Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 07, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | KEMPHARM, INC | ||
Entity Central Index Key | 1,434,647 | ||
Trading Symbol | kmph | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,646,982 | ||
Entity Public Float | $ 46,412,563 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 16,762 | $ 32,318 |
Restricted cash | 1,100 | |
Marketable securities | 51,003 | 19,002 |
Trade date receivables | 5,003 | |
Prepaid expenses and other current assets | 489 | 2,758 |
Total current assets | 74,357 | 54,078 |
Property and equipment, net | 1,970 | 403 |
Long-term investments | 8,200 | |
Other long-term assets | 360 | 109 |
Total assets | 84,887 | 54,590 |
Liabilities and stockholders’ deficit | ||
Accounts payable and accrued expenses | 6,444 | 4,906 |
Current portion of convertible notes | 1,369 | |
Current portion of term notes | 2,041 | |
Current portion of capital lease obligation | 157 | 26 |
Other current liabilities | 41 | |
Total current liabilities | 6,642 | 8,342 |
Convertible notes, net | 91,170 | 7,412 |
Term notes, net | 11,118 | |
Derivative and warrant liability | 4,618 | 37,839 |
Other long-term liabilities | 1,153 | |
Total liabilities | 103,583 | 64,711 |
Commitments and contingencies (Note G) | ||
Stockholders' deficit: | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized, 14,646,982 shares issued and outstanding as of December 31, 2016; 14,490,954 shares issued and outstanding as of December 31, 2015 | 1 | 1 |
Additional paid-in capital | 102,643 | 94,702 |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of December 31, 2016 or December 31, 2015 | 0 | 0 |
Accumulated deficit | (121,340) | (104,824) |
Total stockholders' deficit | (18,696) | (10,121) |
Total liabilities and stockholders' deficit | $ 84,887 | $ 54,590 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 14,646,982 | 14,490,954 |
Common stock, shares outstanding (in shares) | 14,646,982 | 14,490,954 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||
Operating expenses: | |||
Research and development | 20,472 | 13,931 | 11,917 |
General and administrative | 14,000 | 8,883 | 4,526 |
Severance expense | 3,010 | ||
Total operating expenses | 37,482 | 22,814 | 16,443 |
Loss from operations | (37,482) | (22,814) | (16,443) |
Other income (expense): | |||
(Loss) gain on extinguishment of debt | (4,740) | 1,900 | |
Interest expense related to amortization of debt issuance costs and discount | (1,616) | (1,909) | (1,114) |
Interest expense on principal | (5,511) | (2,671) | (1,605) |
Fair value adjustment | 32,465 | (27,276) | (7,223) |
Interest and other income | 353 | 32 | 8 |
Total other income (expense) | 20,951 | (31,824) | (8,034) |
Loss before income taxes | (16,531) | (54,638) | (24,477) |
Income tax benefit (expense) | 15 | (26) | 22 |
Net loss | $ (16,516) | $ (54,664) | $ (24,455) |
Net loss per share: | |||
Basic and diluted (in dollars per share) | $ (1.13) | $ (7.42) | $ (10.27) |
Weighted average common shares outstanding: | |||
Basic and diluted (in shares) | 14,597,053 | 7,368,681 | 2,381,041 |
Statements of Changes in Redeem
Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Series A Redeemable Convertible Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member] | Series C Redeemable Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | Series D-1 Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2013 | $ 3,343 | $ 3,313 | $ 11,892 | $ 18,548 | ||||||
Balance at Dec. 31, 2013 | $ 1,438 | $ (25,705) | $ (24,267) | |||||||
Net loss | (24,455) | (24,455) | ||||||||
Stock-based compensation expense | $ 214 | 214 | ||||||||
Change in par value | (1,438) | 1,438 | ||||||||
Conversion of 2013 convertible notes into Series D preferred stock | $ 4,159 | 4,159 | ||||||||
Issuance of Series D preferred stock as financing fee | 1,500 | 1,500 | ||||||||
Balance at Dec. 31, 2014 | 3,343 | 3,313 | 11,892 | 5,659 | 24,207 | |||||
Balance at Dec. 31, 2014 | 1,652 | (50,160) | (48,508) | |||||||
Net loss | (54,664) | (54,664) | ||||||||
Stock-based compensation expense | 2,369 | 2,369 | ||||||||
Balance at Dec. 31, 2015 | 1 | 94,702 | (104,824) | (10,121) | ||||||
Exercise of stock options and warrants | 4,749 | 4,749 | ||||||||
Issuance of Series D-1 preferred stock | $ 4,000 | 4,000 | ||||||||
Issuance of common stock in connection with IPO, net of discounts and commissions | 1 | 59,891 | 59,892 | |||||||
Conversion of 2013 warrants to equity classification | 1,110 | 1,110 | ||||||||
Conversion of preferred stock into common stock upon IPO | $ (3,343) | $ (3,313) | $ (11,892) | $ (5,659) | $ (4,000) | $ (28,207) | 28,207 | 28,207 | ||
Offering expenses charged to equity | (3,276) | (3,276) | ||||||||
Net loss | (16,516) | (16,516) | ||||||||
Stock-based compensation expense | 6,600 | 6,600 | ||||||||
Balance at Dec. 31, 2016 | $ 1 | 102,643 | $ (121,340) | (18,696) | ||||||
Exercise of stock options and warrants | 896 | 896 | ||||||||
Write-off of deferred offering costs | $ 445 | $ 445 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (16,516,000) | $ (54,664,000) | $ (24,455,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Loss (gain) on extinguishment of debt | 4,740,000 | (1,900,000) | |
Write-off of deferred offering costs | 445,000 | ||
Stock-based compensation expense | 6,600,000 | 2,369,000 | 214,000 |
Non-cash interest expense | 2,222,000 | 2,671,000 | 1,602,000 |
Amortization of debt issuance costs and debt discount | 1,616,000 | 1,909,000 | 1,114,000 |
Depreciation and amortization expense | 175,000 | 84,000 | 75,000 |
Fair value adjustment | (32,465,000) | 27,276,000 | 7,223,000 |
Loss on disposal of fixed assets | 91,000 | ||
Change in assets and liabilities: | |||
Prepaid expenses and other assets | 2,018,000 | (1,228,000) | 523,000 |
Accounts payable and accrued expenses | 1,118,000 | 1,315,000 | 933,000 |
Other long-term liabilities | 184,000 | ||
Net cash used in operating activities | (29,772,000) | (20,268,000) | (14,671,000) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (643,000) | (135,000) | (47,000) |
Restricted cash for collateral | (1,100,000) | ||
Purchases of marketable securities and long-term investments | (89,849,000) | (19,002,000) | |
Maturities of marketable securities and long-term investments | 44,645,000 | ||
Net cash used in investing activities | (46,947,000) | (19,137,000) | (47,000) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt, net of discounts and commissions | 82,800,000 | 25,000,000 | |
Repayment of term notes and related accrued interest | (18,621,000) | ||
Payment of principal on convertible notes arising from capitalized interest | (1,931,000) | ||
Payment of deferred offering costs | (164,000) | (315,000) | (1,767,000) |
Payment of debt and stock issuance costs | (983,000) | (2,533,000) | (163,000) |
Repayment of obligations under capital lease | (79,000) | (32,000) | (31,000) |
Proceeds from exercise of warrants | 141,000 | 413,000 | |
Proceeds from initial public offering, net of discounts and commissions | 59,892,000 | ||
Repayment of line of credit | (35,000) | ||
Net cash provided by financing activities | 61,163,000 | 61,468,000 | 23,004,000 |
Net (decrease) increase in cash and cash equivalents | (15,556,000) | 22,063,000 | 8,286,000 |
Cash and cash equivalents, beginning of year | 32,318,000 | 10,255,000 | 1,969,000 |
Cash and cash equivalents, end of year | 16,762,000 | 32,318,000 | 10,255,000 |
Supplemental cash flow information: | |||
Cash paid for interest | 3,289,000 | 3,000 | |
Transfer of warrants to equity upon exercise | 755,000 | 4,293,000 | |
Fixed assets included in accounts payable and accrued expenses | 281,000 | ||
Deferred offering costs included in accounts payable and accrued expenses | 85,000 | 428,000 | 315,000 |
Fixed assets financed under a capital lease agreement | 867,000 | ||
Trade date receivables | 5,003,000 | ||
Unpaid offering costs charged to equity | 3,276,000 | ||
Conversion of preferred stock into common stock upon initial public offering | 28,207,000 | ||
Reclassification of 2013 warrants to equity | 1,110,000 | ||
Embedded put option on Deerfield warrant | 220,000 | ||
Issuance of Series D preferred stock as transaction fee | 1,500,000 | ||
Conversion of 2013 convertible notes and interest into Series D preferred stock | 4,159,000 | ||
Issuance of 2013 warrants and Deerfield warrant | 7,610,000 | ||
Series D-1 Redeemable Convertible Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series D-1 redeemable convertible preferred stock | 4,000,000 | ||
Series D Redeemable Convertible Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from exercise of warrants | $ 43,000 |
Note A - Description of Busines
Note A - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | A. Description of Business and Basis of Presentation KemPharm, Inc. (the “ Company”) is a clinical-stage specialty pharmaceutical company engaged in the discovery and development of proprietary prodrugs. Through the use of its Ligand Activated Therapy (“LAT”) platform technology, the Company is able to initiate and pursue the development of improved versions of widely prescribed, approved drugs. The Company was formed on October 30, 2006, May 30, 2014. The Company has experienced recurring losses from operations and negative operating cash flows due to its ongoing research and development of its potential product candidates. The Company also has an accumulated deficit at December 31, 2016. Reverse Stock Split On April 2, 2015, 1 7.5 troactively to give effect to the 1 7.5 Initial Public Offering In April 2015, 5,090,909 $11.00 May 2015, 763,636 $11.00 s’ exercise of their option to purchase additional shares, were $59.9 $4.5 $2.8 5,980,564 250,000,000 10,000,000 $0.0001 Entry into ATM Agreement On October 3, 2016, ATM Agreement”) with Cowen and Company (“Cowen”) under which the Company may $50,000,000 3 $20,000,000 The Company ’s registration statement on Form S- 3 October 17, 2016. Cowen may ATM Agreement by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 may three (3.0%) The Company is not obligated to make any sales of common stock under the ATM Agreement. The offering of shares of common stock pursuant to the ATM Agreement will terminate upon the earlier of (i) the sale of all common stock subject to the ATM Agreement, or (ii) termination of the ATM Agreement in accordance with its terms. December 31, 2016, $0.2 Reclas sifications During the first 2016 , the Company adopted Accounting Standards Update (“ASU”) 2015 03, Interest – Imputation of Interest (Subtopic 835 30) 2015 03”), 2015 03 $1.1 December 31, 2015. |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, includ ing those related to the useful lives of property and equipment, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed insured limits. Cash and Cash Equivalents The Company considers any highly liquid investm ents with an original maturity of three Marketable Securities and Long-term Investments The Company maintains investment securities that are classified as trading securities. These securities are carried at fair value with unreali zed gains and losses included in other income (expense) on the statements of operations. The securities primarily consist of certificates of deposit, U.S. Treasury securities and U.S. government-sponsored agency securities. As of December 31, 2016 2015, $50.4 $10.1 $50,000 $6,000, 12 Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three fifteen Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are amortiz ed over the life of the respective financing arrangement using the effective interest method. Supply Arrangements The Company enters into supply arrangements for the supply of components of its product candidates. These arrangements also may share of future revenue if related product candidates reach commercialization. Costs under these supply arrangements, if any, are expensed as incurred (Note H). Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may No December 31, 2016, 2015 2014. Fair Value of Financial Instruments The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three equent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three ● Level 1 —Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 —Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 —Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clin ical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the statements of operations as the Company receives the related goods or services. Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the statements of operations. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not to be realized. Uncertain tax positions are recognized only when the Company believes it is more likely than not tha t the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. The Company did not have any accrued interest or penalties associated with uncertain tax positions as of December 31, 2016 2015. The Company files income tax returns in the United States for federal and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2012, 2012 may Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers an d directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under Accounting Standards Codification ("ASC") subtopic 505 50. Basic and Diluted Net Loss per Share of Common Stock The Company uses the two entitle the holders to participate in dividends and earnings of the Company. The two Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is ava ilable and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. All assets of the Company were held in the United States as of December 31, 2016 2015. Application of New or Revised Accounting Standards —Adopted From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date . On April 5, 2012, JOBS Act”) into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company, the Company may In June 2014, issued ASU 2014 12, Compensation–Stock Compensation 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period 2014 12”). 2014 12 December 15, 2015. may 2014 12 2014 12 January 1, 2016. 2014 12 In August 2014, 2014 15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern 2014 15”), 205 40 (1) (2) (3) (4) (5) (6) one 2014 15 December 15, 2016, 2014 15 ’s financial statements as the Company determined there was no substantial doubt about its ability to continue as a going concern as of December 31, 2016. In January 2015, 2015 01, Income Statement - Extraordinary and Unusual Items (Subtopic 225 20); 2015 01”) (1) (2) 2015 01 December 15, 2015. 2015 01 January 1, 2016. 2015 01 In April 2015, 2015 03, d to a recognized debt liability be presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, 2015 03 $1.1 December 31, 2015. Application of New or Revised Accounting Standards —Not Yet Adopted In May 2014, 606, Revenue Recognition—Revenue from Contracts with Customers 606"), 605, Revenue Recognition January 1, 2018. In November 2015, 2015 17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740) 2015 17”), December 15, 2016, In January 2016, 2016 01, Financial Instruments Overall – Recognition and Measurement of Financial Assets and Liabilities (Topic 825 10) 2016 01”), 825 10. December 15, 2017, 2016 01 In February 2016, 2016 02, Leases (Topic 842) 2016 02”), twelve 2016 02 December 15, 2018, 2016 02 In March 2016, 2016 06, Derivatives and Hedging (Topic 815), 2016 06”), 2016 06 December 15, 2016, In Ma rch 2016, 2016 09, Compensation–Stock Compensation (Topic 718), 2016 09”), 2016 09 December 15, 2016, In August 2016, 2016 15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (Topic 230) 2016 15”), eight 230. December 15, 2017, 2016 15 In November 2016, 2016 18, Statements of Cash Flows (Topic 320) – Restricted Cash 2016 15”), December 15, 2017, 2016 15 |
Note C - Prepaid Expenses and O
Note C - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | C. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2016 2015 Prepaid insurance $ 333 $ 290 Other receivables 58 2,375 Other prepaid expenses and current assets 98 93 Total $ 489 $ 2,758 |
Note D - Property and Equipment
Note D - Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | D. Property and Equipment Property and equipment consists of the following (in thousands): December 31, 2016 2015 Laboratory equipment $ 842 $ 530 Furniture and office equipment 733 169 Computers and hardware 231 176 Leasehold improvements 769 6 Total property and equipment 2,575 881 Less: accumulated depreciation and amortization (605 ) (478 ) Property and equipment, net $ 1,970 $ 403 The Company leases various equipment and leasehold improvements under capital lease agreements. The assets under capital leases are included in property and equipment as follows (in thousands): December 31, 2016 2015 Laboratory equipment $ 271 $ — Furniture and office equipment 537 94 Leasehold improvements 59 — Total property and equipment financed under a capital lease agreement 867 94 Less: accumulated depreciation and amortization (31 ) (22 ) Property and equipment financed under a capital lease agreement, net $ 836 $ 72 The estimated useful lives of property and equipment are as follows: Useful Life Asset Category (in years) Laboratory equipment 10 Furniture and office equipment 5 - 10 Computers and hardware 3 - 7 Leasehold improvements 9 Depreciation and amortization expense, including amounts pertaining to assets held under capital leases, was approximately $175,000, $84,000 $75,000 December 31, 2016, 2015 2014, |
Note E - Accounts Payable and A
Note E - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | E. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): December 31, December 31, 2016 2015 Accrued interest $ 2,222 $ 698 Accrued banking fees 700 700 Accrued severance 646 — Accrued payroll 1,024 947 Accounts payable 469 1,252 Other accrued expenses 1,383 1,309 Total $ 6,444 $ 4,906 |
Note F - Debt Obligations
Note F - Debt Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F. Debt Obligations Deerfield Facility Agreement On June 2, 2014, $60 first $15 $10 9.75% may $5.85 The Company also issued to Deerfield a warrant to purchase 14,423,076 Series D Preferred”) at an exercise price of $0.78 June 2, 2024 1,923,077 $5.85 260, Earnings per Share, may one third tender tender 12 1934, In addition, the Company issued to Deerfield 1,923,077 256, 410 $1.5 Pursuant to the Deerfield Fac ility Agreement, the Company may $750,000 The Company must repay one third fourth fifth February 14, 2020. February 2016. Interest accrued on outstanding debt under the Deerfield Fa cility Agreement is due quarterly in arrears. Upon notice to Deerfield, the Company may one first eight July 1, 2016. eight June 30, 2016. July 1, 2016. Second Amendment to Senior Secured Convertible Note and Warrant On January 6, 2016, . Issuance of 5.50% Notes and Third Amendment to Senior Secured Convertible Note and Warrant On February 9, 2016, $86.25 5.50% 2021 2021 2021 144A 1933, The net proceeds from the Note Offering were approximately $82.8 ’ discount and estimated offering expenses. Concurrent with the Note Offering, the Company used approximately $18.6 The 2021 February 9, 2016 2021 February 1 August 1 August 1, 2016, 5.50% 2021 February 1, 2021 2021 2021 The 2021 58.4454 ’s common stock per $1,000 2021 $17.11 2021 2021 If the Company undergoes a “ fundamental change” (as defined in the Indenture), holders may 2021 100% 2021 2021 one 2021 may The Indenture includes customary terms and covenants, including certain events of default after which the 2021 may In connection with the Note Offering, on February 3, 2016, 2021 Fourth Amendment to Deerfield Convertible Notes and Deerfield Warrant In connection with entering into the ATM Agreement, on October 3, 2016, 415 Line of Credit During the second 2016, line of credit with a total borrowing capacity of $1.1 December 31, 2016 $0.4 January 31, 2018. December 31, 2016, 1 2.00% 2.77%, December 31, 2016. |
Note G - Commitments and Contin
Note G - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | G. Commitments and Contingencies Legal Matters From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liability is not probable or the amount cannot be reasonably estimated and, therefore, an accrual has not been made. However, for such matters when it is probable that the Company has incurred a liability and can reasonably estimate the amount, the Company accrues and discloses such estimates. As of December 31, 2016, . As of December 31, 2015, $20,000 In 2014, first ’s exclusive financial advisor for specified strategic transactions and to receive fees for the specified strategic transactions irrespective of whether any such specified transaction occurred during or after the term of the financial advisor’s service agreement. This filing by the former financial advisor was made in response to an action initiated by the Company in 2013 September 2015, January 6, 2016, January 7, 2016. In November 2016, registration statement in connection with its initial public offering, and each of the investment banks that acted as underwriters for the offering negligently issued untrue statements of material facts and omitted to state material facts required to be stated in the registration statement and incorporated offering materials that the Company filed with the U.S Securities and Exchange Commission in support of the offering. The plaintiff does not quantify any alleged damages in his complaint but, in addition to attorneys' fees and costs, the plaintiff seeks to recover damages and obtain other relief on behalf of himself and all other persons who purchased the Company's common stock pursuant or traceable to the offering and the registration statement and who were allegedly damaged thereby. In January 2017, Lease Agreements Iowa The Company leases office and laboratory facilities in Iowa under a non-can celable operating lease. The Company’s lease for its Iowa facilities expires in September 2017 one Florida The Company leases office space in Florida, comprised of two non-cancelable operating lease, which expires in August 2025 February 2026, two five Virginia The Company leases office and laboratory facilities in Virginia under a non-cancelable operating lease. February 2017, The Company’s lease for its Virginia facilities expires in August 2017. North Carolina The Company leases office space in North Carolina under a non-cancelable operating lease. The expiration date of the Company ’s lease is May 2020, three Capital Lease The Company leases various laboratory equipment, furniture and office equipment and leasehold improvements that are accounted for as capital leases and that require ongoing payments, including interest expense. The capital leases are financed through various financial institutions and are collateralized by the underlying assets. As of December 31, 2016, 7.19% 8.05%. Rent expense for non-cancelable operating and capital leases was $0.6 million, $0.3 $0.2 December 31, 2016, 2015 2014, Future minimum lease payments under capital leases and non-cancelable operating leases as of December 31, 2016, Capital Operating Year Ending December 31, Leases Leases 2017 $ 214 $ 555 2018 208 585 2019 208 569 2020 208 499 2021 127 449 Thereafter — 1,836 Total minimum lease payments 965 $ 4,493 Less: amounts representing interest (152 ) Total $ 813 |
