Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 80,763,751 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $0.001 par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | [1] |
Current Assets: | |||
Cash and cash equivalents | $ 23,886 | $ 14,684 | |
Short-term investments | 28,839 | 51,453 | |
Accounts receivable, net | 567 | 432 | |
Inventories, net | 3,099 | 3,295 | |
Prepaid expenses and other current assets | 1,654 | 1,824 | |
Total current assets | 58,045 | 71,688 | |
Operating lease right-of-use assets | 3,722 | 3,928 | |
Property and equipment, net | 14,670 | 14,552 | |
Other assets | 902 | 1,188 | |
Total Assets | 77,339 | 91,356 | |
Current Liabilities: | |||
Accounts payable | 3,248 | 1,720 | |
Accrued liabilities | 4,122 | 5,528 | |
Long-term debt, current portion | 6,611 | 4,630 | |
Deferred revenue, current portion | 411 | 411 | |
Operating lease liabilities, current portion | 1,008 | 970 | |
Liability related to the sale of future royalties, current portion | 321 | 352 | |
Total current liabilities | 15,721 | 13,611 | |
Long-term debt, net of current portion | 19,133 | 20,517 | |
Deferred revenue, net of current portion | 2,754 | 2,833 | |
Operating lease liabilities, net of current portion | 3,421 | 3,640 | |
Liability related to the sale of future royalties, net of current portion | 90,792 | 91,683 | |
Other long-term liabilities | 799 | 490 | |
Total liabilities | 132,620 | 132,774 | |
Commitments and Contingencies | |||
Stockholders’ Deficit: | |||
Common stock, $0.001 par value—200,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 80,415,751 and 79,573,101 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | 80 | 79 | |
Additional paid-in capital | 358,670 | 356,609 | |
Accumulated deficit | (414,031) | (398,106) | |
Total stockholders’ deficit | (55,281) | (41,418) | |
Total Liabilities and Stockholders’ Deficit | $ 77,339 | $ 91,356 | |
[1] | The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 | [1] |
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) | 80,415,751 | 79,573,101 | |
Common stock, outstanding (in shares) | 80,415,751 | 79,573,101 | |
[1] | The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue: | ||
Revenue | $ 386 | $ 265 |
Operating costs and expenses: | ||
Cost of goods sold | 1,511 | 1,230 |
Research and development | 1,412 | 1,377 |
Selling, general and administrative | 13,311 | 9,976 |
Total operating costs and expenses | 16,234 | 12,583 |
Loss from operations | (15,848) | (12,318) |
Other expense: | ||
Interest expense | (855) | (376) |
Interest income and other (expense) income, net | (65) | 627 |
Non-cash interest income (expense) on liability related to future sale of royalties | 843 | (1,607) |
Total other expense | (77) | (1,356) |
Net loss | (15,925) | (13,674) |
Comprehensive loss | $ (15,925) | $ (13,674) |
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.20) | $ (0.17) |
Shares used in computing net loss per share of common stock, basic and diluted – See Note 12 (in shares) | 80,057,405 | 78,788,790 |
Product [Member] | ||
Revenue: | ||
Revenue | $ 274 | $ 126 |
Contract and Other Collaboration [Member] | ||
Revenue: | ||
Revenue | $ 112 | $ 139 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2018 | 78,757,930 | ||||||||
Balance at Dec. 31, 2018 | $ 153 | $ 153 | $ 78 | $ 349,194 | $ (345,019) | $ 4,253 | |||
Stock-based compensation | 1,107 | 1,107 | |||||||
Issuance of common stock upon ESPP purchase (in shares) | 85,135 | ||||||||
Issuance of common stock upon ESPP purchase | $ 1 | 238 | 239 | ||||||
Net loss | (13,674) | (13,674) | |||||||
Issuance of common stock upon exercise of stock options (in shares) | 13,583 | ||||||||
Issuance of common stock upon exercise of stock options | 31 | 31 | |||||||
Balance (in shares) at Mar. 31, 2019 | 78,856,648 | ||||||||
Balance at Mar. 31, 2019 | $ 79 | 350,570 | (358,540) | (7,891) | |||||
Balance (in shares) at Dec. 31, 2019 | 79,573,101 | ||||||||
Balance at Dec. 31, 2019 | $ 79 | 356,609 | (398,106) | (41,418) | [1] | ||||
Stock-based compensation | 1,146 | 1,146 | |||||||
Restricted stock units vested (in shares) | 216,399 | ||||||||
Restricted stock units vested | |||||||||
Tax payments related to shares withheld for restricted stock units vested | (86) | (86) | |||||||
Net proceeds from issuance of common stock in connection with equity financings (in shares) | 431,800 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1 | 783 | 784 | ||||||
Issuance of common stock upon ESPP purchase (in shares) | 194,451 | ||||||||
Issuance of common stock upon ESPP purchase | 218 | 218 | |||||||
Net loss | (15,925) | (15,925) | |||||||
Balance (in shares) at Mar. 31, 2020 | 80,415,751 | ||||||||
Balance at Mar. 31, 2020 | $ 80 | $ 358,670 | $ (414,031) | $ (55,281) | |||||
