DiaMedica Therapeutics (DMAC) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Document Information [Line Items]
Entity Central Index Key	0001401040
Entity Registrant Name	DiaMedica Therapeutics Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36291
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	Two Carlson Parkway, Suite 260
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55447
City Area Code	763
Local Phone Number	312-6755
Title of 12(b) Security	Voting common shares, no par value per share
Trading Symbol	DMAC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,443,067

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,032,000	$ 4,707,000
Marketable securities	38,015,000	40,405,000
Amounts receivable	168,000	130,000
Deposits	103,000	113,000
Prepaid expenses and other assets	793,000	84,000
Total current assets	42,111,000	45,439,000
Non-current assets:
Property and equipment, net	74,000	70,000
Operating lease right-of-use asset	26,000	42,000
Total non-current assets	100,000	112,000
Total assets	42,211,000	45,551,000
Current liabilities:
Accounts payable	433,000	509,000
Accrued liabilities	967,000	966,000
Finance lease obligation	6,000	4,000
Operating lease obligation	28,000	45,000
Total current liabilities	1,434,000	1,524,000
Non-current liabilities:
Finance lease obligation, non-current	9,000	3,000
Total non-current liabilities	9,000	3,000
Shareholders’ equity:
Common shares, no par value; unlimited authorized; 26,443,067 shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Paid-in capital	126,884,000	126,576,000
Accumulated other comprehensive loss	(107,000)	(51,000)
Accumulated deficit	(86,009,000)	(82,501,000)
Total shareholders’ equity	40,768,000	44,024,000
Total liabilities and shareholders’ equity	$ 42,211,000	$ 45,551,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, authorized	Unlimited	Unlimited
Common shares, issued (in shares)	26,443,067	26,443,067
Common shares, outstanding (in shares)	26,443,067	26,443,067

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 1,974	$ 2,406
General and administrative	1,562	1,213
Operating loss	(3,536)	(3,619)
Other income:
Other income, net	35	4
Total other income, net	35	4
Loss before income tax expense	(3,501)	(3,615)
Income tax expense	(7)	(7)
Net loss	(3,508)	(3,622)
Other comprehensive loss
Unrealized loss on marketable securities	(56)	(2)
Net loss and comprehensive loss	$ (3,564)	$ (3,624)
Basic and diluted net loss per share (in dollars per share)	$ (0.13)	$ (0.19)
Weighted average shares outstanding – basic and diluted (in shares)	26,443,067	18,766,656

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	18,746,157
Balance at Dec. 31, 2020		$ 94,925,000	$ (2,000)	$ (68,909,000)	$ 26,014,000
Share-based compensation expense		511,000			511,000
Unrealized gain (loss) on marketable securities			(2,000)		(2,000)
Net loss				(3,622,000)	(3,622,000)
Balance (in shares) at Mar. 31, 2021	18,786,157
Balance at Mar. 31, 2021		95,680,000	(4,000)	(72,531,000)	23,145,000
Exercise of common stock options (in shares)	40,000
Exercise of common stock options		244,000			244,000
Balance (in shares) at Dec. 31, 2020	18,746,157
Balance at Dec. 31, 2020		94,925,000	(2,000)	(68,909,000)	26,014,000
Balance (in shares) at Dec. 31, 2021	26,443,067
Balance at Dec. 31, 2021		126,576,000	(51,000)	(82,501,000)	$ 44,024,000
Exercise of common stock options (in shares)					40,000
Exercise of common stock options					$ 244,000
Share-based compensation expense		308,000			308,000
Unrealized gain (loss) on marketable securities			(56,000)		(56,000)
Net loss				(3,508,000)	(3,508,000)
Balance (in shares) at Mar. 31, 2022	26,443,067
Balance at Mar. 31, 2022		$ 126,884,000	$ (107,000)	$ (86,009,000)	$ 40,768,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (3,508)	$ (3,622)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	308	511
Amortization of discount on marketable securities	120	26
Non-cash lease expense	15	14
Depreciation	6	6
Changes in operating assets and liabilities:
Amounts receivable	(38)	3
Deposits	10	0
Prepaid expenses and other assets	(709)	(383)
Accounts payable	(76)	(410)
Accrued liabilities	(16)	(458)
Net cash used in operating activities	(3,888)	(4,313)
Cash flows from investing activities:
Purchase of marketable securities	(13,379)	(11,923)
Maturities of marketable securities	15,593	11,921
Purchases of property and equipment	0	(9)
Proceeds from disposition of property and equipment	0	2
Net cash provided by (used in) investing activities	2,214	(9)
Cash flows from financing activities:
Proceeds from the exercise of stock options	0	244
Principal payments on finance lease obligations	(1)	(2)
Net cash provided by (used in) financing activities	(1)	242
Net decrease in cash and cash equivalents	(1,675)	(4,080)
Cash and cash equivalents at beginning of period	4,707	7,409
Cash and cash equivalents at end of period	3,032	3,329
Supplemental disclosure of non-cash transactions:
Assets acquired under financing lease	$ 10	$ 0