Note H - Supply Arrangement
Note H - Supply Arrangement | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | H. Supply Arrangement As of December 31, 2016, one potential future expenditures related to research and development. In November 2009, Supply Agreement”) with Johnson Matthey Inc. (“JMI”) whereby JMI has agreed to supply the Company with all of the KP201 KP201. KP201/IR, KP201 No December 31, 2016, 2015 2014. KP201 KP201 KP201 tenth KP201’s two 12 KP201. |
Note I - Preferred Stock and Wa
Note I - Preferred Stock and Warrants | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | I. Preferred Stock and Warrants Authorized, Issued, and Outstanding Preferred Stock In April 2015, the number of its authorized shares of preferred stock to 10,000,000 $0.0001 April 2015, 5,980,564 December 31, 2016, 10,000,000 not Preferred Stock Activity The following table summarizes redeemable convertible preferred stock activity for the years ended December 31, 2016, 2015 2014: Shares of Series A Preferred Series B Preferred Series C Preferred Series D Preferred Series D-1 Preferred Total Balance, January 1, 2014 9,704,215 6,220,000 18,557,408 — — 34,481,623 Shares issued upon conversion of 2013 Convertible Notes — — — 5,332,348 — 5,332,348 Shares issued for financing fee to Deerfield — — — 1,923,077 — 1,923,077 Balance, December 31, 2014 9,704,215 6,220,000 18,557,408 7,255,425 — 41,737,048 Issuance of Series D-1 preferred stock — — — — 3,200,000 3,200,000 Exercise of Series D preferred warrants — — — 3,205 — 3,205 Effect of reverse stock split (8,410,377 ) (5,390,766 ) (16,083,286 ) (6,290,844 ) (2,784,416 ) (38,959,689 ) Less: Conversion of preferred stock into common stock upon IPO (1,293,838 ) (829,234 ) (2,474,122 ) (967,786 ) (415,584 ) (5,980,564 ) Balance, December 31, 2015 — — — — — — Balance, December 31, 2016 — — — — — — Series D- 1 In February 2015, agreement with Cowen KP Investment LLC in which Cowen KP Investment LLC agreed to purchase and the Company agreed to sell 3,200,000 1 $1.25 $4.0 415,584 Warrants As described in Note A, in April 2015, Upon completion of the IPO, warrants to purchase 15,499,324 2,066,543 During 2013, $3.8 million of convertible notes and the warrants (the “2013 1,079,453 2013 2013 1,079,453 2013 143,466 $5.85 2013 June 2, 2019, On June 2, 2014, d Facility Agreement, the Company issued the Deerfield Warrant to purchase 14,423,076 June 2, 2024, 1,923,077 $5.85 The Company determined that the 2013 ty and stated at fair value at each reporting period upon inception. As stated above, upon completion of the IPO, the 2013 2013 |
Note J - Common Stock and Warra
Note J - Common Stock and Warrants | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | J. Common Stock and Warrants Authorized, Issued, and Outstanding Common Shares In April 2015, Incorporation to increase the number of its authorized shares of common stock to 250,000,000 14,646,982 14,490,954 December 31, 2016 2015, At Dec ember 31, 2016 2015, December 31, 2016 2015 Conversion of Deerfield Convertible Notes 1,751,296 1,991,219 Conversion of 2021 Notes 5,040,914 — Outstanding awards under equity incentive plans 1,990,260 1,397,511 Outstanding common stock warrants 2,087,477 2,325,383 Possible future issuances under equity incentive plans 1,244,671 1,410,848 Total common shares reserved for future issuance 12,114,618 7,124,961 Common Stock Activity The following table summarizes common stock activity for the year ended December 31, 2016, 2015 2014: Shares of Common Stock Balance at January 1, 2014 2,381,041 Balance at December 31, 2014 2,381,041 Issuance of common stock in connection with the IPO 5,854,545 Conversion of preferred stock to common stock in connection with the IPO 5,980,564 Common stock warrants exercised 270,038 Common stock options exercised 4,766 Balance at December 31, 2015 14,490,954 Common stock warrants exercised 141,095 Common stock options exercised 14,933 Balance at December 31, 2016 14,646,982 The Company calculates the fair value of common stock warrants using a Monte Carlo simulation. There were warrants exercised for an aggregate of 141,095 270,038 December 31, 2016 2015, No December 31, 2014. 2008 2012, 595,920 |
Note K - Stock-based Compensati
Note K - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | K. Stock-Based Compensation The Company maintains a stock-based compensation plan (the “ Incentive Stock Plan”) that governs stock awards made to employees and directors prior to completion of the IPO. In November 2014, April 2015, ’s stockholders, approved the Company’s 2014 “2014 April 2015. 2014 may 2014 2,846,304, December 31, 2016. 2014 January 1 January 1, 2016, January 1, 2024, 4% December 31 2014 January 1, 2017, 2014 585,879 During the year ended December 31, 2016, 14,933 $71,000 $169,000. December 31, 2015, 4,766 $28,000 $54,000. December 31, 2014. Stock-based compensation expense recorded unde r the Incentive Stock Plan and the 2014 Year ended December 31, 2016 2015 2014 Research and development $ 1,051 $ 610 $ 62 General and administrative 3,639 1,759 152 Severance expense 1,910 — — $ 6,600 $ 2,369 $ 214 Stock Option Awards The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires the use of subjective assumptions, including the expected term of the option, the expected stock price volatility, expe cted dividend yield and the risk-free interest rate for the expected term of the option. The expected term represents the period of time the stock options are expected to be outstanding. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, the Company uses the simplified method to estimate the expected term for its “plain vanilla” stock options. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. Some options, for example those that have exercise prices in excess of the fair value of the underlying stock, are not considered “plain vanilla” stock options. For these options, the Company uses an expected term equal to the contractual term of the option. Expected volatility is based on historical volatilities for publicly traded stock of comparable ies over the estimated expected term of the stock options. The Company assumes no dividend yield because dividends are not expected to be paid in the near future, which is consistent with the Company’s history of not paying dividends. The Company recogni zes compensation expense related to stock-based payment transactions upon satisfaction of the requisite service or vesting requirements. Forfeitures are estimated at the time of grant and revised based on actual forfeitures, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Using the Black-Scholes option-pricing model, the weighted-average fair value of awards granted during the years ended December 31, 2016, 2015 2014, $9.25, $10.63 $4.50 re, respectively. The assumptions used to estimate fair value are as follows: December 31, December 31, December 31, 2016 2015 2014 Risk-free interest rate 1.29% - 1.50% 1.40% - 1.99% 0.91% - 2.70% Expected term (in years) 5.50 - 6.26 4.33 - 6.25 7.00 - 10.00 Expected volatility 77.38% - 94.78% 68.79% - 86.84% 86.00% - 95.00% Expected dividend yield 0% 0% 0% The activity under the Incentive Stock Plan and the 2014 for the year ended December 31, 2016, Weighted Average Number of Weighted Average Remaining Contractual Aggregate Intrinsic Options Exercise Price Term (in years) Value Outstanding balance at January 1, 2016 1,397,511 $ 13.28 8.58 $ 9,204,403 Granted 959,375 $ 13.31 Exercised (14,933 ) $ 4.78 Canceled, forfeited or expired (351,693 ) $ 11.65 Outsta nding balance at December 31, 2016 1,990,260 $ 13.64 8.27 $ 26,400 Exercisable at December 31, 2016 637,492 $ 10.77 6.78 $ 26,400 Vested and expected to vest at December 31, 2016 1,978,260 $ 13.62 8.27 $ 26,400 Information regarding currently outstanding and exercisable options as of December 31, 2016, Options Outstanding Options Exercisable Weighted Average Weighted Average Number of Remaining Contractual Number of Remaining Contractual Exercise Price Shares Term (in years) Shares Term (in years) $ 0.75 12,000 0.50 12,000 0.50 $ 3.00 20,666 1.54 20,666 1.54 $ 3.80 99,000 9.81 — — $ 4.65 35,994 2.06 35,994 2.06 $ 5.85 298,661 6.26 261,661 6.07 $ 6.05 50,000 9.40 — — $ 8.63 21,306 8.12 10,826 8.15 $ 11.00 21,333 8.25 5,333 8.25 $ 11.41 88,000 8.41 88,000 8.41 $ 12.62 340,000 9.11 — — $ 13.96 22,500 9.13 — — $ 16.06 12,000 9.26 — — $ 16.25 98,750 9.17 — — $ 16.31 13,500 9.17 — — $ 16.61 11,250 8.93 2,812 8.93 $ 17.93 4,500 9.27 — — $ 18.10 140,000 9.29 — — $ 18.29 205,000 8.48 51,250 8.48 $ 18.38 54,000 9.28 — — $ 18.61 32,000 8.65 8,000 8.65 $ 19.02 62,000 8.65 54,000 8.65 $ 20.45 335,000 8.68 83,750 8.68 $ 21.37 6,400 8.69 1,600 8.69 $ 22.12 6,400 8.70 1,600 8.70 1,990,260 8.27 637,492 6.78 The total fair value of stock options vested during the years ended December 31, 2016, 2015 2014, $5.4 $1.1 $0.2 Unvested stock options as of December 31, 2016 2015, Number of Unvested Shares December 31, December 31, Exercise Price 2016 2015 $ 3.80 99,000 — $ 5.85 37,000 97,633 $ 6.05 50,000 — $ 8.63 10,480 147,973 $ 11.00 16,000 21,333 $ 11.41 — 82,035 $ 12.62 340,000 — $ 13.96 22,500 — $ 16.06 12,000 — $ 16.25 98,750 — $ 16.31 13,500 — $ 16.61 8,438 11,250 $ 17.93 4,500 — $ 18.10 140,000 — $ 18.29 153,750 205,000 $ 18.38 54,000 — $ 18.61 24,000 38,400 $ 19.02 8,000 62,000 $ 20.45 251,250 335,000 $ 21.37 4,800 6,400 $ 22.12 4,800 6,400 1,352,768 1,013,424 As of December 31, 2016, $10.6 ncentive Stock Plan and 2014 2.86 During the year ended December 31, 2016, $44,000 elated to performance-based awards included in research and development expenses. These awards were in connection with the strategic initiatives set for the award that were achieved in 2016 13,333 December 31, 2016. December 31, 2015, $0.7 elated to performance-based awards included in general and administrative expenses and $0.2 163,998 December 31, 2015. December 31, 2014, |
Note L - Fair Value of Financia
