 | $ 684 |
Other Revenue, net | 280 | 235 | 370 |
Total Sales, net | 11,897 | 4,381 | 1,054 |
Product Cost of Goods Sold | 2,464 | 1,261 | 486 |
Gross Profit | 9,433 | 3,120 | 568 |
Research and development | 1,371 | 5,728 | 9,483 |
Sales and marketing | 11,809 | 10,523 | 1,754 |
General and administrative | 7,235 | 8,006 | 6,235 |
Total Operating Expenses | 20,415 | 24,257 | 17,472 |
Operating Loss | (10,982) | (21,137) | (16,904) |
Non-cash gain (loss) on changes in fair value of warrant liability | (2,099) | 2,149 | 1,664 |
Other income (expense), net | (68) | 17 | 48 |
Loss before provision for income taxes | (13,149) | (18,971) | (15,192) |
Provision for income tax | (2) | (2) | (2) |
Net loss | (13,151) | (18,973) | (15,194) |
Change in Unrealized gains on available for sale securities | 15 | ||
Comprehensive loss | $ (13,151) | $ (18,973) | $ (15,179) |
Loss per share (basic and diluted) (in dollars per share) | $ (1.40) | $ (6.82) | $ (7.65) |
Basic and Diluted Shares used in loss per share calculation (in shares) | 9,408 | 2,784 | 1,985 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Shelf Offering [Member]Common Stock [Member] | Shelf Offering [Member]Additional Paid-in Capital [Member] | Shelf Offering [Member] | Pioneer Pharma Co. [Member]Additional Paid-in Capital [Member] | Pioneer Pharma Co. [Member] | Employee [Member]Common Stock [Member] | Employee [Member]Additional Paid-in Capital [Member] | Employee [Member] | Nonemployees [Member]Common Stock [Member] | Nonemployees [Member]Additional Paid-in Capital [Member] | Nonemployees [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 1,785,000 | |||||||||||||||
Balance at Dec. 31, 2013 | $ 18 | $ 64,866 | $ (15) | $ (56,353) | $ 8,516 | |||||||||||
Net loss | (15,194) | (15,194) | ||||||||||||||
Change in unrealized gains (losses) on investments | $ 15 | $ 15 | ||||||||||||||
Issuance of common stock (in shares) | 275,000 | |||||||||||||||
Issuance of common stock | $ 3 | $ 7,122 | $ 7,125 | $ 205 | $ 205 | |||||||||||
Issuance of stock for option exercises (in shares) | 2,000 | 2,000 | ||||||||||||||
Issuance of stock for option exercises | 34 | $ 34 | ||||||||||||||
Issuance of stock to consultants for services (in shares) | 2,000 | |||||||||||||||
Issuance of stock to consultants for services | 28 | 28 | ||||||||||||||
Employee bonus paid in common stock (in shares) | 1,000 | |||||||||||||||
Employee bonus paid in common stock | 77 | 77 | ||||||||||||||
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 | ||||||||||||||
Vesting of employee restricted stock awards (in shares) | 1,000 | |||||||||||||||
Balance (in shares) at Dec. 31, 2014 | 2,066,000 | |||||||||||||||
Balance at Dec. 31, 2014 | $ 21 | 73,374 | (71,547) | 1,848 | ||||||||||||
Net loss | (18,973) | (18,973) | ||||||||||||||
Issuance of common stock (in shares) | 85,000 | 4,000 | ||||||||||||||
Issuance of common stock | $ 1 | 1,176 | 1,177 | |||||||||||||
Issuance of stock to consultants for services | 63 | 63 | ||||||||||||||
Employee bonus paid in common stock (in shares) | 3,000 | |||||||||||||||
Employee bonus paid in common stock | 62 | 62 | ||||||||||||||
Stock-based compensation expense related to employee and director stock options | 1,194 | 1,194 | ||||||||||||||
Stock-based compensation expense related to non-employee stock options | 188 | 188 | ||||||||||||||
Balance (in shares) at Dec. 31, 2015 | 3,486,000 | |||||||||||||||
Balance at Dec. 31, 2015 | $ 35 | 85,387 | (90,520) | (5,098) | ||||||||||||
Issuance of stock and warrants, net of offering costs (in shares) | 1,328,000 | |||||||||||||||
Issuance of stock and warrants, net offering costs | $ 13 | 11,505 | 11,518 | |||||||||||||
Equity transferred to warrant liability | (2,175) | (2,175) | ||||||||||||||
Net loss | (13,151) | $ (13,151) | ||||||||||||||
Issuance of common stock (in shares) | 7,692,000 | 2,000 | ||||||||||||||
Issuance of common stock | $ 77 | $ 13,571 | $ 13,648 | |||||||||||||
Issuance of stock for option exercises (in shares) | 0 | |||||||||||||||
Issuance of stock to consultants for services | 8 | $ 8 | ||||||||||||||
Stock-based compensation expense related to employee and director stock options | 1,316 | 1,316 | ||||||||||||||
Stock-based compensation expense related to non-employee stock options | 269 | 269 | ||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 15,269,000 | |||||||||||||||
Balance at Dec. 31, 2016 | $ 153 | 110,619 | $ (103,671) | 7,101 | ||||||||||||
Issuance of stock and warrants, net of offering costs (in shares) | 3,977,000 | |||||||||||||||
Issuance of stock and warrants, net offering costs | $ 40 | 7,389 | 7,429 | |||||||||||||
Fair market value of warrants transferred to equity upon exercise | 2,103 | 2,103 | ||||||||||||||
Warrant modification | $ 270 | $ 270 | ||||||||||||||
Vesting of restricted stock awards (in shares) | 73,000 | 41,000 | ||||||||||||||
Vesting of restricted stock awards | $ 1 | $ 173 | $ 174 | $ 133 | $ 133 | |||||||||||
Shares retired as a result of the 1 for 25 reverse stock split (in shares) | (2,000) |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Deficit) (Parentheticals) | Dec. 11, 2015 | Dec. 31, 2016 |
Reverse Stock Split [Member] | ||
Reverse Stock Split | 25 | 25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (13,151) | $ (18,973) | $ (15,194) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 114 | 164 | 232 |
Net realized loss on sales of short-term investments | 40 | ||
Gain on sale and disposal of property and equipment | (219) | (1) | (54) |
Issuance of RSUs to employees | 173 | ||
Issuance of RSUs to non-employees | 133 | ||
Fair Value Adjustment of Warrants | 270 | ||
Note receivable impairment | 91 | ||
Non-cash (gain) loss on change in fair value of warrant liability | 2,099 | (2,149) | (1,664) |
Property and equipment impairment | 70 | ||
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | (1,585) | (299) | 555 |
Increase (decrease) in inventory | 472 | (751) | (451) |
(Increase) decrease in prepaid expenses and other assets | (1,470) | 402 | 102 |
Increase in other assets long-term | (474) | ||
Increase (decrease) in accounts payable and accrued liabilities | (2,162) | 1,655 | (252) |
Increase in deferred rent | 327 | 17 | 36 |
Increase in accrued taxes | 87 | ||
Increase (decrease) in deferred revenue | 1,447 | (6) | 553 |
Increase in other liabilities long-term | 198 | ||
Net cash used in operating activities | (12,135) | (18,559) | (15,055) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (160) | (123) | (68) |
Proceeds from disposal of property and equipment | 37 | 128 | |
Purchases of short-term investments | (4,012) | ||
Proceeds from maturities and sales of short-term investments | 6,550 | ||
Net cash provided (used) by investing activities | (160) | (86) | 2,598 |
Cash flows from financing activities: | |||
Proceeds from common stock issuances, net | 13,648 | 11,519 | 227 |
Proceeds from exercise of options and warrants | 7,429 | 1,250 | 34 |
Proceeds from borrowings | 1,365 | 1,655 | |
Repayment of borrowings | (3,020) | ||
Proceeds from shelf offering, net | 1,177 | 7,125 | |
Net cash provided by financing activities | 19,422 | 15,601 | 7,386 |
Net increase (decrease) in cash and cash equivalents | 7,127 | (3,044) | (5,071) |
Cash and cash equivalents, beginning of period | 2,385 | 5,429 | 10,500 |
Cash and cash equivalents, end of period | 9,512 | 2,385 | 5,429 |
Supplemental disclosure of non-cash information: | |||
Stock issued to consultants for services | 8 | 63 | 7 |
Property and equipment purchases, included in accounts payable and accrued liabilities | 60 | ||
Cash paid for interest | 51 | ||
Options exercised | (4) | ||
Warrant liability transferred to (from) equity | 2,103 | (2,175) | |
Exchange of equipment for services | 279 | ||
Employees and Directors [Member] | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation expense for options and stock issued | 1,316 | 1,194 | 853 |
Nonemployees [Member] | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation expense for options and stock issued | 129 | 188 | 189 |
Bonus Paid in Stock [Member] | |||
Supplemental disclosure of non-cash information: | |||
Other significant noncash transaction | 62 | 54 | |
Severance Paid in Restricted Stock Units to Non-employees [Member] | |||
Supplemental disclosure of non-cash information: | |||
Other significant noncash transaction | $ 140 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. NovaBay Pharmaceuticals, Inc. (the “Company”) is a pharmaceutical company focused on commercializing prescription Avenova® daily lid and lash hygiene in the domestic eye care market. The Company was incorporated under the laws of the State of California on January 19, 2000, July 1, 2002, February 2007, August 2007, two July 2012, may June 2010, four single four Effective December 11, 2015, 1 25 11). Liquidity With the funds available at December 31, 2016, 2018. 2017 2017 may (1) (2) (3) one (4) may 1 3 may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. 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. Additionally, prior period amounts in the accompanying consolidated statement of operations and comprehensive loss and have been reclassified to conform to current period presentation. The reclassifications did not change the net loss or loss per share Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DermaBay, which was dissolved by the Company in April 2016. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the consolidated 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 December 31, 2016, December 31, 2015, three The Company classifies all highly-liquid investments with a stated maturity of greater than three twelve December 31, 2016 December 31, 2015, Concentrations of Credit Risk, Major Partners and Customers, and Suppliers Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits of cash and cash equivalents with three Deposits in these banks may During the years ended December 31, 2016 2015 three December 31, 2014 one As of December 31, 2016, December 31, 2015 December 31, 2014 10% Year Ended December 31, Major distribution or collaboration partner 2016 2015 2014 Distributer A 20 % * * Distributer B 22 % * * Distributer C 16 % * * Collaborator D * * 15 % *Not greater than 10% As of December 31, 2016, December 31, 2015 10% Year Ended December 31, Major distribution or collaboration partner 2016 2015 Distributer A 22 % 36 % Distributer B 24 % 11 % Distributer C 31 % * *Not greater than 10% The Company relies on two third third may Fair Value of Financial Assets and Liabilities Financial instruments, including cash and cash equivalents, 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. Our warrant liability is carried at fair value. 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 may Level 1 Level 2 Level 3 Allowance for Doubtful Accounts The Company charges bad debt expense and records an allowance for doubtful accounts when management believes it unlikely a specific invoice will be collected. Management identifies amounts due that are in dispute and it believes are unlikely to be collected at the end of 2016. December 31, 2016 December 31, 2015, $10 $40 120 Inventory Inventory is comprised of (1) (2) (3) December 31, 2016 2015, $196 $45 Inventory is stated at the lower of cost or market value determined by the first first 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 seven three seven seven The costs of normal maintenance, repairs, and minor replacements are charged to operations when incurred. In September 2016, $66 third 2016, December 31, 2016. 