Cascadian Therapeutics (ONTY) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Entity Registrant Name	Cascadian Therapeutics, Inc.
Entity Central Index Key	1,412,067
Trading Symbol	casc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		135,310,441
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Class UA Preferred Stock [Member]
LIABILITIES AND STOCKHOLDERS’ EQUITY
Class UA preferred stock, 12,500 shares authorized, 12,500 shares issued and outstanding	$ 30,000	$ 30,000
Cash and cash equivalents	16,552,000	27,850,000
Short-term investments	55,086,000	28,510,000
Accounts and other receivables	289,000	200,000
Prepaid and other current assets	1,168,000	1,418,000
Total current assets	73,095,000	57,978,000
Property and equipment, net	1,323,000	1,845,000
Indefinite-lived intangible assets		19,738,000
Goodwill	16,659,000	16,659,000
Other assets	749,000	354,000
Total assets	91,826,000	96,574,000
Accounts payable	741,000	439,000
Accrued and other liabilities	2,662,000	2,689,000
Accrued compensation and related liabilities	3,160,000	1,522,000
Current portion of restricted share unit liability	803,000	145,000
Total current liabilities	7,366,000	4,795,000
Other liabilities	135,000	743,000
Restricted share unit liability		363,000
Deferred tax liability		6,908,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized as of September 30, 2016 and December 31, 2015; 135,310,441 shares and 94,961,859 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively.	353,860,000	353,856,000
Additional paid-in capital	297,322,000	249,572,000
Accumulated deficit	(561,822,000)	(514,629,000)
Accumulated other comprehensive loss	(5,065,000)	(5,064,000)
Total stockholders’ equity	84,295,000	83,735,000
Total liabilities and stockholders’ equity	$ 91,826,000	$ 96,574,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Class UA Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	12,500	12,500
Preferred stock, shares issued (in shares)	12,500	12,500
Preferred stock, shares outstanding (in shares)	12,500	12,500
Series A Convertible Preferred Stock [Member]
Preferred stock, shares issued (in shares)		10,000
Preferred stock, shares outstanding (in shares)		10,000
Series B Convertible Preferred Stock [Member]
Preferred stock, shares issued (in shares)		5,333
Preferred stock, shares outstanding (in shares)		5,333
Series C Convertible Preferred Stock [Member]
Preferred stock, shares issued (in shares)		7,500
Preferred stock, shares outstanding (in shares)		7,500
Series D Convertible Preferred Stock [Member]
Preferred stock, shares issued (in shares)		17,250
Preferred stock, shares outstanding (in shares)		17,250
Preferred stock, shares authorized (in shares)		10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	135,310,441	94,961,859
Common stock, shares outstanding (in shares)	135,310,441	94,961,859

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Series D Convertible Preferred Stock [Member]
Other income (expenses)
Deemed dividend related to beneficial conversion feature on Series D convertible preferred stock	$ (989,000)		$ (2,588,000)
Research and development	7,281,000	5,122,000	19,998,000	16,581,000
General and administrative	3,511,000	2,100,000	14,509,000	7,057,000
Intangible asset impairment			19,738,000
Total operating expenses	10,792,000	7,222,000	54,245,000	23,638,000
Loss from operations	(10,792,000)	(7,222,000)	(54,245,000)	(23,638,000)
Investment and other income, net	19,000	25,000	144,000	60,000
Change in fair value of warrant liability		2,578,000		128,000
Total other income (expenses), net	19,000	2,603,000	144,000	188,000
Loss before income taxes	(10,773,000)	(4,619,000)	(54,101,000)	(23,450,000)
Income tax (benefit) provision		0	(6,908,000)	0
Net loss	(10,773,000)	(4,619,000)	(47,193,000)	(23,450,000)
Net loss attributable to common stockholders	$ (11,762,000)	$ (4,619,000)	$ (49,781,000)	$ (23,450,000)
Net loss per share basic and diluted (in dollars per share)	$ (0.09)	$ (0.05)	$ (0.46)	$ (0.24)
Shares used to compute basic and diluted net loss per share (in shares)	135,310,441	94,914,536	108,957,618	97,184,183

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net loss	$ (10,773)	$ (4,619)	$ (47,193)	$ (23,450)
Other comprehensive income (loss):
Unrealized gain (loss) during the period, net	(30)	20	(1)	44
Other comprehensive income (loss)	(30)	20	(1)	44
Comprehensive loss	$ (10,803)	$ (4,599)	$ (47,194)	$ (23,406)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Series D Convertible Preferred Stock [Member]
Supplemental disclosures of non-cash investing and financing activities:
Accretion on Series D convertible preferred stock associated with beneficial conversion feature	$ 2,588,000
Net loss	(47,193,000)	(23,450,000)
Depreciation and amortization	483,000	454,000
Amortization of premiums and accretion of discounts on securities	139,000	276,000
Share-based compensation expense	4,520,000	2,100,000
Change in fair value of warrant liability		(128,000)
Cash settled on conversion of restricted share units	(20,000)	(94,000)
Intangible asset impairment	19,738,000
Income Tax Expense (Benefit)	(6,908,000)	0
Other	65,000	(7,000)
Accounts and other receivables	(40,000)	(3,000)
Prepaid expenses and other current assets	250,000	425,000
Other long term assets	(395,000)	20,000
Accounts payable	302,000	(300,000)
Accrued and other liabilities	(27,000)	(639,000)
Accrued compensation and related liabilities	1,638,000	(140,000)
Deferred rent	(608,000)	(84,000)
Net cash used in operating activities	(28,056,000)	(21,570,000)
Purchases of investments	(74,000,000)	(48,407,000)
Redemption of investments	47,284,000	63,021,000
Purchases of property and equipment, net	(74,000)	(739,000)
Net cash provided by (used) in investing activities	(26,790,000)	13,875,000
Proceeds from issuance of common stock, net of issuance cost	29,823,000	20,609,000
Proceeds from issuance of convertible preferred stock, net of issuance cost	13,458,000	1,863,000
Proceeds from exercise of stock options	42,000	33,000
Recovery of related party short-swing profits	225,000
Net cash provided by financing activities	43,548,000	22,505,000
Increase (decrease) in cash and cash equivalents	(11,298,000)	14,810,000
Cash and cash equivalents, beginning of period	27,850,000	10,454,000
Cash and cash equivalents, end of period	$ 16,552,000	$ 25,264,000

Note 1 - Description of Busines

Note 1 - Description of Business	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1. DESCRIPTION OF BUSINESS Cascadian Therapeutics, Inc. (the Company) is a clinical-stage biopharmaceutical company incorporated in the State of Delaware on September 7, 2007 and is listed on the NASDAQ Global Select Market under the ticker symbol “CASC”. The Company is focused primarily on the development of targeted therapeutic products for the treatment of cancer. The Company’s goal is to develop and commercialize compounds that have the potential to improve the lives and outcomes of cancer patients. The Company’s operations are not subject to any seasonality or cyclicality factors.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial statements. The accounting principles and methods of computation adopted in these condensed consolidated financial statements are the same as those of the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities Exchange Commission (the SEC) on March 14, 2016. Omitted from these statements are certain information and note disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. GAAP. The Company believes all adjustments necessary for a fair statement of the results for the periods presented have been made, and such adjustments consist only of those considered normal and recurring in nature. The financial results for the three and nine months ended September 30, 2016 are not necessarily indicative of financial results for the full year. The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited financial statements at that date. The unaudited condensed consolidated financial statements and notes presented should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 14, 2016. Accumulated Other Comprehensive Income (Loss) Comprehensive income or loss is comprised of net income or loss and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on the Company’s available-for-sale investments. In addition to unrealized gains and losses on investments, accumulated other comprehensive income or loss consists of foreign currency translation adjustments which arose from the conversion of the Canadian dollar functional currency consolidated financial statements to the U.S. dollar reporting currency consolidated financial statements prior to January 1, 2008. Should the Company liquidate or substantially liquidate its investments in its foreign subsidiaries, the Company would be required to recognize the related cumulative translation adjustments pertaining to the liquidated or substantially liquidated subsidiaries, as a charge to earnings in the Company’s condensed consolidated statements of operations and comprehensive loss. There were no reclassifications out of accumulated other comprehensive loss during the three and nine months ended September 30, 2016. The tables below show the changes in accumulated balances of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2016 and September 30, 2015: Three months ended September 3 0 , 201 6 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at July 1, 2016 $ 31 $ (5,066 ) $ (5,035 ) Current period other comprehensive loss (30 ) — (30 ) Balance at September 30, 2016 $ 1 $ (5,066 ) $ (5,065 ) Three months ended September 3 0 , 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at July 1, 2015 $ (1 ) $ (5,066 ) $ (5,067 ) Current period other comprehensive income 20 — 20 Balance at September 30, 2015 $ 19 $ (5,066 ) $ (5,047 ) Nine months ended September 30, 201 6 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensiv e Loss (In thousands) Balance at January 1, 2016 $ 2 $ (5,066 ) $ (5,064 ) Current period other comprehensive loss (1 ) — (1 ) Balance at September 30, 2016 $ 1 $ (5,066 ) $ (5,065 ) Nine months ended September 30, 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at January 1, 2015 $ (25 ) $ (5,066 ) $ (5,091 ) Current period other comprehensive income 44 — 44 Balance at September 30, 2015 $ 19 $ (5,066 ) $ (5,047 )