Note L - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | L. Fair Value of Financial Instruments The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash and accounts payable, approximate their respective fair values due to the short-term nature of such instruments. The fair value of the Deerfield Convertible Notes was $10.2 $42.0 December 31, 2016 2015. 2021 first 2016, $46.3 December 31, 2016. 2021 3 at December 31, 2016 2015 2021 December 31, 2016. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in whi ch to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of December 31, 2016 2015 Quoted Prices in Balance at Active Markets for Significant Other Significant December 31, Identical Assets Observable Inputs Unobservable Inputs 2016 (Level 1) (Level 2) (Level 3) Underwriter Warrant liability $ 16 $ — $ — $ 16 Deerfield Warrant liability 4,231 — — 4,231 Embedded Put Option 365 — — 365 Fundamental change and make-whole interest provisions embedded in 2021 Notes 6 — — 6 Total liabilities $ 4,618 $ — $ — $ 4,618 Trading securities: Certificates of deposit 7,788 7,788 — — U.S. Treasury securities 37,066 37,066 — — U.S. government-sponsored agency securities 14,349 — 14,349 — Total assets $ 59,203 $ 44,854 $ 14,349 $ — Quoted Prices in Balance at Active Markets for Significant Other Significant December 31, Identical Assets Observable Inputs Unobservable Inputs 2015 (Level 1) (Level 2) (Level 3) Underwriter Warrant liability $ 3,877 $ — $ — $ 3,877 Deerfield Warrant liability 33,750 — — 33,750 Embedded Put Option 212 — — 212 Total liabilities $ 37,839 $ — $ — $ 37,839 Trading securities: Certificates of deposit 8,951 8,951 — — U.S. Treasury securities 4,996 4,996 — — U.S. government-sponsored agency securities 5,055 5,055 — — Total assets $ 19,002 $ 19,002 $ — $ — The Company ’s Underwriter Warrant liability, Deerfield Warrant liability, embedded Put Option and the fundamental change and the make-whole interest provisions embedded in the 2021 December 31, 2016 2015, 2021 first 2016 2021 December 31, 2016 2015. 2021 December 31, 2016. 2021 fair value adjustment. A reconciliation of the beginning and ending balances for the derivative and warrant liability measured at fair value on a recurring basis using signific ant unobservable inputs (Level 3) 2016 2015 Balance at beginning of period $ 37,839 $ 15,966 Reclassification of 2013 warrants to equity — (1,110 ) Exercise of warrants (756 ) (4,293 ) Adjustment to fair value (32,465 ) 27,276 Balance at end of period $ 4,618 $ 37,839 |
Note M - Income Taxes
Note M - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | M. Income Taxes The Company ’s financial statements include a total state tax benefit of $15,000, $15,000 $22,000 $16.5 $54.6 $24.5 December 31, 2016, 2015 2014, Year ended December 31, 2016 2015 2014 Federal statutory rate 34.00 % 34.00 % 34.00 % Effect of: Change in valuation allowance (69.31 ) (19.25 ) (32.88 ) Return to provision and deferred true-up (23.83 ) — 0.36 Change in rate (14.63 ) — — State tax benefit (net of federal) 15.64 4.06 5.96 Warrant liability 68.44 (15.28 ) (9.39 ) State research and development credit 0.09 0.03 0.09 Federal research and development credit 5.65 0.84 3.29 Amortization (3.15 ) — — Conversion feature and put option on 2013 convertible notes — (1.68 ) (1.26 ) Interest expense — — 0.21 Stock-based compensation (12.71 ) (1.28 ) — Other (0.10 ) (1.42 ) (0.29 ) Federal income tax provision effective rate 0.09 % 0.02 % 0.09 % The components of deferred tax assets and liabilities are as follows (in thousands): December 31, December 31, December 31, 2016 2015 2014 Deferred tax assets relating to: Net operating loss carryforwards $ 44,984 $ 26,617 $ 16,390 Research and development tax carryforward 3,166 2,254 1,793 Compensation 715 232 83 Total gross deferred tax assets 48,865 29,103 18,266 Deferred tax liabilities relating to: Property and equipment 89 80 170 Total gross deferred tax liabilities 89 80 170 Deferred tax assets less liabilities 48,776 29,023 18,096 Valuation allowance (48,776 ) (29,023 ) (18,096 ) Net deferred tax asset (liability) $ — $ — $ — In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences in the future. The Company had the following federal net operating loss carryforward and research activities credits as of December 31, 2016 Net Operating Research Year Incurred Loss Carryforwards Activities Credit Expiration 2007 $ 454 $ 30 2027 2008 1,178 65 2028 2009 3,060 176 2029 2010 3,423 149 2030 2011 9,929 176 2031 2012 — 170 2032 2013 4,353 133 2033 2014 15,819 894 2034 2015 24,189 461 2035 2016 40,959 912 2036 $ 103,364 $ 3,166 The Company also has certain state net operating loss carryforwards totaling $108.6 2027 2036. may 382 may imitations on the Company’s ability to utilize the net operating loss carryforward. Financial Interpretation No. 48 FIN 48”), Accounting for Uncertainty in Income Taxes |
Note N - Net Loss Per Share
Note N - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | N. Net Loss Per Share Under the two is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income attributable to common stockholders is computed by subtracting from net income the portion of current year earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net loss per common share is computed under the two (two The following table summarizes the computation of basic and diluted net loss and net loss per share of the Company (in thousands, except share and pe r share amounts): Year ended December 31, 2016 2015 2014 Net loss - basic and diluted $ (16,516 ) $ (54,664 ) $ (24,455 ) Weighted-average number of common shares - basic and diluted 14,597,053 7,368,681 2,381,041 Net loss per share - basic and diluted $ (1.13 ) $ (7.42 ) $ (10.27 ) Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company ’s net loss. The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average common shares outstanding because their effect is anti-dilutive: December 31, December 31, December 31, 2016 2015 2014 Redeemable convertible preferred stock: Series A — — 1,293,838 Series B — — 829,234 Series C — — 2,474,122 Series D — — 967,359 Total redeemable convertible preferred stock — — 5,564,553 Warrants to purchase common stock 2,087,477 2,325,383 595,920 Warrants to purchase Series D preferred stock — — 2,066,970 Awards under equity incentive plans 1,990,260 1,397,511 395,185 Deerfield Convertible Notes 1,751,296 1,991,219 1,808,353 2021 Notes 5,040,914 — — Total 10,869,947 5,714,113 10,430,981 |
Note O - Severance Expense
Note O - Severance Expense | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | O. Severance Expense On September 15, 2016, December 31, 2016. three $1.1 $1.9 December 31, 2016, $0.6 |
Note P - Employee Benefit Plan
Note P - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | P. Employee Benefit Plan The Company has a 401(k) 401(k) may 4% 401(k) $213,000, $113,000 $69,000 December 31, 2016, 2015 2014, The Company has a discretionary profit sharing plan (the “ Profit Sharing Plan”) that covers all employees. Employees become eligible participants in the Profit Sharing Plan once they have provided three no 2016, 2015 2014. |
Note Q - Quarterly Results of O
Note Q - Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Q. Quarterly Results of Operations (unaudited) The following tables set forth unaudited quarterly statements of operations data for each of the quarters indicated. The financial statements for each of these quarters have been prepared on the same basis as the audited financial statements included herein and, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results of operations for these perio ds. You should read this information together with our financial statements and related notes included herein. These quarterly Three-Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2016 2016 2016 2016 2015 2015 2015 2015 Revenue $ — $ — $ — $ — $ — $ — $ — $ — Operating expenses: Research and development 7,963 4,287 4,988 3,234 4,716 4,328 2,768 2,119 General and administrative 2,873 3,104 4,287 3,736 2,566 2,152 3,188 977 Restructuring charges — 3,010 — — — — — — Total operating expenses 10,836 10,401 9,275 6,970 7,282 6,480 5,956 3,096 Loss from operations (10,836 ) (10,401 ) (9,275 ) (6,970 ) (7,282 ) (6,480 ) (5,956 ) (3,096 ) Other (expense) income: Loss on extinguishment of debt — — — (4,740 ) — — — — Interest expense related to amortization of debt issuance costs and discount (391 ) (390 ) (393 ) (442 ) (475 ) (479 ) (477 ) (477 ) Interest expense on principal (1,445 ) (1,441 ) (1,475 ) (1,150 ) (698 ) (687 ) (654 ) (632 ) Fair value adjustment 2,723 (1,299 ) 20,763 10,278 (764 ) (2,089 ) (22,661 ) (1,762 ) Interest and other income 9 98 144 102 15 11 5 — Total other income (expense) 896 (3,032 ) 19,039 4,048 (1,922 ) (3,244 ) (23,787 ) (2,871 ) (Loss) income before income taxes (9,940 ) (13,433 ) 9,764 (2,922 ) (9,204 ) (9,724 ) (29,743 ) (5,967 ) Income tax benefit (expense) 4 19 4 (12 ) 1 (20 ) — (7 ) Net (loss) income $ (9,936 ) $ (13,414 ) $ 9,768 $ (2,934 ) $ (9,203 ) $ (9,744 ) $ (29,743 ) $ (5,974 ) Net (loss) income per share: Basic $ (0.68 ) $ (0.92 ) $ 0.59 $ (0.20 ) $ (0.64 ) $ (0.68 ) $ (2.45 ) $ (2.50 ) Diluted $ (0.68 ) $ (0.92 ) $ (0.58 ) $ (0.20 ) $ (0.64 ) $ (0.68 ) $ (2.45 ) $ (2.50 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Reverse Stock Split On April 2, 2015, 1 7.5 troactively to give effect to the 1 7.5 Initial Public Offering In April 2015, 5,090,909 $11.00 May 2015, 763,636 $11.00 s’ exercise of their option to purchase additional shares, were $59.9 $4.5 $2.8 5,980,564 250,000,000 10,000,000 $0.0001 Entry into ATM Agreement On October 3, 2016, ATM Agreement”) with Cowen and Company (“Cowen”) under which the Company may $50,000,000 3 $20,000,000 The Company ’s registration statement on Form S- 3 October 17, 2016. Cowen may ATM Agreement by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 may three (3.0%) The Company is not obligated to make any sales of common stock under the ATM Agreement. The offering of shares of common stock pursuant to the ATM Agreement will terminate upon the earlier of (i) the sale of all common stock subject to the ATM Agreement, or (ii) termination of the ATM Agreement in accordance with its terms. December 31, 2016, $0.2 |
Basis of Accounting, Policy [Policy Text Block] | KemPharm, Inc. (the “ Company”) is a clinical-stage specialty pharmaceutical company engaged in the discovery and development of proprietary prodrugs. Through the use of its Ligand Activated Therapy (“LAT”) platform technology, the Company is able to initiate and pursue the development of improved versions of widely prescribed, approved drugs. The Company was formed on October 30, 2006, May 30, 2014. The Company has experienced recurring losses from operations and negative operating cash flows due to its ongoing research and development of its potential product candidates. The Company also has an accumulated deficit at December 31, 2016. |
Reclassification, Policy [Policy Text Block] | Reclas sifications During the first 2016 , the Company adopted Accounting Standards Update (“ASU”) 2015 03, Interest – Imputation of Interest (Subtopic 835 30) 2015 03”), 2015 03 $1.1 December 31, 2015. |