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 first 2016, $91 first 2016, December 31, 2016. Comprehensive Income (Loss) ASC 220, Comprehensive Income, Revenue Recognition The Company sells products through a limited number of distributors and via its webstore. The Company generally records product sales upon shipment to the final customer for its webstore sales and upon shipment from its distributor to the final customers for its major distribution partners. The Company recognizes product revenue when: (i) persuasive evidence that a sale arrangement exists; (ii) delivery has occurred and title has passed; (iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue from sales transactions where the customer has the right to return the product is recognized at the time of sale only if: (i) the Company’s price to the customer is substantially fixed or determinable at the date of sale; (ii) the customer has paid the Company, or the customer is obligated to pay the Company and the obligation is not contingent on resale of the product; (iii) the customer's obligation to the Company would not be changed in the event of theft or physical destruction or damage of the product; (iv) the customer acquiring the product for resale has economic substance apart from that provided by the Company; (v) the Company does not have significant obligations for future performance to directly bring about resale of the product by the customer; and (vi) the amount of future returns can be reasonably estimated. If these factors were to vary, the resulting change could have a material effect on our revenue recognition and on the Company’s results of operations Product Revenue Allowances Product revenue is recognized, net of cash consideration paid to the Company’s customers and wholesalers, for services rendered by wholesalers in accordance with such wholesalers’ agreements and includes a fixed rate per prescription shipped and monthly program management and data fees. These services are not deemed sufficiently separable from the customers' purchase of the product; therefore, they are recorded as a reduction of revenue at the time of revenue recognition. Other product revenue allowances include certain prompt pay discounts and allowances offered to the Company’s customers, program rebates and chargebacks. These product revenue allowances are recognized as a reduction of revenue or as a selling expense at the later of the date at which the related revenue is recognized or the date at which the allowance is offered. Other Revenue 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 authoritative guidance, we analyze our multiple element arrangements to determine whether the elements can be separated. We perform our 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. If these factors were to vary the resulting change could have a material effect on our revenue recognition and on our results of operations. Cost of Goods Sold Cost of goods sold includes third may 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. Research and development costs may may 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 consolidated statements of operations and comprehensive loss. Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of Accounting Standards Updates (“ASU”) No. 2014 12, Compensation-Stock Compensation (Topic 718) 12 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 that are newly issued or modified and there is a deemed possibility that the Company may 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. In computing, diluted EPS, the average stock price for the period is used to determine 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 because their effect would be anti-dilutive. During years ended December 31, 2016, 2015 2014, Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Net loss $ (13,151 ) $ (18,973 ) $ (15,194 ) Basic shares 9,408 2,784 1,985 Add: shares issued upon assumed exercise of stock options and warrants — — — Diluted shares 9,408 2,784 1,985 Basic EPS $ (1.40 ) $ (6.82 ) $ (7.65 ) Diluted EPS $ (1.40 ) $ (6.82 ) $ (7.65 ) 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) 2016 2015 2014 Stock options 1,489 388 323 Stock warrants 565 1,458 197 Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606). August 2015 March, April, May December 2016, may 2014 09 December 15, 2017 December 15, 2016. January 1, 2018 While the Company is still in the process of assessing the potential impact of this new standard on its consolidated financial statements, the Company has identified that transactions which under current guidance are recognized upon shipment from its distributor to the final customers for its major distribution partners will be recognized upon transfer of control to its major distribution partners at the amount of consideration that the Company expects to be entitled to. As a result, the Company will record contract liabilities for the invoiced amounts that are estimated to be subject to significant reversal, including product revenue allowances for cash consideration paid to customers for services, discounts, rebate programs, chargebacks, and product returns. The constraint on variable consideration for product returns will be a new estimation resulting from the earlier recognition under the new guidance. The Company has also identified that license and collaboration revenue that is currently accounted for as a combined unit of accounting because products or services are not separable, may may may The Company is still evaluating its major distribution agreements and its license and collaboration agreements and assessing the impact of adoption of the new standard to its consolidated financial statements. The company will continue to monitor additional modifications, clarifications or interpretations undertaken by the FASB that may fourth 2017. In August 2014, 2014 15, Presentation of Financial Statements Going Concern (Subtopic 205 40): December 15, 2016 2014 15 Note1 liquidity In July 2015, 2015 11, Inventory (Topic 330): 2015 11 first 2017, In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10) Recognition and Measurement of Financial Assets and Financial Liabilities first 2018. In February 2016, 2016 02, Leases (Topic 842) Leases (Topic 840) 2016 02 first 2019. In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718): first 2017 In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments (Topic 230), eight 2018. 2016 15 In November 2016, 2016 18, Statement of Cash Flows (Topic 230), 2018. 2016 18 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3. The Company measures the fair value of financial assets and liabilities based on authoritative guidance that defines fair value, establishes a framework consisting of three The Company’s cash equivalents and investments are classified within Level 1 2 1 2 The Company’s warrant liability is classified within level 3 The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2016: Fair Value Measurements Using (in thousands) Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 100 $ 100 $ — $ — Restricted cash held as a certificate of deposit 324 324 — — Deposit held as a certificate of deposit 150 150 — — Total assets $ 574 $ 574 $ — $ — Liabilities Warrant liability $ 1,446 $ — $ — $ 1,446 Total liabilities $ 1,446 $ — $ — $ 1,446 The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015: Fair Value Measurements Using (in thousands) Balance at December 31, 2015 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 2,385 $ 2,385 $ — $ — Total assets $ 2,385 $ 2,385 $ — $ — Liabilities Warrant liability $ 1,450 $ — $ — $ 1,450 Total liabilities $ 1,450 $ — $ — $ 1,450 For the year ended December 31, 2016, $2.1 10 (in thousands) 2016 2015 Fair value of warrant liability at January 1 $ 1,450 $ 173 Fair value of warrants issued — 1,251 Fair value of warrants transferred (to) from equity upon exercise (2,103 ) 2,175 Increase (decrease) in fair value on exercise date and December 31 2,099 (2,149 ) Fair value of warrant liability at December 31 $ 1,446 $ 1,450 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | NOTE 4. Prepaid expenses and other current assets consisted of the following: (in thousands) December 31, 2016 December 31, 2015 Prepaid sales rebates $ 658 $ — Prepaid outsourced sales team 606 — Rent receivable 165 — Prepaid research and development services 123 — Prepaid rent 120 — Other 294 261 Total prepaid expenses and other current assets $ 1,966 $ 261 |
Note 5 - Inventory
Note 5 - Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5. Inventory consisted of the following: (in thousands) December 31, 2016 December 31, 2015 Raw materials and supplies $ 514 $ 660 Goods in process — 248 Finished goods 555 482 Less: Reserve for excess and obsolete inventory (196 ) (45 ) Total inventory, net $ 873 $ 1,345 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. Property and equipment consisted of the following: (in thousands) December 31, 2016 December 31, 2015 Office and laboratory equipment $ 24 $ 1,528 Furniture and fixtures 153 169 Computer equipment and software 170 122 Production equipment 105 105 Leasehold improvements 68 173 Total property and equipment, at cost 520 2,097 Less: accumulated depreciation and amortization (149 ) (1,702 ) Total property and equipment, net $ 371 $ 395 In the quarter ended September 30, 2016, $66 December 31, 2016. In the quarter ended September 30, 2016, $232 December 31, 2016. In the quarter ended December 31 2016, $13 $4 December 31, 2016. Depreciation and amortization expense was $114 $164 $232 December 31, 2016, 2015 2014, |
Note 7 - Accrued Liabilities
Note 7 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 7. Accrued liabilities consisted of the following: (in thousands) December 31, 2016 December 31, 2015 Research and development $ 2 $ 394 Employee payroll and benefits 763 414 Severance pay 250 790 Sales rebates 166 150 Outsourced sales team 333 — Inventory 75 — Other 212 232 Total accrued liabilities $ 1,801 $ 1,980 |
Note 8 - Related Party Notes Pa
Note 8 - Related Party Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Notes Payable [Text Block] | NOTE 8. Beginning on December 30, 2015, five (5) $3.0 $199 $71 $20 $1.4 $1.4 two December 30, 2015 January 12, 2016. The proceeds from the Notes were used for general corporate purposes. Minimum March 31, 2016 June, September, December March December 30, 2018, three (3) six (6%) In connection with the Notes, China Kington agreed to act as collateral agent for the benefit of the Lenders, in accordance with the terms of a collateral agency and intercreditor agreement (the “Collateral Agency Agreement”), which was entered into on December 30, 2015 ) December 30, 2015. As consideration to China Kington for facilitating the Loan, the Company agreed to the following: (1) first two (2) $0 three (3) (2) (3) nine (9%) (4) two (5) January 26, 2016 Upon closing the first $11.8 May 6, 2016 $2.5 Upon closing the second $11.8 August 1, 2016, $520 As of December 31, 2016, zero. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. Operating Leases On August 24, 2016, 7,799 eleventh 1150) 2000 94608 February 28, 2022, one five (5) twelve (12) nine (9) first twelve (12) $4.15 ($338,390 three (3%) eleven (11) thirteenth (13 th $4.81 ($450,250 sixty one (61) sixty three (63) 2.16%, first three (3) may $323,658, $151,823 sixtieth (60 th The Company also leases laboratory facilities and office space at Suite 550, 5980 October 21, 2020. July 11, 2016, 16,465 September 8, 2016. October 21, 2020, $40 $66 Rent expense, net was $938 $1,008 $1,045 December 31, 2016, 2015 2014, December 31, 2016: (in thousands) Lease Commitment Year ending December 31: 2017 $ 987 2018 1,083 2019 1,116 2020 1,026 2021 438 Thereafter 75 Total lease commitment $ 4,725 The Company’s monthly rent payments fluctuate under the master lease agreements. 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, 2016 2015, $327 $189 Sub-lease rental reimbursement in not deducted from the above table. The Company anticipates collecting $709 $609 $690 $576 December 31, 2017, 2018, 2019, 2020, Directors and Officers Indemnity As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving at the Company’s 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, the Company has a director or officer insurance policy that limits its exposure and may December 31, 2016. In the normal course of business, the Company provides indemnifications of varying scope under its agreements with other companies, typically its clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, it generally indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with use or testing of its products or product candidates or with any U.S. patent or any copyright or other intellectual property infringement claims by any third December 31, 2016. Legal Matters From time to time, the Company may December 31, 2016, |
Note 10 - Warrant Liability