[1] | The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 54 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (15,925) | $ (13,674) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Non-cash royalty revenue related to royalty monetization | (84) | (79) | |
Non-cash interest (income) expense on liability related to royalty monetization | (843) | 1,607 | $ 30,692 |
Depreciation and amortization | 487 | 328 | |
Non-cash interest expense related to debt financing | 271 | 99 | |
Stock-based compensation | 1,146 | 1,107 | |
Other | 111 | (150) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (135) | (172) | |
Inventories | 88 | (1,549) | |
Prepaid expenses and other assets | 461 | (1,315) | |
Accounts payable | 1,528 | 1,477 | |
Accrued liabilities | (1,209) | (809) | |
Operating lease liabilities | (181) | (153) | |
Deferred revenue | (79) | 43 | |
Net cash used in operating activities | (14,364) | (13,240) | |
Cash flows from investing activities: | |||
Purchase of property and equipment | (73) | (658) | |
Purchase of investments | (12,757) | (3,871) | |
Proceeds from maturities of investments | 35,480 | 4,900 | |
Net cash provided by investing activities | 22,650 | 371 | |
Cash flows from financing activities: | |||
Payment of long-term debt | (2,064) | ||
Net proceeds from issuance of common stock in connection with equity financings | 784 | ||
Net proceeds from issuance of common stock through equity plans | 218 | 270 | |
Payment of employee tax obligations related to vesting of restricted stock units | (86) | ||
Net cash provided by (used in) financing activities | 916 | (1,794) | |
Net increase (decrease) in cash and cash equivalents | 9,202 | (14,663) | |
Cash and cash equivalents—Beginning of period | 14,684 | 87,975 | |
Cash and cash equivalents—End of period | $ 23,886 | $ 73,312 | $ 23,886 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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, first 2019. June 2018, 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. Proposed Acquisition of Tetraphase Pharmaceuticals, Inc. On March 15, 2020, 0.6303 $12.5 one not June 8, 2020. The Company estimates that, upon completion of the merger, AcelRx shareholders will own approximately 85.4% 14.6% Co-Promotion Agreement On March 15, 2020, 15 not 10% one no three March 31, 2020. 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. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, ARPI LLC, which was formed in September 2015 7 Reclassifications Certain prior year amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current year's presentation. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the United States. Securities and Exchange Commission, or SEC. Accordingly, they do not Operating results for the three March 31, 2020, not may December 31, 2020. December 31, 2019, December 31, 2019, 10 10 December 31, 2019, 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 Restructuring Costs The Company's restructuring costs consist of employee termination benefit costs. Liabilities for costs associated with the cost reduction plan are recognized when the liability is incurred and are measured at fair value. One-time termination benefits are expensed at the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. On March 16, 2020, 30 three March 31, 2020, $0.5 $0.2 March 31, 2020. The headcount reduction was completed in the first 2020. No Significant Accounting Policies The Company’s significant accounting policies are detailed in its Annual Report on Form 10 December 31, 2019. no three March 31, 2020, 2019 10 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 In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. |
Note 2 - Investments and Fair V
Note 2 - Investments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2020 | |
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 (loss). Marketable securities which have maturities beyond one The table below summarizes the Company’s cash, cash equivalents and investments (in thousands): As of March 31, 2020 Amortized Cost Gross Unrealized Gross Unrealized Fair Cash and cash equivalents: Cash $ 3,188 $ — $ — $ 3,188 Money market funds 16,102 — — 16,102 Commercial paper 4,596 — — 4,596 Total cash and cash equivalents 23,886 — — 23,886 Short-term investments: U.S. government agency securities 2,008 — — 2,008 Commercial paper 25,155 — — 25,155 Corporate debt securities 1,676 — — 1,676 Total short-term investments 28,839 — — 28,839 Total cash, cash equivalents and short-term investments $ 52,725 $ — $ — $ 52,725 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 March 31, 2020 December 31, 2019, none no March 31, 2020 December 31, 2019. No no three March 31, 2020 March 31, 2019. As of March 31, 2020 December 31, 2019, 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 March 31, 2020, December 31, 2019, 5 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 March 31, 2020 Fair Value Level I Level II