Note 1 - Business

Note 1 - Business	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Business DiaMedica Therapeutics Inc. and its wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. (collectively we, us, our, DiaMedica and the Company), exists for the primary purpose of advancing the clinical and commercial development of our proprietary recombinant KLK1 DM199, DM199, 1 KLK1

Note 2 - Risks and Uncertaintie

Note 2 - Risks and Uncertainties	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Risks and Uncertainties [Text Block]	2. Risks and Uncertainties DiaMedica operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate, DM199, not not DM199 not three four 19 ReMEDy2 DM199 may 19, 19 no DM199 DM199 As of March 31, 2022, 2000. three March 31, 2022, DM199 March 31, 2022, no not Notwithstanding the completion of our September 2021 DM199, may twelve 19 may no not

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Liquidity and Management Plans [Text Block]	3. Summary of Significant Accounting Policies Interim financial statements We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form 10 X not December 31. December 31, 2021 may not Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with two not not Marketable securities The Company’s marketable securities typically consist of obligations of the United States government and its agencies and investment grade corporate obligations, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may not not no March 31, 2022. Fair value measurements Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 Level 3 As of March 31, 2022, 4, Marketable Securities Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were $64,000 and $48,000 for the three March 31, 2022 2021,

Note 4 - Marketable Securities

Note 4 - Marketable Securities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. Marketable Securities The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis (in thousands): Fair Value Measurements Using Inputs Considered as of: March 31, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Government securities $ 28,041 $ — $ 28,041 $ — $ 29,421 $ — $ 29,421 $ — Commercial paper and corporate bonds 9,974 — 9,974 — 10,984 — 10,984 — Total $ 38,015 $ — $ 38,015 $ — $ 40,405 $ — $ 40,405 $ — Accrued interest receivable on available-for-sale securities is included in amounts receivable and was $166,000 and $130,000 as of March 31, 2022 December 31, 2021, There were no 1 2 three March 31, 2022. Under the terms of the Company’s investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations and bank certificates of deposit with a primary objective of principal preservation. Maturities of individual securities are less than one March 31, 2022 December 31, 2021.

Note 5 - Amounts Receivable

Note 5 - Amounts Receivable	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Amounts Receivable Amounts receivable consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued interest receivable $ 166 $ 130 Other 2 — Total amounts receivable $ 168 $ 130

Note 6 - Deposits

Note 6 - Deposits	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Other Assets Disclosure [Text Block]	6. Deposits Deposits consisted of the following (in thousands): March 31, 2022 December 31, 2021 Advances to vendors, current $ 103 $ 113 We periodically advance funds to vendors engaged to support the performance of our clinical trials and related supporting activities. The funds advanced are held, interest free, for varying periods of time and may

Note 7 - Property and Equipment

Note 7 - Property and Equipment	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	7. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Furniture and equipment $ 71 $ 70 Computer equipment 65 67 136 137 Less accumulated depreciation (62 ) (67 ) Property and equipment, net $ 74 $ 70