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	3. RECENT ACCOUNTING PRONOUNCEMENTS In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force. The guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses the classification of cash flows related to (1) debt prepayment or extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance, including bank-owned life insurance, (6) distributions received from equity method investees and (7) beneficial interests in securitization transactions. The guidance requires application using a retrospective transition method and is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating any impact this guidance may have on its consolidated financial position and results of operations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. The guidance will change how companies account for certain aspects of share-based payments to employees including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating any impact this standard may have on its consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to improve financial reporting for leasing transactions. The new standard requires lessees to recognize on the balance sheets a right of use asset and related lease liability. Lessor accounting under the new standard remains similar under current GAAP. The ASU also requires disclosures about the amount, timing, and uncertainty of cash flows arising from leases. The effective date for public entities is fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently evaluating any impact this standard may have on its consolidated financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance will change how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current US GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. With the exception of early application guidance outlined in this standard, early adoption is not permitted. The Company is currently evaluating any impact this guidance may have on its consolidated financial position and results of operations.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value in accordance with a hierarchy which requires an entity to maximize the use of observable inputs which reflect market data obtained from independent sources and minimize the use of unobservable inputs which reflect the Company’s market assumptions when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1—quoted prices in active markets for identical assets or liabilities; • Level 2—observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial assets and liabilities measured at fair value consisted of the following as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Money market funds $ 12,014 $ — $ — $ 12,014 $ 9,199 $ — $ — $ 9,199 Debt securities of U.S. government agencies — 44,371 — 44,371 — 31,507 — 31,507 Corporate bonds — 10,715 — 10,715 — 9,502 — 9,502 $ 12,014 $ 55,086 $ — $ 67,100 $ 9,199 $ 41,009 $ — $ 50,208 Financial liabilities: Restricted share units $ 803 $ — $ — $ 803 $ 508 $ — $ — $ 508 If quoted market prices in active markets for identical assets are not available to determine fair value, then the Company uses quoted prices of similar instruments and other significant inputs derived from observable market data obtained from third-party data providers. These investments are included in Level 2 and consist of debt securities of U.S government agencies and corporate bonds. There were no transfers between Levels 1 and 2 during the three and nine month period ended September 30, 2016.

Note 5 - Financial Instruments

Note 5 - Financial Instruments	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	5. FINANCIAL INSTRUMENTS Financial instruments consist of cash and cash equivalents, investments and accounts and other receivables that will result in future cash receipts, as well as accounts payable, accrued and other liabilities, restricted share unit liabilities, warrant liabilities and Class UA preferred stock that may require future cash outlays. Investments Investments are classified as available-for-sale securities and are carried at fair value with unrealized temporary holding gains and losses excluded from net income or loss and reported in other comprehensive income or loss and also as a net amount in accumulated other comprehensive income or loss until realized. Available-for-sale securities are written down to fair value through income whenever it is necessary to reflect other-than-temporary impairments. The Company determined that the unrealized losses on its marketable securities as of September 30, 2016 were temporary in nature, and the Company currently does not intend to sell these securities before recovery of their amortized cost basis. All short-term investments are limited to a final maturity of less than one year from the reporting date. The Company’s long-term investments are investments with maturities exceeding 12 months but less than five years from the reporting date. The Company is exposed to credit risk on its cash equivalents, short-term investments and long-term investments in the event of non-performance by counterparties, but does not anticipate such non-performance and mitigates exposure to concentration of credit risk through the nature of its portfolio holdings. If a security falls out of compliance with the Company’s investment policy, it may be necessary to sell the security before its maturity date in order to bring the investment portfolio back into compliance. The cost basis of any securities sold is determined by specific identification. The fair value of available-for-sale securities is based on prices obtained from a third-party pricing service. The Company utilizes third-party pricing services for all of its marketable debt security valuations. The Company reviews the pricing methodology used by the third-party pricing services including the manner employed to collect market information. On a periodic basis, the Company also performs review and validation procedures on the pricing information received from the third-party pricing services. These procedures help ensure that the fair value information used by the Company is determined in accordance with applicable accounting guidance. The amortized cost, unrealized gain or losses and fair value of the Company’s cash, cash equivalents and investments for the periods presented are summarized below: Amortized Gross Gross Fair Value (In thousands) As of September 30, 2016 Cash $ 4,538 $ — $ — $ 4,538 Money market funds 12,014 — — 12,014 Debt securities of U.S. government agencies 44,363 9 (1 ) 44,371 Corporate bonds 10,722 1 (8 ) 10,715 Total $ 71,637 $ 10 $ (9 ) $ 71,638 As of December 31, 2015 Cash $ 6,152 $ — $ — $ 6,152 Money market funds 9,199 — — 9,199 Debt securities of U.S. government agencies 31,511 3 (7 ) 31,507 Corporate bonds 9,496 7 (1 ) 9,502 Total $ 56,358 $ 10 $ (8 ) $ 56,360 The following table summarizes the Company’s available-for-sale securities by contractual maturity: As of September 30, 2016 As of December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Less than one year $ 67,099 $ 67,100 $ 50,206 $ 50,208 Accounts and Other Receivables, Accounts Payable and Accrued and Other Liabilities The carrying amounts of accounts and other receivables, accounts payable and accrued and other liabilities approximate their fair values due to the short-term nature of these financial instruments. Class UA Preferred Stock The fair value of class UA preferred stock is assumed to be equal to its carrying value as the amounts that will be paid and the timing of the payments cannot be determined with any certainty. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment; therefore, they cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Note 6 - Intangible Asset Impai

Note 6 - Intangible Asset Impairment	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Asset Impairment Charges [Text Block]	6. INTANGIBLE ASSET IMPAIRMENT On May 5, 2016, the Company entered into an agreement with STC.UNM to mutually terminate the license agreement relating to protocell technology. As a result of the termination and the Company’s intent to no longer develop, license or commercialize the protocell technology, the indefinite-lived intangible assets acquired in the 2014 acquisition of Alpine Biosciences, Inc. (Alpine) were considered impaired. Accordingly, $19.7 million was fully written-off and recorded as intangible asset impairment in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2016. The indefinite-lived intangible assets represented the value assigned to in-process research and development when the Company acquired the protocell technology. Additionally, as a result of the impairment, the deferred tax liability, which solely relates to the indefinite-lived intangible assets was reversed, resulting in a federal tax benefit of $6.9 million during the nine months ended September 30, 2016. See “Note 13 — Income Tax” of the unaudited financial statements included in this report for additional information. The impairment charge did not result in any significant cash expenditures or otherwise impact the Company’s liquidity or cash.

Note 7 - Net Loss Per Share Att

Note 7 - Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	7. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net loss per share is calculated by dividing net loss attributable to common stockholders, which may include a deemed dividend from the amortization of a beneficial conversion feature, by the weighted average number of shares outstanding for the period. Diluted net loss per share is calculated by adjusting the numerator and denominator of the basic net loss per share calculation for the effects of all potentially dilutive common shares. Potential dilutive shares of the Company’s common stock include stock options, restricted share units, warrants, Series A, B, C and D convertible preferred stock and shares granted under the 2010 Employee Stock Purchase Plan (ESPP). The calculation of diluted loss per share requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the warrants and the presumed exercise of such securities are dilutive to loss per share for the period, adjustments to net loss used in the calculation are required to remove the change in fair value of the warrants for the period. Furthermore, adjustments to the denominator are required to reflect the addition of the related dilutive shares. Shares used to calculate basic and dilutive net loss per share for the three and nine months ended September 30, 2016, were the same, since all potentially dilutive shares were anti-dilutive. The following table represents all potentially dilutive shares, which were all anti-dilutive and therefore excluded from the calculation of diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock options 10,824,255 7,325,000 10,824,255 7,325,000 Warrants 5,048,701 8,230,848 5,048,701 8,230,848 Convertible preferred stock (as converted to common stock): Series A 10,000,000 10,000,000 10,000,000 10,000,000 Series B 5,333,000 5,333,000 5,333,000 5,333,000 Series C 7,500,000 7,500,000 7,500,000 7,500,000 Series D 17,250,000 — 17,250,000 — Non-employee director restricted share units 489,669 228,943 489,669 228,943 Employee stock purchase plan 37,152 15,761 37,152 15,761