Level III Assets Money market funds $ 16,102 $ 16,102 $ — $ — U.S. government agency securities 2,008 — 2,008 — Commercial paper 29,751 — 29,751 — Corporate debt securities 1,676 — 1,676 — Total assets measured at fair value $ 49,537 $ 16,102 $ 33,435 $ — Liabilities Contingent put option liability $ 746 $ — $ — $ 746 Total liabilities measured at fair value $ 746 $ — $ — $ 746 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 The following tables set forth a summary of the changes in the fair value of the Company’s Level III financial liabilities for the three March 31, 2020 March 31, 2019 ( Three Months Fair value—beginning of period $ 437 Change in fair value of contingent put option associated with the Loan Agreement 309 Fair value—end of period $ 746 Three Months Fair value—beginning of period $ 121 Change in fair value of contingent put option associated with the Prior Agreement with Hercules (see Note 5) (23 ) Fair value—end of period $ 98 |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories consist of raw materials, work in process and finished goods and are stated at the lower of cost or net realizable value and consist of the following (in thousands): Balance as of March 31, 20 20 December 31, 201 9 Raw materials $ 1,146 $ 1,153 Work-in-process — 593 Finished goods 1,953 1,549 Total $ 3,099 $ 3,295 During the three March 31, 2020, $0.1 may |
Note 4 - Revenue from Contracts
Note 4 - Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The following table summarizes revenue from contracts with customers for the three March 31, 2020 2019 Three Months Ended March 31, 2020 2019 Product sales: DSUVIA $ 155 $ 47 Zalviso 119 79 Total product sales 274 126 Contract and other collaboration: Non-cash royalty revenue related to Royalty Monetization (See Note 7) 84 85 Royalty revenue 28 26 Other revenue — 28 Total revenues from contract and other collaboration 112 139 Total revenue $ 386 $ 265 For additional details on the Company’s accounting policy regarding revenue recognition, refer to Note 1 10 December 31, 2019. 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 7 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 up to $28.5 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. Contract Liability At March 31, 2020, $3.1 $0.3 2029. The following table presents changes in the Company’s contract liability for the three March 31, 2020 ( Balance at Beginning of the Period Additions Deductions Balance at the end of the Period Contract liability: Deferred revenue – Amended Agreements $ 3,148 $ — $ (79 ) $ 3,069 Deferred revenue – Other 96 — — 96 Deferred revenue $ 3,244 $ — $ (79 ) $ 3,165 For the three March 31, 2020 2019, Three Months Ended March 31, 2020 2019 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied – Amended Agreements $ 79 $ 79 New activities in the period from performance obligations satisfied: Performance obligations satisfied – Amended Agreements 40 28 Total revenue from performance obligations satisfied $ 119 $ 107 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. Prior Agreement with Hercules On March 2, 2017, 2014 1 May 30, 2019, $8.9 $7.4 $1.3 $0.2 Interest expense related to the Prior Agreement was $0.4 $0.1 three March 31, 2019. Loan Agreement with Oxford On May 30, 2019, $25.0 May 30, 2019. $8.9 $15.9 In connection with the Loan Agreement, on May 30, 2019, 176,679 $2.83. 9 Interest expense related to the Loan Agreement was $0.8 $0.2 three March 31, 2020. Non-Interest Bearing Payments for the Construction of Leasehold Improvements In August 2019, may four $0.5 July 2022. March 31, 2020, $1.7 $2.0 March 31, 2020. March 31, 2020 14.35%. |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company leases office and laboratory space for its corporate headquarters, located at 301 351 47% The components of lease expense are presented in the following table (in thousands): Three Months 20 Operating lease costs $ 340 Sublease income (150 ) Net lease costs $ 190 The weighted average remaining lease term and discount rate related to the operating leases are presented in the following table: March 31, 20 20 Weighted-average remaining term – operating lease (in years) 3.83 Weighted-average discount rate – operating lease 11.72 % Future minimum lease payments as of March 31, 2020 Year: 2020 (remaining nine months) $ 953 2021 1,305 2022 1,345 2023 1,386 2024 116 Total future minimum lease payments 5,105 Less imputed interest (676 ) Total $ 4,429 Reported as: Operating lease liabilities $ 1,008 Operating lease liabilities, net of current portion 3,421 Total lease liability $ 4,429 Cash paid for amounts included in the measurement of lease liabilities included $0.3 Future minimum sublease payments as of March 31, 2020 Year: 2020 (remaining nine months) $ 446 2021 610 2022 629 2023 648 2024 54 Total future minimum sublease payments $ 2,387 The rent receivable balance is reported in the balance sheet as follows (in thousands): Reported as: Prepaid expenses and other current assets $ 82 Other assets 331 Total rent receivable $ 413 |