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued clinical trial costs $ 538 $ 284 Accrued research and other professional fees 305 191 Accrued compensation 116 484 Other liabilities 8 7 Total accrued liabilities $ 967 $ 966

Note 9 - Operating Lease

Note 9 - Operating Lease	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. Operating Lease We lease certain office space under a non-cancelable operating lease. This lease does not not August 31, 2022 not Our operating lease cost and variable lease costs were $16,000 and $11,000, respectively, for the three March 31, 2022. March 31, 2022 ( 2022 29 Total lease payments $ 29 Less interest portion (1 ) Present value of lease obligation $ 28

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	10. Shareholders Equity Authorized capital stock The Company has authorized share capital of an unlimited number of voting common shares and the shares do not Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to one Equity issued during the three March 31, 2022 During the three March 31,2022, not Equity issued during the three March 31, 2021 During the three March 31, 2021, Shares reserved Common shares reserved for future issuance are as follows: March 31, 2021 Common shares issuable upon exercise of employee and non-employee stock options 2,159,413 Common shares issuable upon settlement of deferred stock units 134,402 Common shares issuable upon exercise of common share purchase warrants 265,000 Shares available for grant under the 2019 Omnibus Incentive Plan 493,096 Shares available for grant under the 2021 Employment Inducement Incentive Plan 675,000 Total 3,726,911

Note 11 - Net Loss Per Share

Note 11 - Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Net Loss Per Share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Net loss $ (3,508 ) $ (3,622 ) Weighted average shares outstanding—basic and diluted 26,443,067 18,766,656 Basic and diluted net loss per share $ (0.13 ) $ (0.19 ) The following outstanding potential common shares were not not Three Months Ended March 31, 2022 2021 Employee and non-employee stock options 2,159,413 1,421,094 Common shares issuable under common share purchase warrants 265,000 265,000 Common shares issuable under deferred stock units 134,402 72,142

Note 12 - Share-based Compensat

Note 12 - Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	12. Share-Based Compensation 2019 The DiaMedica Therapeutics Inc. 2019 2019 March 2019 May 22, 2019. 2019 2019 no ten one four five one 2019 2019 March 31, 2022, 2019 2021 On December 3, 2021, 2021 5635 4 5635 3 March 31, 2022, Prior Stock Option Plan The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 ( 2019 2019 March 31, 2022, Prior Deferred Stock Unit Plan The DiaMedica Therapeutics Inc. Amended and Restated Deferred Stock Unit Plan (Prior DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 March 31, 2022, Share-based compensation expense for each of the periods presented is as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 91 $ 131 General and administrative 217 380 Total share-based compensation $ 308 $ 511 We recognize share-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest. A summary of option activity is as follows (in thousands except share and per share amounts): Shares Underlying Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2021 1,896,600 $ 5.25 $ 169 Granted 325,000 3.38 Exercised — — Expired/cancelled (10,000 ) 27.18 Forfeited (52,187 ) 4.94 Balances at March 31, 2022 2,159,413 $ 4.88 $ — Information about stock options outstanding, vested and expected to vest as of March 31, 2022, Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.99 285,500 7.3 $ 2.70 120,500 3.7 $3.00 - $3.99 330,508 8.8 3.82 68,647 6.7 $4.00 - $4.99 928,150 7.2 4.51 840,151 7.1 $5.00 - $9.99 571,088 7.9 6.47 272,963 6.4 $10.00 - $27.06 44,167 4.2 14.32 34,167 2.8 2,159,413 7.6 $ 4.88 1,336,428 6.5

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Interim financial statements We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form 10 X not December 31. December 31, 2021 may not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with two not not
Marketable Securities, Policy [Policy Text Block]	Marketable securities The Company’s marketable securities typically consist of obligations of the United States government and its agencies and investment grade corporate obligations, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may not not no March 31, 2022.
Fair Value Measurement, Policy [Policy Text Block]	Fair value measurements Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 Level 3 As of March 31, 2022, 4, Marketable Securities
Patent Costs [Policy Text Block]	Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were $64,000 and $48,000 for the three March 31, 2022 2021,