Note 10 - Warrant Liability | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 10. In July 2011, 139,520 $33.25 January 1, 2012 July 5, 2016. 480, 480 January 5, 2012, $66.50 ten fifteen one third In October 2015, March 3, 2015 “2015 twenty two March 3, 2016). October 2015 15 five 2015 “March 2015 June 29, 2011 “July 2011 March 2015 July 2011 $5.00 July 2011 March 6, 2020. July 2011 March 2015 $5.00 $5.00, In October 2015, 492,000 442,802 “October 2015 $5.00 “October 2015 In February 2016, July 2011, March 2015 October 2015 $1.81 The Company evaluated the change in terms of the July 2011 October 27, 2015 $360,821 October 27, 2015 October 27, 2015. The key assumptions used to value the warrants after the modification at October 27, 2015 Assumption Expected price volatility 80.00 % Expected term (in years) 4.36 Risk-free interest rate 1.23 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 2.60 The shares of common stock and warrants were issued separately. Each warrant was exercisable immediately upon issuance and will expire 60 October 2015 $5.00 $2.1 The key assumptions used to value the warrant at December 31, 2016 December 31, 2015 Year Ended December 31, Assumption 2016 2015 Expected price volatility 102.00 % 80.00 % Expected term (in years) 3.18 4.18 Risk-free interest rate 1.51 % 1.58 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.55 $ 1.10 In March 2015, ($15.00 ($16.25 March 2015 July 2011 October 2015, March 2015 March 2015 October 27, 2015 $1.8 October 27, 2015 October 27, 2015. The key assumptions used to value the Short-Term and Long-Term Warrants after modification at October 27, 2015 Assumption Expected price volatility 80.00 % Expected term (in years) 4.36 Risk-free interest rate 1.23 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 2.78 The key assumptions used to value the Short-Term Warrants as of December 31, 2016, December 31, 2015 Period Ended Assumption December 31, 2016 December 31, 2015 Expected price volatility 102.00 % 80.00 % Expected term (in years) 3.18 4.18 Risk-free interest rate 1.51 % 1.58 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.47 $ 1.16 The key assumptions used to value the Long-Term Warrants as of December 31, 2016, December 31, 2015 Period Ended Assumption December 31, 2016 December 31, 2015 Expected price volatility 102.00 % 80.00 % Expected term (in years) 3.18 4.18 Risk-free interest rate 1.51 % 1.58 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.55 $ 1.16 As noted above, the Company issued warrants in connection with the October 2015 October 2015 480, 480 October 27, 2015 $1.3 The key assumptions used to initially value the October 2015 October 27, 2015 Assumption Expected price volatility 75.50 % Expected term (in years) 5.00 Risk-free interest rate 1.38 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 2.82 The key assumptions used to value the warrants as of December 31, 2016, December 31, 2015 Period Ended Assumption December 31, 2016 December 31, 2015 Expected price volatility 96.00 % 77.50 % Expected term (in years) 3.83 4.83 Risk-free interest rate 1.66 % 1.72 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.60 $ 1.21 During the third 2016, 3,613,284 3,613,284 July 2011, March 2015 October 2015 $6.9 $1.6 $1.6 During the fourth 2016, 363,523 363,523 October 2011, November 2015 December 2015 $0.9 $0.5 $0.5 The details of all outstanding warrant liability as of December 31, 2016, Shares and dollars in thousands Shares Warrant Liability July 2011 Warrants 49 $ 126 Long-Term Warrants 105 267 Short-Term Warrants 127 312 October 2015 Warrants 284 741 565 $ 1,446 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 11. Amendments to Articles of Incorporation – Reverse Stock Split Effective December 11, 2015, 1 25 December 11, 2015. Preferred Stock Under the Company’s amended articles of incorporation, the Company is authorized to issue of up to 5,000,000 may December 31, 2016 December 31, 2015, Common Stock On March 25, 2014, 224,000 one one 6.25 56,000 $30.00 $39.00 eighteen $6.7 $6.0 $470 $211 On October 16, 2014, “2014 may $10.0 may 3.0% 2014 2014 November 13, 2013. 2014 2014 2014 2014 Pursuant to the 2014 1.3 $1.2 $1.1 $81 On March 6, 2015, 370,993 370,933 278,200 370,933 “March $12.50 $15.00 15 5 $15.00 $16.25 March 6, 2015, may March 2015 $4.7 $4.5 $200 On May 22, 2015, 435,746 217,873 12 “May $15.75, $19.50 May 18, 2015, may May March March 635,000 $7.3 $6.4 $900 six (6%) $408 On October 27, 2015, 492,000 468,280 $5.00 “October 2015 October 2015 October 2015 60 $5.00 October 2015 $2.3 $1.9 $400 In February 2016, three 1,518,567 $2.8 first 696,590 $1.81, five (5%) February 16, 2016, second 696,590 $1.91, February 16, 2016 third 125,387 $1.91, February 16, 2016 may China Kington Asset Management Co. Ltd. served as placement agent in exchange for a commission equal to six (6%) $155 On April 4, 2016, 6,173,299 $0.01 “April 2016 3,086,651 $11.8 4 $1.91, $4.00 five two first May 5, 2016, $7.8 second August 1, 2016, $4.0 4,079,058 April 2016 2,039,530 2,094,241 April 2016 1,047,121 China Kington Asset Management Co. Ltd. served as placement agent in exchange for a commission equal to six (6%) $618 Also on April 4, 2016, may April 2016 April 2016 June 9, 2016 June 20, 2016 333 211943). During the third 2016, $6.6 3,613,284 3,613,284 May 2016 August 2016. six (6%) $338 During the fourth 2016, $0.9 363,523 363,523 six (6%) $32 Stock Warrants In July 2011, 139,520 July 2011 $33.25 July 5, 2016. October 2015, March 6, 2020. December 31, 2016. 10 In March 2015, 278,200 370,933 March 2015 December 31, 2016. 10 In May 2015, 217,873 12 $19.50 November 22, 2015, six one December 31, 2015. 10 In October 2015, 442,800 $5.00 60 $5.00 $5.00, 10 In February 2016, July 2011, March 2015 October 2015 $1.81 In May 2016, 2,039,530 In August 2016, 1,047,121 Effective September 29, 2016, May 18, 2015, $19.50 $3.15 sixteen (16%) September 27, 2016. $270 The following table summarizes information about the Company’s warrants outstanding at December 31, 2016, 2015 2014, three (in thousands) Warrants Weighted- Average Exercise Price Outstanding at December 31, 2013 192 $ 43.00 Warrants granted 55 $ 39.00 Warrants expired (50 ) $ 68.75 Outstanding at December 31, 2014 197 $ 35.23 Warrants granted 1,317 $ 7.40 Warrants expired (56 ) $ 39.00 Outstanding at December 31, 2015 1,458 $ 5.19 Warrants granted 3,087 $ 1.91 Warrants exercised (3,977 ) $ 1.95 Warrants expired (3 ) $ 78.13 Outstanding at December 31, 2016 565 $ 1.81 |
Note 12 - Equity-based Compensa
Note 12 - Equity-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 12. Equity Compensation Plans In October 2007, 2007 “2007 2007 40,000 2007 For the years from 2009 2012, 2007 40,000 4% 40,000, 37,427, 37,207 2007 January 2012, 2011 2010, 2013, 40,000 2007 4% 32,646 59,157 2007 January 2014 2013, March 30 th 2015, 82,461 2007 January 2016, 139,449 May 26, 2016, 2007 1,124,826 2007 2,318,486 December 31, 2016, 53,587 2007 Under the terms of the 2007 may 100% 10% 110%. 2007 ten four October 2007 Stock Based Compensation Summary The following table summarizes information about the Company’s stock options and restricted stock outstanding at December 31, 2016, 2015 2014, three (in thousands, except years and per share data) Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at December 31, 2013 287 $ 42.00 6.6 422 Options granted 68 $ 22.50 Restricted stock units granted 3 $ — Options exercised (2 ) $ 14.00 Restricted stock units vested (4 ) $ — Options forfeited/cancelled (29 ) $ 36.50 Outstanding at December 31, 2014 323 $ 38.25 6.3 23 Options granted 85 $ 11.20 Restricted stock units granted 16 $ — Options exercised - $ — Restricted stock units vested (6 ) $ — Options forfeited/cancelled (28 ) $ 30.58 Restricted stock units cancelled (2 ) $ — Outstanding at December 31, 2015 388 $ 32.03 6.2 19 Options granted 1,227 $ 2.74 Restricted stock units granted 104 $ — Options exercised - $ — Restricted stock units vested (114 ) $ — Options forfeited/cancelled (116 ) $ 28.27 Restricted stock units cancelled - $ — Outstanding at December 31, 2016 1,489 $ 8.38 8.7 $ 702 Vested and expected to vest at December 31, 2016 1,466 $ 8.45 8.6 $ 691 Vested at December 31, 2016 402 $ 22.45 6.6 $ — Exercisable at December 31, 2016 402 $ 22.45 6.6 $ — For options that have a quoted market price in excess of the exercise price (“in-the-money options”), 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, 2016. no December 31, 2016. no December 31, 2016 December 31, 2015. $34 December 31, 2014. $0, $4 $32 December 31, 2016, 2015 2014, As of December 31, 2016, $1.5 2.02 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 During the years ended December 31, 2016, 2015 2014, 1,139,000, 59,000 52,000 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 2016 2015 2014 Expected price volatility 84.47 % 77.22 % 76.88 % Expected term (in years) 7.03 6.8 6.5 Risk-free interest rate 1.57 % 1.76 % 2.06 % Dividend yield 0.00 % 0.00 % 0.00 % Weighted-average fair value of options granted during the period $ 2.06 $ 7.35 $ 15.25 Expected Price Volatility Expected Term Risk-Free Interest Rate Dividend Yield 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 years ended December 31, 2016, 2015 2014, 64,000, 16,000 2,000 For the years ended December 31, 2016, 2015 2014, $1,489 $1,193 $853 In the second 2015, two 2015 June 2015. three four $185 During the second third 2016, two May 6, 2016 August 24, 2016, three four $58 Stock-Based Awards to Non-Employees During the years ended December 31, 2016, 2015 2014, 89,000, 27,000, 14,000 Year Ended December 31, Assumption 2016 2015 2014 Expected price volatility 87.68 % 83.77 % 79.10 % Expected term (in years) 10.0 9.6 8.6 Risk-free interest rate 1.61 % 2.18 % 2.28 % Dividend yield 0.00 % 0.00 % 0.00 % Weighted-average fair value of options granted during the period $ 2.29 $ 7.15 $ 15.25 In addition, the Company granted restricted stock to non-employees totaling 41,000, 500 600 December 31, 2016, 2015 2014, For the years ended December 31, 2016, 2015 2014, $262 $188 $189 In November 2015, December 2016, 2016. December 31, 2015, December 2016. January 2017, In March 2016, March 2016, December 31, 2015 March 2016. 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) 2016 2015 2014 Research and development $ 195 $ 449 $ 376 Sales and Marketing 132 - - General and administrative 1,424 933 666 Total stock-based compensation expense $ 1,751 $ 1,382 $ 1,042 Since the Company has operating losses and net operating loss carryforwards, there are no tax benefits associated with stock-based compensation expense. |
Note 13 - License, Collaboratio
Note 13 - License, Collaboration and Distribution Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | NOTE 13. Virbac In April 2012, In April 2013, 422), may Revenue has been recognized under the agreement as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Materials, Equipment, and Contract Study Costs $ — $ — $ 39 The Company had deferred revenue balances of $246 December 31, 2016, 2015 2014, NeutroPhase Distribution Agreements In January 2012, $312,500. $312,500 January 2013, first December 31, 2014, $625,000 In September 2012, two (1) (2) one one 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, the Company received an upfront payment, which was recorded as deferred revenue. Pioneer is also obligated to make certain additional payments to the Company 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 Pursuant to the Purchase Agreement, we also received $2.5 one one two (1) 800,000 September 2012; (2) 1,200,000 October 2012, $1.25 $3.5 $2.5 $1 $600,000 In December 2013, two 11 Revenue has been recognized under these agreements as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Amortization of upfront technology access fee $ 94 $ 25 $ 47 Product sales 324 70 161 $ 418 $ 95 $ 208 The Company had deferred revenue balances of $1.0 $1.1 $1.2 December 31, 2016, 2015 2014, On February 7, 2012 $750,000. Revenue has been recognized under this agreement as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Amortization of upfront technology access fee $ 21 $ 5 $ 7 Product sales 332 34 101 $ 353 $ 39 $ 108 The Company had deferred revenue balances of $653 $674 $679 December 31, 2016, 2015 2014, On June 1, 2013 $200,000. Revenue has been recognized under this agreement as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Amortization of upfront technology access fee $ — $ 1 $ 4 Product sales 22 66 104 $ 22 $ 67 $ 108 The Company had deferred revenue balances of $194 $195 $196 December 31, 2016, 2015 2014, Avenova Distribution Agreements In November 2014, January 2015, April 2015, December 2015, During the years ended December 31, 2016, 2015 2014, $7.3 $947 $4 The Company had a deferred revenue balance of $1,924 $24 December 31, 2016 December 31, 2015, |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 14. We have a 401(k) no December 31, 2016. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 15. The federal and state income tax provision is summarized as follows (in thousands): Year Ending December 31 (in thousands) 2016 2015 2014 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, December 31 (in thousands) 2016 2015 Deferred tax assets: Net operating losses $ 34,902 $ 31,464 Accruals 287 403 Deferred revenue 829 954 Stock options 1,894 1,558 Other deferred tax assets 765 652 Total deferred tax assets 38,677 35,031 Deferred tax liabilities: Property and equipment (32 ) (28 ) Total deferred tax liabilities (32 ) (28 ) Valuation allowance (38,645 ) (35,003 ) Net deferred taxes $ — $ — The Company records the tax benefit of net operating loss carryforwards 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): 2016 2015 2014 $ 3,642 $ 8,101 $ 6,286 In accordance with ASC 718 Compensation – Stock Compensation $1.1 $0.7 December 31, 2016 NOL and tax credit carryforwards as of December 31, 2016, Expiration Amount Years Net operating losses, federal $ 90,165 2024 - 2036 Net operating losses, state $ 78,219 2028 - 2036 Tax credits, federal $ 1,316 2031 - 2036 Tax credits, state $ 282 do not expire 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 NOL carryforwards may 382 1986, may 382, 50 three two may one 382. may 382. 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) 2016 2015 2014 Income tax provision (benefit) at federal statutory rate $ (4,471 ) $ (6,439 ) $ (5,154 ) State tax (157 ) (1,060 ) (818 ) ISO-related expense for GAAP 52 164 144 Change in valuation allowance 3,641 8,101 6,286 Revaluation of warrant liability 806 (731 ) (565 ) Tax credits (31 ) (123 ) (44 ) Other 162 90 153 Total $ 2 $ 2 $ 2 Uncertain Income Tax Positions The Company adopted the provisions of ASC 740 10, Accounting for Uncertainty in Income Taxes January 1, 2007. December 31, 2016 2015 Year ended December 31, (in thousands) 2016 2015 Unrecognized benefit - beginning of period $ 957 $ 811 Gross increases - current period tax positions 17 76 Unrecognized benefit - end of period $ 974 $ 957 The Company’s policy will be to recognize interest and penalties related to income taxes as a component of income tax expense. It is subject to income tax examinations for U.S. incomes taxes and state income taxes from 2004 2006 12 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16. Related Party Loans See Note 8, two August 1, 2016. Related Party Financing See Note 11, February 2016 April 2016 two Related Party Revenue The Company recognized related party revenues from product sales and license and collaboration fees of $418 $95 $208 December 31 2016, 2015 2014, $75 $0 December 31, 2016 December 31, 2015, 13, one Related Party Expenses The Company recognized related party commission fees of $1.1 $408 $0 December 31 2016, 2015, 2014, 11, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. Additionally, prior period amounts in the accompanying consolidated statement of operations and comprehensive loss and have been reclassified to conform to current period presentation. The reclassifications did not change the net loss or loss per share |