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 of America ("GAAP") requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, includ ing those related to the useful lives of property and equipment, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed insured limits. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers any highly liquid investm ents with an original maturity of three |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities and Long-term Investments The Company maintains investment securities that are classified as trading securities. These securities are carried at fair value with unreali zed gains and losses included in other income (expense) on the statements of operations. The securities primarily consist of certificates of deposit, U.S. Treasury securities and U.S. government-sponsored agency securities. As of December 31, 2016 2015, $50.4 $10.1 $50,000 $6,000, 12 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three fifteen |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are amortiz ed over the life of the respective financing arrangement using the effective interest method. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Supply Arrangements The Company enters into supply arrangements for the supply of components of its product candidates. These arrangements also may share of future revenue if related product candidates reach commercialization. Costs under these supply arrangements, if any, are expensed as incurred (Note H). |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may No December 31, 2016, 2015 2014. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three equent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three ● Level 1 —Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 —Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 —Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clin ical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the statements of operations as the Company receives the related goods or services. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not to be realized. Uncertain tax positions are recognized only when the Company believes it is more likely than not tha t the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. The Company did not have any accrued interest or penalties associated with uncertain tax positions as of December 31, 2016 2015. The Company files income tax returns in the United States for federal and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2012, 2012 may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers an d directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under Accounting Standards Codification ("ASC") subtopic 505 50. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Loss per Share of Common Stock The Company uses the two entitle the holders to participate in dividends and earnings of the Company. The two |
Segment Reporting, Policy [Policy Text Block] | Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is ava ilable and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. All assets of the Company were held in the United States as of December 31, 2016 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | Application of New or Revised Accounting Standards —Adopted From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date . On April 5, 2012, JOBS Act”) into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company, the Company may In June 2014, issued ASU 2014 12, Compensation–Stock Compensation 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period 2014 12”). 2014 12 December 15, 2015. may 2014 12 2014 12 January 1, 2016. 2014 12 In August 2014, 2014 15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern 2014 15”), 205 40 (1) (2) (3) (4) (5) (6) one 2014 15 December 15, 2016, 2014 15 ’s financial statements as the Company determined there was no substantial doubt about its ability to continue as a going concern as of December 31, 2016. In January 2015, 2015 01, Income Statement - Extraordinary and Unusual Items (Subtopic 225 20); 2015 01”) (1) (2) 2015 01 December 15, 2015. 2015 01 January 1, 2016. 2015 01 In April 2015, 2015 03, d to a recognized debt liability be presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, 2015 03 $1.1 December 31, 2015. |
New Accounting Pronouncements, Not Yet Adopted, Policy [Policy Text Block] | Application of New or Revised Accounting Standards —Not Yet Adopted In May 2014, 606, Revenue Recognition—Revenue from Contracts with Customers 606"), 605, Revenue Recognition January 1, 2018. In November 2015, 2015 17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740) 2015 17”), December 15, 2016, In January 2016, 2016 01, Financial Instruments Overall – Recognition and Measurement of Financial Assets and Liabilities (Topic 825 10) 2016 01”), 825 10. December 15, 2017, 2016 01 In February 2016, 2016 02, Leases (Topic 842) 2016 02”), twelve 2016 02 December 15, 2018, 2016 02 In March 2016, 2016 06, Derivatives and Hedging (Topic 815), 2016 06”), 2016 06 December 15, 2016, In Ma rch 2016, 2016 09, Compensation–Stock Compensation (Topic 718), 2016 09”), 2016 09 December 15, 2016, In August 2016, 2016 15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (Topic 230) 2016 15”), eight 230. December 15, 2017, 2016 15 In November 2016, 2016 18, Statements of Cash Flows (Topic 320) – Restricted Cash 2016 15”), December 15, 2017, 2016 15 |
Note C - Prepaid Expenses and25
Note C - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2016 2015 Prepaid insurance $ 333 $ 290 Other receivables 58 2,375 Other prepaid expenses and current assets 98 93 Total $ 489 $ 2,758 |
Note D - Property and Equipme26
Note D - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2016 2015 Laboratory equipment $ 842 $ 530 Furniture and office equipment 733 169 Computers and hardware 231 176 Leasehold improvements 769 6 Total property and equipment 2,575 881 Less: accumulated depreciation and amortization (605 ) (478 ) Property and equipment, net $ 1,970 $ 403 |
Schedule of Capital Leased Assets [Table Text Block] | December 31, 2016 2015 Laboratory equipment $ 271 $ — Furniture and office equipment 537 94 Leasehold improvements 59 — Total property and equipment financed under a capital lease agreement 867 94 Less: accumulated depreciation and amortization (31 ) (22 ) Property and equipment financed under a capital lease agreement, net $ 836 $ 72 |
Property, Plant and Equipment, Useful Life [Table Text Block] | Useful Life Asset Category (in years) Laboratory equipment 10 Furniture and office equipment 5 - 10 Computers and hardware 3 - 7 Leasehold improvements 9 |
Note E - Accounts Payable and27
Note E - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, December 31, 2016 2015 Accrued interest $ 2,222 $ 698 Accrued banking fees 700 700 Accrued severance 646 — Accrued payroll 1,024 947 Accounts payable 469 1,252 Other accrued expenses 1,383 1,309 Total $ 6,444 $ 4,906 |
Note G - Commitments and Cont28
Note G - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Capital Operating Year Ending December 31, Leases Leases 2017 $ 214 $ 555 2018 208 585 2019 208 569 2020 208 499 2021 127 449 Thereafter — 1,836 Total minimum lease payments 965 $ 4,493 Less: amounts representing interest (152 ) Total $ 813 |
Note I - Preferred Stock and 29
Note I - Preferred Stock and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Temporary Equity [Table Text Block] | Shares of Series A Preferred Series B Preferred Series C Preferred Series D Preferred Series D-1 Preferred Total Balance, January 1, 2014 9,704,215 6,220,000 18,557,408 — — 34,481,623 Shares issued upon conversion of 2013 Convertible Notes — — — 5,332,348 — 5,332,348 Shares issued for financing fee to Deerfield — — — 1,923,077 — 1,923,077 Balance, December 31, 2014 9,704,215 6,220,000 18,557,408 7,255,425 — 41,737,048 Issuance of Series D-1 preferred stock — — — — 3,200,000 3,200,000 Exercise of Series D preferred warrants — — — 3,205 — 3,205 Effect of reverse stock split (8,410,377 ) (5,390,766 ) (16,083,286 ) (6,290,844 ) (2,784,416 ) (38,959,689 ) Less: Conversion of preferred stock into common stock upon IPO (1,293,838 ) (829,234 ) (2,474,122 ) (967,786 ) (415,584 ) (5,980,564 ) Balance, December 31, 2015 — — — — — — Balance, December 31, 2016 — — — — — — |
Note J - Common Stock and War30
Note J - Common Stock and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block] | December 31, 2016 2015 Conversion of Deerfield Convertible Notes 1,751,296 1,991,219 Conversion of 2021 Notes 5,040,914 — Outstanding awards under equity incentive plans 1,990,260 1,397,511 Outstanding common stock warrants 2,087,477 2,325,383 Possible future issuances under equity incentive plans 1,244,671 1,410,848 Total common shares reserved for future issuance 12,114,618 7,124,961 |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Shares of Common Stock Balance at January 1, 2014 2,381,041 Balance at December 31, 2014 2,381,041 Issuance of common stock in connection with the IPO 5,854,545 Conversion of preferred stock to common stock in connection with the IPO 5,980,564 Common stock warrants exercised 270,038 Common stock options exercised 4,766 Balance at December 31, 2015 14,490,954 Common stock warrants exercised 141,095 Common stock options exercised 14,933 Balance at December 31, 2016 14,646,982 |
Note K - Stock-based Compensa31
Note K - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year ended December 31, 2016 2015 2014 Research and development $ 1,051 $ 610 $ 62 General and administrative 3,639 1,759 152 Severance expense 1,910 — — $ 6,600 $ 2,369 $ 214 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | December 31, December 31, December 31, 2016 2015 2014 Risk-free interest rate 1.29% - 1.50% 1.40% - 1.99% 0.91% - 2.70% Expected term (in years) 5.50 - 6.26 4.33 - 6.25 7.00 - 10.00 Expected volatility 77.38% - 94.78% 68.79% - 86.84% 86.00% - 95.00% Expected dividend yield 0% 0% 0% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Weighted Average Remaining Contractual Aggregate Intrinsic Options Exercise Price Term (in years) Value Outstanding balance at January 1, 2016 1,397,511 $ 13.28 8.58 $ 9,204,403 Granted 959,375 $ 13.31 Exercised (14,933 ) $ 4.78 Canceled, forfeited or expired (351,693 ) $ 11.65 Outsta nding balance at December 31, 2016 1,990,260 $ 13.64 8.27 $ 26,400 Exercisable at December 31, 2016 637,492 $ 10.77 6.78 $ 26,400 Vested and expected to vest at December 31, 2016 1,978,260 $ 13.62 8.27 $ 26,400 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Average Weighted Average Number of Remaining Contractual Number of Remaining Contractual Exercise Price Shares Term (in years) Shares Term (in years) $ 0.75 12,000 0.50 12,000 0.50 $ 3.00 20,666 1.54 20,666 1.54 $ 3.80 99,000 9.81 — — $ 4.65 35,994 2.06 35,994 2.06 $ 5.85 298,661 6.26 261,661 6.07 $ 6.05 50,000 9.40 — — $ 8.63 21,306 8.12 10,826 8.15 $ 11.00 21,333 8.25 5,333 8.25 $ 11.41 88,000 8.41 88,000 8.41 $ 12.62 340,000 9.11 — — $ 13.96 22,500 9.13 — — $ 16.06 12,000 9.26 — — $ 16.25 98,750 9.17 — — $ 16.31 13,500 9.17 — — $ 16.61 11,250 8.93 2,812 8.93 $ 17.93 4,500 9.27 — — $ 18.10 140,000 9.29 — — $ 18.29 205,000 8.48 51,250 8.48 $ 18.38 54,000 9.28 — — $ 18.61 32,000 8.65 8,000 8.65 $ 19.02 62,000 8.65 54,000 8.65 $ 20.45 335,000 8.68 83,750 8.68 $ 21.37 6,400 8.69 1,600 8.69 $ 22.12 6,400 8.70 1,600 8.70 1,990,260 8.27 637,492 6.78 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Unvested Shares December 31, December 31, Exercise Price 2016 2015 $ 3.80 99,000 — $ 5.85 37,000 97,633 $ 6.05 50,000 — $ 8.63 10,480 147,973 $ 11.00 16,000 21,333 $ 11.41 — 82,035 $ 12.62 340,000 — $ 13.96 22,500 — $ 16.06 12,000 — $ 16.25 98,750 — $ 16.31 13,500 — $ 16.61 8,438 11,250 $ 17.93 4,500 — $ 18.10 140,000 — $ 18.29 153,750 205,000 $ 18.38 54,000 — $ 18.61 24,000 38,400 $ 19.02 8,000 62,000 $ 20.45 251,250 335,000 $ 21.37 4,800 6,400 $ 22.12 4,800 6,400 1,352,768 1,013,424 |