Note 7 - Liability Related to S
Note 7 - Liability Related to Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Liability Related To Sale Of Future Royalties Disclosure [Text Block] | 7. In September 2015, $65.0 75% 80% first four $35.6 80% $44.5 $195.0 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 initial estimates or the timing of such payments is materially different than its original estimates, the Company will prospectively adjust 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% three March 31, 2020 4.0%, three March 31, 2019 7.0%. The following table shows the activity within the liability account for the three March 31, 2020 ( Three months ended 20 Period from inception to March 31, 20 20 Liability related to sale of future royalties — beginning balance $ 92,035 $ — Proceeds from sale of future royalties — 61,184 Non-cash royalty revenue (79 ) (763 ) Non-cash interest (income) expense recognized (843 ) 30,692 Liability related to sale of future royalties as of March 31, 2020 91,113 91,113 Less: current portion (321 ) (321 ) Liability related to sale of future royalties — net of current portion $ 90,792 $ 90,792 As royalties are remitted to PDL from ARPI LLC, as described in Note 1 10 December 31, 2019, |
Note 8 - Legal Proceedings
Note 8 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 8. As of May 8, 2020, ten first Plumley v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 00496, Plumley second Sahan v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 03069, Sahan third Giacobbe v. Tetraphase Pharmaceuticals, Inc. et al. No. 1:20 10762, fourth Ravi v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 03142, Ravi fifth Garity v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 00542, Garity sixth Kashavena v. Tetraphase Pharmaceuticals, Inc., et al. No. 2081 01005, Kashavena seventh Waters v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 01896, Waters eighth Gardner v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 03352, Gardner ninth Kopczynski v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 03426, Kopczynski tenth Lapi v. Tetraphase Pharmaceuticals, Inc., et al. No. 1:20 03452, Lapi The Plumley Sahan Giacobbe Ravi Garity Waters Gardner Kopczynski Lapi 14 14a 9 4 Sahan Kashavena Kashavena The complaints seek preliminary and permanent injunction of the proposed transaction and, if the merger is consummated, rescission or rescissory damages. The complaints also seek the dissemination of a registration statement that discloses certain information requested by the plaintiffs. In addition, the complaints seek attorneys’ and experts’ fees. The defendants believe that the Plumley Sahan Giacobbe Ravi Garity Kashavena Waters Gardner Kopczynski Lapi With respect to each of the matters described above in this Legal Proceedings section, the Company is currently unable to predict the ultimate outcome of these matters or reasonably estimate a possible loss or range of loss, and thus, no |
Note 9 - Warrants
Note 9 - Warrants | 3 Months Ended |
Mar. 31, 2020 | |
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, March 31, 2020, 176,679 not May 2029. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. The Company recorded total stock-based compensation expense for stock options, stock awards and the 2011 Three Months Ended 2020 2019 Cost of goods sold $ 46 $ 61 Research and development 200 224 Selling, general and administrative 900 822 Total $ 1,146 $ 1,107 As of March 31, 2020, 3,220,641 13,831,842 1,451,952 2011 2,052,431 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Common Stock ATM Agreement The Company has entered into a Controlled Equity Offering SM may $40.0 May 9, 2019, may $40.0 $80.0 During the three March 31, 2020, 431,800 $0.8 March 31, 2020, $44.5 |
Note 12 - Net Loss Per Share of
Note 12 - Net Loss Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 2 . 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, or RSUs, 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: March 31, 20 20 201 9 ESPP, RSUs and stock options to purchase common stock 15,630,340 13,983,586 Common stock warrants 176,679 — |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On May 6, 2020, $22 $12.5 May 8, 2020, May 8, 2020 1 2 not 3 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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, first 2019. June 2018, 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. Proposed Acquisition of Tetraphase Pharmaceuticals, Inc. On March 15, 2020, 0.6303 $12.5 one not June 8, 2020. The Company estimates that, upon completion of the merger, AcelRx shareholders will own approximately 85.4% 14.6% Co-Promotion Agreement On March 15, 2020, 15 not 10% one no three March 31, 2020. 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. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, ARPI LLC, which was formed in September 2015 7 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior year amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current year's presentation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the United States. Securities and Exchange Commission, or SEC. Accordingly, they do not Operating results for the three March 31, 2020, not may December 31, 2020. December 31, 2019, December 31, 2019, 10 10 December 31, 2019, |