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, which was dissolved by the Company in April 2016. |
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, assumptions and judgments that affect the amounts reported in the consolidated 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 December 31, 2016, December 31, 2015, three The Company classifies all highly-liquid investments with a stated maturity of greater than three twelve No December 31, 2016 December 31, 2015, no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk, Major Partners and Customers, and Suppliers Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits of cash and cash equivalents with three Deposits in these banks may During the years ended December 31, 2016 2015 three December 31, 2014 one As of December 31, 2016, December 31, 2015 December 31, 2014 10% Year Ended December 31, Major distribution or collaboration partner 2016 2015 2014 Distributer A 20 % * * Distributer B 22 % * * Distributer C 16 % * * Collaborator D * * 15 % *Not greater than 10% As of December 31, 2016, December 31, 2015 10% Year Ended December 31, Major distribution or collaboration partner 2016 2015 Distributer A 31 % 11 % Distributer B 24 % * Distributer C 22 % 36 % *Not greater than 10% The Company relies on two third third may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Assets and Liabilities Financial instruments, including cash and cash equivalents, 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. Our warrant liability is carried at fair value. 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 may Level 1 Level 2 Level 3 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company charges bad debt expense and records an allowance for doubtful accounts when management believes it unlikely a specific invoice will be collected. Management identifies amounts due that are in dispute and it believes are unlikely to be collected at the end of 2016. December 31, 2016 December 31, 2015, $10 $40 120 |
Inventory, Policy [Policy Text Block] | Inventory Inventory is comprised of (1) (2) (3) December 31, 2016 2015, $196 $45 Inventory is stated at the lower of cost or market value determined by the first first |
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 seven three seven seven The costs of normal maintenance, repairs, and minor replacements are charged to operations when incurred. In September 2016, $66 third 2016, December 31, 2016. |
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 first 2016, $91 first 2016, December 31, 2016. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) ASC 220, Comprehensive Income, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company sells products through a limited number of distributors and via its webstore. The Company generally records product sales upon shipment to the final customer for its webstore sales and upon shipment from its distributor to the final customers for its major distribution partners. The Company recognizes product revenue when: (i) persuasive evidence that a sale arrangement exists; (ii) delivery has occurred and title has passed; (iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. Revenue from sales transactions where the customer has the right to return the product is recognized at the time of sale only if: (i) the Company’s price to the customer is substantially fixed or determinable at the date of sale; (ii) the customer has paid the Company, or the customer is obligated to pay the Company and the obligation is not contingent on resale of the product; (iii) the customer's obligation to the Company would not be changed in the event of theft or physical destruction or damage of the product; (iv) the customer acquiring the product for resale has economic substance apart from that provided by the Company; (v) the Company does not have significant obligations for future performance to directly bring about resale of the product by the customer; and (vi) the amount of future returns can be reasonably estimated. If these factors were to vary, the resulting change could have a material effect on our revenue recognition and on the Company’s results of operations Product Revenue Allowances Product revenue is recognized, net of cash consideration paid to the Company’s customers and wholesalers, for services rendered by wholesalers in accordance with such wholesalers’ agreements and includes a fixed rate per prescription shipped and monthly program management and data fees. These services are not deemed sufficiently separable from the customers' purchase of the product; therefore, they are recorded as a reduction of revenue at the time of revenue recognition. Other product revenue allowances include certain prompt pay discounts and allowances offered to the Company’s customers, program rebates and chargebacks. These product revenue allowances are recognized as a reduction of revenue or as a selling expense at the later of the date at which the related revenue is recognized or the date at which the allowance is offered. Other Revenue 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 authoritative guidance, we analyze our multiple element arrangements to determine whether the elements can be separated. We perform our 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. If these factors were to vary the resulting change could have a material effect on our revenue recognition and on our results of operations. |
Cost of Sales, Policy [Policy Text Block] | Cost of Goods Sold Cost of goods sold includes third may |
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. Research and development costs may may |
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 consolidated statements of operations and comprehensive loss. |
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 Accounting Standards Updates (“ASU”) No. 2014 12, Compensation-Stock Compensation (Topic 718) 12 |
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. |
Warrant Liabilities [Policy Text Block] | Common Stock Warrant Liabilities For warrants that are newly issued or modified and there is a deemed possibility that the Company may |
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. In computing, diluted EPS, the average stock price for the period is used to determine 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 because their effect would be anti-dilutive. During years ended December 31, 2016, 2015 2014, Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Net loss $ (13,151 ) $ (18,973 ) $ (15,194 ) Basic shares 9,408 2,784 1,985 Add: shares issued upon assumed exercise of stock options and warrants — — — Diluted shares 9,408 2,784 1,985 Basic EPS $ (1.40 ) $ (6.82 ) $ (7.65 ) Diluted EPS $ (1.40 ) $ (6.82 ) $ (7.65 ) 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) 2016 2015 2014 Stock options 1,489 388 323 Stock warrants 565 1,458 197 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606). August 2015 March, April, May December 2016, may 2014 09 December 15, 2017 December 15, 2016. January 1, 2018 While the Company is still in the process of assessing the potential impact of this new standard on its consolidated financial statements, the Company has identified that transactions which under current guidance are recognized upon shipment from its distributor to the final customers for its major distribution partners will be recognized upon transfer of control to its major distribution partners at the amount of consideration that the Company expects to be entitled to. As a result, the Company will record contract liabilities for the invoiced amounts that are estimated to be subject to significant reversal, including product revenue allowances for cash consideration paid to customers for services, discounts, rebate programs, chargebacks, and product returns. The constraint on variable consideration for product returns will be a new estimation resulting from the earlier recognition under the new guidance. The Company has also identified that license and collaboration revenue that is currently accounted for as a combined unit of accounting because products or services are not separable, may may may The Company is still evaluating its major distribution agreements and its license and collaboration agreements and assessing the impact of adoption of the new standard to its consolidated financial statements. The company will continue to monitor additional modifications, clarifications or interpretations undertaken by the FASB that may fourth 2017. In August 2014, 2014 15, Presentation of Financial Statements Going Concern (Subtopic 205 40): December 15, 2016 2014 15 Note1 liquidity In July 2015, 2015 11, Inventory (Topic 330): 2015 11 first 2017, In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10) Recognition and Measurement of Financial Assets and Financial Liabilities first 2018. In February 2016, 2016 02, Leases (Topic 842) Leases (Topic 840) 2016 02 first 2019. In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718): first 2017 In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments (Topic 230), eight 2018. 2016 15 In November 2016, 2016 18, Statement of Cash Flows (Topic 230), 2018. 2016 18 |
Note 2 - Summary of Significa25
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended December 31, Major distribution or collaboration partner 2016 2015 2014 Distributer A 20 % * * Distributer B 22 % * * Distributer C 16 % * * Collaborator D * * 15 % Year Ended December 31, Major distribution or collaboration partner 2016 2015 Distributer A 22 % 36 % Distributer B 24 % 11 % Distributer C 31 % * |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Net loss $ (13,151 ) $ (18,973 ) $ (15,194 ) Basic shares 9,408 2,784 1,985 Add: shares issued upon assumed exercise of stock options and warrants — — — Diluted shares 9,408 2,784 1,985 Basic EPS $ (1.40 ) $ (6.82 ) $ (7.65 ) Diluted EPS $ (1.40 ) $ (6.82 ) $ (7.65 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, (in thousands) 2016 2015 2014 Stock options 1,489 388 323 Stock warrants 565 1,458 197 |
Note 3 - Fair Value Measureme26
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using (in thousands) Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 100 $ 100 $ — $ — Restricted cash held as a certificate of deposit 324 324 — — Deposit held as a certificate of deposit 150 150 — — Total assets $ 574 $ 574 $ — $ — Liabilities Warrant liability $ 1,446 $ — $ — $ 1,446 Total liabilities $ 1,446 $ — $ — $ 1,446 Fair Value Measurements Using (in thousands) Balance at December 31, 2015 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 2,385 $ 2,385 $ — $ — Total assets $ 2,385 $ 2,385 $ — $ — Liabilities Warrant liability $ 1,450 $ — $ — $ 1,450 Total liabilities $ 1,450 $ — $ — $ 1,450 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) 2016 2015 Fair value of warrant liability at January 1 $ 1,450 $ 173 Fair value of warrants issued — 1,251 Fair value of warrants transferred (to) from equity upon exercise (2,103 ) 2,175 Increase (decrease) in fair value on exercise date and December 31 2,099 (2,149 ) Fair value of warrant liability at December 31 $ 1,446 $ 1,450 |