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block]	Fair Value Measurements Using Inputs Considered as of: March 31, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Government securities $ 28,041 $ — $ 28,041 $ — $ 29,421 $ — $ 29,421 $ — Commercial paper and corporate bonds 9,974 — 9,974 — 10,984 — 10,984 — Total $ 38,015 $ — $ 38,015 $ — $ 40,405 $ — $ 40,405 $ —

Note 5 - Amounts Receivable (Ta

Note 5 - Amounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, 2022 December 31, 2021 Accrued interest receivable $ 166 $ 130 Other 2 — Total amounts receivable $ 168 $ 130

Note 6 - Deposits (Tables)

Note 6 - Deposits (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	March 31, 2022 December 31, 2021 Advances to vendors, current $ 103 $ 113

Note 7 - Property and Equipme_2

Note 7 - Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2022 December 31, 2021 Furniture and equipment $ 71 $ 70 Computer equipment 65 67 136 137 Less accumulated depreciation (62 ) (67 ) Property and equipment, net $ 74 $ 70

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2022 December 31, 2021 Accrued clinical trial costs $ 538 $ 284 Accrued research and other professional fees 305 191 Accrued compensation 116 484 Other liabilities 8 7 Total accrued liabilities $ 967 $ 966

Note 9 - Operating Lease (Table

Note 9 - Operating Lease (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2022 29 Total lease payments $ 29 Less interest portion (1 ) Present value of lease obligation $ 28

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	March 31, 2021 Common shares issuable upon exercise of employee and non-employee stock options 2,159,413 Common shares issuable upon settlement of deferred stock units 134,402 Common shares issuable upon exercise of common share purchase warrants 265,000 Shares available for grant under the 2019 Omnibus Incentive Plan 493,096 Shares available for grant under the 2021 Employment Inducement Incentive Plan 675,000 Total 3,726,911

Note 11 - Net Loss Per Share (T

Note 11 - Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2022 2021 Net loss $ (3,508 ) $ (3,622 ) Weighted average shares outstanding—basic and diluted 26,443,067 18,766,656 Basic and diluted net loss per share $ (0.13 ) $ (0.19 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 2022 2021 Employee and non-employee stock options 2,159,413 1,421,094 Common shares issuable under common share purchase warrants 265,000 265,000 Common shares issuable under deferred stock units 134,402 72,142

Note 12 - Share-based Compens_2

Note 12 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2022 2021 Research and development $ 91 $ 131 General and administrative 217 380 Total share-based compensation $ 308 $ 511
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares Underlying Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2021 1,896,600 $ 5.25 $ 169 Granted 325,000 3.38 Exercised — — Expired/cancelled (10,000 ) 27.18 Forfeited (52,187 ) 4.94 Balances at March 31, 2022 2,159,413 $ 4.88 $ —
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.99 285,500 7.3 $ 2.70 120,500 3.7 $3.00 - $3.99 330,508 8.8 3.82 68,647 6.7 $4.00 - $4.99 928,150 7.2 4.51 840,151 7.1 $5.00 - $9.99 571,088 7.9 6.47 272,963 6.4 $10.00 - $27.06 44,167 4.2 14.32 34,167 2.8 2,159,413 7.6 $ 4.88 1,336,428 6.5

Note 2 - Risks and Uncertaint_2

Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Retained Earnings (Accumulated Deficit), Total	$ (86,009)		$ (82,501)
Net Income (Loss) Attributable to Parent, Total	(3,508)	$ (3,622)
Net Cash Provided by (Used in) Operating Activities, Total	(3,888)	(4,313)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Ending Balance	3,032	3,329	4,707	$ 7,409
Marketable Securities, Total	38,000
Working Capital	40,700
Stockholders' Equity Attributable to Parent, Ending Balance	40,768	$ 23,145	$ 44,024	$ 26,014
Proceeds from Issuance of Private Placement	$ 29,800

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
General and Administrative Expense [Member]
Patent Expense	$ 64,000	$ 48,000

Note 4 - Marketable Securitie_2

Note 4 - Marketable Securities (Details Textual) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Accrued Interest Receivable On Available For Sale Securities [Member]
Interest Receivable	$ 166,000	$ 130,000