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 |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs The Company's restructuring costs consist of employee termination benefit costs. Liabilities for costs associated with the cost reduction plan are recognized when the liability is incurred and are measured at fair value. One-time termination benefits are expensed at the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. On March 16, 2020, 30 three March 31, 2020, $0.5 $0.2 March 31, 2020. The headcount reduction was completed in the first 2020. No |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. |
Note 2 - Investments and Fair_2
Note 2 - Investments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | As of March 31, 2020 Amortized Cost Gross Unrealized Gross Unrealized Fair Cash and cash equivalents: Cash $ 3,188 $ — $ — $ 3,188 Money market funds 16,102 — — 16,102 Commercial paper 4,596 — — 4,596 Total cash and cash equivalents 23,886 — — 23,886 Short-term investments: U.S. government agency securities 2,008 — — 2,008 Commercial paper 25,155 — — 25,155 Corporate debt securities 1,676 — — 1,676 Total short-term investments 28,839 — — 28,839 Total cash, cash equivalents and short-term investments $ 52,725 $ — $ — $ 52,725 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 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of March 31, 2020 Fair Value Level I Level II Level III Assets Money market funds $ 16,102 $ 16,102 $ — $ — U.S. government agency securities 2,008 — 2,008 — Commercial paper 29,751 — 29,751 — Corporate debt securities 1,676 — 1,676 — Total assets measured at fair value $ 49,537 $ 16,102 $ 33,435 $ — Liabilities Contingent put option liability $ 746 $ — $ — $ 746 Total liabilities measured at fair value $ 746 $ — $ — $ 746 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 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Fair value—beginning of period $ 437 Change in fair value of contingent put option associated with the Loan Agreement 309 Fair value—end of period $ 746 Three Months Fair value—beginning of period $ 121 Change in fair value of contingent put option associated with the Prior Agreement with Hercules (see Note 5) (23 ) Fair value—end of period $ 98 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Balance as of March 31, 20 20 December 31, 201 9 Raw materials $ 1,146 $ 1,153 Work-in-process — 593 Finished goods 1,953 1,549 Total $ 3,099 $ 3,295 |
Note 4 - Revenue from Contrac_2
Note 4 - Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 2019 Product sales: DSUVIA $ 155 $ 47 Zalviso 119 79 Total product sales 274 126 Contract and other collaboration: Non-cash royalty revenue related to Royalty Monetization (See Note 7) 84 85 Royalty revenue 28 26 Other revenue — 28 Total revenues from contract and other collaboration 112 139 Total revenue $ 386 $ 265 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Balance at Beginning of the Period Additions Deductions Balance at the end of the Period Contract liability: Deferred revenue – Amended Agreements $ 3,148 $ — $ (79 ) $ 3,069 Deferred revenue – Other 96 — — 96 Deferred revenue $ 3,244 $ — $ (79 ) $ 3,165 Three Months Ended March 31, 2020 2019 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied – Amended Agreements $ 79 $ 79 New activities in the period from performance obligations satisfied: Performance obligations satisfied – Amended Agreements 40 28 Total revenue from performance obligations satisfied $ 119 $ 107 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months 20 Operating lease costs $ 340 Sublease income (150 ) Net lease costs $ 190 March 31, 20 20 Weighted-average remaining term – operating lease (in years) 3.83 Weighted-average discount rate – operating lease 11.72 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year: 2020 (remaining nine months) $ 953 2021 1,305 2022 1,345 2023 1,386 2024 116 Total future minimum lease payments 5,105 Less imputed interest (676 ) Total $ 4,429 Operating lease liabilities $ 1,008 Operating lease liabilities, net of current portion 3,421 Total lease liability $ 4,429 |