Note 4 - Prepaid Expenses and27
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) December 31, 2016 December 31, 2015 Prepaid sales rebates $ 658 $ — Prepaid outsourced sales team 606 — Rent receivable 165 — Prepaid research and development services 123 — Prepaid rent 120 — Other 294 261 Total prepaid expenses and other current assets $ 1,966 $ 261 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) December 31, 2016 December 31, 2015 Raw materials and supplies $ 514 $ 660 Goods in process — 248 Finished goods 555 482 Less: Reserve for excess and obsolete inventory (196 ) (45 ) Total inventory, net $ 873 $ 1,345 |
Note 6 - Property and Equipme29
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) December 31, 2016 December 31, 2015 Office and laboratory equipment $ 24 $ 1,528 Furniture and fixtures 153 169 Computer equipment and software 170 122 Production equipment 105 105 Leasehold improvements 68 173 Total property and equipment, at cost 520 2,097 Less: accumulated depreciation and amortization (149 ) (1,702 ) Total property and equipment, net $ 371 $ 395 |
Note 7 - Accrued Liabilities (T
Note 7 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (in thousands) December 31, 2016 December 31, 2015 Research and development $ 2 $ 394 Employee payroll and benefits 763 414 Severance pay 250 790 Sales rebates 166 150 Outsourced sales team 333 — Inventory 75 — Other 212 232 Total accrued liabilities $ 1,801 $ 1,980 |
Note 9 - Commitments and Cont31
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) Lease Commitment Year ending December 31: 2017 $ 987 2018 1,083 2019 1,116 2020 1,026 2021 438 Thereafter 75 Total lease commitment $ 4,725 |
Note 10 - Warrant Liability (Ta
Note 10 - Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Assumption Expected price volatility 80.00 % Expected term (in years) 4.36 Risk-free interest rate 1.23 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 2.60 Year Ended December 31, Assumption 2016 2015 Expected price volatility 102.00 % 80.00 % Expected term (in years) 3.18 4.18 Risk-free interest rate 1.51 % 1.58 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.55 $ 1.10 Assumption Expected price volatility 80.00 % Expected term (in years) 4.36 Risk-free interest rate 1.23 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 2.78 Period Ended Assumption December 31, 2016 December 31, 2015 Expected price volatility 102.00 % 80.00 % Expected term (in years) 3.18 4.18 Risk-free interest rate 1.51 % 1.58 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.47 $ 1.16 Period Ended Assumption December 31, 2016 December 31, 2015 Expected price volatility 102.00 % 80.00 % Expected term (in years) 3.18 4.18 Risk-free interest rate 1.51 % 1.58 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.55 $ 1.16 Assumption Expected price volatility 75.50 % Expected term (in years) 5.00 Risk-free interest rate 1.38 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 2.82 Period Ended Assumption December 31, 2016 December 31, 2015 Expected price volatility 96.00 % 77.50 % Expected term (in years) 3.83 4.83 Risk-free interest rate 1.66 % 1.72 % Dividend yield 0.00 % 0.00 % Weighted-average fair value of warrants $ 2.60 $ 1.21 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | (in thousands) Warrants Weighted- Average Exercise Price Outstanding at December 31, 2013 192 $ 43.00 Warrants granted 55 $ 39.00 Warrants expired (50 ) $ 68.75 Outstanding at December 31, 2014 197 $ 35.23 Warrants granted 1,317 $ 7.40 Warrants expired (56 ) $ 39.00 Outstanding at December 31, 2015 1,458 $ 5.19 Warrants granted 3,087 $ 1.91 Warrants exercised (3,977 ) $ 1.95 Warrants expired (3 ) $ 78.13 Outstanding at December 31, 2016 565 $ 1.81 |
July 2011, Long-term, Short-term, and October 2015 Warrants [Member] | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Shares and dollars in thousands Shares Warrant Liability July 2011 Warrants 49 $ 126 Long-Term Warrants 105 267 Short-Term Warrants 127 312 October 2015 Warrants 284 741 565 $ 1,446 |
Note 11 - Stockholders' Equit33
Note 11 - Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | (in thousands) Warrants Weighted- Average Exercise Price Outstanding at December 31, 2013 192 $ 43.00 Warrants granted 55 $ 39.00 Warrants expired (50 ) $ 68.75 Outstanding at December 31, 2014 197 $ 35.23 Warrants granted 1,317 $ 7.40 Warrants expired (56 ) $ 39.00 Outstanding at December 31, 2015 1,458 $ 5.19 Warrants granted 3,087 $ 1.91 Warrants exercised (3,977 ) $ 1.95 Warrants expired (3 ) $ 78.13 Outstanding at December 31, 2016 565 $ 1.81 |
Note 12 - Equity-based Compen34
Note 12 - Equity-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | (in thousands, except years and per share data) Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at December 31, 2013 287 $ 42.00 6.6 422 Options granted 68 $ 22.50 Restricted stock units granted 3 $ — Options exercised (2 ) $ 14.00 Restricted stock units vested (4 ) $ — Options forfeited/cancelled (29 ) $ 36.50 Outstanding at December 31, 2014 323 $ 38.25 6.3 23 Options granted 85 $ 11.20 Restricted stock units granted 16 $ — Options exercised - $ — Restricted stock units vested (6 ) $ — Options forfeited/cancelled (28 ) $ 30.58 Restricted stock units cancelled (2 ) $ — Outstanding at December 31, 2015 388 $ 32.03 6.2 19 Options granted 1,227 $ 2.74 Restricted stock units granted 104 $ — Options exercised - $ — Restricted stock units vested (114 ) $ — Options forfeited/cancelled (116 ) $ 28.27 Restricted stock units cancelled - $ — Outstanding at December 31, 2016 1,489 $ 8.38 8.7 $ 702 Vested and expected to vest at December 31, 2016 1,466 $ 8.45 8.6 $ 691 Vested at December 31, 2016 402 $ 22.45 6.6 $ — Exercisable at December 31, 2016 402 $ 22.45 6.6 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, Assumption 2016 2015 2014 Expected price volatility 84.47 % 77.22 % 76.88 % Expected term (in years) 7.03 6.8 6.5 Risk-free interest rate 1.57 % 1.76 % 2.06 % Dividend yield 0.00 % 0.00 % 0.00 % Weighted-average fair value of options granted during the period $ 2.06 $ 7.35 $ 15.25 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, (in thousands) 2016 2015 2014 Research and development $ 195 $ 449 $ 376 Sales and Marketing 132 - - General and administrative 1,424 933 666 Total stock-based compensation expense $ 1,751 $ 1,382 $ 1,042 |
Nonemployees [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, Assumption 2016 2015 2014 Expected price volatility 87.68 % 83.77 % 79.10 % Expected term (in years) 10.0 9.6 8.6 Risk-free interest rate 1.61 % 2.18 % 2.28 % Dividend yield 0.00 % 0.00 % 0.00 % Weighted-average fair value of options granted during the period $ 2.29 $ 7.15 $ 15.25 |
Note 13 - License, Collaborat35
Note 13 - License, Collaboration and Distribution Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Year Ended December 31, (in thousands) 2016 2015 2014 Materials, Equipment, and Contract Study Costs $ — $ — $ 39 Year Ended December 31, (in thousands) 2016 2015 2014 Amortization of upfront technology access fee $ 94 $ 25 $ 47 Product sales 324 70 161 $ 418 $ 95 $ 208 Year Ended December 31, (in thousands) 2016 2015 2014 Amortization of upfront technology access fee $ 21 $ 5 $ 7 Product sales 332 34 101 $ 353 $ 39 $ 108 Year Ended December 31, (in thousands) 2016 2015 2014 Amortization of upfront technology access fee $ — $ 1 $ 4 Product sales 22 66 104 $ 22 $ 67 $ 108 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ending December 31 (in thousands) 2016 2015 2014 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] | December 31 (in thousands) 2016 2015 Deferred tax assets: Net operating losses $ 34,902 $ 31,464 Accruals 287 403 Deferred revenue 829 954 Stock options 1,894 1,558 Other deferred tax assets 765 652 Total deferred tax assets 38,677 35,031 Deferred tax liabilities: Property and equipment (32 ) (28 ) Total deferred tax liabilities (32 ) (28 ) Valuation allowance (38,645 ) (35,003 ) Net deferred taxes $ — $ — |
Summary of Valuation Allowance [Table Text Block] | 2016 2015 2014 $ 3,642 $ 8,101 $ 6,286 |
Summary of Tax Credit Carryforwards [Table Text Block] | Expiration Amount Years Net operating losses, federal $ 90,165 2024 - 2036 Net operating losses, state $ 78,219 2028 - 2036 Tax credits, federal $ 1,316 2031 - 2036 Tax credits, state $ 282 do not expire |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ending December 31 (in thousands) 2016 2015 2014 Income tax provision (benefit) at federal statutory rate $ (4,471 ) $ (6,439 ) $ (5,154 ) State tax (157 ) (1,060 ) (818 ) ISO-related expense for GAAP 52 164 144 Change in valuation allowance 3,641 8,101 6,286 Revaluation of warrant liability 806 (731 ) (565 ) Tax credits (31 ) (123 ) (44 ) Other 162 90 153 Total $ 2 $ 2 $ 2 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year ended December 31, (in thousands) 2016 2015 Unrecognized benefit - beginning of period $ 957 $ 811 Gross increases - current period tax positions 17 76 Unrecognized benefit - end of period $ 974 $ 957 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Dec. 11, 2015 | Aug. 31, 2007 | Dec. 31, 2016 | Dec. 31, 2015 |
Number of Subsidiaries | 2 | |||
Number of Operating Segments | 1 | 4 | ||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 25 | 25 |
Note 2 - Summary of Significa38
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory Valuation Reserves | $ 196 | $ 45 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | |||
Short-term Investments | $ 0 | 0 | ||
General and Administrative Expense [Member] | ||||
Impairment of Leasehold | $ 66 | |||
Research and Development Expense [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 91 | |||
Computer Equipment and Software [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Minimum [Member] | Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Maximum [Member] | Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Maximum [Member] | Leasehold Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Allowance for Doubtful Accounts [Member] | ||||
Valuation Allowances and Reserves, Balance | $ 10 | $ 40 |
Note 2 - Summary of Significa39
Note 2 - Summary of Significant Accounting Policies - Revenues and Accounts Receivable From Major Distribution Partners and Customers (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Sales Revenue, Net [Member] | Distributor A [Member] | ||||
Distributer A | 20.00% | |||
Sales Revenue, Net [Member] | Distributor B [Member] | ||||
Distributer A | 22.00% | |||
Sales Revenue, Net [Member] | Distributor C [Member] | ||||
Distributer A | 16.00% | |||
Sales Revenue, Net [Member] | Collaborator D [Member] | ||||
Distributer A | [1] | 15.00% | ||
Accounts Receivable [Member] | Distributor A [Member] | ||||
Distributer A | 22.00% | 36.00% | ||
Accounts Receivable [Member] | Distributor B [Member] | ||||
Distributer A | 24.00% | 11.00% | [1] | |
Accounts Receivable [Member] | Distributor C [Member] | ||||
Distributer A | 31.00% | |||
[1] | Not greater than 10%. |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies - Reconciliation Between Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (13,151) | $ (18,973) | $ (15,194) |
Basic shares (in shares) | 9,408 | 2,784 | 1,985 |
Diluted shares (in shares) | 9,408 | 2,784 | 1,985 |
Basic EPS (in dollars per share) | $ (1.40) | $ (6.82) | $ (7.65) |
Diluted EPS (in dollars per share) | $ (1.40) | $ (6.82) | $ (7.65) |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Outstanding Stock Options and Stock Warrants Excluded from the Diluted Net Loss Per Share Computation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | |||
Stock options (in shares) | 1,489 | 388 | 323 |
Warrant [Member] | |||
Stock options (in shares) | 565 | 1,458 | 197 |
Note 3 - Fair Value Measureme42
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Nonoperating Gains (Losses) | $ (2,099) | $ 2,149 | $ 1,664 |
Note 3 - Fair Value Measureme43
Note 3 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash equivalents | $ 100 | $ 2,385 |
Restricted cash held as a certificate of deposit | 324 | |
Deposit held as a certificate of deposit | 150 | |
Total assets | 574 | 2,385 |
Liabilities | ||
Warrant liability | 1,446 | 1,450 |
Total liabilities | 1,446 | 1,450 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash equivalents | 100 | 2,385 |
Restricted cash held as a certificate of deposit | 324 | |
Deposit held as a certificate of deposit | 150 | |
Total assets | 574 | 2,385 |
Liabilities | ||
Warrant liability | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash equivalents | ||
Restricted cash held as a certificate of deposit | ||
Deposit held as a certificate of deposit | ||
Total assets | ||
Liabilities | ||