Note L - Fair Value of Financ32
Note L - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Balance at Active Markets for Significant Other Significant December 31, Identical Assets Observable Inputs Unobservable Inputs 2016 (Level 1) (Level 2) (Level 3) Underwriter Warrant liability $ 16 $ — $ — $ 16 Deerfield Warrant liability 4,231 — — 4,231 Embedded Put Option 365 — — 365 Fundamental change and make-whole interest provisions embedded in 2021 Notes 6 — — 6 Total liabilities $ 4,618 $ — $ — $ 4,618 Trading securities: Certificates of deposit 7,788 7,788 — — U.S. Treasury securities 37,066 37,066 — — U.S. government-sponsored agency securities 14,349 — 14,349 — Total assets $ 59,203 $ 44,854 $ 14,349 $ — Quoted Prices in Balance at Active Markets for Significant Other Significant December 31, Identical Assets Observable Inputs Unobservable Inputs 2015 (Level 1) (Level 2) (Level 3) Underwriter Warrant liability $ 3,877 $ — $ — $ 3,877 Deerfield Warrant liability 33,750 — — 33,750 Embedded Put Option 212 — — 212 Total liabilities $ 37,839 $ — $ — $ 37,839 Trading securities: Certificates of deposit 8,951 8,951 — — U.S. Treasury securities 4,996 4,996 — — U.S. government-sponsored agency securities 5,055 5,055 — — Total assets $ 19,002 $ 19,002 $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2016 2015 Balance at beginning of period $ 37,839 $ 15,966 Reclassification of 2013 warrants to equity — (1,110 ) Exercise of warrants (756 ) (4,293 ) Adjustment to fair value (32,465 ) 27,276 Balance at end of period $ 4,618 $ 37,839 |
Note M - Income Taxes (Tables)
Note M - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2016 2015 2014 Federal statutory rate 34.00 % 34.00 % 34.00 % Effect of: Change in valuation allowance (69.31 ) (19.25 ) (32.88 ) Return to provision and deferred true-up (23.83 ) — 0.36 Change in rate (14.63 ) — — State tax benefit (net of federal) 15.64 4.06 5.96 Warrant liability 68.44 (15.28 ) (9.39 ) State research and development credit 0.09 0.03 0.09 Federal research and development credit 5.65 0.84 3.29 Amortization (3.15 ) — — Conversion feature and put option on 2013 convertible notes — (1.68 ) (1.26 ) Interest expense — — 0.21 Stock-based compensation (12.71 ) (1.28 ) — Other (0.10 ) (1.42 ) (0.29 ) Federal income tax provision effective rate 0.09 % 0.02 % 0.09 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, December 31, December 31, 2016 2015 2014 Deferred tax assets relating to: Net operating loss carryforwards $ 44,984 $ 26,617 $ 16,390 Research and development tax carryforward 3,166 2,254 1,793 Compensation 715 232 83 Total gross deferred tax assets 48,865 29,103 18,266 Deferred tax liabilities relating to: Property and equipment 89 80 170 Total gross deferred tax liabilities 89 80 170 Deferred tax assets less liabilities 48,776 29,023 18,096 Valuation allowance (48,776 ) (29,023 ) (18,096 ) Net deferred tax asset (liability) $ — $ — $ — |
Summary of Operating Loss Carryforwards [Table Text Block] | Net Operating Research Year Incurred Loss Carryforwards Activities Credit Expiration 2007 $ 454 $ 30 2027 2008 1,178 65 2028 2009 3,060 176 2029 2010 3,423 149 2030 2011 9,929 176 2031 2012 — 170 2032 2013 4,353 133 2033 2014 15,819 894 2034 2015 24,189 461 2035 2016 40,959 912 2036 $ 103,364 $ 3,166 |
Note N - Net Loss Per Share (Ta
Note N - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2016 2015 2014 Net loss - basic and diluted $ (16,516 ) $ (54,664 ) $ (24,455 ) Weighted-average number of common shares - basic and diluted 14,597,053 7,368,681 2,381,041 Net loss per share - basic and diluted $ (1.13 ) $ (7.42 ) $ (10.27 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, December 31, December 31, 2016 2015 2014 Redeemable convertible preferred stock: Series A — — 1,293,838 Series B — — 829,234 Series C — — 2,474,122 Series D — — 967,359 Total redeemable convertible preferred stock — — 5,564,553 Warrants to purchase common stock 2,087,477 2,325,383 595,920 Warrants to purchase Series D preferred stock — — 2,066,970 Awards under equity incentive plans 1,990,260 1,397,511 395,185 Deerfield Convertible Notes 1,751,296 1,991,219 1,808,353 2021 Notes 5,040,914 — — Total 10,869,947 5,714,113 10,430,981 |
Note Q - Quarterly Results of35
Note Q - Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three-Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2016 2016 2016 2016 2015 2015 2015 2015 Revenue $ — $ — $ — $ — $ — $ — $ — $ — Operating expenses: Research and development 7,963 4,287 4,988 3,234 4,716 4,328 2,768 2,119 General and administrative 2,873 3,104 4,287 3,736 2,566 2,152 3,188 977 Restructuring charges — 3,010 — — — — — — Total operating expenses 10,836 10,401 9,275 6,970 7,282 6,480 5,956 3,096 Loss from operations (10,836 ) (10,401 ) (9,275 ) (6,970 ) (7,282 ) (6,480 ) (5,956 ) (3,096 ) Other (expense) income: Loss on extinguishment of debt — — — (4,740 ) — — — — Interest expense related to amortization of debt issuance costs and discount (391 ) (390 ) (393 ) (442 ) (475 ) (479 ) (477 ) (477 ) Interest expense on principal (1,445 ) (1,441 ) (1,475 ) (1,150 ) (698 ) (687 ) (654 ) (632 ) Fair value adjustment 2,723 (1,299 ) 20,763 10,278 (764 ) (2,089 ) (22,661 ) (1,762 ) Interest and other income 9 98 144 102 15 11 5 — Total other income (expense) 896 (3,032 ) 19,039 4,048 (1,922 ) (3,244 ) (23,787 ) (2,871 ) (Loss) income before income taxes (9,940 ) (13,433 ) 9,764 (2,922 ) (9,204 ) (9,724 ) (29,743 ) (5,967 ) Income tax benefit (expense) 4 19 4 (12 ) 1 (20 ) — (7 ) Net (loss) income $ (9,936 ) $ (13,414 ) $ 9,768 $ (2,934 ) $ (9,203 ) $ (9,744 ) $ (29,743 ) $ (5,974 ) Net (loss) income per share: Basic $ (0.68 ) $ (0.92 ) $ 0.59 $ (0.20 ) $ (0.64 ) $ (0.68 ) $ (2.45 ) $ (2.50 ) Diluted $ (0.68 ) $ (0.92 ) $ (0.58 ) $ (0.20 ) $ (0.64 ) $ (0.68 ) $ (2.45 ) $ (2.50 ) |
Note A - Description of Busin36
Note A - Description of Business and Basis of Presentation (Details Textual) | Apr. 02, 2015 | May 31, 2015USD ($)$ / sharesshares | Apr. 30, 2015$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Oct. 17, 2016USD ($) | Oct. 03, 2016USD ($) |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 7.5 | |||||||
Proceeds from Issuance Initial Public Offering | $ 59,892,000 | |||||||
Common Stock, Shares Authorized | shares | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||
Preferred Stock, Shares Authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Unamortized Debt Issuance Expense | $ 1,100,000 | |||||||
Other Noncurrent Assets [Member] | ||||||||
Deferred Offering Costs | $ 200,000 | |||||||
Cowen and Company, LLC [Member] | ||||||||
Sale of Stock, Authorized Offering Price | $ 20,000,000 | |||||||
Sale of Stock, Commission Fee | 3.00% | |||||||
Cowen and Company, LLC [Member] | Maximum [Member] | ||||||||
Sale of Stock, Authorized Offering Price | $ 50,000,000 | |||||||
IPO [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 5,090,909 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 11 | $ 11 | ||||||
Additional Common Stock Issued During Period | $ 763,636 | |||||||
Proceeds from Issuance Initial Public Offering | 59,900,000 | |||||||
Underwriting Discounts and Commissions | 4,500,000 | |||||||
Offering Expenses | $ 2,800,000 | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 5,980,564 |
Note B - Summary of Significa37
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trading Securities | $ 50,400,000 | $ 10,100,000 | |
Trading Securities, Accumulated Loss | (50,000) | (6,000) | |
Asset Impairment Charges | 0 | 0 | $ 0 |
Unrecognized Tax Benefits | $ 0 | 0 | |
Unamortized Debt Issuance Expense | $ 1,100,000 | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years |
Note C - Prepaid Expenses and38
Note C - Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid insurance | $ 333 | $ 290 |
Other receivables | 58 | 2,375 |
Other prepaid expenses and current assets | 98 | 93 |
Total | $ 489 | $ 2,758 |
Note D - Property and Equipme39
Note D - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation, Depletion and Amortization | $ 175,000 | $ 84,000 | $ 75,000 |
Note D - Property and Equipme40
Note D - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and equipment, gross | $ 2,575 | $ 881 |
Less: accumulated depreciation and amortization | (605) | (478) |
Property and equipment, net | 1,970 | 403 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 842 | 530 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 733 | 169 |
Computer and Hardware [Member] | ||
Property and equipment, gross | 231 | 176 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 769 | $ 6 |
Note D - Property and Equipme41
Note D - Property and Equipment - Assets under Capital Leases Included in Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital leased assets, gross | $ 867 | $ 94 |
Less: accumulated depreciation and amortization | (31) | (22) |
Property and equipment financed under a capital lease agreement, net | 836 | 72 |
Laboratory Equipment [Member] | ||
Capital leased assets, gross | 271 | |
Furniture and Fixtures [Member] | ||
Capital leased assets, gross | 537 | 94 |
Leasehold Improvements [Member] | ||
Capital leased assets, gross | $ 59 |
Note D - Property and Equipme42
Note D - Property and Equipment - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Property and equipment, useful lives (Year) | 3 years |
Maximum [Member] | |
Property and equipment, useful lives (Year) | 15 years |
Laboratory Equipment [Member] | |
Property and equipment, useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment, useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment, useful lives (Year) | 10 years |
Computer and Hardware [Member] | Minimum [Member] | |
Property and equipment, useful lives (Year) | 3 years |
Computer and Hardware [Member] | Maximum [Member] | |
Property and equipment, useful lives (Year) | 7 years |
Leasehold Improvements [Member] | |
Property and equipment, useful lives (Year) | 9 years |
Note E - Accounts Payable and43
Note E - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued interest | $ 2,222 | $ 698 |
Accrued banking fees | 700 | 700 |
Accrued severance | 646 | |
Accrued payroll | 1,024 | 947 |
Accounts payable | 469 | 1,252 |
Other accrued expenses | 1,383 | 1,309 |
Total | $ 6,444 | $ 4,906 |
Note F - Debt Obligations (Deta
Note F - Debt Obligations (Details Textual) - USD ($) | Feb. 09, 2016 | Jun. 02, 2014 | Dec. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2015 | Dec. 31, 2013 |
Series D Redeemable Convertible Preferred Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 15,499,324 | 1,079,453 | ||||
2021 Notes [Member] | ||||||
Debt Instrument, Convertible, Conversion Price | $ 17.11 | |||||
Debt Instrument, Face Amount | $ 86,250,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||
Proceeds from Debt, Net of Issuance Costs | $ 82,800,000 | |||||
Repayments of Long-term Debt | $ 18,600,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 58.4454 | |||||
Debt Conversion, Original Debt, Amount | $ 1,000 | |||||
Debt Instrument Repurchase Price Equal to Percentage of Principal Amount | 100.00% | |||||