Lessee, Operating Sublease, to Be Received, Maturity [Table Text Block] | Year: 2020 (remaining nine months) $ 446 2021 610 2022 629 2023 648 2024 54 Total future minimum sublease payments $ 2,387 Prepaid expenses and other current assets $ 82 Other assets 331 Total rent receivable $ 413 |
Note 7 - Liability Related to_2
Note 7 - Liability Related to Sale of Future Royalties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Other Liabilities [Table Text Block] | Three months ended 20 Period from inception to March 31, 20 20 Liability related to sale of future royalties — beginning balance $ 92,035 $ — Proceeds from sale of future royalties — 61,184 Non-cash royalty revenue (79 ) (763 ) Non-cash interest (income) expense recognized (843 ) 30,692 Liability related to sale of future royalties as of March 31, 2020 91,113 91,113 Less: current portion (321 ) (321 ) Liability related to sale of future royalties — net of current portion $ 90,792 $ 90,792 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended 2020 2019 Cost of goods sold $ 46 $ 61 Research and development 200 224 Selling, general and administrative 900 822 Total $ 1,146 $ 1,107 |
Note 12 - Net Loss Per Share _2
Note 12 - Net Loss Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 20 20 201 9 ESPP, RSUs and stock options to purchase common stock 15,630,340 13,983,586 Common stock warrants 176,679 — |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) $ in Millions | Mar. 16, 2020 | Mar. 31, 2020USD ($) | Mar. 15, 2020USD ($)shares |
Co-Promotion Agreement, Percent of Net Sales to be Paid as Royalty Contingent on Performance Standards | 10.00% | ||
Restructuring and Related Cost, Number of Positions Eliminated | 30 | ||
Restructuring Charges, Total | $ 0.5 | ||
Restructuring Reserve, Ending Balance | $ 0.2 | ||
Tetraphase [Member] | |||
Business Combination, Number of Common Shares Called by Each Right (in shares) | 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% |
Note 2 - Investments and Fair_3
Note 2 - Investments and Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Available-for-sale Securities, Gross, Unrealized Gain (Loss) Accumulated In Investments | $ 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 | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | $ 52,725 | $ 66,137 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 52,725 | 66,137 |
Cash and Cash Equivalents [Member] | ||
Amortized Cost | 23,886 | 14,684 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 23,886 | 14,684 |
Cash and Cash Equivalents [Member] | Cash [Member] | ||
Amortized Cost | 3,188 | 1,957 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 3,188 | 1,957 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Amortized Cost | 16,102 | 598 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 16,102 | 598 |
Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ||
Amortized Cost | 4,596 | 12,129 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 4,596 | 12,129 |
Cash and Cash Equivalents [Member] | U.S. Government Agency Securities [Member] | ||
Amortized Cost | 14,268 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 14,268 | |
Marketable Securities [Member] | ||
Amortized Cost | 28,839 | 51,453 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 28,839 | 51,453 |
Marketable Securities [Member] | Commercial Paper [Member] | ||
Amortized Cost | 25,155 | 27,131 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 25,155 | 27,131 |
Marketable Securities [Member] | U.S. Government Agency Securities [Member] | ||
Amortized Cost | 2,008 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 2,008 | |
Marketable Securities [Member] | Corporate Debt Securities [Member] | ||
Amortized Cost | 1,676 | 10,054 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 1,676 | $ 10,054 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets, fair value | $ 49,537 | $ 64,180 |
Liabilities, fair value | 746 | 437 |
Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 746 | 437 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 16,102 | 598 |
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 | 33,435 | 63,582 |
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 | 746 | 437 |
Fair Value, Inputs, Level 3 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 746 | 437 |
Money Market Funds [Member] | ||
Assets, fair value | 16,102 | 598 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 16,102 | 598 |
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 Securities [Member] | ||
Assets, fair value | 2,008 | 14,268 |
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 | 2,008 | 14,268 |
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Commercial Paper [Member] | ||
Assets, fair value | 29,751 | 39,260 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 29,751 | 39,260 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Corporate Debt Securities [Member] | ||