Warrant liability | ||
Total liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Cash equivalents | ||
Restricted cash held as a certificate of deposit | ||
Deposit held as a certificate of deposit | ||
Total assets | ||
Liabilities | ||
Warrant liability | 1,446 | 1,450 |
Total liabilities | $ 1,446 | $ 1,450 |
Note 3 - Fair Value Measureme44
Note 3 - Fair Value Measurements - Fair Value of Warrant Liability (Details) - Warrant Liability [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair value of warrant liability | $ 1,450 | $ 173 |
Fair value of warrants issued | 1,251 | |
Fair value of warrants transferred (to) from equity upon exercise | (2,103) | 2,175 |
Increase in fair value | 2,099 | (2,149) |
Fair value of warrant liability | $ 1,446 | $ 1,450 |
Note 4 - Prepaid Expenses and45
Note 4 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid sales rebates | $ 658 | |
Prepaid outsourced sales team | 606 | |
Rent receivable | 165 | |
Prepaid research and development services | 123 | |
Prepaid rent | 120 | |
Other | 294 | 261 |
Total prepaid expenses and other current assets | $ 1,966 | $ 261 |
Note 5 - Inventory - Summary of
Note 5 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Raw materials and supplies | $ 514 | $ 660 |
Goods in process | 248 | |
Finished goods | 555 | 482 |
Less: Reserve for excess and obsolete inventory | (196) | (45) |
Total inventory, net | $ 873 | $ 1,345 |
Note 6 - Property and Equipme47
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 219 | $ 1 | $ 54 | |
Tangible Asset Impairment Charges | 70 | |||
Depreciation, Depletion and Amortization | 114 | $ 164 | $ 232 | |
Damaged, Unusable and Full Depreciated Properly and Equipment [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (13) | |||
General and Administrative Expense [Member] | ||||
Impairment of Leasehold | $ 66 | |||
General and Administrative Expense [Member] | Damaged, Unusable and Full Depreciated Properly and Equipment [Member] | ||||
Tangible Asset Impairment Charges | 4 | |||
General and Administrative Expense [Member] | Sublease Agreement [Member] | ||||
Impairment of Leasehold | 66 | |||
Research and Development Expense [Member] | Laboratory Equipment [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 232 |
Note 6 - Property and Equipme48
Note 6 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and equipment, at cost | $ 520 | $ 2,097 |
Less: accumulated depreciation and amortization | (149) | (1,702) |
Total property and equipment, net | 371 | 395 |
Equipment [Member] | ||
Property and equipment, at cost | 24 | 1,528 |
Furniture and Fixtures [Member] | ||
Property and equipment, at cost | 153 | 169 |
Computer Equipment and Software [Member] | ||
Property and equipment, at cost | 170 | 122 |
Production Equipment [Member] | ||
Property and equipment, at cost | 105 | 105 |
Leasehold Improvements [Member] | ||
Property and equipment, at cost | $ 68 | $ 173 |
Note 7 - Accrued Liabilities -
Note 7 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Research and development | $ 2 | $ 394 |
Employee payroll and benefits | 763 | 414 |
Severance pay | 250 | 790 |
Sales rebates | 166 | 150 |
Outsourced sales team | 333 | |
Inventory | 75 | |
Other | 212 | 232 |
Total accrued liabilities | $ 1,801 | $ 1,980 |
Note 8 - Related Party Notes 50
Note 8 - Related Party Notes Payable (Details Textual) - USD ($) | Aug. 01, 2016 | May 06, 2016 | Jan. 12, 2016 | Dec. 30, 2015 | Dec. 31, 2016 |
Proceeds from Issuance of Private Placement | $ 11,800,000 | $ 11,800,000 | |||
Private Placement [Member] | |||||
Repayments of Related Party Debt | $ 520,000 | $ 2,500,000 | |||
Notes [Member] | China Kingston [Member] | |||||
Loan Facilitation Consideration Lead Financings, Three Consecutive Months Cash Flow, Minimum | $ 0 | ||||
Loan Facilitation Consideration Financing Provided By Board and Management on Next Financing, Percentage | 9.00% | ||||
Loan Facilitation Consideration, Number of New Appointments to Board | 2 | ||||
Notes [Member] | Lenders [Member] | |||||
Proceeds from Related Party Debt | $ 3,000,000 | ||||
Related Party Transaction, Rate | 6.00% | ||||
Due to Related Parties | $ 0 | ||||
Promissory Note 1 [Member] | Board of Directors Chairman [Member] | |||||
Proceeds from Related Party Debt | $ 199,000 | ||||
Promissory Note 2 [Member] | Director [Member] | |||||
Proceeds from Related Party Debt | 71,000 | ||||
Promissory Note 3 [Member] | Director [Member] | |||||
Proceeds from Related Party Debt | 20,000 | ||||
Promissory Note 4 [Member] | Pioneer Pharma Co. [Member] | |||||
Proceeds from Related Party Debt | $ 1,400,000 | ||||
Promissory Note 5 [Member] | Mr. Fu [Member] | |||||
Proceeds from Related Party Debt | $ 1,400,000 | ||||
Debt Instrument, Term | 3 years |
Note 9 - Commitments and Cont51
Note 9 - Commitments and Contingencies (Details Textual) | Aug. 24, 2016USD ($)ft² | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 11, 2016ft² |
Area of Property in Sublease Agreement | ft² | 16,465 | |||||
Operating Leases, Rent Expense | $ 938,000 | $ 1,008,000 | $ 1,045,000 | |||
Deferred Rent Credit, Noncurrent | 327,000 | $ 189,000 | ||||
General and Administrative Expense [Member] | ||||||
Noncash Loss on Sublease | 40,000 | |||||
Impairment of Leasehold | $ 66,000 | |||||
Sublease Agreement [Member] | ||||||
Operating Leases, Future Minimum Payments Receivable, Current | 709,000 | |||||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 609,000 | |||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 690,000 | |||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 576,000 | |||||
Sublease Agreement [Member] | General and Administrative Expense [Member] | ||||||
Impairment of Leasehold | $ 66,000 | |||||
KBSIII Towers [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Square Feet of Property | ft² | 7,799 | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||
Lessee Leasing Arrangements, Operating Leases, Earliest Period Prior to Expiration of Current Term to Renew Lease | 1 year | |||||
Lessee Leasing Arrangements, Operating Leases, Latest Period Prior to Expiration of Current Term to Renew Lease | 270 days | |||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years 90 days | |||||
Lessee Leasing Arrangements, Operating Leases, Direct Expenses of Premises, Percentage | 2.16% | |||||
Lessee Leasing Arrangements, Operating Leases, Abatement Term for Monthly Base Rental Payments | 90 days | |||||
KBSIII Towers [Member] | Other Assets [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Standby Letter of Credit, Initial Amount | $ 323,658 | |||||
KBSIII Towers [Member] | First 12 Months of Operating Lease [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Monthly Base Rental Rate | 4.15 | |||||
Lessee Leasing Arrangement, Operating Leases, Annual Base Rental Rate Amount | $ 338,390 | |||||
KBSIII Towers [Member] | Every 11 Months of Operating Lease [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Increase in Monthly Base Rental Rate, Percentage | 3.00% | |||||
KBSIII Towers [Member] | First 61 to 63 Months of Operating Lease [Member] | Maximum [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Monthly Base Rental Rate | 4.81 | |||||
Lessee Leasing Arrangement, Operating Leases, Annual Base Rental Rate Amount | $ 450,250 | |||||
KBSIII Towers [Member] | Last Day of 60th Month of Operating Lease [Member] | Maximum [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Standby Letter of Credit, Reduced Amount | $ 151,823 |
Note 9 - Commitments and Cont52
Note 9 - Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 987 |
2,018 | 1,083 |
2,019 | 1,116 |
2,020 | 1,026 |
2,021 | 438 |
Thereafter | 75 |
Total lease commitment | $ 4,725 |
Note 10 - Warrant Liability (De
Note 10 - Warrant Liability (Details Textual) - USD ($) | Aug. 01, 2016 | May 05, 2016 | Apr. 04, 2016 | Feb. 16, 2016 | Oct. 27, 2015 | Oct. 27, 2015 | Oct. 22, 2015 | May 22, 2015 | Mar. 03, 2015 | Oct. 31, 2015 | Jul. 31, 2011 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 29, 2016 | Sep. 28, 2016 | May 31, 2016 | Feb. 29, 2016 | Mar. 06, 2015 | Mar. 25, 2014 | Dec. 31, 2013 | Jan. 05, 2012 |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 139,520 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 33.25 | $ 1,810 | $ 1,810 | $ 5,190 | $ 35,230 | $ 3.15 | $ 19.50 | $ 39 | $ 43,000 | |||||||||||||||
Minimum Common Stock Closing Bid Price Per Share | $ 66.50 | |||||||||||||||||||||||
Warrant Expiration Term | 5 years | 5 years | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,518,567 | 492,000 | 435,746 | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 363,523 | 3,613,284 | 363,523 | 2,039,530 | 56,000 | |||||||||||||||||||
Warrants and Rights Outstanding | $ 1,446,000 | $ 1,446,000 | $ 1,450,000 | |||||||||||||||||||||
Proceeds from Warrant Exercises | 900,000 | $ 6,600,000 | ||||||||||||||||||||||
Other Nonoperating Gains (Losses) | (2,099,000) | $ 2,149,000 | $ 1,664,000 | |||||||||||||||||||||
Fair Market Value of Warrants Transferred to Equity Upon Exercise | 2,103,000 | |||||||||||||||||||||||
Short-term Warrants [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | |||||||||||||||||||||||
Warrants and Rights Outstanding | 312,000 | 312,000 | ||||||||||||||||||||||
Long-term Warrants [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 16.25 | |||||||||||||||||||||||
Warrants and Rights Outstanding | $ 267,000 | $ 267,000 | ||||||||||||||||||||||
The 2011 and March 2015 Warrants [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | |||||||||||||||||||||||
Warrants to be Exercised at Lower Price Stock Price Trigger | 5 | |||||||||||||||||||||||
Class of Warrant or Right Price Protection Provision Exchangeable Securities Exercise Price Trigger | $ 5 | |||||||||||||||||||||||
Warrants and Rights Outstanding | $ 1,800,000 | $ 1,800,000 | ||||||||||||||||||||||
July 2011, March 2015, and October 2015 Warrants [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 363,523 | 3,613,284 | 363,523 | |||||||||||||||||||||
Class of Warrant or Right, Exercised During Period | 363,523 | 3,613,284 | ||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 900,000 | $ 6,900,000 | ||||||||||||||||||||||
Other Nonoperating Gains (Losses) | 500,000 | 1,600,000 | ||||||||||||||||||||||
Fair Market Value of Warrants Transferred to Equity Upon Exercise | 500,000 | $ 1,600,000 | ||||||||||||||||||||||
The 2011 Warrants [Member] | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 360,821 | $ 360,821 | $ 126,000 | $ 126,000 | ||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.91 | |||||||||||||||||||||||
Length of Notice Required to Investors Prior to Issuance of New Securities | 2 days | 20 days | ||||||||||||||||||||||
Warrant Expiration Term | 4 years | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,094,241 | 4,079,058 | 6,173,299 | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,047,121 | 2,039,530 | 3,086,651 | 370,933 | ||||||||||||||||||||
Private Placement [Member] | Short-term Warrants [Member] | ||||||||||||||||||||||||
Warrant Expiration Term | 1 year 90 days | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 370,933 | |||||||||||||||||||||||
Private Placement [Member] | Long-term Warrants [Member] | ||||||||||||||||||||||||
Warrant Expiration Term | 5 years | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 278,200 | |||||||||||||||||||||||
Underwriting Agreement [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | $ 5 | ||||||||||||||||||||||
Warrant Expiration Term | 60 years | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 492,000 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 442,802 | 442,802 | ||||||||||||||||||||||
Warrants and Rights Outstanding | $ 1,300,000 | $ 1,300,000 | ||||||||||||||||||||||
Proceeds from Issuance of Stock and Warrants | $ 2,100,000 | |||||||||||||||||||||||
Mr. Fu [Member] | ||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 696,590 | |||||||||||||||||||||||
Mr. Fu [Member] | July 2011, March 2015, and October 2015 Warrants [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.81 |
Note 10 - Warrant Liability - T
Note 10 - Warrant Liability - The Key Assumptions Used to Value the Warrants (Details) - Warrant Fair Value [Member] - $ / shares | Oct. 27, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
The 2011 Warrants [Member] | |||
Expected price volatility | 80.00% | 102.00% | 80.00% |
Expected term (in years) (Year) | 4 years 131 days | 3 years 65 days | 4 years 65 days |
Risk-free interest rate | 1.23% | 1.51% | 1.58% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of warrants (in dollars per share) | $ 2.60 | $ 2.55 | $ 1.10 |
Expected price volatility | 80.00% | 102.00% | 80.00% |
Expected term (in years) (Year) | 4 years 131 days | 3 years 65 days | 4 years 65 days |
Risk-free interest rate | 1.23% | 1.51% | 1.58% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of warrants (in dollars per share) | $ 2.60 | $ 2.55 | $ 1.10 |