Note 4 - Marketable Securitie_3

Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total marketable securities	$ 38,015	$ 40,405
Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
Fair Value, Inputs, Level 2 [Member]
Total marketable securities	38,015	40,405
Fair Value, Inputs, Level 3 [Member]
Total marketable securities	0	0
US Government Agencies Debt Securities [Member]
Total marketable securities	28,041	29,421
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Total marketable securities	28,041	29,421
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities	0	0
Commercial Paper and Corporate Bonds [Member]
Total marketable securities	9,974	10,984
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Total marketable securities	0	0
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Total marketable securities	9,974	10,984
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Total marketable securities	$ 0	$ 0

Note 5 - Amounts Receivable - A

Note 5 - Amounts Receivable - Amounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued interest receivable	$ 166	$ 130
Other	2	0
Total amounts receivable	$ 168	$ 130

Note 6 - Deposits - Deposits (D

Note 6 - Deposits - Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Advances to vendors, current	$ 103	$ 113

Note 7 - Property and Equipme_3

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 136	$ 137
Less accumulated depreciation	(62)	(67)
Property and equipment, net	74	70
Furniture and Fixtures [Member]
Property, plant and equipment, gross	71	70
Computer Equipment [Member]
Property, plant and equipment, gross	$ 65	$ 67

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued clinical trial costs	$ 538	$ 284
Accrued research and other professional fees	305	191
Accrued compensation	116	484
Other liabilities	8	7
Total accrued liabilities	$ 967	$ 966

Note 9 - Operating Lease (Detai

Note 9 - Operating Lease (Details Textual)	3 Months Ended
	Mar. 31, 2022USD ($)
Operating Lease, Cost	$ 16,000
Variable Lease, Cost	$ 11,000

Note 9 - Operating Lease - Matu

Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands	Mar. 31, 2022USD ($)
2022	$ 29
Total lease payments	29
Less interest portion	(1)
Present value of lease obligation	$ 28

Note 10 - Shareholders' Equit_2

Note 10 - Shareholders' Equity (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)		40,000
Stock Issued During Period, Value, Stock Options Exercised	$ 244,000	$ 244,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares)		0

Note 10 - Shareholders' Equit_3

Note 10 - Shareholders' Equity - Shares Reserved (Details)	Mar. 31, 2021shares
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	3,726,911
Stock Options Outstanding [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	2,159,413
Deferred Share Units [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	134,402
Common Share Purchase Warrants [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	265,000
The 2019 Omnibus Incentive Plan [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	493,096
The 2021 Employment Inducement Incentive Plan [Member]
Common shares issuable upon exercise of employee and non-employee stock options (in shares)	675,000

Note 11 - Net Loss Per Share -

Note 11 - Net Loss Per Share - Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss	$ (3,508)	$ (3,622)
Weighted average shares outstanding—basic and diluted (in shares)	26,443,067	18,766,656
Basic and diluted net loss per share (in dollars per share)	$ (0.13)	$ (0.19)

Note 11 - Net Loss Per Share _2

Note 11 - Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee and Non-employee Stock Options [Member]
Antidilutive Securities (in shares)	2,159,413	1,421,094
Warrant [Member]
Antidilutive Securities (in shares)	265,000	265,000
Common Stock, Deferred Stock Units Settlement [Member]
Antidilutive Securities (in shares)	134,402	72,142

Note 12 - Share-based Compens_3

Note 12 - Share-based Compensation (Details Textual) - shares	1 Months Ended	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2022	Dec. 03, 2021	Mar. 31, 2021
Common Stock, Capital Shares Reserved for Future Issuance (in shares)				3,726,911
The 2019 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	2,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		1,366,503
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		117,069
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years
The 2019 Omnibus Incentive Plan [Member] | Nonemployee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
The 2021 Employment Inducement Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)			1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		325,000
Stock Option Prior Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)		467,910
The 2012 DSU Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		17,333

Note 12 - Share-based Compens_4

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total share-based compensation	$ 308	$ 511
Research and Development Expense [Member]
Total share-based compensation	91	131
General and Administrative Expense [Member]
Total share-based compensation	$ 217	$ 380