Debt Instrument, Sinking Fund Payment | $ 0 | |||||
Deerfield Facility Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | |||||
Line of Credit Facility, Interest Rate at Period End | 9.75% | |||||
Debt Covenant, Debt Financing Restriction | $ 750,000 | |||||
Deerfield Facility Agreement [Member] | IPO [Member] | ||||||
Reclassification of Common Stock Shares | 256,410 | |||||
Deerfield Facility Agreement [Member] | Deerfield Warrant [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.78 | |||||
Deerfield Facility Agreement [Member] | Deerfield Warrant [Member] | IPO [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,923,077 | |||||
Deerfield Facility Agreement [Member] | Series D Redeemable Convertible Preferred Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,423,076 | |||||
Own-share Lending Arrangement, Shares, Issued | 1,923,077 | |||||
Mandatorily Redeemable Preferred Stock, Fair Value Disclosure | $ 1,500,000 | |||||
Deerfield Facility Agreement [Member] | Term Notes [Member] | ||||||
Proceeds from Secured Notes Payable | 15,000,000 | |||||
Deerfield Facility Agreement [Member] | Deerfield Convertible Notes [Member] | ||||||
Proceeds from Secured Notes Payable | $ 10,000,000 | |||||
Debt Instrument, Convertible, Conversion Price | $ 5.85 | |||||
Third Line of Credit Agreement [Member] | City National Bank of Florida [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,100,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 400,000 | |||||
Long-term Line of Credit | $ 0 | |||||
Third Line of Credit Agreement [Member] | City National Bank of Florida [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.77% | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note G - Commitments and Cont45
Note G - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingency Accrual | $ 0 | $ 20,000 | ||
Operating and Capital Leases, Rent Expense, Net | $ 600,000 | $ 300,000 | $ 200,000 | |
Capital Lease One [Member] | ||||
Capital Lease, Interest Rate | 7.19% | |||
Capital Lease Two [Member] | ||||
Capital Lease, Interest Rate | 8.05% | |||
Iowa [Member] | ||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 1 year | |||
Florida [Member] | ||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||
North Carolina [Member] | ||||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 3 years |
Note G - Commitment and Conting
Note G - Commitment and Contingencies - Future Minimum Lease Payments under Capital Leases and Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 214 |
2,017 | 555 |
2,018 | 208 |
2,018 | 585 |
2,019 | 208 |
2,019 | 569 |
2,020 | 208 |
2,020 | 499 |
2,021 | 127 |
2,021 | 449 |
Thereafter | |
Thereafter | 1,836 |
Total minimum lease payments | 965 |
Total minimum lease payments | 4,493 |
Less: amounts representing interest | (152) |
Total | $ 813 |
Note H - Supply Arrangement (De
Note H - Supply Arrangement (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Manufacturing Arrangement | 1 | ||
Supply Arrangement, Automatic Renewal Period | 2 years | ||
Supply Arrangement, Period of Prior Notice | 1 year | ||
Supply Arrangement Expense | $ 0 | $ 0 | $ 0 |
Note I - Preferred Stock and 48
Note I - Preferred Stock and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jun. 02, 2014 | May 31, 2015 | Apr. 30, 2015 | Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2016 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Conversion of Preferred Stock to Common Stock Upon Initial Public Offering Shares | 5,980,564 | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
2013 Warrants [Member] | |||||||
Class of Warrant or Right Issued | 1,079,453 | ||||||
Deerfield Warrant [Member] | |||||||
Class of Warrant or Right Issued | 14,423,076 | ||||||
Convertible Notes Payable [Member] | |||||||
Debt Instrument, Face Amount | $ 3.8 | ||||||
Series D-1 Redeemable Convertible Preferred Stock [Member] | |||||||
Conversion of Preferred Stock to Common Stock Upon Initial Public Offering Shares | 415,584 | ||||||
Series D-1 Redeemable Convertible Preferred Stock [Member] | Cowen KP Investment LLC [Member] | |||||||
Temporary Equity Shares Issuance | 3,200,000 | ||||||
Sale of Stock, Price Per Share | $ 1.25 | ||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 4 | ||||||
Conversion of Preferred Stock to Common Stock Upon Initial Public Offering Shares | 415,584 | ||||||
Series D Redeemable Convertible Preferred Stock [Member] | |||||||
Conversion of Preferred Stock to Common Stock Upon Initial Public Offering Shares | 967,786 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 15,499,324 | 1,079,453 | |||||
IPO [Member] | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,980,564 | ||||||
Common Stock [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,066,543 | 143,466 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.85 | ||||||
Common Stock [Member] | Deerfield Warrant [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,923,077 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.85 | ||||||
Common Stock [Member] | IPO [Member] | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,980,564 | 5,980,564 |
Note I - Preferred Stock and 49
Note I - Preferred Stock and Warrants - Summary of Redeemable Convertible Preferred Stock Activity (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2013 | |
Balance (in shares) | ||||
Less: Conversion of preferred stock into common stock upon IPO (in shares) | (5,980,564) | |||
Scenario, Previously Reported [Member] | ||||
Balance (in shares) | 41,737,048 | 34,481,623 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,332,348 | |||
Shares issued for financing fee to Deerfield (in shares) | 1,923,077 | |||
Temporary Equity Shares Issuance | 3,200,000 | |||
Exercise of Series D preferred warrants (in shares) | 3,205 | |||
Restatement Adjustment [Member] | ||||
Effect of reverse stock split (in shares) | (38,959,689) | |||
Series A Redeemable Convertible Preferred Stock [Member] | ||||
Balance (in shares) | ||||
Less: Conversion of preferred stock into common stock upon IPO (in shares) | (1,293,838) | |||
Series A Redeemable Convertible Preferred Stock [Member] | Scenario, Previously Reported [Member] | ||||
Balance (in shares) | 9,704,215 | 9,704,215 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | ||||
Shares issued for financing fee to Deerfield (in shares) | ||||
Temporary Equity Shares Issuance | ||||
Exercise of Series D preferred warrants (in shares) | ||||
Series A Redeemable Convertible Preferred Stock [Member] | Restatement Adjustment [Member] | ||||
Effect of reverse stock split (in shares) | (8,410,377) | |||
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Balance (in shares) | ||||
Less: Conversion of preferred stock into common stock upon IPO (in shares) | (829,234) | |||
Series B Redeemable Convertible Preferred Stock [Member] | Scenario, Previously Reported [Member] | ||||
Balance (in shares) | 6,220,000 | 6,220,000 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | ||||
Shares issued for financing fee to Deerfield (in shares) | ||||
Temporary Equity Shares Issuance | ||||
Exercise of Series D preferred warrants (in shares) | ||||
Series B Redeemable Convertible Preferred Stock [Member] | Restatement Adjustment [Member] | ||||
Effect of reverse stock split (in shares) | (5,390,766) | |||
Series C Redeemable Convertible Preferred Stock [Member] | ||||
Balance (in shares) | ||||
Less: Conversion of preferred stock into common stock upon IPO (in shares) | (2,474,122) | |||
Series C Redeemable Convertible Preferred Stock [Member] | Scenario, Previously Reported [Member] | ||||
Balance (in shares) | 18,557,408 | 18,557,408 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | ||||
Shares issued for financing fee to Deerfield (in shares) | ||||
Temporary Equity Shares Issuance | ||||
Exercise of Series D preferred warrants (in shares) | ||||
Series C Redeemable Convertible Preferred Stock [Member] | Restatement Adjustment [Member] | ||||
Effect of reverse stock split (in shares) | (16,083,286) | |||
Series D Redeemable Convertible Preferred Stock [Member] | ||||
Balance (in shares) | ||||
Less: Conversion of preferred stock into common stock upon IPO (in shares) | (967,786) | |||
Series D Redeemable Convertible Preferred Stock [Member] | Scenario, Previously Reported [Member] | ||||
Balance (in shares) | 7,255,425 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,332,348 | |||
Shares issued for financing fee to Deerfield (in shares) | 1,923,077 | |||
Temporary Equity Shares Issuance | ||||
Exercise of Series D preferred warrants (in shares) | 3,205 | |||
Series D Redeemable Convertible Preferred Stock [Member] | Restatement Adjustment [Member] | ||||
Effect of reverse stock split (in shares) | (6,290,844) | |||
Series D-1 Redeemable Convertible Preferred Stock [Member] | ||||
Balance (in shares) | ||||
Less: Conversion of preferred stock into common stock upon IPO (in shares) | (415,584) | |||
Series D-1 Redeemable Convertible Preferred Stock [Member] | Scenario, Previously Reported [Member] | ||||
Balance (in shares) | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | ||||
Shares issued for financing fee to Deerfield (in shares) | ||||
Temporary Equity Shares Issuance | 3,200,000 | |||
Exercise of Series D preferred warrants (in shares) | ||||
Series D-1 Redeemable Convertible Preferred Stock [Member] | Restatement Adjustment [Member] | ||||
Effect of reverse stock split (in shares) | (2,784,416) |
Note J - Common Stock and War50
Note J - Common Stock and Warrants (Details Textual) - shares | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 31, 2015 | Apr. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | |||
Common Stock, Shares, Issued | 14,646,982 | 14,490,954 | |||||
Common Stock Issued During Period from Warrants Exercised | 141,095 | 270,038 | 0 | ||||
Common Stock, Shares, Outstanding | 14,646,982 | 14,490,954 | 2,381,041 | 2,381,041 | |||
Private Placement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 595,920 |
Note J - Common Stock and War51
Note J - Common Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common shares reserved for future issuance (in shares) | 12,114,618 | 7,124,961 |
Warrant [Member] | ||
Common shares reserved for future issuance (in shares) | 2,087,477 | 2,325,383 |
Stock Compensation Plan [Member] | ||
Common shares reserved for future issuance (in shares) | 1,990,260 | 1,397,511 |
Possible Future Issuances Under Equity Incentive Plans [Member] | ||
Common shares reserved for future issuance (in shares) | 1,244,671 | 1,410,848 |
2021 Notes [Member] | ||
Common shares reserved for future issuance (in shares) | 5,040,914 | |
Convertible Notes Payable [Member] | ||
Common shares reserved for future issuance (in shares) | 1,751,296 | 1,991,219 |
Note J - Common Stock and War52
Note J - Common Stock and Warrants - Common Stock Activity (Details) - shares | 1 Months Ended | 12 Months Ended | |||
May 31, 2015 | Apr. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance (in shares) | 14,490,954 | 2,381,041 | 2,381,041 | ||
Balance (in shares) | 14,646,982 | 14,490,954 | 2,381,041 | ||
Common stock warrants exercised (in shares) | 141,095 | 270,038 | 0 | ||
Common stock options exercised (in shares) | 14,933 | 4,766 | 0 | ||
IPO [Member] | |||||