Note 8 - Equity

Note 8 - Equity	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Stockholders Equity Transactions Note Disclosure [Text Block]	8. EQUITY Proposal for Reverse Stock Split On October 4, 2016, the Company issued a press release announcing that its board of directors approved a plan that includes both a reverse split of the Company’s common stock to increase its share price and a reduction in the number of authorized and outstanding shares. The Company plans to hold a special meeting on November 18, 2016 at its headquarters to obtain stockholder approval of the reverse split, proposed at a ratio of not less than 1-for-4 and not greater than 1-for-10, with the exact ratio to be set within that range by the Company’s board of directors before December 31, 2016, and to reduce the total authorized shares of the Company’s common stock by two times (2x) the reverse split ratio. June 2016 Financing Common Stock On June 28, 2016, the Company closed an underwritten public offering of 40,250,000 shares of its common stock at a price to the public of $0.80 per share for gross proceeds of $32.2 million. The shares included 5,250,000 shares of common stock sold pursuant to the option granted by the Company to the underwriters to purchase additional shares, which was exercised in full. Series D Convertible Preferred Stock In addition, on June 28, 2016, the Company closed a registered direct offering of 17,250 shares of its Series D Convertible Preferred Stock at a price of $800.00 per share directly to affiliates of BVF Partners L.P. (BVF), which are existing stockholders and affiliates of a member of the board of directors, for gross proceeds of $13.8 million. The Company designated 17,250 shares of its authorized and unissued preferred stock as Series D convertible preferred stock and filed a Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock with the Delaware Secretary of State. Each share of Series D Convertible Preferred Stock is convertible into 1,000 shares of the Company’s Common Stock at any time at the holder’s option. The holder, however, will be prohibited from converting Series D Convertible Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 19.99% of the shares of the Company’s Common Stock then issued and outstanding, which percentage may change at the holders’ election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company. In the event of the Company’s liquidation, dissolution, or winding up, holders of Series D Convertible Preferred Stock will receive a payment equal to $0.0001 per share of Series D Convertible Preferred Stock before any proceeds are distributed to the holders of common stock, after any proceeds are distributed to the holder of the Company’s Class UA Preferred Stock and on parity with any distributions to the holders of the Company’s Series A Convertible Preferred Stock, Series B Convertible Preferred Stock and Series C Convertible Preferred Stock. Shares of Series D Convertible Preferred Stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series D Convertible Preferred Stock will be required to amend the terms of the Series D Convertible Preferred Stock. Shares of Series D Convertible Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank: ● senior to all common stock; ● senior to any class or series of capital stock created that specifically ranks by its terms junior to the Series D convertible preferred stock; ● on parity with the Company’s Series A convertible preferred stock, Series B Convertible Preferred Stock and Series C convertible preferred stock, and any class or series of capital stock created that specifically ranks by its terms on parity with the Series D convertible preferred stock; and ● junior to the Company’s Class UA preferred stock and any class or series of capital stock created that specifically ranks by its terms senior to the Series D convertible preferred stock; in each case, as to distributions of assets upon the Company’s liquidation, dissolution or winding up, whether voluntarily or involuntarily. Aggregate gross proceeds from the June 2016 offerings were $46.0 million. Aggregate net proceeds from the June 2016 offerings, after underwriting discounts, commissions and other expenses of $2.7 million, were approximately $43.3 million. Beneficial Conversion Feature A beneficial conversion feature exists when the effective conversion price of a convertible security is less than the market price per share on the commitment date, creating a discount. The value of the discount is determined by the difference between the market price and the conversion price multiplied by the potential conversion shares purchased. The discount is recognized as a non-cash deemed dividend from the date of issuance to the earliest conversion date. The Company recognized a beneficial conversion feature in the amount of $2.6 million, calculated as the number of potential conversion shares multiplied by the excess of the market price of its common stock over the price per conversion share of the Series D convertible preferred stock on the commitment date. The Company immediately accreted $1.6 million of the $2.6 million beneficial conversion feature, representing approximately 60% of the Series D convertible preferred stock that could be converted at that time, upon issuance during the second quarter of 2016. The Company accreted the remaining $1.0 million beneficial conversion feature, representing 40% of the Series D convertible preferred stock that could not be converted upon issuance due to certain contractual limitations, from the issuance date to the earliest conversion date, which fell within the third quarter of 2016. The non-cash deemed dividends of $1.0 million and $2.6 million were recorded in additional paid-in capital and as a deemed dividend on the Series D convertible preferred stock, and were used in determining the net loss applicable to common stockholders in the consolidated statement of operations for the three and nine months ended September 30, 2016, respectively. “At-the-Market” Equity Offering Program On June 2, 2016, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen) to sell shares of the Company’s common stock, par value $0.0001 per share, having aggregate sales proceeds of up to $50,000,000, from time to time, through an “at the market” equity offering program under which Cowen will act as sales agent. Under the Sales Agreement, the Company will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, any limits on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. The Sales Agreement provides that Cowen will be entitled to compensation for its services equal to 3.0% of the gross proceeds from the sale of shares sold pursuant to the Sales Agreement. Sales under the ATM are limited by the greater of (i) the number of shares that are available to be issued or (ii) $50 million. The Company has no obligation to sell any shares under the Sales Agreement, and may at any time suspend solicitations and offers under the Sales Agreement. No shares had been sold under the Sales Agreement as of September 30, 2016. February 2015 Financing Common Stock On February 11, 2015, the Company closed on an underwritten offering of 13,500,000 shares of its common stock at a price to the public of $1.50 per share, for gross proceeds of approximately $20.3 million. As part of the common stock offering, the Company also granted the underwriters a 30-day option to purchase 2,025,000 additional shares of the Company's common stock. On February 18, 2015, the Company closed a partial exercise of the underwriter’s option to purchase 1,199,660 additional shares of the Company’s common stock, at a price to the public of $1.50 per share, which resulted in gross proceeds to the Company of approximately $1.8 million. Series B Convertible Preferred Stock In addition, on February 11, 2015, the Company closed on a concurrent but separate underwritten offering of 1,333 shares of its Series B convertible preferred stock at a price to the public of $1,500 per share, for gross proceeds of approximately $2.0 million. The Company designated 5,333 shares of its authorized and unissued preferred stock as Series B convertible preferred stock and filed a Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock with the Delaware Secretary of State. Concurrent but separate from this offering, the Company entered into an exchange agreement with certain affiliates of BVF to exchange 4,000,000 shares of common stock previously purchased by BVF for 4,000 shares of Series B convertible preferred stock. Each share of Series B convertible preferred stock is convertible into 1,000 shares of the Company’s common stock at any time at the holder’s option. The holder, however, will be prohibited from converting Series B convertible preferred stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the shares of the Company’s common stock then issued and outstanding, which percentage may be increased at the holders’ election up to 19.99% upon 61 days’ notice to the Company. In the event of the Company’s liquidation, dissolution, or winding up, holders of Series B convertible preferred stock will receive a payment equal to $0.0001 per share of Series B convertible preferred stock before any proceeds are distributed to the holders of common stock, after any proceeds are distributed to the holder of the Company’s Class UA preferred stock and on parity with any distributions to the holders of the Company’s Series A convertible preferred stock, Series C convertible preferred stock and Series D convertible preferred stock. Shares of Series B convertible preferred stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series B convertible preferred stock will be required to amend the terms of the Series B convertible preferred stock. Shares of Series B convertible preferred stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank: ● senior to all common stock; ● senior to any class or series of capital stock created that specifically ranks by its terms junior to the Series B convertible preferred stock; ● on parity with the Company’s Series A convertible preferred stock, Series C convertible preferred stock, and Series D convertible stock and any class or series of capital stock created that specifically ranks by its terms on parity with the Series B convertible preferred stock; and ● junior to the Company’s Class UA preferred stock and any class or series of capital stock created that specifically ranks by its terms senior to the Series B convertible preferred stock; in each case, as to distributions of assets upon the Company’s liquidation, dissolution or winding up whether voluntarily or involuntarily. Aggregate gross proceeds from the February 2015 offerings were approximately $24.0 million. Aggregate net proceeds from the February 2015 offerings, after underwriting discounts, commissions and expenses of $1.6 million, were approximately $22.4 million. Series C Convertible Preferred Stock On May 14, 2015, the Company designated 7,500 shares of its authorized and unissued preferred stock as Series C Convertible Preferred Stock and filed a Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock with the Delaware Secretary of State. The Company then entered into an exchange agreement with certain affiliates of BVF to exchange 7,500,000 shares of common stock previously purchased by BVF for 7,500 shares of Series C Convertible Preferred Stock. Each share of Series C Convertible Preferred Stock is convertible into 1,000 shares of the Company’s Common Stock at any time at the holder’s option. The holder, however, will be prohibited from converting Series C Convertible Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 9.99% of the shares of the Company’s Common Stock then issued and outstanding. In the event of the Company’s liquidation, dissolution, or winding up, holders of Series C Convertible Preferred Stock will receive a payment equal to $0.0001 per share of Series C Convertible Preferred Stock before any proceeds are distributed to the holders of common stock, after any proceeds are distributed to the holder of the Company’s Class UA Preferred Stock and on parity with any distributions to the holders of the Company’s Series A Convertible Preferred Stock, Series B Convertible Preferred Stock, and Series D Convertible Preferred Stock. Shares of Series C Convertible Preferred Stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series C Convertible Preferred Stock will be required to amend the terms of the Series C Convertible Preferred Stock. Shares of Series C Convertible Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank: • senior to all common stock; • senior to any class or series of capital stock hereafter created that specifically ranks by its terms junior to the Series C Convertible Preferred Stock; • on parity with the Company’s Series A Convertible Preferred Stock, Series B Convertible Preferred Stock, and Series D Convertible Stock and any class or series of capital stock created that specifically ranks by its terms on parity with the Series C Convertible Preferred Stock; and • junior to the Company’s Class UA Preferred Stock and any class or series of capital stock created that specifically ranks by its terms senior to the Series C Convertible Preferred Stock; in each case, as to distributions of assets upon the Company’s liquidation, dissolution or winding up whether voluntarily or involuntarily.