Assets, fair value | 1,676 | 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 | 1,676 | 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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair value, Beginning of period | $ 437 | $ 121 |
Change in fair value of contingent put option associated with the Loan Agreement | 309 | |
Change in fair value of contingent put option associated with the Prior Agreement with Hercules (see Note 5) | (23) | |
Fair value, End of period | $ 746 | $ 98 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Inventory Write-down | $ 0.1 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventory Components (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Raw materials | $ 1,146 | $ 1,153 | |
Work-in-process | 593 | ||
Finished goods | 1,953 | 1,549 | |
Total | $ 3,099 | $ 3,295 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Note 4 - Revenue from Contrac_3
Note 4 - Revenue from Contracts with Customers (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Jul. 17, 2015 |
Deferred Revenue, Noncurrent, Total | $ 3.1 | |
Deferred Revenue, Current, Total | $ 0.3 | |
Amended License Agreement [Member] | ||
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | $ 194.5 | |
Amended License Agreement [Member] | Based upon Successful Regulatory and Product Development Efforts [Member] | ||
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | 28.5 | |
Amended License Agreement [Member] | Based upon Net Sales Target Achievements [Member] | ||
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | 166 | |
Amended MSA [Member] | ||
Revenue Recognition Milestone Method Agreed, Additional Amount, Based On Efforts And Targets | $ 28.5 |
Note 4 - Revenue from Contrac_4
Note 4 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 386 | $ 265 |
DSUVIA [Member] | ||
Revenue | 155 | 47 |
ZALVISO [Member] | ||
Revenue | 119 | 79 |
Product [Member] | ||
Revenue | 274 | 126 |
Non-cash Royalty [Member] | ||
Revenue | 84 | 85 |
Royalty [Member] | ||
Revenue | 28 | 26 |
Contract and Other Revenue [Member] | ||
Revenue | 28 | |
Contract and Other Collaboration [Member] | ||
Revenue | $ 112 | $ 139 |
Note 4 - Revenue from Contrac_5
Note 4 - Revenue from Contracts with Customers - Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Contract Liabilities: Deferred Revenue | $ 3,244 | |
Contract Liabilities: Deferred Revenue, Deductions | (79) | |
Revenue | 386 | $ 265 |
Contract Liabilities: Deferred Revenue, Additions | ||
Contract Liabilities: Deferred Revenue | 3,165 | |
ZALVISO [Member] | ||
Contract Liabilities: Deferred Revenue | 3,148 | |
Contract Liabilities: Deferred Revenue, Deductions | (79) | |
Revenue | 119 | 79 |
Contract Liabilities: Deferred Revenue, Additions | ||
Contract Liabilities: Deferred Revenue | 3,069 | |
Amended License Agreement [Member] | ||
Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied – Amended Agreements | 79 | 79 |
Revenue | 119 | 107 |
New activities in the period from performance obligations satisfied: Performance obligations satisfied – Amended Agreements | 40 | $ 28 |
Product and Service, Other [Member] | ||
Contract Liabilities: Deferred Revenue | 96 | |
Contract Liabilities: Deferred Revenue, Deductions | ||
Contract Liabilities: Deferred Revenue, Additions | ||
Contract Liabilities: Deferred Revenue | $ 96 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2019 | May 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Repayments of Long-term Debt, Total | $ 2,064 | |||
Interest Expense, Total | 855 | 376 | ||
Fair Value of Contingent Put Option, Liability | 271 | 99 | ||
Leasehold Improvements [Member] | ||||
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 1,700 | |||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 176,679 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.83 | |||
Loan Agreement with Oxford Finance LLC [Member] | ||||
Repayments of Long-term Debt, Total | $ 8,900 | |||
Interest Expense, Total | 800 | |||
Fair Value of Contingent Put Option, Liability | 200 | |||
Debt Instrument, Face Amount | 25,000 | |||
Proceeds from Debt, Net of Issuance Costs and Repayment of Debt | 15,900 | |||
Hercules Loan and Security Agreement [Member] | ||||
Repayments of Long-term Debt, Total | 8,900 | |||
Long-term Debt, Gross | 7,400 | |||
Debt Instrument, Termination Fee | 1,300 | |||
Gain (Loss) on Extinguishment of Debt, Total | $ (200) | |||
Interest Expense, Total | 400 | |||
Fair Value of Contingent Put Option, Liability | $ 100 | |||
Site Readiness Agreement [Member] | ||||
Debt Instrument, Periodic Payment, Principal | $ 500 | |||
Total Obligation Under Leasehold Agreement | $ 2,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 14.35% |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Percentage of Office and Laboratory Space Sublease | 47.00% |
Operating Lease, Payments | $ 0.3 |
Note 6 - Leases - Operating Lea
Note 6 - Leases - Operating Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Operating lease costs | $ 340 |
