Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 05, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | ACELRX PHARMACEUTICALS INC | ||
Entity Central Index Key | 0001427925 | ||
Trading Symbol | acrx | ||
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 Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 80,411,856 | ||
Entity Public Float | $ 197,006,167 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 14,684 | $ 87,975 |
Short-term investments | 51,453 | 17,740 |
Accounts receivable, net | 432 | 49 |
Tax receivable | 88 | 352 |
Inventories, net | 3,295 | 854 |
Prepaid expenses and other current assets | 1,736 | 1,024 |
Total current assets | 71,688 | 107,994 |
Operating lease right-of-use assets | 3,928 | |
Property and equipment, net | 14,552 | 11,483 |
Long-term tax receivable | 263 | 351 |
Other assets | 925 | 705 |
Total Assets | 91,356 | 120,533 |
Current Liabilities: | ||
Accounts payable | 1,720 | 2,070 |
Accrued liabilities | 5,528 | 4,540 |
Long-term debt, current portion | 4,630 | 8,611 |
Deferred revenue, current portion | 411 | 315 |
Operating lease liabilities, current portion | 970 | |
Liability related to the sale of future royalties, current portion | 352 | 392 |
Total current liabilities | 13,611 | 15,928 |
Long-term debt, net of current portion | 20,517 | 3,380 |
Deferred revenue, net of current portion | 2,833 | 3,148 |
Operating lease liabilities, net of current portion | 3,640 | |
Liability related to the sale of future royalties, net of current portion | 91,683 | 93,287 |
Other long-term liabilities | 490 | 537 |
Total liabilities | 132,774 | 116,280 |
Commitments and Contingencies | ||
Stockholders’ (Deficit) Equity: | ||
Common stock, $0.001 par value—200,000,000 shares authorized as of December 31, 2019 and 100,000,000 shares authorized as of December 31, 2018; 79,573,101 and 78,757,930 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 79 | 78 |
Additional paid-in capital | 356,609 | 349,194 |
Accumulated deficit | (398,106) | (345,019) |
Total stockholders’ (deficit) equity | (41,418) | 4,253 |
Total Liabilities and Stockholders’ (Deficit) Equity | $ 91,356 | $ 120,533 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 100,000,000 |
Common stock, issued (in shares) | 79,573,101 | 78,757,930 |
Common stock, outstanding (in shares) | 79,573,101 | 78,757,930 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Revenue | $ 2,289 | $ 2,151 | $ 7,995 |
Operating costs and expenses: | |||
Cost of goods sold | 6,806 | 3,976 | 10,659 |
Research and development | 4,661 | 13,137 | 19,409 |
Selling, general and administrative | 45,027 | 20,765 | 16,609 |
Total operating costs and expenses | 56,494 | 37,878 | 46,677 |
Loss from operations | (54,205) | (35,727) | (38,682) |
Other income (expense): | |||
Interest expense | (2,535) | (2,217) | (3,316) |
Interest income and other income (expense), net | 2,166 | 1,138 | 510 |
Non-cash interest income (expense) on liability related to sale of future royalties | 1,337 | (10,341) | (10,721) |
Total other income (expense) | 968 | (11,420) | (13,527) |
Net loss before income taxes | (53,237) | (47,147) | (52,209) |
Provision (benefit) for income taxes | 3 | 2 | (701) |
Net loss | (53,240) | (47,149) | (51,508) |
Other comprehensive loss: | |||
Unrealized losses on available for sale securities | (3) | ||
Comprehensive loss | $ (53,240) | $ (47,149) | $ (51,511) |
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.67) | $ (0.81) | $ (1.10) |
Shares used in computing net loss per share of common stock, basic and diluted –see Note 13 (in shares) | 79,184,266 | 58,408,548 | 46,883,535 |
Product [Member] | |||
Revenue: | |||
Revenue | $ 1,830 | $ 825 | $ 6,673 |
Contract and Other Collaboration [Member] | |||
Revenue: | |||
Revenue | $ 459 | $ 1,326 | $ 1,322 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 45,333,790 | ||||
Balance at Dec. 31, 2016 | $ 45 | $ 240,977 | $ (246,362) | $ 3 | $ (5,337) |
Stock-based compensation | 4,294 | 4,294 | |||
Net proceeds from issuance of common stock in connection with equity financings (in shares) | 5,401,099 | ||||
Net proceeds from issuance of common stock in connection with equity financings | $ 6 | 15,688 | 15,694 | ||
Issuance of common stock upon exercise of stock options (in shares) | 69,372 | ||||
Issuance of common stock upon exercise of stock options | 105 | 105 | |||
Issuance of common stock upon ESPP purchase (in shares) | 94,893 | ||||
Issuance of common stock upon ESPP purchase | 246 | 246 | |||
Change in unrealized gains and losses on investments | (3) | (3) | |||
Net loss | (51,508) | (51,508) | |||
Balance (in shares) at Dec. 31, 2017 | 50,899,154 | ||||
Balance at Dec. 31, 2017 | $ 51 | 261,310 | (297,870) | (36,509) | |
Stock-based compensation | 5,168 | 5,168 | |||
Net proceeds from issuance of common stock in connection with equity financings (in shares) | 27,364,301 | ||||
Net proceeds from issuance of common stock in connection with equity financings | $ 27 | 81,498 | 81,525 | ||
Issuance of common stock upon exercise of stock options (in shares) | 135,385 | ||||
Issuance of common stock upon exercise of stock options | 401 | 401 | |||
Issuance of common stock upon ESPP purchase (in shares) | 182,360 | ||||
Issuance of common stock upon ESPP purchase | 275 | 275 | |||
Change in unrealized gains and losses on investments | |||||
Net loss | (47,149) | (47,149) | |||
Issuance of common stock upon exercise of warrants (in shares) | 176,730 | ||||
Issuance of common stock upon exercise of warrants | 542 | 542 | |||
Balance (in shares) at Dec. 31, 2018 | 78,757,930 | ||||
Balance at Dec. 31, 2018 | $ 78 | 349,194 | (345,019) | 4,253 | |
Cumulative effect adjustment for adoption of ASU No. 2016-02 | Accounting Standards Update 2016-02 [Member] | 153 | 153 | |||
Stock-based compensation | 5,057 | 5,057 | |||
Net proceeds from issuance of common stock in connection with equity financings (in shares) | 500,000 | ||||
Net proceeds from issuance of common stock in connection with equity financings | 1,233 | $ 1,233 | |||
Issuance of common stock upon exercise of stock options (in shares) | 111,702 | 111,702 | |||
Issuance of common stock upon exercise of stock options | 270 | $ 270 | |||
Issuance of common stock upon ESPP purchase (in shares) | 203,469 | ||||
Issuance of common stock upon ESPP purchase | $ 1 | 472 | 473 | ||
Change in unrealized gains and losses on investments | |||||
Net loss | (53,240) | (53,240) | |||
Issuance of warrants related to debt financing | 383 | 383 | |||
Balance (in shares) at Dec. 31, 2019 | 79,573,101 | ||||
Balance at Dec. 31, 2019 | $ 79 | $ 356,609 | $ (398,106) | $ (41,418) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | 51 Months Ended | |||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ (14,423,000) | $ (13,674,000) | $ (12,558,000) | $ (11,592,000) | $ (53,240,000) | $ (47,149,000) | $ (51,508,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Non-cash royalty revenue related to royalty monetization | (312,000) | (289,000) | (151,000) | |||||
Non-cash interest (income) expense on liability related to royalty monetization | (1,337,000) | 10,341,000 | 10,721,000 | $ 31,535,000 | ||||
Depreciation and amortization | 1,668,000 | 575,000 | 1,744,000 | |||||
Non-cash interest expense related to debt financing | 712,000 | 613,000 | 1,265,000 | |||||
Stock-based compensation | 5,057,000 | 5,168,000 | 4,294,000 | |||||
Inventory impairment charge | 951,000 | 369,000 | ||||||
Other | (773,000) | (201,000) | (198,000) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (383,000) | 1,484,000 | 4,300,000 | |||||
Inventories | (3,392,000) | 102,000 | 920,000 | |||||
Prepaid expenses and other assets | (465,000) | (850,000) | 175,000 | |||||
Tax receivable | 352,000 | (703,000) | ||||||
Other assets | (220,000) | |||||||
Accounts payable | (19,000) | 458,000 | 309,000 | |||||
Accrued liabilities | 1,141,000 | 922,000 | (1,301,000) | |||||
Operating lease liabilities | (701,000) | |||||||
Deferred revenue | (219,000) | (362,000) | (361,000) | |||||
Deferred rent | 113,000 | 360,000 | ||||||
Net cash used in operating activities | (51,180,000) | (29,075,000) | (29,765,000) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of property and equipment | (3,470,000) | (819,000) | (2,405,000) | |||||
Purchase of investments | (100,068,000) | (30,558,000) | (7,565,000) | |||||
Proceeds from maturities of investments | 66,975,000 | 20,500,000 | ||||||
Net cash used in investing activities | (36,563,000) | (10,877,000) | (9,970,000) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from issuance of long-term debt | 25,000,000 | |||||||
Payment of costs in connection with refinancing of long-term debt | (190,000) | (204,000) | ||||||
Payment of long-term debt | (3,470,000) | (7,718,000) | (3,514,000) | |||||
Extinguishment of debt | (8,864,000) | |||||||
Net proceeds from issuance of common stock in connection with equity financings | 1,233,000 | 81,525,000 | 15,694,000 | |||||
Net proceeds from issuance of common stock through equity plans | 743,000 | 1,218,000 | 351,000 | |||||
Net cash provided by financing activities | 14,452,000 | 75,025,000 | 12,327,000 | |||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS | (73,291,000) | 35,073,000 | (27,408,000) | |||||
CASH, CASH EQUIVALENTS —Beginning of period | $ 87,975,000 | $ 52,902,000 | 87,975,000 | 52,902,000 | 80,310,000 | |||
CASH, CASH EQUIVALENTS —End of period | $ 14,684,000 | $ 87,975,000 | 14,684,000 | 87,975,000 | 52,902,000 | $ 14,684,000 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid for interest | 1,712,000 | 1,667,000 | 2,043,000 | |||||
Income taxes (refunded) paid | (350,000) | 2,000 | 2,000 | |||||
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Purchases of property and equipment in accounts payable | 410,000 | 222,000 | ||||||
Leasehold paid with note payable | 899,000 | |||||||
Transfer of tenant improvement allowance to sublease | 242,000 | |||||||
Establishment of right-of-use asset due to the adoption of ASU 2016-02 | $ 4,730,000 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. The Company AcelRx Pharmaceuticals, Inc., or the Company or AcelRx, was incorporated in Delaware on July 13, 2005 January 2006, AcelRx is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. DSUVIA ® ® November 2, 2018, June 2018, first 2019. not may one not DSUVIA/DZUVEO DSUVIA, known as DZUVEO in Europe, approved by the FDA in November 2018 June 2018, DSUVIA was approved with a Risk Evaluation and Mitigation Strategy, or REMS, which restricts distribution to certified medically supervised healthcare settings in order to prevent respiratory depression resulting from accidental exposure. DSUVIA is only distributed to facilities certified in the DSUVIA REMS program following attestation by an authorized representative to comply with appropriate dispensing and use restrictions of DSUVIA. To become certified, a healthcare setting is required to train their healthcare professionals on the proper use of DSUVIA and have the ability to manage respiratory depression. DSUVIA is not Zalviso Zalviso delivers 15 September 2013 July 25, 2014. IAP312, IAP312 August 2017, three 3 On December 16, 2013, July 17, 2015 September 20, 2016, 28 September 2015, December 16, 2013, July 22, 2015, July 17, 2015. The Company has incurred recurring operating losses and negative cash flows from operating activities since inception. Although Zalviso was approved for sale in Europe on September 18, 2015, November 2018 first 2019. Except as the context otherwise requires, when we refer to "we," "our," "us," the "Company" or "AcelRx" in this document, we mean AcelRx Pharmaceuticals, Inc., and its consolidated subsidiary. “DZUVEO” is a trademark, and “ACELRX”, “DSUVIA” and “Zalviso” are registered trademarks, all owned by AcelRx Pharmaceuticals, Inc. This report also contains trademarks and trade names that are the property of their respective owners. Basis of Presentation The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in the Consolidated Financial Statements have been reclassified to conform to the current year's presentation. In particular, the amount reported in the Consolidated Balance Sheets as restricted cash has been reclassified to other assets at December 31, 2018, December 31, 2018, Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiary, ARPI LLC, which was formed in September 2015 8 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Management evaluates its estimates on an ongoing basis including critical accounting policies. Estimates are based on historical experience and on various other market-specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity (at date of purchase) of three All marketable securities are classified as available-for-sale and consist of commercial paper, U.S. government sponsored enterprise debt securities and corporate debt securities. These securities are carried at estimated fair value, which is based on quoted market prices or observable market inputs of almost identical assets, with unrealized gains and losses included in accumulated other comprehensive income (loss). The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income or expense. The cost of securities sold is based on specific identification. The Company’s investments are subject to a periodic impairment review for other-than-temporary declines in fair value. The Company’s review includes the consideration of the cause of the impairment including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market value. When the Company determines that the decline in fair value of an investment is below its accounting basis and this decline is other-than-temporary, it reduces the carrying value of the security it holds and records a loss in the amount of such decline. Fair Value of Financial Instruments The Company measures and reports its cash equivalents, investments and financial liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three Level I—Unadjusted quoted prices in active markets for identical assets or liabilities; Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not Level III—Unobservable inputs that are supported by little or no The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Segment Information The Company operates in a single segment, the development and commercialization of product candidates and products for the treatment of pain. The Company’s net product sales revenue relates to sales in the United States. The Company’s collaboration revenue relates to the Amended License Agreement with Grünenthal to commercialize Zalviso in the countries of the European Union, Switzerland, Liechtenstein, Iceland, Norway and Australia. The Company’s contract and other revenue relates to the U.S. Department of Defense funding that supported the development of DSUVIA in the United States. Concentration of Risk The Company invests cash that is currently not The Company relies on a single third third DSUVIA is available in the U.S. for distribution primarily through a limited number of wholesalers and is not Accounts Receivable, n et The Company has receivables from its distributors and collaboration partner, Grünenthal. To date, the Company has not The Company has not December 31, 2019 Inventories , net Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first first third November 2018. The Company's policy is to write down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements. The Company periodically evaluates the carrying value of inventory on hand for potential excess amount over demand using the same lower of cost or net realizable value approach as that used to value the inventory. Because the predetermined, contractual transfer prices the Company is receiving from Grünenthal are less than the direct costs of manufacturing, all Zalviso inventories are carried at net realizable value. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally three five not Impairment of Long-Lived Assets The Company periodically assesses the impairment of long-lived assets and, if indicators of asset impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through an analysis of the undiscounted future expected operating cash flows. If impairment is indicated, the Company records the amount of such impairment for the excess of the carrying value of the asset over its estimated fair value. For example, if the Company is not may no Contingent put option The contingent put option associated with the Company’s Loan Agreement with Oxford is recorded as a liability. Changes in the fair value of the contingent put option are recognized as interest income and other income (expense), net in the Consolidated Statements of Comprehensive Loss. For further discussion, see Note 6 Leases In February 2016, No. 2016 02, Leases (Topic 842 January 1, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not may Lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, operating lease liabilities current and operating lease liabilities non-current. As a result, the Company no Revenue from Contracts with Customers Beginning January 1, 2018, 606, Revenue from Contracts with Customers In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Product sales revenue Revenues from product sales are recognized when distributors obtain control of the Company’s product, which occurs at a point in time, upon delivery to such distributors. These distributors subsequently resell the product to certified medically supervised healthcare settings. In addition to distribution agreements with these customers, the Company enters into arrangements with group purchasing organizations, or GPOs, and other certified medically supervised healthcare settings that provide for privately negotiated discounts with respect to the purchase of its products. Revenue from product sales is recorded at the transaction price, net of estimates for variable consideration consisting of distributor fees, GPO discounts, GPO administrative fees and returns. Variable consideration is recorded at the time product sales are recognized resulting in a reduction in product revenue. The amount of variable consideration that is included in the transaction price may not 606 may ● Distributor Fees – The Company offers contractually determined fees to its distributors. ● GPO Discounts - The Company offers discounts to GPO members. These discounts are taken when the GPO members purchase DSUVIA from the Company’s distributors, who then charge the discount amount back to the Company. ● GPO Administrative Fees - The Company pays administrative fees to GPOs for services and access to data. These fees are based on contracted terms and are paid after the quarter in which the product was purchased by the GPOs’ members. ● Returns – The Company allows its distributors to return product for credit up to 12 may ● Prompt Pay Discounts – The Company offers cash discounts to its distributors, generally 2% The Company believes its estimated allowance for product returns requires a high degree of judgment and is subject to change based on its limited experience and certain quantitative and qualitative factors. The Company believes its estimated allowances for distributor fees, GPO discounts and GPO administrative fees and prompt pay discounts do not Amounts accrued for product revenue allowances and related accruals are evaluated each reporting period and adjusted when trends or significant events indicate that a change in estimate is appropriate and to reflect actual experience. Product revenue-related liabilities are recorded in the Company’s Consolidated Balance Sheets as accrued liabilities, while prompt pay discounts are recorded in the Company’s Consolidated Balance Sheets as a reduction in accounts receivable. The Company will continue to assess its estimates of variable consideration as it accumulates additional historical data and will adjust these estimates accordingly. Changes in product revenue allowance estimates could materially affect the Company’s results of operations and financial position. Contract and other collaboration revenue The Company entered into award contracts with U.S. Department of Defense, or the DoD, to support the development of DSUVIA. These contracts provided for the reimbursement of qualified expenses for research and development activities. Revenue under these arrangements was recognized when the related qualified research expenses were incurred. The Company was entitled to reimbursement of overhead costs associated with the study costs under the DoD arrangements. The Company estimated this overhead rate by utilizing forecasted expenditures. Final reimbursable overhead expenses were dependent on direct labor and direct reimbursable expenses throughout the life of each contract, which increased or decreased based on actual expenses incurred. The Company generates revenue from collaboration agreements. These agreements typically include payments for upfront signing or license fees, cost reimbursements for development and manufacturing services, milestone payments, product sales, and royalties on licensee’s future product sales. Product sales related revenue under these collaboration agreements is classified as product sales revenue, while other revenue generated from collaboration agreements is classified as contract and other collaboration revenue. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. The Company has optional additional items in contracts, which are considered marketing offers and are accounted for as separate contracts when the customer elects such options. Arrangements that include a promise for future commercial product supply and optional research and development services at the customer’s or the Company’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, such material rights are accounted for as separate performance obligations. If the Company is entitled to additional payments when the customer exercises these options, any additional payments are recorded in revenue when the customer obtains control of the goods or services. Transaction Price The Company has both fixed and variable consideration. Variable consideration for product revenue is described as Net product sales in the Consolidated Statements of Comprehensive Loss. For collaboration agreements, non-refundable upfront fees and product supply selling prices are considered fixed, while milestone payments are identified as variable consideration when determining the transaction price. Funding of research and development activities is considered variable until such costs are reimbursed at which point, they are considered fixed. The Company allocates the total transaction price to each performance obligation based on the relative estimated standalone selling prices of the promised goods or services for each performance obligation. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not not not For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Allocation of Consideration As part of the accounting for collaboration arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. Estimated selling prices for license rights and material rights for discounts on manufacturing services are calculated using an income approach model and can include the following key assumptions: the development timeline, sales forecasts, costs of product sales, commercialization expenses, discount rate, the time which the manufacturing services are expected to be performed, and probabilities of technical and regulatory success. For all other performance obligations, the Company uses a cost- plus margin approach. Timing of Recognition Significant management judgment is required to determine the level of effort required under collaboration arrangements and the period over which the Company expects to complete its performance obligations under the arrangement. The Company estimates the performance period or measure of progress at the inception of the arrangement and re-evaluates it each reporting period. This re-evaluation may Cost of Goods Sold Cost of goods sold for product revenue includes third Under the Amended Agreements with Grünenthal, the Company sells Zalviso to Grünenthal at predetermined, contractual transfer prices that are less than the direct costs of manufacturing and recognizes indirect costs as period costs where they are in excess of normal capacity and not third Research and Development Expenses Research and development costs are charged to expense when incurred. Research and development expenses include salaries, employee benefits, including stock-based compensation, consultant fees, laboratory supplies, costs associated with clinical trials and manufacturing, including contract research organization fees, other professional services and allocations of corporate costs. The Company reviews and accrues clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of patient studies and other events. Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses were $1.1 $0.5 $0.0 December 31, 2019, 2018 2017, Stock-Based Compensation Compensation expense for all stock-based payment awards made to employees and directors, including employee stock options and restricted stock units related to the 2011 2011 2011 The Black-Scholes option pricing model requires inputs such as expected term, expected volatility and risk-free interest rate. These inputs are subjective and generally require significant analysis and judgment to develop. The Company uses its historical option exercise experience and the volatility of its common stock as the basis for its assumptions regarding expected term and volatility. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected life assumption. Effective January 1, 2017, 2016 09 not Non-Cash Interest Income (Expense) on Liability Related to Sale of Future Royalties In September 2015, $65.0 $195.0 $61.2 There are a number of factors that could materially affect the amount and timing of royalty and milestone payments from Zalviso in Europe, most of which are not not may may may The Company records non-cash royalty revenues and non-cash interest income (expense), net, within its Consolidated Statements of Comprehensive Loss over the term of the Royalty Monetization. When the expected payments under the Royalty Monetization are lower than the gross proceeds of $65.0 Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive income (loss) and is disclosed in the Consolidated Statements of Comprehensive Loss. For the Company, other comprehensive income (loss) consists of changes in unrealized gains and losses on the Company’s investments. Income Taxes Deferred tax assets and liabilities are measured based on differences between the financial reporting and tax basis of assets and liabilities using enacted rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records a valuation allowance for the full amount of deferred assets, which would otherwise be recorded for tax benefits relating to operating loss and tax credit carryforwards, as realization of such deferred tax assets cannot be determined to be more likely than not. Net Loss per Share of Common Stock The Company’s basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share of common stock is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, convertible preferred stock, options to purchase common stock, restricted stock subject to repurchase, restricted stock units, warrants to purchase convertible preferred stock and warrants to purchase common stock were considered to be common stock equivalents. In periods with a reported net loss, such common stock equivalents are excluded from the calculation of diluted net loss per share of common stock if their effect is antidilutive. For additional information regarding the net loss per share, see Note 13 Recently Adopted Accounting Pronouncement s On August 29, 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350 40 The amendments in ASU No. 2018 15 ASU No. 2018 15 December 15, 2019, not 1 first 2 No. 2018 15 January 1, 2019 not In August 2018, No. 33 10532, Disclosure Update and Simplification, January 1, 2019. In February 2016, No. 2016 02, Leases (Topic 842 January, July December 2018, July 2018 No. 2018 11, Leases (Topic 842 12 No. 2016 02 January 1, 2019. 1 not 2 not 3 not The adoption of the new leases standard resulted in the following adjustments to the Consolidated Balance Sheets as of January 1, 2019 ( Increase/(Decrease) Operating lease right-of-use assets $ 4,730 Accrued liabilities (a) $ (100 ) Operating lease liabilities $ 484 Operating lease liabilities, net of current portion $ 4,610 Deferred rent, net of current portion $ (416 ) Accumulated deficit (b) $ (153 ) (a) Represents current portion of Deferred rent reclassified to Operating lease liabilities. (b) Represents cumulative-effect adjustment upon adoption of ASU No. 2016 02. The adoption of ASU No. 2016 02, not Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13. 2016 13 2016 13 January 1, 2023, January 1, 2020. May 2019, 2019 05, Financial Instruments – Credit Losses” 2019 05, 2016 13. 2016 13 2019 05 not |
Note 2 - Investments and Fair V