Short-term and Long-term Warrants [Member] | |||
Expected price volatility | 80.00% | ||
Expected term (in years) (Year) | 4 years 131 days | ||
Risk-free interest rate | 1.23% | ||
Dividend yield | 0.00% | ||
Weighted-average fair value of warrants (in dollars per share) | $ 2.78 | ||
Expected price volatility | 80.00% | ||
Expected term (in years) (Year) | 4 years 131 days | ||
Risk-free interest rate | 1.23% | ||
Dividend yield | 0.00% | ||
Weighted-average fair value of warrants (in dollars per share) | $ 2.78 | ||
Short-term Warrants [Member] | |||
Expected price volatility | 102.00% | 80.00% | |
Expected term (in years) (Year) | 3 years 65 days | 4 years 65 days | |
Risk-free interest rate | 1.51% | 1.58% | |
Dividend yield | 0.00% | 0.00% | |
Weighted-average fair value of warrants (in dollars per share) | $ 2.47 | $ 1.16 | |
Expected price volatility | 102.00% | 80.00% | |
Expected term (in years) (Year) | 3 years 65 days | 4 years 65 days | |
Risk-free interest rate | 1.51% | 1.58% | |
Dividend yield | 0.00% | 0.00% | |
Weighted-average fair value of warrants (in dollars per share) | $ 2.47 | $ 1.16 | |
Long-term Warrants [Member] | |||
Expected price volatility | 102.00% | 80.00% | |
Expected term (in years) (Year) | 3 years 65 days | 4 years 65 days | |
Risk-free interest rate | 1.51% | 1.58% | |
Dividend yield | 0.00% | 0.00% | |
Weighted-average fair value of warrants (in dollars per share) | $ 2.55 | $ 1.16 | |
Expected price volatility | 102.00% | 80.00% | |
Expected term (in years) (Year) | 3 years 65 days | 4 years 65 days | |
Risk-free interest rate | 1.51% | 1.58% | |
Dividend yield | 0.00% | 0.00% | |
Weighted-average fair value of warrants (in dollars per share) | $ 2.55 | $ 1.16 | |
October 2015 Warrants [Member] | |||
Expected price volatility | 75.50% | 96.00% | 77.50% |
Expected term (in years) (Year) | 5 years | 3 years 302 days | 4 years 302 days |
Risk-free interest rate | 1.38% | 1.66% | 1.72% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of warrants (in dollars per share) | $ 2.82 | $ 2.60 | $ 1.21 |
Expected price volatility | 75.50% | 96.00% | 77.50% |
Expected term (in years) (Year) | 5 years | 3 years 302 days | 4 years 302 days |
Risk-free interest rate | 1.38% | 1.66% | 1.72% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of warrants (in dollars per share) | $ 2.82 | $ 2.60 | $ 1.21 |
Note 10 - Warrant Liability - O
Note 10 - Warrant Liability - Outstanding Warrant Liability (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 27, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
July 2011 Warrants, Shares (in shares) | 565 | 1,458 | 197 | 192 | |
July 2011 Warrants, Warrant Liability | $ 1,446,000 | $ 1,450,000 | |||
The 2011 Warrants [Member] | |||||
July 2011 Warrants, Shares (in shares) | 49 | ||||
July 2011 Warrants, Warrant Liability | $ 126,000 | $ 360,821 | |||
Long-term Warrants [Member] | |||||
July 2011 Warrants, Shares (in shares) | 105 | ||||
July 2011 Warrants, Warrant Liability | $ 267,000 | ||||
Short-term Warrants [Member] | |||||
July 2011 Warrants, Shares (in shares) | 127 | ||||
July 2011 Warrants, Warrant Liability | $ 312,000 | ||||
October 2015 Warrants [Member] | |||||
July 2011 Warrants, Shares (in shares) | 284 | ||||
July 2011 Warrants, Warrant Liability | $ 741,000 | ||||
July 2011, Long-term, Short-term, and October 2015 Warrants [Member] | |||||
July 2011 Warrants, Shares (in shares) | 565 | ||||
July 2011 Warrants, Warrant Liability | $ 1,446,000 |
Note 11 - Stockholders' Equit56
Note 11 - Stockholders' Equity (Deficit) (Details Textual) | Aug. 01, 2016USD ($)shares | May 05, 2016USD ($)shares | Apr. 04, 2016USD ($)$ / sharesshares | Feb. 16, 2016USD ($)$ / sharesshares | Dec. 11, 2015 | Oct. 27, 2015USD ($)$ / sharesshares | Oct. 22, 2015 | May 22, 2015USD ($)$ / sharesshares | Mar. 06, 2015USD ($)$ / sharesshares | Oct. 16, 2014USD ($)shares | Mar. 25, 2014USD ($)$ / sharesshares | Oct. 31, 2015$ / sharesshares | May 31, 2015$ / sharesshares | Jul. 31, 2011$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)shares | Sep. 29, 2016$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 28, 2016$ / shares | May 31, 2016shares | Feb. 29, 2016$ / shares | Mar. 03, 2015$ / shares | Dec. 31, 2013$ / shares |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||
Units Issued During Period | 224,000 | |||||||||||||||||||||||||
Common Stock Shares Per Unit | 1 | |||||||||||||||||||||||||
Warrants per Unit | 1 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 6.25 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 56,000 | 363,523 | 3,613,284 | 3,613,284 | 363,523 | 2,039,530 | ||||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 5 | $ 30 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 39 | $ 33.25 | $ 1,810 | $ 3.15 | $ 1,810 | $ 5,190 | $ 35,230 | $ 19.50 | $ 43,000 | |||||||||||||||||
Warrant Date of Issuance of Term | 1 year 180 days | |||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,900,000 | $ 4,700,000 | $ 6,700,000 | $ 13,648,000 | $ 11,519,000 | $ 227,000 | ||||||||||||||||||||
Expense Related to Distribution or Servicing and Underwriting Fees | $ | $ 400,000 | $ 200,000 | 470,000 | |||||||||||||||||||||||
Noninterest Expense Offering Cost | $ | 211,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,518,567 | 492,000 | 435,746 | |||||||||||||||||||||||
Investment Warrants, Exercise Price | $ / shares | $ 5 | $ 5 | ||||||||||||||||||||||||
Class of Warrant or Right Issued During Period | 3,087 | 1,317 | 55 | |||||||||||||||||||||||
Private Placement, Commission Percentage | 6.00% | 6.00% | 6.00% | |||||||||||||||||||||||
Warrant Expiration Term | 5 years | 5 years | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 2,800,000 | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 900,000 | $ 6,600,000 | ||||||||||||||||||||||||
Class of Warrants or Rights, Exercises in Period | 363,523 | 3,613,284 | 3,977 | |||||||||||||||||||||||
Warrants Exercised, Commission Percentage | 6.00% | 6.00% | 6.00% | 6.00% | ||||||||||||||||||||||
Warrants Exercised, Commission Paid | $ | $ 32,000 | $ 338,000 | $ 338,000 | $ 32,000 | ||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 139,520 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price, Discount from Market Price | 16.00% | |||||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ | $ 270,000 | |||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | |||||||||||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ | $ 270,000 | |||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 468,280 | 442,800 | ||||||||||||||||||||||||
Long-term Warrants [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 16.25 | |||||||||||||||||||||||||
Short-term Warrants [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | |||||||||||||||||||||||||
July 2011, March 2015, and October 2015 Warrants [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 363,523 | 3,613,284 | 3,613,284 | 363,523 | ||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 900,000 | $ 6,900,000 | ||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||
Units Issued During Period | 370,993 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,047,121 | 2,039,530 | 3,086,651 | 370,933 | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.91 | |||||||||||||||||||||||||
Warrant Date of Issuance of Term | 12 years | |||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,300,000 | |||||||||||||||||||||||||
Expense Related to Distribution or Servicing and Underwriting Fees | $ | $ 900,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,094,241 | 4,079,058 | 6,173,299 | |||||||||||||||||||||||
Unit Purchase Agreement Shares Per Unit | $ / shares | $ 15.75 | |||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ / shares | $ 19.50 | $ 19.50 | ||||||||||||||||||||||||
Class of Warrant or Right Issued During Period | 217,873 | 217,873 | ||||||||||||||||||||||||
Warrant Expiration Term | 4 years | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ | $ 4,000,000 | $ 7,800,000 | $ 11,800,000 | |||||||||||||||||||||||
Number of Sequential Trading Days | 5 days | |||||||||||||||||||||||||
Number of Tranches for Private Placement | 2 | |||||||||||||||||||||||||
Private Placement [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Common Stock, Closing Price | $ / shares | $ 4 | |||||||||||||||||||||||||
Private Placement [Member] | Outside Investors [Member] | ||||||||||||||||||||||||||
Unit Purchase Agreement Shares Per Unit | $ / shares | $ 12.50 | |||||||||||||||||||||||||
Private Placement [Member] | Company Insiders [Member] | ||||||||||||||||||||||||||
Unit Purchase Agreement Shares Per Unit | $ / shares | $ 15 | |||||||||||||||||||||||||
Private Placement [Member] | Long-term Warrants [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 278,200 | |||||||||||||||||||||||||
Warrant Date of Issuance of Term | 5 years | |||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ / shares | $ 16.25 | |||||||||||||||||||||||||
Warrant Expiration Term | 5 years | |||||||||||||||||||||||||
Private Placement [Member] | Short-term Warrants [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 370,933 | |||||||||||||||||||||||||
Warrant Date of Issuance of Term | 1 year 90 days | |||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ / shares | $ 15 | |||||||||||||||||||||||||
Warrant Expiration Term | 1 year 90 days | |||||||||||||||||||||||||
Mr. Fu [Member] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 696,590 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.81 | |||||||||||||||||||||||||
Mr. Fu [Member] | July 2011, March 2015, and October 2015 Warrants [Member] | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.81 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.81 | |||||||||||||||||||||||||
Pioneer Pharma Co. [Member] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 696,590 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.91 | |||||||||||||||||||||||||
Mr. Sieczkarek [Member] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 125,387 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.91 | |||||||||||||||||||||||||
Ascendiant Capital Markets [Member] | ||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | 1,200,000 | |||||||||||||||||||||||||
Maximum Common Stock Aggregate Proceeds Pursuant to Offering Agreement | $ | $ 10,000,000 | |||||||||||||||||||||||||
Percent of Gross Proceeds on Common Stock Sold, Commissions | 3.00% | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,300,000 | |||||||||||||||||||||||||
Sales Commissions and Fees | $ | 81,000 | |||||||||||||||||||||||||
China Kington Asset Management Co. Ltd. [Member] | Private Placement [Member] | ||||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 618,000 | $ 155,000 | $ 408,000 | |||||||||||||||||||||||
Net of Offering Costs and Commissions [Member] | ||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 2,300,000 | $ 4,500,000 | $ 6,000,000 | |||||||||||||||||||||||
Net of Offering Costs and Commissions [Member] | Private Placement [Member] | ||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 6,400,000 | |||||||||||||||||||||||||
Net of Offering Costs and Commissions [Member] | Ascendiant Capital Markets [Member] | ||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,100,000 | |||||||||||||||||||||||||
In Exchange for Waiver [Member] | Private Placement [Member] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 635,000 | |||||||||||||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 25 | 25 |
Note 11 - Stockholders' Equit57
Note 11 - Stockholders' Equity (Deficit) - Outstanding Warrants (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding, Warrants (in shares) | 1,458 | 197 | 192 | ||
Outstanding, Weighted average exercise price (in dollars per share) | $ 5,190 | $ 35,230 | $ 43,000 | ||
Warrants granted, Warrants (in shares) | 3,087 | 1,317 | 55 | ||
Warrants granted, Weighted average exercise price (in dollars per share) | $ 1,910 | $ 7,400 | $ 39,000 | ||
Warrants expired, Warrants (in shares) | (3) | (56) | (50) | ||
Warrants expired, Weighted average exercise price (in dollars per share) | $ 78,130 | $ 39,000 | $ 68,750 | ||
Outstanding, Warrants (in shares) | 565 | 565 | 1,458 | 197 | |
Outstanding, Weighted average exercise price (in dollars per share) | $ 1,810 | $ 1,810 | $ 5,190 | $ 35,230 | |
Warrants exercised, Warrants (in shares) | (363,523) | (3,613,284) | (3,977) | ||
Warrants exercised, Weighted average exercise price (in dollars per share) | $ 1,950 |
Note 12 - Equity-based Compen58
Note 12 - Equity-based Compensation (Details Textual) - USD ($) | May 26, 2016 | May 30, 2015 | Jan. 31, 2016 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2010 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 7 days | |||||||||||||||||||