Note 9 - Warrants

Note 9 - Warrants	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Warrants [Text Block]	9. WARRANTS As of September 30, 2016, equity-classified warrants to purchase a total of 5,048,701 shares of the Company’s common stock were outstanding. No warrants were exercised or expired during the three and nine months ended September 30, 2016 and September 30, 2015. No liability-classified warrants were outstanding as of September 30, 2016. Equity-Classified Warrants In June 2013, the Company issued equity-classified warrants to purchase 5,000,000 shares of common stock at an exercise price of $5.00 per share in connection with a registered direct offering to Biotechnology Value Fund, L.P. and other affiliates of BVF. The warrants expire on December 5, 2018. In February 2011, the Company issued equity-classified warrants to purchase 48,701 shares of common stock at an exercise price of $3.08 per share in connection with a loan and security agreement entered into with General Electric Capital Corporation, now Capital One National Association. The warrants expire on February 8, 2018. As of September 30, 2016, warrants to purchase 5,048,701 shares of common stock were outstanding and classified as equity. Liability-Classified Warrants Liability-classified warrants consist of warrants which were issued in conjunction with an equity financing in September 2010. The warrants issued in September 2010 were classified as liabilities, as opposed to equity, due to potential cash settlements upon the occurrence of certain transactions specified in the warrant agreement. The warrants issued from the September 2010 financing expired on October 12, 2015. None of the liability-classified warrants were outstanding as of September 30, 2016. The estimated fair value of outstanding warrants accounted for as liabilities is determined at each balance sheet date. The change in the estimated fair value of such warrants is recorded in the condensed consolidated statement of operations as other income (expenses) by using the Black-Scholes option-pricing model. The fair value of the warrant liability and the changes in its fair value during the three and nine months ended September 30, 2016 and September 30, 2015 were as follows: Three months ended September 30, 2016 2015 (In thousands) Balance at beginning of period $ — $ 2,578 Change in fair value of warrant liability included in: Other expense (income) — (2,578 ) Balance at the end of period $ — $ — Nine months ended September 30, 2016 2015 (In thousands) Balance at beginning of period $ — $ 128 Change in fair value of warrant liability included in: Other expense (income) — (128 ) Balance at the end of period $ — $ —

Note 10 - Share-based Compensat

Note 10 - Share-based Compensation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10 . S HARE -BASED COMPENSATION 2016 Equity Incentive Plan On June 23, 2016, the Company’s stockholders approved a new 2016 Equity Incentive Plan (the 2016 EIP). As of that date, the Company ceased granting options under its Amended and Restated Share Option Plan (the Option Plan), ceased granting restricted shares units under its Amended and Restated RSU Plan (the RSU Plan) and transferred the remaining shares available for issuance under the Option Plan and the RSU Plan to the 2016 EIP. 7,205,430 shares of common stock were reserved for issuance under the 2016 EIP, consisting of 6,300,000 shares available for awards under the 2016 EIP plus 497,302 and 408,128 shares of common stock previously reserved but unissued under the Option Plan and the RSU Plan, respectively, that are now available for issuance under the 2016 EIP. All grants under the 2016 EIP may have a term up to ten years from the date of grant. Vesting schedules are determined by the compensation committee of the board of directors or its designee when each award is granted. During the three and nine months ended September 30, 2016, the Company granted 140,800 stock options under the 2016 EIP. No stock options were exercised under the 2016 EIP during the three and nine months ended September 30, 2016. During the three and nine months ended September 30, 2016, the Company granted zero RSUs and 326,082 RSUs with a fair value of $300,000 under the 2016 EIP, respectively. Option Plan Under the Option Plan, a maximum fixed reloading percentage of 10% of the issued and outstanding common stock of the Company could be granted to employees, directors and service providers. On June 23, 2016, the stockholders approved the 2016 EIP and the Company ceased granting options under the Option Plan. Options granted under the Option Plan prior to January 2010 began vesting after one year from the date of grant, are exercisable in equal amounts over four years on the anniversary date of the grant, and expire eight years following the date of grant. Options granted to employees under the Option Plan after January 2010 vest 25% on the first anniversary of the vesting commencement date, with the balance vesting in monthly increments for 36 months following the first anniversary of grant, and expire eight years following the date of grant. Due to the adoption of the 2016 EIP on June 23, 2016, all shares remaining for future grant under the Option Plan were transferred to the 2016 EIP plan leaving no shares of common stock available for future grant under the Option Plan. During the three months ended September 30, 2016 and September 30, 2015, the Company granted zero and 2,520,500 stock options under the Option Plan, respectively. During the nine months ended September 30, 2016 and September 30, 2015, the Company granted 1,878,100 and 2,541,500 stock options under the Option Plan, respectively. No stock options were exercised during the three and nine months ended September 30, 2016. 5,437 and 19,437 stock options were exercised during the three and nine months ended September 30, 2015, respectively. Inducement Grant On April 4, 2016, the Company made an inducement stock option grant (Inducement Grant). Options granted under the Inducement Grant vest 25% on the first anniversary of the vesting commencement date, with the balance vesting in monthly increments for 36 months following the first anniversary of grant, and expire ten years following the date of grant. During the three and nine months ended September 30, 2016, the Company granted zero and 2,848,855 stock options, respectively. No stock options were exercised during the three and nine months ended September 30, 2016. Stock-based compensation expense under the 2016 EIP, Option Plan and Inducement Grant was $0.5 million in each of the three months ended September 30, 2016 and September 30, 2015. Stock compensation expense was $4.1 million and $1.3 million for the nine months ended September 30, 2016 and September 30, 2015, respectively. The stock compensation expense during the nine months ended September 30, 2016 included the acceleration of share-based compensation expense related to the retirement of the Company’s former chief executive officer in January 2016. The Company uses the Black-Scholes option pricing model to value the options at each grant date, using the following weighted average assumptions: Three months ended Nine months ended 2016 2015 2016 2015 Expected dividend rate 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 74.05 % 72.10 % 74.67 % 72.14 % Risk-free interest rate 1.34 % 1.63 % 1.42 % 1.63 % Expected life of options (in years) 6.20 6.00 6.22 6.00 The expected life represents the period that the Company’s stock options are expected to be outstanding and is based on historical data. The expected volatility is based on the historical volatility of the Company’s common stock for a period equal to the stock option’s expected life. The risk-free interest rate is based on the yield at the time of grant of a U.S. Treasury security with an equivalent expected term of the option. The Company does not expect to pay dividends on its common stock. The amounts estimated according to the Black-Scholes option pricing model may not be indicative of the actual values realized upon the exercise of these options by the holders. Share-based compensation guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Company estimates forfeitures based on its historical experience. Restricted Share Unit Plan The RSU Plan was established in 2005 for non-employee directors. On June 23, 2016, the stockholders approved the 2016 EIP and the Company ceased granting RSUs under the RSU Plan. The RSU Plan provided for grants to be made from time to time by the board of directors or a committee thereof. Each restricted stock unit (RSU) granted was made in accordance with the RSU Plan and terms specific to that grant. Outstanding RSUs under the RSU Plan have a vesting term of two years. Approximately 75% of each RSU represents a contingent right to receive approximately 0.75 of a share of the Company’s common stock upon vesting and approximately 25% represents a contingent right to receive cash upon vesting without any further consideration payable to the Company in respect thereof. On June 6, 2014, the Company’s stockholders approved an increase of 500,000 shares in the number of shares of the Company’s common stock reserved for issuance under the RSU Plan. The Company granted 71,225 RSUs with a fair value of approximately $250,000 and 163,587 RSUs with a fair value of $550,000 during the three and nine months ended September 30, 2015, respectively. Zero and 65,356 shares were issued upon conversion of RSUs for the three and nine months ended September 30, 2016, respectively. 17,341 and 97,848 shares were issued upon conversion of RSUs during the three and nine months ended September 30, 2015, respectively. Upon the adoption of the 2016 EIP on June 23, 2016, all shares remaining for future grant under the RSU Plan became available for issuance under the 2016 EIP plan and the Company ceased granting RSUs under the RSU Plan. The fair value of each RSU has been determined to be the closing trading price of the Company’s common shares on the date of grant as quoted in NASDAQ Global Market. Approximately 25% of each RSU represents a contingent right to receive cash upon vesting, and the Company is required to deliver an amount in cash equal to the fair market value of these shares on the vesting date to facilitate the satisfaction of the non-employee directors’ U.S. federal income tax obligation with respect to the vested RSUs. The outstanding RSU awards are required to be re-measured at each reporting date until settlement of the award, and changes in valuation are recorded as compensation expense for the period. The fair value of the outstanding RSUs on the reporting date is determined to be the closing trading price of the Company’s common shares on that date. The re-measurement of the outstanding RSUs together with the grant and conversion of the RSUs resulted in $0.3 million and $0.4 million in share-based compensation expense recorded in general and administrative expenses in the condensed consolidated statement of operations for the three and nine months ended September 30, 2016, respectively. The re-measurement of the outstanding RSUs together with the grant and conversion of the RSUs resulted in an additional $29,000 and $0.7 million in share-based compensation expense recorded in general and administrative expenses in the condensed consolidated statement of operations for the three and nine months ended September 30, 2015, respectively. Employee Stock Purchase Plan The Company adopted an Employee Stock Purchase Plan (ESPP) on June 3, 2010, pursuant to which a total of 900,000 shares of common stock were reserved for sale to employees of the Company. The ESPP is administered by the compensation committee of the board of directors and is open to all eligible employees of the Company. Under the terms of the ESPP, eligible employees may purchase shares of the Company’s common stock at six month intervals during 18-month offering periods through periodic payroll deductions, which may not exceed 15% of any employee’s compensation and may not exceed a value of $25,000 in any calendar year, at a price not less than the lesser of an amount equal to 85% of the fair market value of the Company’s common stock at the beginning of the offering period or an amount equal to 85% of the fair market value of the Company’s common stock on each purchase date. The maximum aggregate number of shares that may be purchased by each eligible employee during each offering period is 15,000 shares of the Company’s common stock. For the three and nine months ended September 30, 2016, expense related to this plan was $25,014 and $93,707, respectively. For the three and nine months ended September 30, 2015, expense related to this plan was $39,574 and $64,750, respectively. Under the ESPP, the Company did not issue any shares to employees during each of the three month periods ended September 30, 2016 and September 30, 2015. The Company issued 49,566 shares to employees during the nine months ended September 30, 2016 and 34,338 shares during the nine months ended September 30, 2015. There are 483,440 shares reserved for future issuances under the ESPP as of September 30, 2016.