Note 2 - Investments and Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments and Fair Value Measurement Disclosure [Text Block] | 2. Investments The Company classifies its marketable securities as available-for-sale and records its investments at fair value. Available-for-sale securities are carried at estimated fair value based on quoted market prices or observable market inputs of almost identical assets, with the unrealized holding gains and losses included in accumulated other comprehensive income. Marketable securities which have maturities beyond one The table below summarizes the Company’s cash, cash equivalents and investments (in thousands): As of December 31, 2019 Amortized Cost Gross Unrealized Gross Unrealized Fair Cash and cash equivalents: Cash $ 1,957 $ — $ — $ 1,957 Money market funds 598 — — 598 Commercial paper 12,129 — — 12,129 Total cash and cash equivalents 14,684 — — 14,684 Short-term investments: U.S. government agency securities 14,268 — — 14,268 Commercial paper 27,131 — — 27,131 Corporate debt securities 10,054 — — 10,054 Total short-term investments 51,453 — — 51,453 Total cash, cash equivalents and short-term investments $ 66,137 $ — $ — $ 66,137 As of December 31, 2018 Amortized Cost Gross Unrealized Gross Unrealized Fair Cash and cash equivalents: Cash $ 2,037 $ — $ — $ 2,037 Money market funds 1,436 — — 1,436 U.S. government agency securities 10,181 — — 10,181 Commercial paper 74,321 — — 74,321 Total cash and cash equivalents 87,975 — — 87,975 Short-term investments: U.S. government agency securities 1,497 — — 1,497 Commercial paper 16,243 — — 16,243 Total short-term investments 17,740 — — 17,740 Total cash, cash equivalents and short-term investments $ 105,715 $ — $ — $ 105,715 None no December 31, 2019 2018. no December 31, 2019 2018. No no December 31, 2019 2018. As of December 31, 2019 2018, one Fair Value Measurement The Company’s financial instruments consist of Level I and II assets and Level III liabilities. Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 third December 31, 2019, December 31, 2018, 2014 1 6 two The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands): As of December 31, 2019 Fair Value Level I Level II Level III Assets Money market funds $ 598 $ 598 $ — $ — U.S. government agency securities 14,268 — 14,268 — Commercial paper 39,260 — 39,260 — Corporate debt securities 10,054 — 10,054 — Total assets measured at fair value $ 64,180 $ 598 $ 63,582 $ — Liabilities Contingent put option liability $ 437 $ — $ — $ 437 Total liabilities measured at fair value $ 437 $ — $ — $ 437 As of December 31, 2018 Fair Value Level I Level II Level III Assets Money market funds $ 1,436 $ 1,436 $ — $ — U.S. government agency securities 11,678 — 11,678 — Commercial paper 90,564 — 90,564 — Total assets measured at fair value $ 103,678 $ 1,436 $ 102,242 $ — Liabilities Contingent put option liability $ 121 $ — $ — $ 121 Total liabilities measured at fair value $ 121 $ — $ — $ 121 The following table sets forth a summary of the changes in the fair value of the Company’s Level III financial liabilities for the years ended December 31, 2019 2018 Year Ended Fair value—beginning of period $ 121 Change in fair value of contingent put option associated with the Loan Agreement 437 Change in fair value of contingent put option associated with the Prior Agreement (121 ) Fair value—end of period $ 437 Year Ended Fair value—beginning of period $ 207 Change in fair value of contingent put option associated with Amended Loan Agreement (86 ) Fair value—end of period $ 121 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories consist of finished goods, raw materials and work in process and are stated at the lower of cost or net realizable value and consist of the following (in thousands): As of December 31, 2019 2018 Raw materials $ 1,153 $ 694 Work-in-process 593 160 Finished goods 1,549 — Inventories $ 3,295 $ 854 During the year ended December 31, 2019, $1.0 may December 31, 2017, $0.4 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment consist of the following (in thousands): As of December 31, 2019 2018 Laboratory equipment $ 4,389 $ 3,972 Leasehold improvements 4,616 4,469 Computer equipment and software 1,749 237 Construction in process 11,949 10,593 Tooling 1,109 1,109 Furniture and fixtures 292 47 24,104 20,427 Less accumulated depreciation and amortization (9,552 ) (8,944 ) Property and equipment, net $ 14,552 $ 11,483 Depreciation and amortization expense was $0.9 $0.5 $1.7 December 31, 2019, 2018 2017, |
Note 5 - Revenue from Contracts
Note 5 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5 Revenue from Contracts with Customers The following table summarizes revenue from contracts with customers for the years ended December 31, 2019, 2018 2017 December 31, 201 9 201 8 201 7 Product sales: DSUVIA $ 377 $ — $ — Zalviso 1,453 825 6,673 Total product sales 1,830 825 6,673 Contract and other collaboration: DoD Contract revenue — 838 852 Non-cash royalty revenue related to Royalty Monetization (See Note 8) 312 289 151 Royalty revenue 104 96 50 Other revenue 43 103 269 Total revenues from contract and other collaboration 459 1,326 1,322 Total revenue $ 2,289 $ 2,151 $ 7,995 For additional detail on the Company’s accounting policy regarding revenue recognition, refer to Note 1 Product Sales The Company’s commercial launch of DSUVIA in the United States occurred in the first 2019. Contract and Other Collaboration Amended License Agreement Under the Amended License Agreement with Grünenthal, the Company is eligible to receive approximately $194.5 $28.5 $166.0 8 Amended MSA Under the terms of the Amended MSA with Grünenthal, the Company will manufacture and supply the Product for use in the Field for the Territory exclusively for Grünenthal. The Product will be supplied at prices approximating the Company’s manufacturing cost, subject to certain caps, as defined in the MSA Amendment. The MSA Amendment requires the Company to use commercially reasonable efforts to enter stand-by contracts with third third The Amended Agreements entitle the Company to receive additional payments upon the achievement of certain development milestones which relate to post approval product enhancements, expanded market opportunities and manufacturing efficiencies for Zalviso and require future research, development and regulatory activities. These payments are excluded from the transaction price as they are considered payments for optional additional services that Grünenthal may 606 not The Amended Agreements also include milestone payments related to specified net sales targets, totaling $166.0 606 The Company recognizes revenue from license rights when the customer can use and benefit from the license rights. The Company recognizes revenue from its services performance obligations over time using a cost-to-cost input method which best represents the incremental benefit that the customer receives as control is transferred. DoD Contract On May 11, 2015, $17.0 February 28, 2019. Contract Liability The Company has entered into the Amended Agreements with Grünenthal related to Zalviso. At December 31, 2019, $3.1 $0.3 2029. The following table presents changes in the Company’s contract liability for the year ended December 31, 2019: Balance at Beginning of the Period Additions Deductions Balance at the end of the Period (in thousands) Contract liability: Deferred revenue – Amended Agreements $ 3,463 $ — $ (315 ) $ 3,148 Deferred revenue – Other — 96 — 96 Deferred revenue $ 3,463 $ 96 $ (315 ) $ 3,244 For the years ended December 31, 2019 2018, Year ended December 31, 2019 Year ended December 31, 2018 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied – Amended Agreements $ 315 $ 362 New activities in the period from performance obligations satisfied: Performance obligations satisfied – Amended Agreements 1,181 566 Total revenue from performance obligations satisfied $ 1,496 $ 928 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. Prior Agreement with Hercules On December 16, 2013, 176,730 $6.79 9 On March 2, 2017, first $20.5 March 2, 2017, first $1.7 October 1, 2017. 9.55% 3.50%, 9.55%. October 1, 2017 March 1, 2020. 6.5% $20.5 May 30, 2019, $8.9 $7.4 $1.3 $0.2 The Company’s obligations under the Prior Agreement were secured by a security interest in substantially all of its assets, other than its intellectual property. In addition, upon an event of default, including a change of control, Hercules had the option to accelerate repayment of the Amended Loan Agreement, including payment of any applicable prepayment charges. This option was considered a contingent put option liability, as the holder of the loan has the ability to exercise the option in the event of default, and is considered an embedded derivative, which must be valued and separately accounted for in the Company’s consolidated financial statements. As of December 31, 2018, $0.1 2 The accrued balance due under the Prior Agreement was $12.0 December 31, 2018. $0.6 $2.2 $3.3 December 31, 2019, 2018 2017, Loan Agreement with Oxford On May 30, 2019, $25.0 May 30, 2019. $8.9 $15.9 The interest rate is calculated at a rate equal to the sum of (a) the greater of (i) the 30 2.50%, 6.75%. July 27, 2017, 2021. 2021 not July 1, 2020 June 1, 2023. may July 1, 2021, June 30, 2020, $45.0 5% The Company may 2% May 30, 2020, 1.5% May 30, 2020, May 30, 2021 1% May 30, 2021. The Loan Agreement includes customary representations and covenants that, subject to exceptions, will restrict the Company’s ability to do the following things: declare dividends or redeem or repurchase equity interests; incur additional liens; make loans and investments; incur additional indebtedness; engage in mergers, acquisitions, and asset sales; transact with affiliates; undergo a change in control; add or change business locations; and engage in businesses that are not not $5.0 The Loan Agreement also includes standard events of default, including payment defaults, breaches of covenants following any applicable cure period, a material impairment in the perfection or priority of the Lender’s security interest or in the value of the collateral, a material adverse change in business, operations or the prospect of repayment, events relating to bankruptcy or insolvency. The Loan also contains a cross default provision, under which if a third $250,000, $500,000 5% may may December 31, 2019, $0.4 2 In connection with the Loan Agreement, on May 30, 2019, 176,679 $2.83, 9 The accrued balance due under the Loan Agreement was $24.2 December 31, 2019. $1.9 $0.6 December 31, 2019. Non- I nterest B earing P ayments for the C onstruction of L easehold I mprovements In August 2019, ® may four $0.5 July 2022. $2.0 $1.5 December 31, 2019. December 31, 2019 13.61%. The following table summarizes the balance of the future payments at December 31, 2019 ( As of December 31, 2019 Present value of the face amount of $1.0 million $ 899 Less: current portion 463 Long-term debt, net of current portion $ 436 Future Payments on Long-Term Debt The following table summarizes the outstanding future payments associated with the Company’s long-term debt as of December 31, 2019 2020 $ 6,936 2021 10,429 2022 9,187 2023 5,530 Total payments 32,082 Less amount representing interest (4,792 ) Notes payable, gross 27,290 Less: Unamortized portion of EOT Fee (978 ) Less: Unamortized discount on notes payable (1,165 ) Long-term debt 25,147 Less current portion (4,630 ) Long-term debt, net of current portion $ 20,517 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7 . Leases Office Lease The Company leases office and laboratory space for its corporate headquarters, located at 351 June 2017, February 1, 2018 January 31, 2024 six not $0.1 3% February 1 st not On January 2, 2019, 47% February 16, 2019 January 31, 2024, $48,000 3% February 1, 2019. January 2, 2019, 45 $0.4 $0.2 The transfer of the tenant improvement allowance to the sublessee resulted in a change in cash flows for the New Lease and was accounted for as a modification with changes in lease term and consideration. As a result, the Company remeasured the lease liability with the revised lease payments and recognized approximately $24,000 Contract Manufacturing Lease On December 12, 2012, December 31, 2017, two eighteen 2013, $0.2 December 31, 2021. The components of lease expense are presented in the following table (in thousands): Year Ended Operating lease costs $ 1,360 Sublease income (596 ) Net lease costs $ 764 Other information related to the operating leases is presented in the following table (in thousands, except years and percentages): Year Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 1,084 Supplemental non-cash disclosures of lease activities Transfer of tenant improvement allowance to sublease $ 242 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,730 The weighted average remaining lease term and discount rate related to the operating leases are presented in the following table: December 31, 2019 Weighted-average remaining term – operating lease (in years) 4.08 Weighted-average discount rate – operating lease 11.72 % Maturities of lease liabilities as of December 31, 2019 Year: 2020 $ 1,268 2021 1,305 2022 1,345 2023 1,386 2024 116 Total future minimum lease payments 5,420 Less imputed interest (810 ) Total $ 4,610 Reported as: Operating lease liabilities $ 970 Operating lease liabilities, net of current portion 3,640 Total lease liability $ 4,610 Future minimum sublease payments as of December 31, 2019 Year: 2020 $ 593 2021 610 2022 629 2023 648 2024 54 Total future minimum sublease payments $ 2,534 The rent receivable balance is reported in the Consolidated Balance Sheets as follows (in thousands): Reported as: Prepaid expenses and other current assets $ 78 Other assets 354 Total rent receivable $ 432 |
Note 8 - Liability Related to S
Note 8 - Liability Related to Sale of Future Royalties | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Liability Related To Sale Of Future Royalties Disclosure [Text Block] | 8 . Liability Related to Sale of Future Royalties On September 18, 2015, $65.0 $195.0 75% 80% first four $35.6 80% $44.5 25% 20% first four 100% $43.5 $15.0 The Company and ARPI LLC continue to retain certain duties and obligations under the Amended License Agreement. These include the collection of the royalty and milestones amounts due and enforcement of related provisions under the Amended License Agreement, among others. In addition, the Company must prepare a quarterly distribution report relating to the Amended License Agreement, containing among other items, the amount of royalty and milestone payments received, reimbursable expenses and set-offs. The Company and ARPI LLC must also provide PDL with notice of certain communications, events or actions with respect to the Amended License Agreement and infringement of any underlying intellectual property. The Company has significant continuing involvement in the Royalty Monetization primarily due to an obligation to act as the intermediary for the supply of Zalviso to Grünenthal. Under the relevant accounting guidance, because of its significant continuing involvement, the Royalty Monetization has been accounted for as a liability that will be amortized using the effective interest method over the life of the arrangement. In order to determine the amortization of the liability, the Company is required to estimate the total amount of future royalty and milestone payments to be received by ARPI LLC and paid to PDL, up to a capped amount of $195.0 $61.2 The Company periodically assesses the expected royalty and milestone payments using a combination of historical results, internal projections and forecasts from external sources. To the extent such payments are greater or less than the Company’s prior estimates or the timing of such payments is materially different than its prior estimates, the Company prospectively adjusts the amortization of the liability and the effective interest rate. During the three June 30, 2019, 4.2%, $65.0 $20 $45 may The change in estimate reduced the effective interest rate over the life of the liability to 0% $8.1 $0.10 December 31, 2019. December 31, 2019 1.4%. three December 31, 2018, December 31, 2018 December 31, 2017 11.6% 13.6%, The following table shows the activity within the liability account during the year ended December 31, 2019 ( Year ended 9 Period from inception to 9 Liability related to sale of future royalties — beginning balance $ 93,679 $ — Proceeds from sale of future royalties — 61,184 Non-cash royalty revenue (307 ) (684 ) Non-cash interest (income) expense recognized (1,337 ) 31,535 Liability related to sale of future royalties as of December 31, 2019 92,035 92,035 Less: current portion (352 ) (352 ) Liability related to sale of future royalties — net of current portion $ 91,683 $ 91,683 As royalties are remitted to PDL from ARPI LLC, as described in Note 1 |