Proceeds from Stock Options Exercised | $ 4,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0 | $ 4,000 | $ 32,000 | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,500,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,227,000 | 85,000 | 68,000 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 1,751,000 | $ 1,382,000 | $ 1,042,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 2,000 | ||||||||||||||||||
Employee [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,139,000 | 59,000 | 52,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 64,000 | 16,000 | 2,000 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 1,489,000 | $ 1,193,000 | $ 853,000 | |||||||||||||||||
Mr. Cashion and Mr. Wicks [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 4 years | 90 days | ||||||||||||||||||
Allocated Share-based Compensation Expense | $ 185,000 | |||||||||||||||||||
Mr. Cashion and Mr. Wicks [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 90 days | 4 years | ||||||||||||||||||
Mr. Radaelli and Mr. McPherson [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 58,000 | |||||||||||||||||||
Exercised [Member] | ||||||||||||||||||||
Proceeds from Stock Options Exercised | $ 0 | 0 | 34,000 | |||||||||||||||||
The 2007 Omnibus Incentive Plan [Member] | ||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 40,000 | |||||||||||||||||||
Annual Increase, Number of Shares, Percentage | 4.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,124,826 | 82,461 | 32,646 | 59,157 | 40,000 | 37,427 | 37,207 | |||||||||||||
Increase (Decrease) in Number of Shares Available for Grant | 139,449 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,318,486 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 53,587 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Threshold Purchase Price of Common Stock Percent | 10.00% | |||||||||||||||||||
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 | |||||||||||||||||||
The 2007 Omnibus Incentive Plan [Member] | Shareholder of More Than 10% [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | |||||||||||||||||||
The 2007 Omnibus Incentive Plan [Member] | Maximum [Member] | ||||||||||||||||||||
Increase (Decrease) in Number of Shares Available for Grant | 40,000 | |||||||||||||||||||
Percentage of Number of Common Shares Outstanding | 4.00% | |||||||||||||||||||
Nonemployees [Member] | ||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 262,000 | $ 188,000 | $ 189,000 | |||||||||||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 89,000 | 27,000 | 14,000 | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 41,000 | 500 | 600 |
Note 12 - Equity-based Compen59
Note 12 - Equity-based Compensation - Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options outstanding (in shares) | 388,000 | 323,000 | 287,000 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 32.03 | $ 38.25 | $ 42 | |
Weighted-average remaining contractual life, outstanding (Year) | 8 years 255 days | 6 years 73 days | 6 years 109 days | 6 years 219 days |
Aggregate intrinsic value, outstanding | $ 702 | $ 19 | $ 23 | $ 422 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,227,000 | 85,000 | 68,000 | |
Weighted-average exercise price, options granted (in dollars per share) | $ 2.74 | $ 11.20 | $ 22.50 | |
Options exercised (in shares) | 0 | (2,000) | ||
Weighted-average exercise price, options exercised (in dollars per share) | $ 14 | |||
Options forfeited/cancelled (in shares) | (116,000) | (28,000) | (29,000) | |
Weighted-average exercise price, options forfeited/cancelled (in dollars per share) | $ 28.27 | $ 30.58 | $ 36.50 | |
Options outstanding (in shares) | 1,489,000 | 388,000 | 323,000 | 287,000 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 8.38 | $ 32.03 | $ 38.25 | $ 42 |
Options granted (in shares) | 1,227,000 | 85,000 | 68,000 | |
Weighted-average exercise price, options granted (in dollars per share) | $ 2.74 | $ 11.20 | $ 22.50 | |
Weighted-average remaining contractual life, outstanding (Year) | 8 years 255 days | 6 years 73 days | 6 years 109 days | 6 years 219 days |
Options, vested and expected to vest (in shares) | 1,466,000 | |||
Weighted-average exercise price, vested and expected to vest (in dollars per share) | $ 8.45 | |||
Weighted-average remaining contractual life, vested and expected to vest (Year) | 8 years 219 days | |||
Aggregate intrinsic value, vested and expected to vest | $ 691 | |||
Options, vested (in shares) | 402,000 | |||
Weighted-average exercise price, vested (in dollars per share) | $ 22.45 | |||
Weighted-average remaining contractual life, vested (Year) | 6 years 219 days | |||
Options, exercisable (in shares) | 402,000 | |||
Weighted-average exercise price, exercisable (in dollars per share) | $ 22.45 | |||
Weighted-average remaining contractual life, exercisable (Year) | 6 years 219 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Restricted stock units granted (in shares) | 104,000 | 16,000 | 3,000 | |
Restricted stock units vested (in shares) | (114,000) | (6,000) | (4,000) | |
Restricted stock units granted (in shares) | 104,000 | 16,000 | 3,000 | |
Restricted stock units vested (in shares) | (114,000) | (6,000) | (4,000) | |
Restricted stock units cancelled (in shares) | (2,000) |
Note 12 - Equity-based Compen60
Note 12 - Equity-based Compensation - The Weighted-average Assumptions Used in Determining the Value of Options Granted (Details) - Employee [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected price volatility | 84.47% | 77.22% | 76.88% |
Expected term (in years) (Year) | 7 years 10 days | 6 years 292 days | 6 years 182 days |
Risk-free interest rate | 1.57% | 1.76% | 2.06% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of options granted during the period (in dollars per share) | $ 2.06 | $ 7.35 | $ 15.25 |
Note 12 - Equity-based Compen61
Note 12 - Equity-based Compensation - The Weighted-average Assumptions Used in Determining the Value of Options Granted Non-employee (Details) - Nonemployees [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected price volatility | 87.68% | 83.77% | 79.10% |
Expected term (in years) (Year) | 10 years | 9 years 219 days | 8 years 219 days |
Risk-free interest rate | 1.61% | 2.18% | 2.28% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of options granted during the period (in dollars per share) | $ 2.29 | $ 7.15 | $ 15.25 |
Note 12 - Equity-based Compen62
Note 12 - Equity-based Compensation - Summary of the Stock-based Compensation Expense Included in Results of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allocated Share-based Compensation Expense | $ 1,751 | $ 1,382 | $ 1,042 |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | 195 | 449 | 376 |
Selling and Marketing Expense [Member] | |||
Allocated Share-based Compensation Expense | 132 | ||
General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 1,424 | $ 933 | $ 666 |
Note 13 - License, Collaborat63
Note 13 - License, Collaboration and Distribution Agreements (Details Textual) - USD ($) | Jun. 01, 2013 | Feb. 07, 2012 | Jan. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 25, 2014 |
Fees and Commissions, Other | $ 312,500 | |||||||||||
Contracts Revenue | $ 312,500 | $ 625,000 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 6.25 | |||||||||||
Tranche One [Member] | ||||||||||||
Purchase Agreement Units | 800,000 | |||||||||||
Purchase Agreement Unit Price Per Share | $ 1.25 | |||||||||||
Tranche Two [Member] | ||||||||||||
Purchase Agreement Units | 1,200,000 | |||||||||||
Purchase Agreement Unit Price Per Share | $ 1.25 | |||||||||||
Purchase Unit Agreement Total Units Fair Value | $ 3,500,000 | |||||||||||
Reallocated from Deferred Revenue [Member] | ||||||||||||
Stockholders' Equity, Period Increase (Decrease) | $ 600,000 | |||||||||||
Restricted Stock Purchase [Member] | ||||||||||||
Contracts Revenue | 2,500,000 | |||||||||||
Excess Fair Value Over Proceeds Received From Purchase | $ 1,000,000 | |||||||||||
Maximum [Member] | ||||||||||||
Sales Discounts, Goods | $ 500,000 | |||||||||||
Pioneer Pharma Co. [Member] | Restricted Stock [Member] | ||||||||||||
Unit Purchase Agreement Shares Per Unit | $ 1 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | 1 | ||||||||||
Virbac [Member] | ||||||||||||
Deferred Revenue | $ 246,000 | |||||||||||
Neutrophase [Member] | ||||||||||||
Deferred Revenue | 1,000,000 | $ 1,100,000 | 1,200,000 | |||||||||
Integrated Healing Technologies, LLC [Member] | ||||||||||||
Deferred Revenue | 653,000 | 674,000 | 679,000 | |||||||||
Commission Payment Received Upfront | $ 750,000 | |||||||||||
Principal Business Enterprise, Inc. [Member] | ||||||||||||
Deferred Revenue | 194,000 | 195,000 | 196,000 | |||||||||
Commission Payment Received Upfront | $ 200,000 | |||||||||||
Avenova Distribution Agreements [Member] | ||||||||||||
Deferred Revenue | 1,924,000 | 24,000 | ||||||||||
Contracts Revenue | $ 7,300,000 | $ 947,000 | $ 4,000 |
Note 13 - License, Collaborat64
Note 13 - License, Collaboration and Distribution Agreements - Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product sales | $ 11,617 | $ 4,146 | $ 684 |
Total revenue recognized | 11,897 | 4,381 | 1,054 |
Pioneer Pharma Co. [Member] | Neutrophase [Member] | |||
Amortization of upfront technology access fee | 94 | 25 | 47 |
Product sales | 324 | 70 | 161 |
Total revenue recognized | 418 | 95 | 208 |
Integrated Healing Technologies, LLC [Member] | Neutrophase [Member] | |||
Amortization of upfront technology access fee | 21 | 5 | 7 |
Product sales | 332 | 34 | 101 |
Total revenue recognized | 353 | 39 | 108 |
Principal Business Enterprise, Inc. [Member] | Neutrophase [Member] | |||
Amortization of upfront technology access fee | 1 | 4 | |
Product sales | 22 | 66 | 104 |
Total revenue recognized | 22 | 67 | 108 |
Materials Equipment And Contract Study Costs [Member] | Virbac [Member] | |||
Other Income | $ 39 |
Note 14 - Employee Benefit Pl65
Note 14 - Employee Benefit Plan (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
The 401(k) Plan [Member] | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) $ in Millions | Dec. 31, 2016USD ($) |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Tax Benefits Compensation and Benefits, Share-based Compensation Cost | $ 1.1 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Tax Benefits Compensation and Benefits, Share-based Compensation Cost | $ 0.7 |
Note 15 - Income Taxes - Federa
Note 15 - Income Taxes - Federal and State Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
State | $ 2 | $ 2 | $ 2 |
Total current tax expense | 2 | 2 | 2 |
Deferred | |||
Income tax provision | $ 2 | $ 2 | $ 2 |
Note 15 - Income Taxes - Summar
Note 15 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating losses | $ 34,902 | $ 31,464 |
Accruals | 287 | 403 |
Deferred revenue | 829 | 954 |
Stock options | 1,894 | 1,558 |
Other deferred tax assets | 765 | 652 |
Total deferred tax assets | 38,677 | 35,031 |
Deferred tax liabilities: | ||
Property and equipment | (32) | (28) |
Total deferred tax liabilities | (32) | (28) |
Valuation allowance | (38,645) | (35,003) |
Net deferred taxes |
Note 15 - Income Taxes - Valuat
Note 15 - Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation allowance | $ 3,642 | $ 8,101 | $ 6,286 |
Note 15 - Income Taxes - Summ70
Note 15 - Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2016USD ($) |
State and Local Jurisdiction [Member] | |
Tax Credits | $ 282 |
Expiration Years 2024 - 2036 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Losses | 90,165 |
Expiration Years 2028 - 2036 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Losses | 78,219 |
Expiration Years 2031 - 2036 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Tax Credits | $ 1,316 |
Note 15 - Income Taxes - Effect
Note 15 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax provision (benefit) at federal statutory rate | $ (4,471) | $ (6,439) | $ (5,154) |
State tax | (157) | (1,060) | (818) |
ISO-related expense for GAAP | 52 | 164 | 144 |
Change in valuation allowance | 3,641 | 8,101 | 6,286 |
Revaluation of warrant liability | 806 | (731) | (565) |
Tax credits | (31) | (123) | (44) |
Other | 162 | 90 | 153 |
Total | $ 2 | $ 2 | $ 2 |
Note 15 - Income Taxes - Unreco
Note 15 - Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized benefit - beginning of period | $ 957 | $ 811 |
Gross increases - current period tax positions | 17 | 76 |
Unrecognized benefit - end of period | $ 974 | $ 957 |
Note 16 - Related Party Trans73
Note 16 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable, Related Parties | $ 75,000 | $ 0 | |
China Kingston [Member] | Related-party Commission Fees [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 1,100,000 | 408,000 | $ 0 |
Amortization Revenue [Member] | Neutrophase [Member] | |||
Other Income | $ 418,000 | $ 95,000 | $ 208,000 |