Sublease income | (150) |
Net lease costs | $ 190 |
Weighted-average remaining term – operating lease (in years) (Year) | 3 years 302 days |
Weighted-average discount rate – operating lease | 11.72% |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | [1] |
2020 (remaining nine months) | $ 953 | ||
2021 | 1,305 | ||
2022 | 1,345 | ||
2023 | 1,386 | ||
2024 | 116 | ||
Total future minimum lease payments | 5,105 | ||
Less imputed interest | (676) | ||
Total | 4,429 | ||
Operating lease liabilities | 1,008 | $ 970 | |
Operating lease liabilities, net of current portion | 3,421 | $ 3,640 | |
Total lease liability | $ 4,429 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Sublease Payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 (remaining nine months) | $ 446 |
2021 | 610 |
2022 | 629 |
2023 | 648 |
2024 | 54 |
Total future minimum sublease payments | 2,387 |
Rent receivable | 413 |
Prepaid Expenses and Other Current Assets [Member] | |
Rent receivable | 82 |
Other Assets [Member] | |
Rent receivable | $ 331 |
Note 7 - Liability Related to_3
Note 7 - Liability Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions | Sep. 18, 2015 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 |
Proceeds From Sale of Royalty and Milestone Rights | $ 65 | |||
Royalty Arrangment Maximum Payments | $ 195 | |||
Prospective Average Rate for Remaining Term of the Agreement | 4.20% | |||
Estimate Future Payments Receivable Over Remaining Life of Arrangment | $ 20 | |||
Contingent Gain (Loss) on Royalty Monetization Arrangement | $ 45 | |||
Effective Interest Over Life of Liability Related to Sale of Future Royalties | 0.00% | |||
Effective Annual Interest Rate | 4.00% | 7.00% | ||
PDL [Member] | ||||
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 | $ 35.6 | |||
AcelRX [Member] | First Four Commercial Milestones [Member] | ||||
Commercial Milestones Value Maximum Amount Available | $ 44.5 |
Note 7 - Liability Related to_4
Note 7 - Liability Related to Sale of Future Royalties - Activity of Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands | 3 Months Ended | 54 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | [1] | |
Liability related to sale of future royalties — beginning balance | $ 92,035 | ||||
Proceeds from sale of future royalties | 61,184 | ||||
Non-cash royalty revenue | (79) | (763) | |||
Non-cash interest (income) expense recognized | (843) | $ 1,607 | 30,692 | ||
Liability related to sale of future royalties as of March 31, 2020 | 91,113 | 91,113 | |||
Less: current portion | (321) | (321) | $ (352) | ||
Liability related to sale of future royalties — net of current portion | $ 90,792 | $ 90,792 | $ 91,683 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) - Warrant In Connection with Oxford Finance Loan Agreement [Member] - $ / shares | Mar. 31, 2020 | May 30, 2019 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 176,679 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.83 | |
Class of Warrant or Right, Outstanding (in shares) | 176,679 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) | Mar. 31, 2020shares |
2011 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 3,220,641 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 13,831,842 |
2011 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,451,952 |
Employee Stock Purchase Plan (ESPP) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,052,431 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation expense | $ 1,146 | $ 1,107 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 46 | 61 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 200 | 224 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ 900 | $ 822 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | May 09, 2019 | Jun. 21, 2016 | Mar. 31, 2020 |
Stock Issued During Period, Value, New Issues | $ 784 | ||
ATM Agreement [Member] | |||
Proceeds from Issuance Initial Public Offering | $ 80,000 | $ 40,000 | $ 800 |
Aggregate Offering Price, Increase During Period | $ 40,000 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 431,800 | ||
Stock Issued During Period, Value, New Issues | $ 44,500 |
Note 12 - Net Loss Per Share _3
Note 12 - Net Loss Per Share of Common Stock - Common Stock Excluded From Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
RSU's, ESPP, and Employee Stock Options [Member] | ||
Antidilutive securities (in shares) | 15,630,340 | 13,983,586 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 176,679 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Tetraphase [Member] - USD ($) $ in Millions | May 06, 2020 | Mar. 15, 2020 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 12.5 | |
La Jolla [Member] | Subsequent Event [Member] | ||
Payments to Acquire Businesses, Gross | $ 22 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 12.5 |