Note 9 - Warrants
Note 9 - Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 9. Loan Agreement Warrants In connection with the Loan Agreement, on May 30, 2019, 176,679 $2.83, may ten The Company estimated the fair value of these Warrants as of the issuance date to be $0.4 $2.83, $2.66, ten 2.22%, 80.22% 0% As of December 31, 2019, 176,679 not May 2029. Original Loan Agreement Warrants In connection with the Original Loan Agreement, the Company issued warrants to the Lenders which were exercisable for an aggregate of 176,730 $6.79 No. 2 $6.79 $3.88 No. 3 $3.88 $3.07 In December 2018, 176,730 2012 In connection with the Private Placement, completed in June 2012, 2,630,103 $3.40 May 29, 2012, six five 50% may Upon execution of the Purchase Agreement, the fair value of the PIPE warrants was estimated to be $5.8 December 31, 2017, $0.3 During the year ended December 31, 2017, 512,456 no |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 0 . Commitments and Contingencies Litigation From time to time the Company may not |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 . Stockholders’ Equity Common Stock 2018 On November 14, 2018, 14,603,173 $3.15 $46.0 $43.1 On July 16, 2018, 7,272,727 $2.75 August 7, 2018, 1,090,909 $2.75 8,363,636 $23.0 $21.7 ATM Agreement On June 21, 2016, SM may $40.0 May 9, 2019, may $40.0 $80.0 December 31, 2019, 500,000 $1.2 $32,000. December 31, 2018, 4.4 $16.8 $0.4 December 31, 2017, 5.4 $15.7 $0.5 As of December 31, 2019, may $45.3 Stock Plans 2006 In August 2006, 2006 342 February 2008, 375 2006 November 2009, 1.4 2006 2006 10% not 110% no may 2006 2011 In January 2011, 2011 2011 February 10, 2011, no may 2006 2006 2006 The initial aggregate number of shares of the Company’s common stock that were issuable pursuant to stock awards under the 2011 1.9 2011 January 1 January 1, 2012 January 1, 2020, 4% December 31 2011 not 10 2011 four 10 not 2011 Additionally, in January 2011, 2011 As of December 31, 2019, 655,420 January 2020, 1,591,462 2011 January 1 January 1, 2012 January 1, 2020, 1 2% December 31 2 not In the year ended December 31, 2019, 203,469 2019, 2018 2017 $2.33, $1.51 $2.59 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 1 2 . Stock-Based Compensation The Company recorded total stock-based compensation expense for stock options, stock awards and the ESPP as follows (in thousands): December 31, 9 December 31, 8 December 31, 7 Cost of goods sold $ 260 $ 358 $ 324 Research and development 920 1,970 1,901 Selling, general and administrative 3,877 2,840 2,069 Total $ 5,057 $ 5,168 $ 4,294 The following table summarizes restricted stock unit activity under the 2011 Weighted Number of Average Restricted Grant Date Stock Units Fair Value Restricted stock units outstanding, January 1, 2019 — $ — Granted 1,029,085 2.53 Vested — — Forfeited (40,440 ) 2.54 Restricted stock units outstanding, December 31, 2019 988,645 $ 2.53 The following table summarizes option activity under the 2011 2006 Number Weighted- Weighted- Aggregate (in thousands) December 31, 2018 11,422,705 $ 3.64 Granted 2,058,128 2.53 Forfeited (442,979 ) 2.57 Expired (277,413 ) 5.31 Exercised (111,702 ) 2.41 December 31, 2019 12,648,739 $ 3.47 6.5 $ 197 Vested and exercisable options—December 31, 2019 8,583,475 $ 3.90 5.6 $ 90 Vested and expected to vest—December 31, 2019 12,648,739 $ 3.47 6.5 $ 197 As of December 31, 2019, 1,950,652 2011 January 2020, 3,182,924 2011 Additional information regarding the Company’s stock options outstanding and vested and exercisable as of December 31, 2019 Options Outstanding Options Vested and Exercisable Exercise Prices Number of Weighted-Average Weighted-Average Shares Subject Weighted-Average $1.68 - $2.56 4,469,976 7.7 $ 2.24 2,308,859 $ 2.21 $2.57 - $3.92 5,946,276 6.5 $ 3.13 4,081,817 $ 3.23 $4.08 - $6.60 1,627,987 4.2 $ 5.58 1,588,299 $ 5.61 $8.18 - $10.55 604,500 4.0 $ 10.29 604,500 $ 10.29 12,648,739 6.5 $ 3.47 8,583,475 $ 3.90 The weighted average grant-date fair value of options granted during the years ended December 31, 2019, 2018 2017 $1.83, $1.62 $1.91 December 31, 2019, $6.4 2.4 December 31, 2019, 2018 2017 $4.4 $4.9 $3.5 December 31, 2019, 2018 2017 $0.1 $0.2 $40 The Company used the following assumptions to calculate the fair value of each employee stock option: Year Ended December 31, 201 9 201 8 201 7 Expected term (in years) 6.0 5.9 5.7 Risk-free interest rate 1.5% - 2.5% 2.5% - 3.1% 1.82% - 2.09% Expected volatility 85% 83% 73% Expected dividend rate 0% 0% 0% |
Note 13 - Net Loss Per Share of
Note 13 - Net Loss Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 3 . Net Loss per Share of Common Stock The Company’s basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share of common stock is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, options to purchase common stock, restricted stock units and warrants to purchase common stock were considered to be common stock equivalents. In periods with a reported net loss, common stock equivalents are excluded from the calculation of diluted net loss per share of common stock if their effect is antidilutive. The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive: Year Ended December 31, 201 9 201 8 201 7 ESPP, RSUs and stock options to purchase common stock 13,798,797 11,797,960 8,767,783 Common stock warrants 176,679 — 176,730 |
Note 14 - Accrued Liabilities
Note 14 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 1 4 . Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 201 9 201 8 Accrued compensation and employee benefits $ 3,796 $ 3,611 Inventory and other contract manufacturing accruals 752 234 Other accrued liabilities 980 695 Total accrued liabilities $ 5,528 $ 4,540 |
Note 15 - 401(k) Plan
Note 15 - 401(k) Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 5 . 401 The Company sponsors a 401 401 401 4% $0.5 December 31, 2019 $0.3 December 31, 2018 2017. |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 6 . Income Taxes The Company recorded a provision for income taxes of $3.0 $2.0 December 31, 2019 2018, $0.7 December 31, 2017. Net deferred tax assets as of December 31, 2019 2018 December 31, 9 December 31, 8 Deferred tax assets: Accruals and other $ 3,672 $ 3,263 Research credits 7,275 7,275 Net operating loss carryforward 52,361 39,082 Section 59(e) R&D expenditures 8,933 10,387 Deferred revenue 21,324 20,689 Total deferred tax assets 93,565 80,696 Valuation allowance (93,565 ) (80,696 ) Net deferred tax assets $ — $ — Reconciliations of the statutory federal income tax to the Company’s effective tax during the years ended December 31, 2019, 2018 2017 Year Ended December 31, 201 9 2018 2017 Tax at statutory federal rate $ (11,180 ) $ (9,901 ) $ (17,751 ) State tax—net of federal benefit (2,538 ) (792 ) 350 General business credits — (500 ) (316 ) Stock options 800 1,048 42 Other 7 295 (19 ) Change in valuation allowance 12,914 9,852 (17,110 ) Tax reform – tax rate change — — 34,103 Provision (benefit) for income taxes $ 3 $ 2 $ (701 ) ASC 740 not.” $12.9 $9.9 $17.1 December 31, 2019, 2018 2017, As of December 31, 2019, $212.4 $114.9 January 1, 2018 2029. $97.5 2019 2018 80% December 31, 2019, $113.5 2028. As of December 31, 2017, $0.7 December 22, 2017, $0.3 December 31, 2019, $0.1 $0.3 As of December 31, 2019, $6.5 2026. December 31, 2019, $4.0 Under Section 382 1986, 50% three may December 31, 2013, two first 2006 $1.4 $26 second July 2013 not Uncertain Tax Positions A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended December 31, 2019, 2018 2017 Year Ended December 31, 2019 2018 2017 Unrecognized benefit—beginning of period $ 2,635 $ 2,365 $ 2,162 Gross increases—prior period tax positions — 57 — Gross increases—current period tax positions — 213 203 Unrecognized benefit—end of period $ 2,635 $ 2,635 $ 2,365 The entire amount of the unrecognized tax benefits would not There were no December 31, 2019, 2018 2017. 2005 2014, 2016 2019, not not 12 |
Note 17 - Subsequent Event
Note 17 - Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 7 . Subsequent Event Merger Agreement On March 15, 2020, 0.6303 $12.5 $20 $35 $55 2021; second 2020 4 AcelRx shareholders will own approximately 85.4% 14.6% Co-Promotion Agreement On March 15, 2020, 15 not 10% one On March 16, 2020, 30 first 2020. $0.5 first 2020. $8 may may not may |
Note 18 - Unaudited Quarterly F
Note 18 - Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. The following table sets forth certain unaudited quarterly financial data for the eight December 31, 2019. not 201 9 201 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues $ 265 $ 941 $ 608 $ 475 $ 343 $ 818 $ 377 $ 613 Operating costs and expenses $ 12,583 $ 14,302 $ 14,142 $ 15,467 $ 8,612 $ 7,971 $ 9,705 $ 11,590 Net loss $ (13,674 ) $ (12,412 ) $ (12,731 ) $ (14,423 ) $ (11,592 ) $ (10,541 ) $ (12,458 ) $ (12,558 ) Net loss per share (basic and diluted) $ (0.17 ) $ (0.16 ) $ (0.16 ) $ (0.18 ) $ (0.23 ) $ (0.20 ) $ (0.21 ) $ (0.18 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business Description of Entity [Policy Text Block] | The Company AcelRx Pharmaceuticals, Inc., or the Company or AcelRx, was incorporated in Delaware on July 13, 2005 January 2006, AcelRx is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. DSUVIA ® ® November 2, 2018, June 2018, first 2019. not may one not DSUVIA/DZUVEO DSUVIA, known as DZUVEO in Europe, approved by the FDA in November 2018 June 2018, DSUVIA was approved with a Risk Evaluation and Mitigation Strategy, or REMS, which restricts distribution to certified medically supervised healthcare settings in order to prevent respiratory depression resulting from accidental exposure. DSUVIA is only distributed to facilities certified in the DSUVIA REMS program following attestation by an authorized representative to comply with appropriate dispensing and use restrictions of DSUVIA. To become certified, a healthcare setting is required to train their healthcare professionals on the proper use of DSUVIA and have the ability to manage respiratory depression. DSUVIA is not Zalviso Zalviso delivers 15 September 2013 July 25, 2014. IAP312, IAP312 August 2017, three 3 On December 16, 2013, July 17, 2015 September 20, 2016, 28 September 2015, December 16, 2013, July 22, 2015, July 17, 2015. The Company has incurred recurring operating losses and negative cash flows from operating activities since inception. Although Zalviso was approved for sale in Europe on September 18, 2015, November 2018 first 2019. Except as the context otherwise requires, when we refer to "we," "our," "us," the "Company" or "AcelRx" in this document, we mean AcelRx Pharmaceuticals, Inc., and its consolidated subsidiary. “DZUVEO” is a trademark, and “ACELRX”, “DSUVIA” and “Zalviso” are registered trademarks, all owned by AcelRx Pharmaceuticals, Inc. This report also contains trademarks and trade names that are the property of their respective owners. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Actual results could differ from those estimates. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts in the Consolidated Financial Statements have been reclassified to conform to the current year's presentation. In particular, the amount reported in the Consolidated Balance Sheets as restricted cash has been reclassified to other assets at December 31, 2018, December 31, 2018, |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiary, ARPI LLC, which was formed in September 2015 8 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Management evaluates its estimates on an ongoing basis including critical accounting policies. Estimates are based on historical experience and on various other market-specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not |
Cash, Cash Equivalents, and Marketable Securities [Policy Text Block] | Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity (at date of purchase) of three All marketable securities are classified as available-for-sale and consist of commercial paper, U.S. government sponsored enterprise debt securities and corporate debt securities. These securities are carried at estimated fair value, which is based on quoted market prices or observable market inputs of almost identical assets, with unrealized gains and losses included in accumulated other comprehensive income (loss). The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income or expense. The cost of securities sold is based on specific identification. The Company’s investments are subject to a periodic impairment review for other-than-temporary declines in fair value. The Company’s review includes the consideration of the cause of the impairment including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market value. When the Company determines that the decline in fair value of an investment is below its accounting basis and this decline is other-than-temporary, it reduces the carrying value of the security it holds and records a loss in the amount of such decline. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company measures and reports its cash equivalents, investments and financial liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three Level I—Unadjusted quoted prices in active markets for identical assets or liabilities; Level II—Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not Level III—Unobservable inputs that are supported by little or no The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company operates in a single segment, the development and commercialization of product candidates and products for the treatment of pain. The Company’s net product sales revenue relates to sales in the United States. The Company’s collaboration revenue relates to the Amended License Agreement with Grünenthal to commercialize Zalviso in the countries of the European Union, Switzerland, Liechtenstein, Iceland, Norway and Australia. The Company’s contract and other revenue relates to the U.S. Department of Defense funding that supported the development of DSUVIA in the United States. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company invests cash that is currently not The Company relies on a single third third DSUVIA is available in the U.S. for distribution primarily through a limited number of wholesalers and is not |
Receivable [Policy Text Block] | Accounts Receivable, n et The Company has receivables from its distributors and collaboration partner, Grünenthal. To date, the Company has not The Company has not December 31, 2019 |