Note 11 - Contingencies, Commit

Note 11 - Contingencies, Commitments, and Guarantees	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	11. CONTINGENCIES, COMMITMENTS, AND GUARANTEES Pursuant to various license agreements, the Company may be obligated to make payments based on the achievement of certain event based milestones, a percentage of revenues derived from the licensed technology and royalties on net sales. As of September 30, 2016, no payments were obligated as there were no milestones achieved, no technology licensed and the Company had no net sales, as defined in the agreements. As such, the Company is not currently contractually committed to any significant quantifiable payments for licensing fees, royalties or other contingent payments. On January 9, 2016, the Company adopted a Retention Payment Plan, effective as of January 11, 2016 (Retention Plan), to provide cash retention payments to certain employees in order to induce such employees to remain employed through January 10, 2017 (Retention Date). Any employee who participates in the Retention Plan and (i) remains continuously employed by the Company through the Retention Date or (ii) has been terminated by the Company other than for cause prior to the Retention Date, and (iii) signs a general release of claims shall be paid a lump-sum cash payment as determined on an individual basis. If such employee’s service is terminated for cause or the employee voluntarily resigns prior to the Retention Date, no such payments shall be made. As of September 30, 2016, if all employees who participate in the Retention Plan stay continuously employed through the Retention Date, expenses related to this plan are expected to be approximately $2.5 million. An expense of $0.5 million and $1.9 million related to the Retention Plan was recorded in the condensed consolidated statement of operations for the three and nine months ended September 30, 2016, respectively. As of September 30, 2016, $1.7 million was accrued in compensation and related liabilities. In the normal course of operations, the Company indemnifies counterparties in transactions such as purchase and sale contracts for assets or shares, manufacturing and other service agreements, license agreements, director/officer contracts and leasing transactions. These indemnification agreements may require the Company to compensate the counterparties for costs incurred to third parties as a result of various events, including changes in (or in the interpretation of) laws and regulations, the Company’s breach of contract or negligence, environmental liabilities, or as a result of litigation claims or statutory sanctions that may be suffered by the counterparties as a consequence of the transaction. The terms of these indemnification agreements vary based upon the contract, the nature of which prevents the Company from making a reasonable estimate of the maximum potential amount that could be required to pay to counterparties. Historically, the Company has not made any significant payments under such indemnification agreements and no amounts have been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification agreements.

Note 12 - Collaborative and Lic

Note 12 - Collaborative and License Agreements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	12. COLLABORATIVE AND LICENSE AGREEMENTS Array BioPharma , Inc. On December 11, 2014, the Company entered into a License Agreement (the License Agreement) with Array BioPharma Inc. (Array). Pursuant to the License Agreement, Array granted the Company an exclusive license to develop, manufacture and commercialize tucatinib (previously known as ONT-380), an orally active, reversible and selective small-molecule HER2 inhibitor. Under the terms of the License Agreement, the Company paid Array an upfront fee of $20 million, which was recorded as part of research and development expense upon initiation of the exclusive license agreement. In addition, if the Company sublicenses rights to tucatinib to a third party, the Company will pay Array a percentage of any sublicense payments it receives, with the percentage varying according to the stage of development of tucatinib at the time of the sublicense. If the Company is acquired within three years of the effective date of the License Agreement, and tucatinib has not been sublicensed to another entity prior to such acquisition, then the acquirer will be required to make certain milestone payments of up to $280 million to Array, which are primarily based on potential tucatinib sales. Array is also entitled to receive up to a double-digit royalty based on net sales of tucatinib. The License Agreement will expire on a country-by-country basis ten years following the first commercial sale of the product in each respective country, but may be terminated earlier by either party upon material breach of the License Agreement by the other party or the other party’s insolvency, or by the Company on 180 days’ notice to Array. The Company and Array have also agreed to indemnify the other party for certain of their respective warranties and obligations under the License Agreement. STC.UNM Effective June 30, 2014, Alpine entered into an exclusive license agreement with STC.UNM, by assignment from The Regents of the University of New Mexico, to license the rights to use certain technology relating to protocells, a mesoporous silica nanoparticle delivery platform. The Company subsequently acquired Alpine in August 2014. Under the terms of the license agreement, the Company, as successor to Alpine, had the right to conduct research, clinical development and commercialize all inventions and products that are developed from the platform technology in certain fields of use as described in the license agreement. In exchange for the exclusive license, the Company was obligated to make a series of payments including on-going annual license payments, reimbursement of patent costs, success and time-based milestones up to $5 million. Royalty obligations under the license agreement included a double-digit royalty on commercial sublicensing income and a low single-digit royalty based on net sales. On May 5, 2016, the Company entered into an agreement with STC.UNM to terminate the license agreement relating to protocell technology. The agreement provided for a mutual release of claims and payment of a termination and license fee totaling $325,000. As a result of the termination and the Company’s intent to no longer develop, license or commercialize the protocell technology, the indefinite-lived intangible assets acquired in the 2014 acquisition of Alpine were considered impaired. Accordingly, $19.7 million was fully written-off and recorded as intangible asset impairment in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2016. The indefinite-lived intangible assets represent the value assigned to in-process research and development when the Company acquired the protocell technology. The Company also recognized a $6.9 million tax benefit during the nine months ended September 30, 2016, upon the reversal of its deferred tax liability, which solely relates to the indefinite-lived intangible assets. In addition, $1.5 million of previously recorded time-based milestones for license fees associated with the STC.UNM license agreement was reversed from research and development expenses during nine months ended September 30, 2016. The impairment charge did not result in any significant future cash expenditures, or otherwise impact the Company’s liquidity or cash. See the “Note 6 – Intangible Asset Impairment” and “Note 13 — Income Tax” of the unaudited financial statements included in this report for additional information. Sentinel Oncology Ltd. In April 2014, the Company entered into an exclusive license and research collaboration agreement with Sentinel Oncology Limited (Sentinel) for the development of novel small molecule Chk1 kinase inhibitors. Under the agreement, the Company makes payments to Sentinel to support their chemistry research. The Company is responsible for pre-clinical and clinical development, manufacturing and commercialization of any resulting compounds. Sentinel is eligible to receive success-based development and commercial milestone payments up to approximately $90 million based on development and commercialization events, including a $1.0 million milestone for the initiation of GLP toxicology studies expected in the first quarter of 2017, the initiation of certain clinical trials, regulatory approval and first commercial sale. Sentinel is also entitled to a single-digit royalty based on net sales. Merck KGaA In May 2001, the Company and Merck KGaA entered into a collaborative arrangement to pursue joint global product research, clinical development and commercialization for two product candidates, including tecemotide (formerly known as L-BLP25 or Stimuvax), a MUC1-based liposomal cancer vaccine. This collaboration agreement was subsequently revised and ultimately replaced in 2008 with a license agreement. Under the 2008 license agreement, (1) the Company licensed to Merck KGaA the exclusive right to develop, commercialize and manufacture tecemotide and the right to sublicense to other persons all rights licensed to Merck KGaA by the Company, (2) the Company transferred certain manufacturing know-how, (3) the Company agreed not to develop any product, other than ONT-10, that is competitive with tecemotide and (4) if the Company intends to license the development or commercialization rights to ONT-10, Merck KGaA will have a right of first negotiation with respect to such rights. In 2014, Merck KGaA announced that it does not intend to continue the clinical development of tecemotide.

Note 13 - Income Tax

Note 13 - Income Tax	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. INCOME TAX During the nine months ended September 30, 2016, the Company recorded an income tax benefit of $6.9 million due to the reversal of its deferred tax liability, which related solely to the impairment of the indefinite-lived intangible asset. For additional information, see “Note 6 — Intangible Asset Impairment” of the unaudited financial statements included in this report. Otherwise, due to projected losses for 2016 and a history of losses, the Company has not recorded an additional income tax benefit for the three and nine months ended September 30, 2016 and has recognized a valuation allowance on all its deferred tax assets. Due to projected and actual losses for the year ended December 31, 2015, and the Company’s history of losses, the Company has not recorded an income tax benefit for the three and nine months ended September 30, 2015. The Company has recognized a valuation allowance on substantially all its deferred tax assets. The Company’s net deferred tax liabilities were recorded in deferred tax liability on the Condensed Consolidated Balance Sheets as of September 30, 2015.