Note 12 - Share-based Compens_5

Note 12 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Exercised (in shares)		(40,000)
Share-Based Payment Arrangement, Option [Member]
Balance (in shares)	1,896,600
Balance, weighted average exercise price (in dollars per share)	$ 5.25
Balance, aggregate intrinsic value	$ 169
Granted (in shares)	325,000
Granted, weighted average exercise price (in dollars per share)	$ 3.38
Exercised (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 0
Expired/cancelled (in shares)	(10,000)
Expired / cancelled, weighted average exercise price (in dollars per share)	$ 27.18
Forfeited (in shares)	(52,187)
Forfeited, weighted average exercise price (in dollars per share)	$ 4.94
Balance (in shares)	2,159,413	1,896,600
Balance, weighted average exercise price (in dollars per share)	$ 4.88	$ 5.25
Balance, aggregate intrinsic value	$ 0	$ 169

Note 12 - Share-based Compens_6

Note 12 - Share-based Compensation - Stock Options Outstanding (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Outstanding, shares (in shares) | shares	2,159,413
Outstanding, weighted average remaining contractual life (Year)	7 years 7 months 6 days
Outstanding, weighted average exercise price (in dollars per share)	$ 4.88
Exercisable, shares (in shares) | shares	1,336,428
Exercisable, weighted average remaining contractual life (Year)	6 years 6 months
Exercise Price Range 1 [Member]
Per share exercise price, lower range (in dollars per share)	$ 2
Per share exercise price, upper range (in dollars per share)	$ 2.99
Outstanding, shares (in shares) | shares	285,500
Outstanding, weighted average remaining contractual life (Year)	7 years 3 months 18 days
Outstanding, weighted average exercise price (in dollars per share)	$ 2.70
Exercisable, shares (in shares) | shares	120,500
Exercisable, weighted average remaining contractual life (Year)	3 years 8 months 12 days
Exercise Price Range 2 [Member]
Per share exercise price, lower range (in dollars per share)	$ 3
Per share exercise price, upper range (in dollars per share)	$ 3.99
Outstanding, shares (in shares) | shares	330,508
Outstanding, weighted average remaining contractual life (Year)	8 years 9 months 18 days
Outstanding, weighted average exercise price (in dollars per share)	$ 3.82
Exercisable, shares (in shares) | shares	68,647
Exercisable, weighted average remaining contractual life (Year)	6 years 8 months 12 days
Exercise Price Range 3 [Member]
Per share exercise price, lower range (in dollars per share)	$ 4
Per share exercise price, upper range (in dollars per share)	$ 4.99
Outstanding, shares (in shares) | shares	928,150
Outstanding, weighted average remaining contractual life (Year)	7 years 2 months 12 days
Outstanding, weighted average exercise price (in dollars per share)	$ 4.51
Exercisable, shares (in shares) | shares	840,151
Exercisable, weighted average remaining contractual life (Year)	7 years 1 month 6 days
Exercise Price Range 4 [Member]
Per share exercise price, lower range (in dollars per share)	$ 5
Per share exercise price, upper range (in dollars per share)	$ 9.99
Outstanding, shares (in shares) | shares	571,088
Outstanding, weighted average remaining contractual life (Year)	7 years 10 months 24 days
Outstanding, weighted average exercise price (in dollars per share)	$ 6.47
Exercisable, shares (in shares) | shares	272,963
Exercisable, weighted average remaining contractual life (Year)	6 years 4 months 24 days
Exercise Price Range 5 [Member]
Per share exercise price, lower range (in dollars per share)	$ 10
Per share exercise price, upper range (in dollars per share)	$ 27.06
Outstanding, shares (in shares) | shares	44,167
Outstanding, weighted average remaining contractual life (Year)	4 years 2 months 12 days
Outstanding, weighted average exercise price (in dollars per share)	$ 14.32
Exercisable, shares (in shares) | shares	34,167
Exercisable, weighted average remaining contractual life (Year)	2 years 9 months 18 days