Inventory, Policy [Policy Text Block] | Inventories , net Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first first third November 2018. The Company's policy is to write down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected requirements. The Company periodically evaluates the carrying value of inventory on hand for potential excess amount over demand using the same lower of cost or net realizable value approach as that used to value the inventory. Because the predetermined, contractual transfer prices the Company is receiving from Grünenthal are less than the direct costs of manufacturing, all Zalviso inventories are carried at net realizable value. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally three five not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company periodically assesses the impairment of long-lived assets and, if indicators of asset impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through an analysis of the undiscounted future expected operating cash flows. If impairment is indicated, the Company records the amount of such impairment for the excess of the carrying value of the asset over its estimated fair value. For example, if the Company is not may no |
Contingent Put Option, Policy [Policy Text Block] | Contingent put option The contingent put option associated with the Company’s Loan Agreement with Oxford is recorded as a liability. Changes in the fair value of the contingent put option are recognized as interest income and other income (expense), net in the Consolidated Statements of Comprehensive Loss. For further discussion, see Note 6 |
Lessee, Leases [Policy Text Block] | Leases In February 2016, No. 2016 02, Leases (Topic 842 January 1, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not may Lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, operating lease liabilities current and operating lease liabilities non-current. As a result, the Company no |
Revenue [Policy Text Block] | Revenue from Contracts with Customers Beginning January 1, 2018, 606, Revenue from Contracts with Customers In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Product sales revenue Revenues from product sales are recognized when distributors obtain control of the Company’s product, which occurs at a point in time, upon delivery to such distributors. These distributors subsequently resell the product to certified medically supervised healthcare settings. In addition to distribution agreements with these customers, the Company enters into arrangements with group purchasing organizations, or GPOs, and other certified medically supervised healthcare settings that provide for privately negotiated discounts with respect to the purchase of its products. Revenue from product sales is recorded at the transaction price, net of estimates for variable consideration consisting of distributor fees, GPO discounts, GPO administrative fees and returns. Variable consideration is recorded at the time product sales are recognized resulting in a reduction in product revenue. The amount of variable consideration that is included in the transaction price may not 606 may ● Distributor Fees – The Company offers contractually determined fees to its distributors. ● GPO Discounts - The Company offers discounts to GPO members. These discounts are taken when the GPO members purchase DSUVIA from the Company’s distributors, who then charge the discount amount back to the Company. ● GPO Administrative Fees - The Company pays administrative fees to GPOs for services and access to data. These fees are based on contracted terms and are paid after the quarter in which the product was purchased by the GPOs’ members. ● Returns – The Company allows its distributors to return product for credit up to 12 may ● Prompt Pay Discounts – The Company offers cash discounts to its distributors, generally 2% The Company believes its estimated allowance for product returns requires a high degree of judgment and is subject to change based on its limited experience and certain quantitative and qualitative factors. The Company believes its estimated allowances for distributor fees, GPO discounts and GPO administrative fees and prompt pay discounts do not Amounts accrued for product revenue allowances and related accruals are evaluated each reporting period and adjusted when trends or significant events indicate that a change in estimate is appropriate and to reflect actual experience. Product revenue-related liabilities are recorded in the Company’s Consolidated Balance Sheets as accrued liabilities, while prompt pay discounts are recorded in the Company’s Consolidated Balance Sheets as a reduction in accounts receivable. The Company will continue to assess its estimates of variable consideration as it accumulates additional historical data and will adjust these estimates accordingly. Changes in product revenue allowance estimates could materially affect the Company’s results of operations and financial position. Contract and other collaboration revenue The Company entered into award contracts with U.S. Department of Defense, or the DoD, to support the development of DSUVIA. These contracts provided for the reimbursement of qualified expenses for research and development activities. Revenue under these arrangements was recognized when the related qualified research expenses were incurred. The Company was entitled to reimbursement of overhead costs associated with the study costs under the DoD arrangements. The Company estimated this overhead rate by utilizing forecasted expenditures. Final reimbursable overhead expenses were dependent on direct labor and direct reimbursable expenses throughout the life of each contract, which increased or decreased based on actual expenses incurred. The Company generates revenue from collaboration agreements. These agreements typically include payments for upfront signing or license fees, cost reimbursements for development and manufacturing services, milestone payments, product sales, and royalties on licensee’s future product sales. Product sales related revenue under these collaboration agreements is classified as product sales revenue, while other revenue generated from collaboration agreements is classified as contract and other collaboration revenue. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. The Company has optional additional items in contracts, which are considered marketing offers and are accounted for as separate contracts when the customer elects such options. Arrangements that include a promise for future commercial product supply and optional research and development services at the customer’s or the Company’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, such material rights are accounted for as separate performance obligations. If the Company is entitled to additional payments when the customer exercises these options, any additional payments are recorded in revenue when the customer obtains control of the goods or services. Transaction Price The Company has both fixed and variable consideration. Variable consideration for product revenue is described as Net product sales in the Consolidated Statements of Comprehensive Loss. For collaboration agreements, non-refundable upfront fees and product supply selling prices are considered fixed, while milestone payments are identified as variable consideration when determining the transaction price. Funding of research and development activities is considered variable until such costs are reimbursed at which point, they are considered fixed. The Company allocates the total transaction price to each performance obligation based on the relative estimated standalone selling prices of the promised goods or services for each performance obligation. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not not not For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Allocation of Consideration As part of the accounting for collaboration arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. Estimated selling prices for license rights and material rights for discounts on manufacturing services are calculated using an income approach model and can include the following key assumptions: the development timeline, sales forecasts, costs of product sales, commercialization expenses, discount rate, the time which the manufacturing services are expected to be performed, and probabilities of technical and regulatory success. For all other performance obligations, the Company uses a cost- plus margin approach. Timing of Recognition Significant management judgment is required to determine the level of effort required under collaboration arrangements and the period over which the Company expects to complete its performance obligations under the arrangement. The Company estimates the performance period or measure of progress at the inception of the arrangement and re-evaluates it each reporting period. This re-evaluation may |
Cost of Goods and Service [Policy Text Block] | Cost of Goods Sold Cost of goods sold for product revenue includes third Under the Amended Agreements with Grünenthal, the Company sells Zalviso to Grünenthal at predetermined, contractual transfer prices that are less than the direct costs of manufacturing and recognizes indirect costs as period costs where they are in excess of normal capacity and not third |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development costs are charged to expense when incurred. Research and development expenses include salaries, employee benefits, including stock-based compensation, consultant fees, laboratory supplies, costs associated with clinical trials and manufacturing, including contract research organization fees, other professional services and allocations of corporate costs. The Company reviews and accrues clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of patient studies and other events. |
Advertising Cost [Policy Text Block] | Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses were $1.1 $0.5 $0.0 December 31, 2019, 2018 2017, |
Share-based Payment Arrangement, Director [Policy Text Block] | Stock-Based Compensation Compensation expense for all stock-based payment awards made to employees and directors, including employee stock options and restricted stock units related to the 2011 2011 2011 The Black-Scholes option pricing model requires inputs such as expected term, expected volatility and risk-free interest rate. These inputs are subjective and generally require significant analysis and judgment to develop. The Company uses its historical option exercise experience and the volatility of its common stock as the basis for its assumptions regarding expected term and volatility. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected life assumption. Effective January 1, 2017, 2016 09 not |
Interest Expense, Policy [Policy Text Block] | Non-Cash Interest Income (Expense) on Liability Related to Sale of Future Royalties In September 2015, $65.0 $195.0 $61.2 There are a number of factors that could materially affect the amount and timing of royalty and milestone payments from Zalviso in Europe, most of which are not not may may may The Company records non-cash royalty revenues and non-cash interest income (expense), net, within its Consolidated Statements of Comprehensive Loss over the term of the Royalty Monetization. When the expected payments under the Royalty Monetization are lower than the gross proceeds of $65.0 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive income (loss) and is disclosed in the Consolidated Statements of Comprehensive Loss. For the Company, other comprehensive income (loss) consists of changes in unrealized gains and losses on the Company’s investments. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are measured based on differences between the financial reporting and tax basis of assets and liabilities using enacted rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records a valuation allowance for the full amount of deferred assets, which would otherwise be recorded for tax benefits relating to operating loss and tax credit carryforwards, as realization of such deferred tax assets cannot be determined to be more likely than not. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share of Common Stock The Company’s basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share of common stock is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, convertible preferred stock, options to purchase common stock, restricted stock subject to repurchase, restricted stock units, warrants to purchase convertible preferred stock and warrants to purchase common stock were considered to be common stock equivalents. In periods with a reported net loss, such common stock equivalents are excluded from the calculation of diluted net loss per share of common stock if their effect is antidilutive. For additional information regarding the net loss per share, see Note 13 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncement s On August 29, 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350 40 The amendments in ASU No. 2018 15 ASU No. 2018 15 December 15, 2019, not 1 first 2 No. 2018 15 January 1, 2019 not In August 2018, No. 33 10532, Disclosure Update and Simplification, January 1, 2019. In February 2016, No. 2016 02, Leases (Topic 842 January, July December 2018, July 2018 No. 2018 11, Leases (Topic 842 12 No. 2016 02 January 1, 2019. 1 not 2 not 3 not The adoption of the new leases standard resulted in the following adjustments to the Consolidated Balance Sheets as of January 1, 2019 ( Increase/(Decrease) Operating lease right-of-use assets $ 4,730 Accrued liabilities (a) $ (100 ) Operating lease liabilities $ 484 Operating lease liabilities, net of current portion $ 4,610 Deferred rent, net of current portion $ (416 ) Accumulated deficit (b) $ (153 ) (a) Represents current portion of Deferred rent reclassified to Operating lease liabilities. (b) Represents cumulative-effect adjustment upon adoption of ASU No. 2016 02. The adoption of ASU No. 2016 02, not Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13. 2016 13 2016 13 January 1, 2023, January 1, 2020. May 2019, 2019 05, Financial Instruments – Credit Losses” 2019 05, 2016 13. 2016 13 2019 05 not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Increase/(Decrease) Operating lease right-of-use assets $ 4,730 Accrued liabilities (a) $ (100 ) Operating lease liabilities $ 484 Operating lease liabilities, net of current portion $ 4,610 Deferred rent, net of current portion $ (416 ) Accumulated deficit (b) $ (153 ) |
Note 2 - Investments and Fair_2