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	1 4 . R ELATED PARTY TRANSACTIONS Certain of the Company’s affiliates participated in the Company’s recent public underwritten offerings and registered direct offering. In February 2015, the Company closed concurrent but separate underwritten offerings of 13,500,000 shares of its common stock at a price of $1.50 per share, for gross proceeds of $20.3 million, and 1,333 shares of its Series B convertible preferred stock at a price of $1,500 per share for gross proceeds of $2.0 million. In this offering, affiliates of BVF, a holder of more than 5% of the Company’s outstanding common stock, purchased 1,333 shares of the Company’s Series B preferred stock for an aggregate purchase price of $2.0 million. Separate but concurrent with these offerings, affiliates of BVF also exchanged 4,000,000 shares of common stock for 4,000 shares of Series B preferred stock . In addition, in May 2015, the Company entered into an exchange agreement with certain affiliates of BVF to exchange 7,500,000 shares of common stock previously purchased by BVF for 7,500 shares of Series C Convertible Preferred Stock, and in June 2016, the Company closed a registered direct offering in which affiliates of BVF purchased 17,250 shares of the Company’s Series D preferred stock for an aggregate purchase price of $13.8 million. Mr. Scott Myers, the Company’s President, Chief Executive Officer and a member of the board of directors, purchased 62,500 shares of the Company’s common stock in the June 2016 public underwritten offering and 45,000 shares of the Company’s common stock in August 2016. In January 2016, the Company appointed Mr. Mark Lampert as a member of the board of directors as a Class I director of the Company. Mr. Lampert is an affiliate of BVF. In January 2016, the Company appointed Dr. Gwen Fyfe as a member of the board of directors as a Class III director of the Company. Dr. Fyfe is also a consultant to the Company. Recovery of Stockholder Short - Swing Profit In August 2016, the Company received a payment of $0.2 million from a related-party stockholder in settlement of a short-swing profit claim under Section 16(b) of the Securities Exchange Act of 1934. The Company recognized these proceeds as a capital contribution from a stockholder, and recorded it as an increase to additional paid-in capital in its Condensed Consolidated Balance Sheets as of September 30, 2016.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	15. SUBSEQUENT EVENTS None.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial statements. The accounting principles and methods of computation adopted in these condensed consolidated financial statements are the same as those of the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities Exchange Commission (the SEC) on March 14, 2016. Omitted from these statements are certain information and note disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. GAAP. The Company believes all adjustments necessary for a fair statement of the results for the periods presented have been made, and such adjustments consist only of those considered normal and recurring in nature. The financial results for the three and nine months ended September 30, 2016 are not necessarily indicative of financial results for the full year. The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited financial statements at that date. The unaudited condensed consolidated financial statements and notes presented should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 14, 2016.
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Income (Loss) Comprehensive income or loss is comprised of net income or loss and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on the Company’s available-for-sale investments. In addition to unrealized gains and losses on investments, accumulated other comprehensive income or loss consists of foreign currency translation adjustments which arose from the conversion of the Canadian dollar functional currency consolidated financial statements to the U.S. dollar reporting currency consolidated financial statements prior to January 1, 2008. Should the Company liquidate or substantially liquidate its investments in its foreign subsidiaries, the Company would be required to recognize the related cumulative translation adjustments pertaining to the liquidated or substantially liquidated subsidiaries, as a charge to earnings in the Company’s condensed consolidated statements of operations and comprehensive loss. There were no reclassifications out of accumulated other comprehensive loss during the three and nine months ended September 30, 2016. The tables below show the changes in accumulated balances of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2016 and September 30, 2015: Three months ended September 3 0 , 201 6 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at July 1, 2016 $ 31 $ (5,066 ) $ (5,035 ) Current period other comprehensive loss (30 ) — (30 ) Balance at September 30, 2016 $ 1 $ (5,066 ) $ (5,065 ) Three months ended September 3 0 , 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at July 1, 2015 $ (1 ) $ (5,066 ) $ (5,067 ) Current period other comprehensive income 20 — 20 Balance at September 30, 2015 $ 19 $ (5,066 ) $ (5,047 ) Nine months ended September 30, 201 6 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensiv e Loss (In thousands) Balance at January 1, 2016 $ 2 $ (5,066 ) $ (5,064 ) Current period other comprehensive loss (1 ) — (1 ) Balance at September 30, 2016 $ 1 $ (5,066 ) $ (5,065 ) Nine months ended September 30, 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at January 1, 2015 $ (25 ) $ (5,066 ) $ (5,091 ) Current period other comprehensive income 44 — 44 Balance at September 30, 2015 $ 19 $ (5,066 ) $ (5,047 )
New Accounting Pronouncements, Policy [Policy Text Block]	In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force. The guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses the classification of cash flows related to (1) debt prepayment or extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance, including bank-owned life insurance, (6) distributions received from equity method investees and (7) beneficial interests in securitization transactions. The guidance requires application using a retrospective transition method and is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating any impact this guidance may have on its consolidated financial position and results of operations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. The guidance will change how companies account for certain aspects of share-based payments to employees including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating any impact this standard may have on its consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to improve financial reporting for leasing transactions. The new standard requires lessees to recognize on the balance sheets a right of use asset and related lease liability. Lessor accounting under the new standard remains similar under current GAAP. The ASU also requires disclosures about the amount, timing, and uncertainty of cash flows arising from leases. The effective date for public entities is fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently evaluating any impact this standard may have on its consolidated financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance will change how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current US GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. With the exception of early application guidance outlined in this standard, early adoption is not permitted. The Company is currently evaluating any impact this guidance may have on its consolidated financial position and results of operations.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three months ended September 3 0 , 201 6 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at July 1, 2016 $ 31 $ (5,066 ) $ (5,035 ) Current period other comprehensive loss (30 ) — (30 ) Balance at September 30, 2016 $ 1 $ (5,066 ) $ (5,065 ) Three months ended September 3 0 , 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at July 1, 2015 $ (1 ) $ (5,066 ) $ (5,067 ) Current period other comprehensive income 20 — 20 Balance at September 30, 2015 $ 19 $ (5,066 ) $ (5,047 ) Nine months ended September 30, 201 6 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensiv e Loss (In thousands) Balance at January 1, 2016 $ 2 $ (5,066 ) $ (5,064 ) Current period other comprehensive loss (1 ) — (1 ) Balance at September 30, 2016 $ 1 $ (5,066 ) $ (5,065 ) Nine months ended September 30, 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at January 1, 2015 $ (25 ) $ (5,066 ) $ (5,091 ) Current period other comprehensive income 44 — 44 Balance at September 30, 2015 $ 19 $ (5,066 ) $ (5,047 )

Note 4 - Fair Value Measureme24

Note 4 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	September 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Money market funds $ 12,014 $ — $ — $ 12,014 $ 9,199 $ — $ — $ 9,199 Debt securities of U.S. government agencies — 44,371 — 44,371 — 31,507 — 31,507 Corporate bonds — 10,715 — 10,715 — 9,502 — 9,502 $ 12,014 $ 55,086 $ — $ 67,100 $ 9,199 $ 41,009 $ — $ 50,208 Financial liabilities: Restricted share units $ 803 $ — $ — $ 803 $ 508 $ — $ — $ 508

Note 5 - Financial Instruments

Note 5 - Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Unrealized Gain (Loss) on Investments [Table Text Block]	Amortized Gross Gross Fair Value (In thousands) As of September 30, 2016 Cash $ 4,538 $ — $ — $ 4,538 Money market funds 12,014 — — 12,014 Debt securities of U.S. government agencies 44,363 9 (1 ) 44,371 Corporate bonds 10,722 1 (8 ) 10,715 Total $ 71,637 $ 10 $ (9 ) $ 71,638 As of December 31, 2015 Cash $ 6,152 $ — $ — $ 6,152 Money market funds 9,199 — — 9,199 Debt securities of U.S. government agencies 31,511 3 (7 ) 31,507 Corporate bonds 9,496 7 (1 ) 9,502 Total $ 56,358 $ 10 $ (8 ) $ 56,360
Investments Classified by Contractual Maturity Date [Table Text Block]	As of September 30, 2016 As of December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Less than one year $ 67,099 $ 67,100 $ 50,206 $ 50,208

Note 7 - Net Loss Per Share A26

Note 7 - Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock options 10,824,255 7,325,000 10,824,255 7,325,000 Warrants 5,048,701 8,230,848 5,048,701 8,230,848 Convertible preferred stock (as converted to common stock): Series A 10,000,000 10,000,000 10,000,000 10,000,000 Series B 5,333,000 5,333,000 5,333,000 5,333,000 Series C 7,500,000 7,500,000 7,500,000 7,500,000 Series D 17,250,000 — 17,250,000 — Non-employee director restricted share units 489,669 228,943 489,669 228,943 Employee stock purchase plan 37,152 15,761 37,152 15,761