Note 2 - Investments and Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | As of December 31, 2019 Amortized Cost Gross Unrealized Gross Unrealized Fair Cash and cash equivalents: Cash $ 1,957 $ — $ — $ 1,957 Money market funds 598 — — 598 Commercial paper 12,129 — — 12,129 Total cash and cash equivalents 14,684 — — 14,684 Short-term investments: U.S. government agency securities 14,268 — — 14,268 Commercial paper 27,131 — — 27,131 Corporate debt securities 10,054 — — 10,054 Total short-term investments 51,453 — — 51,453 Total cash, cash equivalents and short-term investments $ 66,137 $ — $ — $ 66,137 As of December 31, 2018 Amortized Cost Gross Unrealized Gross Unrealized Fair Cash and cash equivalents: Cash $ 2,037 $ — $ — $ 2,037 Money market funds 1,436 — — 1,436 U.S. government agency securities 10,181 — — 10,181 Commercial paper 74,321 — — 74,321 Total cash and cash equivalents 87,975 — — 87,975 Short-term investments: U.S. government agency securities 1,497 — — 1,497 Commercial paper 16,243 — — 16,243 Total short-term investments 17,740 — — 17,740 Total cash, cash equivalents and short-term investments $ 105,715 $ — $ — $ 105,715 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of December 31, 2019 Fair Value Level I Level II Level III Assets Money market funds $ 598 $ 598 $ — $ — U.S. government agency securities 14,268 — 14,268 — Commercial paper 39,260 — 39,260 — Corporate debt securities 10,054 — 10,054 — Total assets measured at fair value $ 64,180 $ 598 $ 63,582 $ — Liabilities Contingent put option liability $ 437 $ — $ — $ 437 Total liabilities measured at fair value $ 437 $ — $ — $ 437 As of December 31, 2018 Fair Value Level I Level II Level III Assets Money market funds $ 1,436 $ 1,436 $ — $ — U.S. government agency securities 11,678 — 11,678 — Commercial paper 90,564 — 90,564 — Total assets measured at fair value $ 103,678 $ 1,436 $ 102,242 $ — Liabilities Contingent put option liability $ 121 $ — $ — $ 121 Total liabilities measured at fair value $ 121 $ — $ — $ 121 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended Fair value—beginning of period $ 121 Change in fair value of contingent put option associated with the Loan Agreement 437 Change in fair value of contingent put option associated with the Prior Agreement (121 ) Fair value—end of period $ 437 Year Ended Fair value—beginning of period $ 207 Change in fair value of contingent put option associated with Amended Loan Agreement (86 ) Fair value—end of period $ 121 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, 2019 2018 Raw materials $ 1,153 $ 694 Work-in-process 593 160 Finished goods 1,549 — Inventories $ 3,295 $ 854 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2019 2018 Laboratory equipment $ 4,389 $ 3,972 Leasehold improvements 4,616 4,469 Computer equipment and software 1,749 237 Construction in process 11,949 10,593 Tooling 1,109 1,109 Furniture and fixtures 292 47 24,104 20,427 Less accumulated depreciation and amortization (9,552 ) (8,944 ) Property and equipment, net $ 14,552 $ 11,483 |
Note 5 - Revenue from Contrac_2
Note 5 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | December 31, 201 9 201 8 201 7 Product sales: DSUVIA $ 377 $ — $ — Zalviso 1,453 825 6,673 Total product sales 1,830 825 6,673 Contract and other collaboration: DoD Contract revenue — 838 852 Non-cash royalty revenue related to Royalty Monetization (See Note 8) 312 289 151 Royalty revenue 104 96 50 Other revenue 43 103 269 Total revenues from contract and other collaboration 459 1,326 1,322 Total revenue $ 2,289 $ 2,151 $ 7,995 |
Contract with Customer, Asset and Liability [Table Text Block] | Balance at Beginning of the Period Additions Deductions Balance at the end of the Period (in thousands) Contract liability: Deferred revenue – Amended Agreements $ 3,463 $ — $ (315 ) $ 3,148 Deferred revenue – Other — 96 — 96 Deferred revenue $ 3,463 $ 96 $ (315 ) $ 3,244 Year ended December 31, 2019 Year ended December 31, 2018 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied – Amended Agreements $ 315 $ 362 New activities in the period from performance obligations satisfied: Performance obligations satisfied – Amended Agreements 1,181 566 Total revenue from performance obligations satisfied $ 1,496 $ 928 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2019 Present value of the face amount of $1.0 million $ 899 Less: current portion 463 Long-term debt, net of current portion $ 436 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ 6,936 2021 10,429 2022 9,187 2023 5,530 Total payments 32,082 Less amount representing interest (4,792 ) Notes payable, gross 27,290 Less: Unamortized portion of EOT Fee (978 ) Less: Unamortized discount on notes payable (1,165 ) Long-term debt 25,147 Less current portion (4,630 ) Long-term debt, net of current portion $ 20,517 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Operating lease costs $ 1,360 Sublease income (596 ) Net lease costs $ 764 Year Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 1,084 Supplemental non-cash disclosures of lease activities Transfer of tenant improvement allowance to sublease $ 242 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,730 December 31, 2019 Weighted-average remaining term – operating lease (in years) 4.08 Weighted-average discount rate – operating lease 11.72 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year: 2020 $ 1,268 2021 1,305 2022 1,345 2023 1,386 2024 116 Total future minimum lease payments 5,420 Less imputed interest (810 ) Total $ 4,610 Operating lease liabilities $ 970 Operating lease liabilities, net of current portion 3,640 Total lease liability $ 4,610 |
Lessee, Operating Sublease, to Be Received, Maturity [Table Text Block] | Year: 2020 $ 593 2021 610 2022 629 2023 648 2024 54 Total future minimum sublease payments $ 2,534 Prepaid expenses and other current assets $ 78 Other assets 354 Total rent receivable $ 432 |
Note 8 - Liability Related to_2
Note 8 - Liability Related to Sale of Future Royalties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Other Liabilities [Table Text Block] | Year ended 9 Period from inception to 9 Liability related to sale of future royalties — beginning balance $ 93,679 $ — Proceeds from sale of future royalties — 61,184 Non-cash royalty revenue (307 ) (684 ) Non-cash interest (income) expense recognized (1,337 ) 31,535 Liability related to sale of future royalties as of December 31, 2019 92,035 92,035 Less: current portion (352 ) (352 ) Liability related to sale of future royalties — net of current portion $ 91,683 $ 91,683 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | December 31, 9 December 31, 8 December 31, 7 Cost of goods sold $ 260 $ 358 $ 324 Research and development 920 1,970 1,901 Selling, general and administrative 3,877 2,840 2,069 Total $ 5,057 $ 5,168 $ 4,294 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Number of Average Restricted Grant Date Stock Units Fair Value Restricted stock units outstanding, January 1, 2019 — $ — Granted 1,029,085 2.53 Vested — — Forfeited (40,440 ) 2.54 Restricted stock units outstanding, December 31, 2019 988,645 $ 2.53 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number Weighted- Weighted- Aggregate (in thousands) December 31, 2018 11,422,705 $ 3.64 Granted 2,058,128 2.53 Forfeited (442,979 ) 2.57 Expired (277,413 ) 5.31 Exercised (111,702 ) 2.41 December 31, 2019 12,648,739 $ 3.47 6.5 $ 197 Vested and exercisable options—December 31, 2019 8,583,475 $ 3.90 5.6 $ 90 Vested and expected to vest—December 31, 2019 12,648,739 $ 3.47 6.5 $ 197 |
Schedule of Share-based Compensation, Stock Options Outstanding and Exercisable Activity [Table Text Block] | Options Outstanding Options Vested and Exercisable Exercise Prices Number of Weighted-Average Weighted-Average Shares Subject Weighted-Average $1.68 - $2.56 4,469,976 7.7 $ 2.24 2,308,859 $ 2.21 $2.57 - $3.92 5,946,276 6.5 $ 3.13 4,081,817 $ 3.23 $4.08 - $6.60 1,627,987 4.2 $ 5.58 1,588,299 $ 5.61 $8.18 - $10.55 604,500 4.0 $ 10.29 604,500 $ 10.29 12,648,739 6.5 $ 3.47 8,583,475 $ 3.90 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Expected term (in years) 6.0 5.9 5.7 Risk-free interest rate 1.5% - 2.5% 2.5% - 3.1% 1.82% - 2.09% Expected volatility 85% 83% 73% Expected dividend rate 0% 0% 0% |
Note 13 - Net Loss Per Share _2
Note 13 - Net Loss Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 ESPP, RSUs and stock options to purchase common stock 13,798,797 11,797,960 8,767,783 Common stock warrants 176,679 — 176,730 |
Note 14 - Accrued Liabilities (
Note 14 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 201 9 201 8 Accrued compensation and employee benefits $ 3,796 $ 3,611 Inventory and other contract manufacturing accruals 752 234 Other accrued liabilities 980 695 Total accrued liabilities $ 5,528 $ 4,540 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets [Table Text Block] | December 31, 9 December 31, 8 Deferred tax assets: Accruals and other $ 3,672 $ 3,263 Research credits 7,275 7,275 Net operating loss carryforward 52,361 39,082 Section 59(e) R&D expenditures 8,933 10,387 Deferred revenue 21,324 20,689 Total deferred tax assets 93,565 80,696 Valuation allowance (93,565 ) (80,696 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 201 9 2018 2017 Tax at statutory federal rate $ (11,180 ) $ (9,901 ) $ (17,751 ) State tax—net of federal benefit (2,538 ) (792 ) 350 General business credits — (500 ) (316 ) Stock options 800 1,048 42 Other 7 295 (19 ) Change in valuation allowance 12,914 9,852 (17,110 ) Tax reform – tax rate change — — 34,103 Provision (benefit) for income taxes $ 3 $ 2 $ (701 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2019 2018 2017 Unrecognized benefit—beginning of period $ 2,635 $ 2,365 $ 2,162 Gross increases—prior period tax positions — 57 — Gross increases—current period tax positions — 213 203 Unrecognized benefit—end of period $ 2,635 $ 2,635 $ 2,365 |
Note 18 - Unaudited Quarterly_2
Note 18 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 9 201 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues $ 265 $ 941 $ 608 $ 475 $ 343 $ 818 $ 377 $ 613 Operating costs and expenses $ 12,583 $ 14,302 $ 14,142 $ 15,467 $ 8,612 $ 7,971 $ 9,705 $ 11,590 Net loss $ (13,674 ) $ (12,412 ) $ (12,731 ) $ (14,423 ) $ (11,592 ) $ (10,541 ) $ (12,458 ) $ (12,558 ) Net loss per share (basic and diluted) $ (0.17 ) $ (0.16 ) $ (0.16 ) $ (0.18 ) $ (0.23 ) $ (0.20 ) $ (0.21 ) $ (0.18 ) |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 18, 2015 | Sep. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 |
Promt Payment Discount | 2.00% | |||||
Advertising Expense | $ 1,100 | $ 500 | $ 0 | |||
Proceeds From Sale of Royalty and Milestone Rights | $ 65,000 | $ 65,000 | ||||
Royalty Arrangment Maximum Payments | $ 195,000 | 195,000 | ||||
Net Proceeds from Sale of Future Royalties | $ 61,200 | $ 61,184 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Adjustments for Adoption of New Lease Standard (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating lease right-of-use assets | $ 3,928 | |||
Accrued liabilities | 5,528 | 4,540 | ||
Operating lease liabilities | 970 | |||
Operating lease liabilities, net of current portion | 3,640 | |||
Accumulated deficit | $ (398,106) | $ (345,019) | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating lease right-of-use assets | $ 4,730 | |||
Accrued liabilities | [1] | (100) | ||
Operating lease liabilities | 484 | |||
Operating lease liabilities, net of current portion | 4,610 | |||
Deferred rent, net of current portion | (416) | |||
Accumulated deficit | [2] | $ (153) | ||
[1] | Represents current portion of Deferred rent reclassified to Operating lease liabilities. | |||
[2] | Represents cumulative-effect adjustment upon adoption of ASU No. 2016-02. |
Note 2 - Investments and Fair_3
Note 2 - Investments and Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Available-for-sale Securities, Gross, Unrealized Gain (Loss) Accumulated In Investments | $ 0 | $ 0 |
Available-for-sale Securities, Gross Realized Gain (Loss), Total | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | 0 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 0 | 0 |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $ 0 | $ 0 |
Note 2 - Investments and Fair_4
Note 2 - Investments and Fair Value Measurement - Summary of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 66,137 | $ 105,715 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 66,137 | 105,715 |
Cash and Cash Equivalents [Member] | ||
Amortized Cost | 14,684 | 87,975 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 14,684 | 87,975 |
Cash and Cash Equivalents [Member] | Cash [Member] | ||
Amortized Cost | 1,957 | 2,037 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 1,957 | 2,037 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Amortized Cost | 598 | 1,436 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 598 | 1,436 |
Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ||
Amortized Cost | 12,129 | 74,321 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 12,129 | 74,321 |
Cash and Cash Equivalents [Member] | U.S. Government Agency Securities [Member] | ||
Amortized Cost | 10,181 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 10,181 | |
Cash and Cash Equivalents [Member] | Corporate Debt Securities [Member] | ||
Amortized Cost | 10,054 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 10,054 | |
Marketable Securities [Member] | ||
Amortized Cost | 51,453 | 17,740 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 51,453 | 17,740 |
Marketable Securities [Member] | Commercial Paper [Member] | ||
Amortized Cost | 27,131 | 16,243 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 27,131 | 16,243 |
Marketable Securities [Member] | U.S. Government Agency Securities [Member] | ||
Amortized Cost | 14,268 | 1,497 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 14,268 | $ 1,497 |
Note 2 - Investments and Fair_5
Note 2 - Investments and Fair Value Measurement - Fair Value of Financial Assets and Liabilities by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, fair value | $ 64,180 | $ 103,678 |
Liabilities, fair value | 437 | 121 |
Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 437 | 121 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 598 | 1,436 |
Liabilities, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 63,582 | 102,242 |
Liabilities, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Liabilities, fair value | 437 | 121 |
Fair Value, Inputs, Level 3 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 437 | 121 |
Money Market Funds [Member] | ||
Assets, fair value | 598 | 1,436 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 598 | 1,436 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
U.S. Government Agency Obligations [Member] | ||
Assets, fair value | 14,268 | 11,678 |
U.S. Government Agency Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
U.S. Government Agency Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 11,678 | |
U.S. Government Agency Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 14,268 | |
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Commercial Paper [Member] | ||
Assets, fair value | 39,260 | 90,564 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 39,260 | 90,564 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Corporate Debt Securities [Member] | ||
Assets, fair value | 10,054 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 10,054 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value |
Note 2 - Investments and Fair_6
Note 2 - Investments and Fair Value Measurement - Summary of Changes in Fair Value of Level III Financial Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value, Beginning of period | $ 121 | $ 207 |
Change in fair value of contingent put option associated with the Loan Agreement | 437 | |
Change in fair value of contingent put option associated with the Prior Agreement | (121) | |
Change in fair value of contingent put option associated with Amended Loan Agreement | (86) | |
Fair value, End of period | $ 437 | $ 121 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Write-down | $ 951 | $ 369 | |
ZALVISO [Member] | |||
Inventory Write-down | $ 400 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventory Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 1,153 | $ 694 |
Work-in-process | 593 | 160 |
Finished goods | 1,549 | |
Inventories, net | $ 3,295 | $ 854 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 0.9 | $ 0.5 | $ 1.7 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and Equipment, Gross | $ 24,104 | $ 20,427 |
Less accumulated depreciation and amortization | (9,552) | (8,944) |
Property and equipment, net | 14,552 | 11,483 |
Laboratory Equipment [Member] | ||
Property and Equipment, Gross | 4,389 | 3,972 |
Leasehold Improvements [Member] | ||
Property and Equipment, Gross | 4,616 | 4,469 |
Computer Equipment and Software [Member] | ||
Property and Equipment, Gross | 1,749 | 237 |
Construction in Progress [Member] | ||
Property and Equipment, Gross | 11,949 | 10,593 |
Tooling [Member] | ||
Property and Equipment, Gross | 1,109 | 1,109 |
Furniture and Fixtures [Member] | ||
Property and Equipment, Gross | $ 292 | $ 47 |
Note 5 - Revenue from Contrac_3
Note 5 - Revenue from Contracts with Customers (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Jul. 17, 2015 | May 11, 2015 |
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | $ 194.5 | ||
Government Contract Receivable | $ 17 | ||
Deferred Revenue, Noncurrent, Total | $ 3.1 | ||
Deferred Revenue, Current, Total | $ 0.3 | ||
Based upon Successful Regulatory and Product Development Efforts [Member] | |||
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | 28.5 | ||
Based upon Net Sales Target Achievements [Member] | |||
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | $ 166 |
Note 5 - Revenue from Contrac_4
Note 5 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 2,289 | $ 2,151 | $ 7,995 |
DSUVIA [Member] | |||
Revenue | 377 | ||
ZALVISO [Member] | |||
Revenue | 1,453 | 825 | 6,673 |
Product [Member] | |||
Revenue | 1,830 | 825 | 6,673 |
Department of Defense [Member] | |||
Revenue | 838 | 852 | |
Non-cash Royalty [Member] | |||
Revenue | 312 | 289 | 151 |
Royalty [Member] | |||
Revenue | 104 | ||
Royalty Revenue [Member] | |||
Revenue | 96 | 50 | |
Contract and Other Revenue [Member] | |||
Revenue | 43 | 103 | 269 |
Contract and Other Collaboration [Member] | |||
Revenue | $ 459 | $ 1,326 | $ 1,322 |
Note 5 - Revenue from Contrac_5
Note 5 - Revenue from Contracts with Customers - Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contract Liabilities: Deferred Revenue | $ 3,463 | ||
Contract Liabilities: Deferred Revenue, Additions | 96 | ||
Contract Liabilities: Deferred Revenue, Deductions | (315) | ||
Contract Liabilities: Deferred Revenue | 3,244 | $ 3,463 | |
Revenue | 2,289 | 2,151 | $ 7,995 |
ZALVISO [Member] | |||
Contract Liabilities: Deferred Revenue | 3,463 | ||
Contract Liabilities: Deferred Revenue, Additions | |||
Contract Liabilities: Deferred Revenue, Deductions | (315) | ||
Contract Liabilities: Deferred Revenue | 3,148 | 3,463 | |
Revenue | 1,453 | 825 | $ 6,673 |
Amended License Agreement [Member] | |||
Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied – Amended Agreements | 315 | 362 | |
New activities in the period from performance obligations satisfied: Performance obligations satisfied – Amended Agreements | 1,181 | 566 | |
Revenue | 1,496 | 928 | |
Product and Service, Other [Member] | |||
Contract Liabilities: Deferred Revenue | |||
Contract Liabilities: Deferred Revenue, Additions | 96 | ||
Contract Liabilities: Deferred Revenue, Deductions | |||
Contract Liabilities: Deferred Revenue | $ 96 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) | Aug. 01, 2019 | May 30, 2019 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Mar. 02, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 18, 2015 |
Repayments of Long-term Debt, Total | $ 3,470,000 | $ 7,718,000 | $ 3,514,000 | |||||||||
Interest Expense, Total | 2,535,000 | 2,217,000 | 3,316,000 | |||||||||
Long-term Debt, Total | 25,147,000 | |||||||||||
Amortization of Debt Discount (Premium) | 712,000 | 613,000 | 1,265,000 | |||||||||
Loan Agreement with Oxford Finance LLC [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 25,000,000 | |||||||||||
Debt Instrument, Final Payment, Percentage of Aggregate Principal Amount | 5.00% | |||||||||||
Repayments of Long-term Debt, Total | $ 8,900,000 | |||||||||||
Fair Value of Contingent Put Option, Liability | 400,000 | |||||||||||
Interest Expense, Total | 1,900,000 | |||||||||||
Proceeds from Debt, Net of Issuance Costs and Repayment of Debt | $ 15,900,000 | |||||||||||
Debt Instrument, Interest Rate, Base Percentage | 2.50% | |||||||||||
Prepayment Charge, Percentage of Outstanding Balance, Before May 30,2020 | 2.00% | |||||||||||
Prepayment Charge, Percentage of Outstanding Balance, After May 30, 2020, Before May 30, 2021 | 1.50% | |||||||||||
Prepayment Charge, Percentage of Outstanding Balance, After May 30,2021 | 1.00% | |||||||||||
Debt Instrument, Covenant, Minimum Required Unrestircted Cash | $ 5,000,000 | |||||||||||
Debt Instrument, Minimum Indebtedness Amount with Acceleration Right | 250,000 | |||||||||||
Loan Default Events, Trigger of Negative Impact of Government Approvals and Judgments | $ 500,000 | |||||||||||
Debt Instrument, Default Additional Interest Rate | 5.00% | |||||||||||
Amortization of Debt Discount (Premium) | 600,000 | |||||||||||
Loan Agreement with Oxford Finance LLC [Member] | Minimum [Member] | ||||||||||||
Net Unrestricted Cash Proceeds, Contingent Threshold for Interest Only Period of Loan | $ 45,000,000 | |||||||||||
Loan Agreement with Oxford Finance LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.75% | |||||||||||
Hercules Loan and Security Agreement [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 20,500,000 | |||||||||||
Debt Instrument, Final Payment, Percentage of Aggregate Principal Amount | 6.50% | |||||||||||
Repayments of Long-term Debt, Total | $ 8,900,000 | |||||||||||
Long-term Debt, Gross | 7,400,000 | |||||||||||
Debt Instrument, Termination Fee | 1,300,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (200,000) | |||||||||||
Fair Value of Contingent Put Option, Liability | 100,000 | |||||||||||
Long-term Line of Credit, Total | 12,000,000 | |||||||||||
Interest Expense, Total | 600,000 | $ 2,200,000 | $ 3,300,000 | |||||||||
Hercules Loan and Security Agreement [Member] | First Tranche [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 20,500,000 | |||||||||||
Amended and Restated Loan and Security Agreement [Member] | ||||||||||||
Long-term Debt Maturities Balloon Payments | $ 1,700,000 | |||||||||||
Debt Instrument, Variable Rate Threshold | 9.55% | |||||||||||
Debt Instrument, Percentage Used to Calculate Variable Rate | 3.50% | |||||||||||
Amended and Restated Loan and Security Agreement [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.55% | |||||||||||
Site Readiness Agreement [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 13.61% | |||||||||||
Long-term Debt, Gross | $ 1,500,000 | |||||||||||
Long-term Debt, Total | 899,000 | |||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||
Total Obligation Under Leasehold Agreement | $ 2,000,000 | |||||||||||
Hercules Warrants [Member] | ||||||||||||
Common Stock Warrants Exercised | 176,730 | 176,730 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.79 | $ 6.79 | $ 3.07 | $ 3.88 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.83 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 176,679 | |||||||||||
Loan Agreement with Oxford Finance LLC [Member] | ||||||||||||
Long-term Debt, Total | $ 24,200,000 |
Note 6 - Long-term Debt - Balan
Note 6 - Long-term Debt - Balance of Future Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt | $ 25,147 | |
Long-term debt, current portion | 4,630 | $ 8,611 |
Long-term debt, net of current portion | 20,517 | $ 3,380 |
Site Readiness Agreement [Member] | ||
Long-term debt | 899 | |
Long-term debt, current portion | 463 | |
Long-term debt, net of current portion | $ 436 |
Note 6 - Long-term Debt - Bal_2
Note 6 - Long-term Debt - Balance of Future Payments (Details) (Parentheticals) $ in Millions | Dec. 31, 2019USD ($) |
Site Readiness Agreement [Member] | |
Face Value | $ 1 |
Note 6 - Long-term Debt - Outst
Note 6 - Long-term Debt - Outstanding Future Payments of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 6,936 | |
2021 | 10,429 | |
2022 | 9,187 | |
2023 | 5,530 | |
Total payments | 32,082 | |
Less amount representing interest | (4,792) | |
Notes payable, gross | 27,290 | |
Less: Unamortized portion of EOT Fee | (978) | |
Less: Unamortized discount on notes payable | (1,165) | |
Long-term debt | 25,147 | |
Less current portion | (4,630) | $ (8,611) |
Long-term debt, net of current portion | $ 20,517 | $ 3,380 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | Jan. 02, 2019 | Dec. 12, 2012 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 16, 2019 |
Lessee, Operating Lease, Renewal Term | 2 years | 6 years | |||||
Lessee, Operating Lease, Monthly Rent | $ 100,000 | ||||||
Lessee, Operating Lease, Annual Rent Increase | 3.00% | ||||||
Percentage of Office and Laboratory Space Sublease | 47.00% | ||||||
Lessee, Operating Sublease Monthly Rent | $ 48,000 | ||||||
Lessee, Operating Sublease, Annual Rent Increase | 3.00% | ||||||
Lessee, Operating Sublease, Direct Costs | $ 400,000 | ||||||
Lessee, Operating Sublease, Initial Tenant Incentive Allowance Transfered from Operating Lease | 200,000 | $ 242,000 | |||||
Increase (Decrease) in Operating Lease Liabilities | (24,000) | $ (701,000) | |||||
Lessee, Operating Lease, Notice Period | 1 year 180 days | ||||||
Lessee, Operating Lease, Annual Overhead Fee Payments | $ 200,000 | ||||||
Increase (Decrease) in Right-of-use Assets | $ (24,000) |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Costs (Details) - USD ($) | Jan. 02, 2019 | Dec. 31, 2019 |
Operating lease costs | $ 1,360,000 | |
Sublease income | (596,000) | |
Net lease costs | 764,000 | |
Operating cash flows used for operating leases | 1,084,000 | |
Lessee, Operating Sublease, Initial Tenant Incentive Allowance Transfered from Operating Lease | $ 200,000 | 242,000 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,730,000 | |
Weighted-average remaining term – operating lease (in years) (Year) | 4 years 29 days | |
Weighted-average discount rate – operating lease | 11.72% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 1,268 | |
2021 | 1,305 | |
2022 | 1,345 | |
2023 | 1,386 | |
2024 | 116 | |
Total future minimum lease payments | 5,420 | |
Less imputed interest | (810) | |
Total | 4,610 | |
Operating lease liabilities | 970 | |
Operating lease liabilities, net of current portion | 3,640 | |
Total lease liability | $ 4,610 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Sublease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 593 |
2021 | 610 |
2022 | 629 |
2023 | 648 |
2024 | 54 |
Total future minimum sublease payments | 2,534 |
Rent receivable | 432 |
Prepaid Expenses and Other Current Assets [Member] | |
Rent receivable | 78 |
Other Assets [Member] | |
Rent receivable | $ 354 |
Note 8 - Liability Related to_3
Note 8 - Liability Related to Sale of Future Royalties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 18, 2015 | Sep. 30, 2015 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Proceeds From Sale of Royalty and Milestone Rights | $ 65,000 | $ 65,000 | ||||
Royalty Arrangment Maximum Payments | $ 195,000 | $ 195,000 | ||||
Prospective Average Rate for Remaining Term of the Agreement | 4.20% | |||||
Estimate Future Payments Receivable Over Remaining Life of Arrangment | $ 20,000 | |||||
Contingent Gain (Loss) on Royalty Monetization Arrangement | $ 45,000 | |||||
Effective Interest Over Life of Liability Related to Sale of Future Royalties | 0.00% | |||||
Net Income (Loss) from Change Estimate on Liability Related to Sale of Future Royalties | $ 8,100 | |||||
Net Income (Loss) Per Share, Change Estimate on Liability Related to Sale of Future Royalties | $ 0.10 | |||||
Effective Annual Interest Rate | 1.40% | 11.60% | 13.60% | |||
First Four Commercial Milestones [Member] | ||||||
Percentage of Royalties and Rights Under Agreement | 20.00% | |||||
Royalties [Member] | ||||||
Percentage of Royalties and Rights Under Agreement | 25.00% | |||||
Remaining Commercial and All Development Milestone[Member] | ||||||
Percentage of Royalties and Rights Under Agreement | 100.00% | |||||
Commercial Milestones Value | $ 43,500 | |||||
MAA Approval [Member] | ||||||
Revenue Recognition Milestone Method Agreed, Additional Amount | 15,000 | |||||
PDL [Member] | ||||||
Proceeds From Sale of Royalty and Milestone Rights | $ 61,200 | |||||
Percentage of Royalties and Rights Under Agreement | 75.00% | |||||
PDL [Member] | First Four Commercial Milestones [Member] | ||||||
Percentage of Royalties and Rights Under Agreement | 80.00% | |||||
Commercial Milestones Value Maximum Amount Available | $ 35,600 | |||||
AcelRX [Member] | First Four Commercial Milestones [Member] | ||||||
Commercial Milestones Value Maximum Amount Available | $ 44,500 |
Note 8 - Liability Related to_4
Note 8 - Liability Related to Sale of Future Royalties - Activity of Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 51 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Liability related to sale of future royalties — beginning balance | $ 93,679 | ||||
Proceeds from sale of future royalties | $ 61,200 | 61,184 | |||
Non-cash royalty revenue | (307) | (684) | |||
Non-cash interest (income) expense recognized | (1,337) | $ 10,341 | $ 10,721 | 31,535 | |
Liability related to sale of future royalties as of December 31, 2019 | 92,035 | 93,679 | 92,035 | ||
Less: current portion | (352) | (392) | (352) | ||
Liability related to sale of future royalties — net of current portion | $ 91,683 | $ 93,287 | $ 91,683 |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) $ / shares in Units, $ in Millions | Dec. 16, 2013$ / sharesshares | Dec. 31, 2013$ / sharesshares | Jun. 30, 2012USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2019shares | May 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares | Sep. 30, 2016$ / shares | Sep. 18, 2015$ / shares |
Warrant In Connection with Oxford Finance Loan Agreement [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 176,679 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.83 | ||||||||
Warrants and Rights Outstanding, Term | 10 years | ||||||||
Warrants and Rights Outstanding | $ | $ 0.4 | ||||||||
Class of Warrant or Right, Outstanding | 176,679 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.83 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | Measurement Input, Share Price [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 2.66 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | Measurement Input, Expected Term [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 10 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 2.22 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 80.22 | ||||||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | ||||||||
Hercules Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 6.79 | $ 6.79 | $ 3.07 | $ 3.88 | |||||
Class of Warrant or Right, Outstanding | 176,730 | ||||||||
Common Stock Warrants Exercised | 176,730 | 176,730 | |||||||
PIPE Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.40 | ||||||||
Class of Warrant or Right, Outstanding | 2,630,103 | 512,456 | |||||||
Warrant Exercisable Term | 5 years | ||||||||
Warrants Vesting Condition Description | 50.00% | ||||||||