Note 9 - Warrants (Tables)

Note 9 - Warrants (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three months ended September 30, 2016 2015 (In thousands) Balance at beginning of period $ — $ 2,578 Change in fair value of warrant liability included in: Other expense (income) — (2,578 ) Balance at the end of period $ — $ — Nine months ended September 30, 2016 2015 (In thousands) Balance at beginning of period $ — $ 128 Change in fair value of warrant liability included in: Other expense (income) — (128 ) Balance at the end of period $ — $ —

Note 10 - Share-based Compens28

Note 10 - Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended Nine months ended 2016 2015 2016 2015 Expected dividend rate 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 74.05 % 72.10 % 74.67 % 72.14 % Risk-free interest rate 1.34 % 1.63 % 1.42 % 1.63 % Expected life of options (in years) 6.20 6.00 6.22 6.00

Note 2 - Basis of Presentatio29

Note 2 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0

Note 2 - Basis of Presentatio30

Note 2 - Basis of Presentation - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net unrealized gain (loss) on available for sale securities, balance	$ 31,000	$ (1,000)	$ 2,000	$ (25,000)
Foreign currency translation adjustment, balance	(5,066,000)	(5,066,000)	(5,066,000)	(5,066,000)
Accumulated other comprehensive loss, balance	(5,035,000)	(5,067,000)	(5,064,000)	(5,091,000)
Current period other comprehensive income (loss)	(30,000)	20,000	(1,000)	44,000
Current period other comprehensive income (loss)	(30,000)	20,000	(1,000)	44,000
Net Unrealized gain (loss) on available for sale securities, balance	1,000	19,000	1,000	19,000
Foreign currency translation adjustment, balance	(5,066,000)	(5,066,000)	(5,066,000)	(5,066,000)
Accumulated other comprehensive loss, balance	$ (5,065,000)	$ (5,047,000)	$ (5,065,000)	$ (5,047,000)

Note 4 - Fair Value Measureme31

Note 4 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets	$ 12,014	$ 9,199
Money Market Funds [Member]
Financial assets	12,014	9,199
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Financial assets	44,371	31,507
US Government Agencies Debt Securities [Member]
Financial assets	44,371	31,507
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Financial assets	10,715	9,502
Corporate Debt Securities [Member]
Financial assets	10,715	9,502
Fair Value, Inputs, Level 1 [Member] | Restricted Share Unit Plan [Member]
Financial liabilities	803	508
Fair Value, Inputs, Level 1 [Member]
Financial assets	12,014	9,199
Fair Value, Inputs, Level 2 [Member]
Financial assets	55,086	41,009
Restricted Share Unit Plan [Member]
Financial liabilities	803	508
Financial assets	$ 67,100	$ 50,208

Note 5 - Financial Instrument32

Note 5 - Financial Instruments - Amortized Cost, Unrealized Gains or Losses, and Estimated Fair Value of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
US Government Agencies Debt Securities [Member]
Available for sale securities, amortized cost	$ 44,363	$ 31,511
Available for sale securities, gross unrealized gains	9	3
Available for sale securities, gross unrealized losses	(1)	(7)
Available for sale securities	44,371	31,507
Corporate Debt Securities [Member]
Available for sale securities, amortized cost	10,722	9,496
Available for sale securities, gross unrealized gains	1	7
Available for sale securities, gross unrealized losses	(8)	(1)
Available for sale securities	10,715	9,502
Cash	4,538	6,152
Money market funds	12,014	9,199
Available for sale securities, gross unrealized gains	10	10
Available for sale securities, gross unrealized losses	(9)	(8)
Total. amortized cost	71,637	56,358
Total	$ 71,638	$ 56,360

Note 5 - Financial Instrument33

Note 5 - Financial Instruments - Summary of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Less than one year, amortized cost	$ 67,099	$ 50,206
Less than one year, fair value	$ 67,100	$ 50,208

Note 6 - Intangible Asset Imp34

Note 6 - Intangible Asset Impairment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
In Process for Research and Development [Member]
Impairment of Intangible Assets (Excluding Goodwill)			$ 19,700,000
Impairment of Intangible Assets (Excluding Goodwill)			19,738,000
Income Tax Expense (Benefit)		$ 0	$ (6,908,000)	$ 0

Note 7 - Net Loss Per Share A35

Note 7 - Net Loss Per Share Attributable to Common Stockholders - Number of Shares Excluded from the Number of Shares Used to Calculate Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Warrant [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	5,048,701	8,230,848	5,048,701	8,230,848
Series A Convertible Preferred Stock [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	10,000,000	10,000,000	10,000,000	10,000,000
Series B Convertible Preferred Stock [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	5,333,000	5,333,000	5,333,000	5,333,000
Series C Convertible Preferred Stock [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	7,500,000	7,500,000	7,500,000	7,500,000
Series D Convertible Preferred Stock [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	17,250,000		17,250,000
Non Employee Director Restricted Share Units [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	489,669	228,943	489,669	228,943
Employee Stock Purchase Plan [Member]
Antidilutive shares excluded from the computation of earnings per share (in shares)	37,152	15,761	37,152	15,761
Antidilutive shares excluded from the computation of earnings per share (in shares)	10,824,255	7,325,000	10,824,255	7,325,000

Note 8 - Equity (Details Textua

Note 8 - Equity (Details Textual)	Nov. 18, 2016	Jun. 28, 2016USD ($)$ / shares$ / itemshares	May 14, 2015$ / sharesshares	Feb. 28, 2015USD ($)$ / shares	Feb. 18, 2015USD ($)$ / sharesshares	Feb. 11, 2015USD ($)$ / shares$ / itemshares	Feb. 28, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / shares	Jun. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Jun. 02, 2016USD ($)$ / shares	Dec. 31, 2015$ / sharesshares
Common Stock [Member] | Sales Agreement with Cowen and Company [Member]
Stock Issued During Period, Shares, New Issues											0
Common Stock, Par or Stated Value Per Share | $ / shares													$ 0.0001
Aggregate Gross Sales Proceeds Under Sales Agreement | $													$ 50,000,000
Sales Agreement Compensation Percentage													3.00%
Common Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Series B Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues						4,000
Common Stock Exchanged for Shares of Convertible Preferred Stock						4,000,000	4,000,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues		40,250,000				13,500,000
Sale of Stock, Price Per Share | $ / shares		$ 0.80				$ 1.50
Proceeds from Issuance of Common Stock Gross | $		$ 32,200,000				$ 20,300,000
Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Series B Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues							4,000
Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Series C Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues			7,500
Common Stock Exchanged for Shares of Convertible Preferred Stock			7,500,000
Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues						1,333
Convertible Preferred Stock Price Per Share | $ / item						1,500
Proceeds from Issuance of Convertible Preferred Stock Gross | $						$ 2,000,000
Convertible Preferred Stock to Be Converted						1,000
Maximum Ownership Percentage of Common Shares Outstanding Post Conversion						4.99%
Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Series C Convertible Preferred Stock [Member]
Preferred Stock Permitted to Issue Shares			7,500
Convertible Preferred Stock to Be Converted			1,000
Maximum Ownership Percentage of Common Shares Outstanding Post Conversion			9.99%
Preferred Stock, Liquidation Preference Per Share | $ / shares			$ 0.0001
Common Stock Exchanged for Shares of Convertible Preferred Stock			7,500,000
Reverse Stock Split [Member ] | Scenario, Forecast [Member] | Minimum [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	4
Reverse Stock Split [Member ] | Scenario, Forecast [Member] | Maximum [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	10
Reverse Stock Split [Member ] | Scenario, Forecast [Member]
Stockholders' Equity Note, Reverse Stock Split Multiple Applied to Reverse Stock Split Ratio	2
Underwriter Options [Member]
Sale of Stock, Price Per Share | $ / shares					$ 1.50
Proceeds from Issuance of Common Stock Gross | $					$ 1,800,000
Additional Shares Granted Full		5,250,000
Option Expiration Period						30 days
Additional Shares Granted Gross						2,025,000
Additional Shares Granted Net					1,199,660
Series D Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Preferred Stock Permitted to Issue Shares		17,250
Convertible Preferred Stock Price Per Share | $ / item		800
Proceeds from Issuance of Convertible Preferred Stock Gross | $		$ 13,800,000
Preferred Stock, Shares Authorized		17,250
Convertible Preferred Stock to Be Converted		1,000
Maximum Ownership Percentage of Common Shares Outstanding Post Conversion		19.99%
Percentage of Holders Election		19.99%
Days of Notice to Company for Increase of Percentage in Holders Election		61 days
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 0.0001
Series D Convertible Preferred Stock [Member]
Accretion on Beneficial Conversion Feature Associated with Convertible Preferred Stock | $								$ 989,000	$ 1,600,000		$ 2,588,000
Percentage of Preferred Stock Could Be Converted									60.00%
Percentage of Preferred Stock Could Not Be Converted								40.00%
Series B Convertible Preferred Stock [Member]
Preferred Stock Permitted to Issue Shares						5,333
Percentage of Holders Election						19.99%
Days of Notice to Company for Increase of Percentage in Holders Election						61 days
Preferred Stock, Liquidation Preference Per Share | $ / shares						$ 0.0001
Series C Convertible Preferred Stock [Member]
Preferred Stock Permitted to Issue Shares			7,500
Stock Issued During Period, Shares, New Issues							13,500,000
Sale of Stock, Price Per Share | $ / shares				$ 1.50			$ 1.50
Proceeds from Issuance of Common Stock Gross | $							$ 20,300,000
Preferred Stock, Shares Authorized														10,000,000
Proceeds from Issuance or Sale of Equity, Gross | $		$ 46,000,000		$ 24,000,000
Payments of Stock Issuance Costs | $		2,700,000		1,600,000
Proceeds from Issuance or Sale of Equity | $		$ 43,300,000		$ 22,400,000
Beneficial Conversion Feature Associated with Convertible Preferred Stock | $											$ 2,600,000
Common Stock, Par or Stated Value Per Share | $ / shares								$ 0.0001			$ 0.0001			$ 0.0001