2012 Private Placement [Member] | |||||||||
Fair Value of Warrant Upon Execution of Securities Purchase Agreement | $ | $ 5.8 | ||||||||
2012 Private Placement [Member] | Nonoperating Income (Expense) [Member] | |||||||||
Fair Value Adjustment of Warrants | $ | $ 0.3 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | Jan. 01, 2020 | May 09, 2019 | Nov. 14, 2018 | Aug. 07, 2018 | Jul. 16, 2018 | Jun. 21, 2016 | Aug. 07, 2018 | Nov. 30, 2009 | Feb. 29, 2008 | Aug. 31, 2006 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2011 | Jan. 31, 2020 |
Proceeds from Issuance of Common Stock | $ 1,233,000 | $ 81,525,000 | $ 15,694,000 | |||||||||||||
Employee Stock Purchase Plan, Shares Issued, Weighted Average Fair Value | $ 2.33 | $ 1.51 | $ 2.59 | |||||||||||||
2006 Equity Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 342,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,400,000 | 375,000 | ||||||||||||||
2006 Equity Incentive Plan [Member] | Minimum [Member] | ||||||||||||||||
Common Stock Voting Rights Percentage | 10.00% | |||||||||||||||
2006 Equity Incentive Plan [Member] | Maximum [Member] | ||||||||||||||||
Fair Value of Common Stock as Percentage of Option Exercise Price | 110.00% | |||||||||||||||
2011 Equity Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Outstanding | 1,900,000 | |||||||||||||||
Stock Option Plan Option Reserve Annual Increase as Percentage of Outstanding Shares Allowed | 4.00% | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,950,652 | |||||||||||||||
2011 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,182,924 | |||||||||||||||
2011 Equity Incentive Plan [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||
Employee Stock Purchase Plan (ESPP) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 655,420 | |||||||||||||||
Share-based Payment Award, Number of Shares Authorized | 2.00% | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 203,469 | |||||||||||||||
Employee Stock Purchase Plan (ESPP) [Member] | Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,591,462 | |||||||||||||||
Public Offering [Member] | ||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 40,000,000 | $ 80,000,000 | ||||||||||||||
Underwritten Public Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 14,603,173 | 1,090,909 | 7,272,727 | 8,363,636 | ||||||||||||
Shares Issued, Price Per Share | $ 3.15 | $ 2.75 | $ 2.75 | $ 2.75 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 46,000,000 | $ 23,000,000 | ||||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 43,100,000 | $ 21,700,000 | ||||||||||||||
ATM Agreement [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 500,000 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,200,000 | |||||||||||||||
Aggregate Offering Price, Increase During Period | $ 40,000,000 | |||||||||||||||
Payments of Stock Issuance Costs | $ 32,000 | |||||||||||||||
Aggregate Offering Price, Maximum | $ 45,300,000 | |||||||||||||||
ATM Agreement 2016 [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 4,400,000 | 5,400,000 | ||||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 16,800,000 | $ 15,700,000 | ||||||||||||||
Payments of Stock Issuance Costs | $ 400,000 | $ 500,000 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.83 | $ 1.62 | $ 1.91 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6,400 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 4,400 | $ 4,900 | $ 3,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 100 | $ 200 | $ 40 | |
2011 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,950,652 | |||
2011 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,182,924 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation expense | $ 5,057 | $ 5,168 | $ 4,294 |
Cost of Sales [Member] | |||
Stock-based compensation expense | 260 | 358 | 324 |
Research and Development Expense [Member] | |||
Stock-based compensation expense | 920 | 1,970 | 1,901 |
Selling, General and Administrative Expenses [Member] | |||
Stock-based compensation expense | $ 3,877 | $ 2,840 | $ 2,069 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted stock units outstanding, January 1, 2019 (in shares) | shares | |
Restricted stock units outstanding, January 1, 2019 (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 1,029,085 |
Granted (in dollars per share) | $ / shares | $ 2.53 |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | (40,440) |
Forfeited (in dollars per share) | $ / shares | $ 2.54 |
Restricted stock units outstanding, December 31, 2019 (in shares) | shares | 988,645 |
Restricted stock units outstanding, December 31, 2019 (in dollars per share) | $ / shares | $ 2.53 |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 11,422,705 |
Outstanding (in dollars per share) | $ / shares | $ 3.64 |
Granted (in shares) | shares | 2,058,128 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 2.53 |
Forfeited (in shares) | shares | (442,979) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 2.57 |
Expired (in shares) | shares | (277,413) |
Expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 5.31 |
Exercised (in shares) | shares | (111,702) |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 2.41 |
Outstanding (in shares) | shares | 12,648,739 |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 3.47 |
Outstanding, weighted-average remaining contractual life (Year) | 6 years 182 days |
Outstanding, aggregate intrinsic value | $ | $ 197 |
Vested and exercisable options (in shares) | shares | 8,583,475 |
Vested and exercisable options, weighted-average exercise price (in dollars per share) | $ / shares | $ 3.90 |
Vested and exercisable options, weighted-average remaining contractual life (Year) | 5 years 219 days |
Vested and exercisable options, aggregate intrinsic value | $ | $ 90 |
Vested and expected to vest (in shares) | shares | 12,648,739 |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 3.47 |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 6 years 182 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 197 |
Note 12 - Stock-based Compens_7
Note 12 - Stock-based Compensation - Stock Options Outstanding, Vested and Exercisable (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Stock Options Outstanding (in shares) | 12,648,739 | 11,422,705 |
Weighted-average Remaining Contractual LIfe (Year) | 6 years 182 days | |
Options Outstanding, Weighted-average Exercise Price Per Share (in dollars per share) | $ 3.47 | $ 3.64 |
Shares Subject to Stock Options (in shares) | 8,583,475 | |
Options Vested and Exercisable, Weighted-average Exercise Price Per Share (in dollars per share) | $ 3.90 | |
Exercise Price Range 1 [Member] | ||
Exercise Price Range, Lower Range Limit (in dollars per share) | 1.68 | |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 2.56 | |
Number of Stock Options Outstanding (in shares) | 4,469,976 | |
Weighted-average Remaining Contractual LIfe (Year) | 7 years 255 days | |
Options Outstanding, Weighted-average Exercise Price Per Share (in dollars per share) | $ 2.24 | |
Shares Subject to Stock Options (in shares) | 2,308,859 | |
Options Vested and Exercisable, Weighted-average Exercise Price Per Share (in dollars per share) | $ 2.21 | |
Exercise Price Range 2 [Member] | ||
Exercise Price Range, Lower Range Limit (in dollars per share) | 2.58 | |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 3.92 | |
Number of Stock Options Outstanding (in shares) | 5,946,276 | |
Weighted-average Remaining Contractual LIfe (Year) | 6 years 182 days | |
Options Outstanding, Weighted-average Exercise Price Per Share (in dollars per share) | $ 3.13 | |
Shares Subject to Stock Options (in shares) | 4,081,817 | |
Options Vested and Exercisable, Weighted-average Exercise Price Per Share (in dollars per share) | $ 3.23 | |
Exercise Price Range 3 [Member] | ||
Exercise Price Range, Lower Range Limit (in dollars per share) | 4.08 | |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 6.60 | |
Number of Stock Options Outstanding (in shares) | 1,627,987 | |
Weighted-average Remaining Contractual LIfe (Year) | 4 years 73 days | |
Options Outstanding, Weighted-average Exercise Price Per Share (in dollars per share) | $ 5.58 | |
Shares Subject to Stock Options (in shares) | 1,588,299 | |
Options Vested and Exercisable, Weighted-average Exercise Price Per Share (in dollars per share) | $ 5.61 | |
Exercise Price Range 4 [Member] | ||
Exercise Price Range, Lower Range Limit (in dollars per share) | 8.18 | |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 10.55 | |
Number of Stock Options Outstanding (in shares) | 604,500 | |
Weighted-average Remaining Contractual LIfe (Year) | 4 years | |
Options Outstanding, Weighted-average Exercise Price Per Share (in dollars per share) | $ 10.29 | |
Shares Subject to Stock Options (in shares) | 604,500 | |
Options Vested and Exercisable, Weighted-average Exercise Price Per Share (in dollars per share) | $ 10.29 |
Note 12 - Stock-based Compens_8
Note 12 - Stock-based Compensation - Assumptions to Calculate Fair Value of Each Employee Stock Option (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expected term (Year) | 6 years | 5 years 328 days | 5 years 255 days |
Expected volatility | 85.00% | 83.00% | 73.00% |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Expected term (Year) | |||
Risk-free interest rate | 1.50% | 2.50% | 1.82% |
Expected volatility | |||
Expected dividend rate | |||
Maximum [Member] | |||
Expected term (Year) | |||
Risk-free interest rate | 2.50% | 3.10% | 2.09% |
Expected volatility | |||
Expected dividend rate |
Note 13 - Net Loss Per Share _3
Note 13 - Net Loss Per Share of Common Stock - Common Stock Excluded From Computation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RSU's, ESPP, and Employee Stock Options [Member] | |||
Antidilutive securities (in shares) | 13,798,797 | 11,797,960 | 8,767,783 |
Warrant [Member] | |||
Antidilutive securities (in shares) | 176,679 | 176,730 |
Note 14 - Accrued Liabilities -
Note 14 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued compensation and employee benefits | $ 3,796 | $ 3,611 |
Inventory and other contract manufacturing accruals | 752 | 234 |
Other accrued liabilities | 980 | 695 |
Total accrued liabilities | $ 5,528 | $ 4,540 |
Note 15 - 401(k) Plan (Details
Note 15 - 401(k) Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Employer Discretionary Contribution Percentage | 4.00% | ||
Contributions by Employer to Postemployment Benefit Obligations | $ 0.5 | $ 0.3 | $ 0.3 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ 3 | $ 2 | $ (701) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease), Total | 12,900 | 9,900 | (17,100) |
Income Taxes Receivable, Current | 88 | 352 | |
Income Taxes Receivable, Noncurrent | 263 | 351 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | 0 | 0 |
Open Tax Year | 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2016 2017 2018 2019 | ||
Subject to Expiration [Member] | |||
Operating Loss Carryforwards, Total | $ 1,400 | ||
Research Tax Credit Carryforward [Member] | Subject to Expiration [Member] | |||
Tax Credit Carryforward, Amount | 26 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 212,400 | 114,900 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 300 | 700 | |
Income Taxes Receivable, Current | 100 | ||
Income Taxes Receivable, Noncurrent | $ 300 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 6,500 | ||
Domestic Tax Authority [Member] | Tax Year 2019 [Member] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease), Total | 97,500 | ||
Domestic Tax Authority [Member] | Tax Year 2018 [Member] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease), Total | $ 97,500 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | 113,500 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 4,000 |
Note 16 - Income Taxes - Net De
Note 16 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accruals and other | $ 3,672 | $ 3,263 |
Research credits | 7,275 | 7,275 |
Net operating loss carryforward | 52,361 | 39,082 |
Section 59(e) R&D expenditures | 8,933 | 10,387 |
Deferred revenue | 21,324 | 20,689 |
Total deferred tax assets | 93,565 | 80,696 |
Valuation allowance | (93,565) | (80,696) |
Net deferred tax assets | $ 0 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Statutory Federal Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax at statutory federal rate | $ (11,180) | $ (9,901) | $ (17,751) |
State tax—net of federal benefit | (2,538) | (792) | 350 |
General business credits | (500) | (316) | |
Stock options | 800 | 1,048 | 42 |
Other | 7 | 295 | (19) |
Change in valuation allowance | 12,914 | 9,852 | (17,110) |
Tax reform – tax rate change | 34,103 | ||
Provision (benefit) for income taxes | $ 3 | $ 2 | $ (701) |
Note 16 - Income Taxes - Reco_2
Note 16 - Income Taxes - Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized benefit—beginning of period | $ 2,635 | $ 2,365 | $ 2,162 |
Gross increases—prior period tax positions | 57 | ||
Gross increases—current period tax positions | 213 | 203 | |
Unrecognized benefit—end of period | $ 2,635 | $ 2,635 | $ 2,365 |
Note 17 - Subsequent Event (Det
Note 17 - Subsequent Event (Details Textual) $ in Millions | Mar. 16, 2020 | Mar. 31, 2020USD ($) | Mar. 15, 2020USD ($)shares |
Employee Severance [Member] | Forecast [Member] | |||
Restructuring and Related Cost, Expected Cost, Total | $ 0.5 | ||
Restructuring and Related Cost, Expected Annual Savings | $ 8 | ||
Subsequent Event [Member] | |||
Co-Promotion Agreement, Percent of Net Sales to be Paid as Royalty Contingent on Performance Standards | 10.00% | ||
Subsequent Event [Member] | Employee Severance [Member] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 30 | ||
Subsequent Event [Member] | Tetraphase [Member] | |||
Business Combination, Number of Common Shares Called by Each Right | shares | 0.6303 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 12.5 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 85.40% | ||
Business Acquisition, Percentage of Voting Interests Remaining With Acquired Entity Shareholders | 14.60% | ||
Subsequent Event [Member] | Tetraphase [Member] | First Sales Benchmark [Member] | |||
Business Combination, Contingent Consideration Arrangements, Contingent Achievement Benchmarks | $ 20 | ||
Subsequent Event [Member] | Tetraphase [Member] | Second Sales Benchmark [Member] | |||
Business Combination, Contingent Consideration Arrangements, Contingent Achievement Benchmarks | 35 | ||
Subsequent Event [Member] | Tetraphase [Member] | Third Sales Benchmark [Member] | |||
Business Combination, Contingent Consideration Arrangements, Contingent Achievement Benchmarks | $ 55 |
Note 18 - Unaudited Quarterly_3
Note 18 - Unaudited Quarterly Financial Data - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 475 | $ 608 | $ 941 | $ 265 | $ 613 | $ 377 | $ 818 | $ 343 | |||
Total operating costs and expenses | 15,467 | 14,142 | 14,302 | 12,583 | 11,590 | 9,705 | 7,971 | 8,612 | |||
Net loss | $ (14,423) | $ (12,731) | $ (12,412) | $ (13,674) | $ (12,558) | $ (12,458) | $ (10,541) | $ (11,592) | $ (53,240) | $ (47,149) | $ (51,508) |
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.18) | $ (0.16) | $ (0.16) | $ (0.17) | $ (0.18) | $ (0.21) | $ (0.20) | $ (0.23) | $ (0.67) | $ (0.81) | $ (1.10) |