Note 9 - Warrants (Details Text

Note 9 - Warrants (Details Textual) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2013	Feb. 28, 2011
September 2010 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	0		0
Class of Warrant or Right, Outstanding	0		0
June 2013 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					5,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 5
February 2011 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						48,701
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 3.08
Warrants Classified as Equity [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	5,048,701		5,048,701
Class of Warrant or Right Number Of Warrants Exercises in Period	0	0
Class of Warrant or Right, Number of Warrants Expired in Period			0	0
Class of Warrant or Right, Outstanding	5,048,701		5,048,701

Note 9 - Warrants - Change in F

Note 9 - Warrants - Change in Fair Value of the Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Warrant, liability		$ 2,578		$ 128
Change in fair value of warrant liability		(2,578)		(128)
Warrant, liability

Note 10 - Share-based Compens39

Note 10 - Share-based Compensation (Details Textual) - USD ($)	Jun. 23, 2016	Jun. 06, 2014	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Jun. 03, 2010
The 2016 Equity Incentive Plan [Member] | Award Originated Under 2016 EIP [Member]
Common Stock, Capital Shares Reserved for Future Issuance	6,300,000
The 2016 Equity Incentive Plan [Member] | Award Transferred from Option Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	497,302
The 2016 Equity Incentive Plan [Member] | Award Transferred from RSU Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	408,128
The 2016 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0				326,082
Restricted Share Units Granted in Period, Total Fair Value							$ 300,000
The 2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			140,800				140,800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0				0
Common Stock, Capital Shares Reserved for Future Issuance	7,205,430
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Stock Option Plan [Member] | Employee Stock Option [Member] | Begin to Vest [Member] | Options Granted Prior to January 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							1 year
Stock Option Plan [Member] | Employee Stock Option [Member] | Options Granted Prior to January 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							8 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							4 years
Stock Option Plan [Member] | Employee Stock Option [Member] | Options Granted After January 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							8 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
Stock Option Plan [Member] | Employee Stock Option [Member]
Maximum Fixed Reloading Percentage							10.00%
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0	2,520,500			1,878,100	2,541,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0	5,437			0	19,437
Inducement Grant [Member] | Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
Inducement Grant [Member] | Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						3 years
Inducement Grant [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period						10 years
Inducement Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0				2,848,855
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0				0
Employee Stock Purchase Plan [Member]
Allocated Share-based Compensation Expense			$ 25,014	$ 39,574			$ 93,707	$ 64,750
Stock Issued During Period, Shares, Employee Stock Purchase Plans			0	0			49,566	34,338
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized									900,000
Employee Stock Purchase Plan Interval Period							180 days
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate			15.00%			15.00%	15.00%
Employee Stock Purchase Plan Maximum Value of Compensation Per Employee							$ 25,000
Employee Stock Purchase Plan Purchase of Common Stock Percentage							85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee							15,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			483,440			483,440	483,440
Restricted Share Unit Plan [Member] | Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member]
Allocated Share-based Compensation Expense			$ 300,000	$ 29,000			$ 400,000	$ 700,000
Restricted Share Unit Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				71,225				163,587
Restricted Share Units Granted in Period, Total Fair Value					$ 250,000			$ 550,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							2 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
Contingent Right to Receive Common Stock, Percentage							75.00%
Contingent Right to Receive Common Stock, Shares							0.75
Value Shares With Held Restricted Share Unit, Percentage							25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		500,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			0	17,341			65,356	97,848
Allocated Share-based Compensation Expense			$ 500,000	$ 500,000			$ 4,100,000	$ 1,300,000

Note 10 - Share-based Compensio

Note 10 - Share-based Compension - Weighted Average Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016Rate	Sep. 30, 2015Rate	Sep. 30, 2016Rate	Sep. 30, 2015Rate
Expected dividend rate	0.00%	0.00%	0.00%	0.00%
Expected volatility	74.05%	72.10%	74.67%	72.14%
Risk-free interest rate	1.34%	1.63%	1.42%	1.63%
Expected life of options (in years)	6 years 73 days	6 years	6 years 80 days	6 years

Note 11 - Contingencies, Comm41

Note 11 - Contingencies, Commitments, and Guarantees (Details Textual) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Retention Plan [Member] | Maximum [Member]
Expected Expenses Related to Retention Payment Plan		$ 2.5
Retention Plan [Member]
Other Labor-related Expenses	$ 0.5	1.9
Employee-related Liabilities	$ 1.7	$ 1.7

Note 12 - Collaborative and L42

Note 12 - Collaborative and License Agreements (Details Textual) - USD ($)	May 05, 2016	Dec. 11, 2014	Jun. 30, 2014	Apr. 30, 2014	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
STC. UNM. [Member] | In Process for Research and Development [Member]
Impairment of Intangible Assets (Excluding Goodwill)								$ 19,700,000
STC. UNM. [Member]
Termination and License Fee	$ 325,000
Success Based Milestones Maximum Payment			$ 5,000,000
Array BioPharma Inc [Member] | Collaborative Arrangement, Co-promotion [Member] | Upfront Payment [Member]
Research and Development Expense		$ 20,000,000
Array BioPharma Inc [Member] | Collaborative Arrangement, Co-promotion [Member] | Maximum [Member]
Contingent Payable		$ 280,000,000
Array BioPharma Inc [Member] | Collaborative Arrangement, Co-promotion [Member]
Contract Terms Years from Effective Date for Acquistion Restrictions		3 years
Expiration Period Following First Commercial on a Country by Country Basis		10 years
License Agreement Termination Notice Period		180 days
Sentinel Oncology Limited [Member] | Scenario, Forecast [Member]
Contingent Payable					$ 1,000,000
Sentinel Oncology Limited [Member]
Contingent Payable				$ 90,000,000
In Process for Research and Development [Member]
Impairment of Intangible Assets (Excluding Goodwill)								19,700,000
Research and Development Expense						$ 7,281,000	$ 5,122,000	19,998,000	$ 16,581,000
Impairment of Intangible Assets (Excluding Goodwill)								19,738,000
Income Tax Expense (Benefit)							$ 0	(6,908,000)	$ 0
Reversal of Time Based Milestone								$ 1,500,000

Note 13 - Income Tax (Details T

Note 13 - Income Tax (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Expense (Benefit)		$ 0	$ (6,908,000)	$ 0
Other Tax Expense (Benefit)	$ 0		$ 0

Note 14 - Related Party Trans44

Note 14 - Related Party Transactions (Details Textual) - USD ($)	Jun. 28, 2016	May 14, 2015	Feb. 11, 2015	Aug. 31, 2016	Jun. 30, 2016	Feb. 28, 2015	Sep. 30, 2016	Sep. 30, 2015
Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | BVF, Inc [Member]
Stock Issued During Period, Shares, New Issues						1,333
Sale of Stock, Price Per Share						$ 1,500
Proceeds from Issuance of Convertible Preferred Stock Gross						$ 2,000,000
Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Stock Issued During Period, Shares, New Issues						4,000
Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues			1,333
Proceeds from Issuance of Convertible Preferred Stock Gross			$ 2,000,000
Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Stock Issued During Period, Shares, New Issues		7,500
Common Stock Exchanged for Shares of Convertible Preferred Stock		7,500,000
Common Stock [Member] | Series B Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Stock Issued During Period, Shares, New Issues			4,000
Common Stock Exchanged for Shares of Convertible Preferred Stock			4,000,000			4,000,000
Common Stock [Member] | BVF, Inc [Member]
Percentage of Common Stock Owned by Related Party						5.00%
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	40,250,000		13,500,000
Sale of Stock, Price Per Share	$ 0.80		$ 1.50
Proceeds from Issuance of Common Stock Gross	$ 32,200,000		$ 20,300,000
Series C Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Common Stock Exchanged for Shares of Convertible Preferred Stock		7,500,000
Series D Convertible Preferred Stock [Member] | BVF, Inc [Member]
Stock Issued During Period, Shares, New Issues					17,250
Proceeds from Issuance of Convertible Preferred Stock Gross					$ 13,800,000
Short-swing Profit [Member]
Proceeds from Contributed Capital				$ 200,000
Chief Executive Officer [Member]
Stock Issued During Period, Shares, New Issues					62,500
Shares Purchased During Period by CEO				45,000
Stock Issued During Period, Shares, New Issues						13,500,000
Sale of Stock, Price Per Share						$ 1.50
Proceeds from Issuance of Common Stock Gross						$ 20,300,000
Proceeds from Contributed Capital							$ 225,000