Issuance of common stock in connection with the IPO (in shares) | 5,090,909 | ||||
Conversion of preferred stock to common stock in connection with the IPO (in shares) | 5,980,564 | ||||
Common Stock [Member] | IPO [Member] | |||||
Issuance of common stock in connection with the IPO (in shares) | 5,854,545 | ||||
Conversion of preferred stock to common stock in connection with the IPO (in shares) | 5,980,564 | 5,980,564 |
Note K - Stock-based Compensa53
Note K - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 14,933 | 4,766 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | $ 71,000 | $ 28,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 169,000 | $ 54,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 9.25 | $ 10.63 | $ 4.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,400,000 | $ 1,100,000 | $ 200,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 10,600,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 313 days | ||
Allocated Share-based Compensation Expense | $ 6,600,000 | $ 2,369,000 | 214,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 13,333 | 163,998 | |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 1,051,000 | $ 610,000 | 62,000 |
General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | 3,639,000 | 1,759,000 | $ 152,000 |
Performance Shares [Member] | Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 44,000 | 200,000 | |
Performance Shares [Member] | General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 700,000 | ||
2014 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,846,304 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Reserved for Issuance, Incremental Percentage of Capital Stock Outstanding | 4.00% | ||
Increase in Common Stock Reserved for Issuance | 585,879 |
Note K - Stock-based Compensa54
Note K - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock based compensation expense | $ 6,600 | $ 2,369 | $ 214 |
Research and Development Expense [Member] | |||
Stock based compensation expense | 1,051 | 610 | 62 |
General and Administrative Expense [Member] | |||
Stock based compensation expense | 3,639 | 1,759 | 152 |
Severance Expense [Member] | |||
Stock based compensation expense | $ 1,910 |
Note K - Stock-based Compensa55
Note K - Stock-based Compensation - Black-Scholes Option Pricing Model (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Risk-free interest rate | 1.29% | 1.40% | 0.91% |
Expected term (in years) (Year) | 5 years 182 days | 4 years 120 days | 7 years |
Expected volatility | 77.38% | 68.79% | 86.00% |
Maximum [Member] | |||
Risk-free interest rate | 1.50% | 1.99% | 2.70% |
Expected term (in years) (Year) | 6 years 94 days | 6 years 91 days | 10 years |
Expected volatility | 94.78% | 86.84% | 95.00% |
Note K - Stock-based Compensa56
Note K - Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding, number of options (in shares) | 1,397,511 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 13.28 | ||
Outstanding, weighted average remaining contractual term (Year) | 8 years 98 days | 8 years 211 days | |
Outstanding, aggregate intrinsic value | $ 26,400 | $ 9,204,403 | |
Granted (in shares) | 959,375 | ||
Granted (in dollars per share) | $ 13.31 | ||
Exercised (in shares) | (14,933) | (4,766) | 0 |
Exercised (in dollars per share) | $ 4.78 | ||
Canceled, forfeited or expired (in shares) | (351,693) | ||
Canceled, forfeited or expired (in dollars per share) | $ 11.65 | ||
Outstanding, number of options (in shares) | 1,990,260 | 1,397,511 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 13.64 | $ 13.28 | |
Exercisable, number of options (in shares) | 637,492 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 10.77 | ||
Exercisable, weighted average remaining contractual term (Year) | 6 years 284 days | ||
Exercisable, aggregate intrinsic value | $ 26,400 | ||
Vested and expected to vest, number of options (in shares) | 1,978,260 | ||
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 13.62 | ||
Vested and expected to vest, weighted average remaining contractual term (Year) | 8 years 98 days | ||
Vested and expected to vest, aggregate intrinsic value | $ 26,400 |
Note K - Stock-based Compensa57
Note K - Stock-based Compensation - Information Regarding Currently Outstanding and Exercisable Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Exercised (in dollars per share) | $ 4.78 | |
Options outstanding, number of shares (in shares) | 1,990,260 | 1,397,511 |
Outstanding, weighted average remaining contractual term (Year) | 8 years 98 days | 8 years 211 days |
Exercisable, number of options (in shares) | 637,492 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 284 days | |
Exercise Price Range One [Member] | ||
Exercised (in dollars per share) | $ 0.75 | |
Options outstanding, number of shares (in shares) | 12,000 | |
Outstanding, weighted average remaining contractual term (Year) | 182 days | |
Exercisable, number of options (in shares) | 12,000 | |
Exercisable, weighted average remaining contractual term (Year) | 182 days | |
Exercise Price Range Two [Member] | ||
Exercised (in dollars per share) | $ 3 | |
Options outstanding, number of shares (in shares) | 20,666 | |
Outstanding, weighted average remaining contractual term (Year) | 1 year 197 days | |
Exercisable, number of options (in shares) | 20,666 | |
Exercisable, weighted average remaining contractual term (Year) | 1 year 197 days | |
Exercise Price Range Three [Member] | ||
Exercised (in dollars per share) | $ 3.80 | |
Options outstanding, number of shares (in shares) | 99,000 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 295 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Four [Member] | ||
Exercised (in dollars per share) | $ 4.65 | |
Options outstanding, number of shares (in shares) | 35,994 | |
Outstanding, weighted average remaining contractual term (Year) | 2 years 21 days | |
Exercisable, number of options (in shares) | 35,994 | |
Exercisable, weighted average remaining contractual term (Year) | 2 years 21 days | |
Exercise Price Range Five [Member] | ||
Exercised (in dollars per share) | $ 5.85 | |
Options outstanding, number of shares (in shares) | 298,661 | |
Outstanding, weighted average remaining contractual term (Year) | 6 years 94 days | |
Exercisable, number of options (in shares) | 261,661 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 25 days | |
Exercise Price Range Six [Member] | ||
Exercised (in dollars per share) | $ 6.05 | |
Options outstanding, number of shares (in shares) | 50,000 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 146 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Seven [Member] | ||
Exercised (in dollars per share) | $ 8.63 | |
Options outstanding, number of shares (in shares) | 21,306 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 43 days | |
Exercisable, number of options (in shares) | 10,826 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 54 days | |
Exercise Price Range Eight [Member] | ||
Exercised (in dollars per share) | $ 11 | |
Options outstanding, number of shares (in shares) | 21,333 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 91 days | |
Exercisable, number of options (in shares) | 5,333 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 91 days | |
Exercise Price Range Nine [Member] | ||
Exercised (in dollars per share) | $ 11.41 | |
Options outstanding, number of shares (in shares) | 88,000 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 149 days | |
Exercisable, number of options (in shares) | 88,000 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 149 days | |
Exercise Price Range Ten [Member] | ||
Exercised (in dollars per share) | $ 12.62 | |
Options outstanding, number of shares (in shares) | 340,000 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 40 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Eleven [Member] | ||
Exercised (in dollars per share) | $ 13.96 | |
Options outstanding, number of shares (in shares) | 22,500 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 47 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Twelve [Member] | ||
Exercised (in dollars per share) | $ 16.06 | |
Options outstanding, number of shares (in shares) | 12,000 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 94 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Thirteen [Member] | ||
Exercised (in dollars per share) | $ 16.25 | |
Options outstanding, number of shares (in shares) | 98,750 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 62 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Fourteen [Member] | ||
Exercised (in dollars per share) | $ 16.31 | |
Options outstanding, number of shares (in shares) | 13,500 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 62 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Fifteen [Member] | ||
Exercised (in dollars per share) | $ 16.61 | |
Options outstanding, number of shares (in shares) | 11,250 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 339 days | |
Exercisable, number of options (in shares) | 2,812 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 339 days | |
Exercise Price Range Sixteen [Member] | ||
Exercised (in dollars per share) | $ 17.93 | |
Options outstanding, number of shares (in shares) | 4,500 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 98 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Seventeen [Member] | ||
Exercised (in dollars per share) | $ 18.10 | |
Options outstanding, number of shares (in shares) | 140,000 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 105 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Eighteen [Member] | ||
Exercised (in dollars per share) | $ 18.29 | |
Options outstanding, number of shares (in shares) | 205,000 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 175 days | |
Exercisable, number of options (in shares) | 51,250 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 175 days | |
Exercise Price Range Nineteen [Member] | ||
Exercised (in dollars per share) | $ 18.38 | |
Options outstanding, number of shares (in shares) | 54,000 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 102 days | |
Exercisable, number of options (in shares) | ||
Exercisable, weighted average remaining contractual term (Year) | ||
Exercise Price Range Twenty [Member] | ||
Exercised (in dollars per share) | $ 18.61 | |
Options outstanding, number of shares (in shares) | 32,000 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 237 days | |
Exercisable, number of options (in shares) | 8,000 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 237 days | |
Exercise Price Range Twenty One [Member] | ||
Exercised (in dollars per share) | $ 19.02 | |
Options outstanding, number of shares (in shares) | 62,000 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 237 days | |
Exercisable, number of options (in shares) | 54,000 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 237 days | |
Exercise Price Range Twenty Two [Member] | ||
Exercised (in dollars per share) | $ 20.45 | |
Options outstanding, number of shares (in shares) | 335,000 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 248 days | |
Exercisable, number of options (in shares) | 83,750 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 248 days | |
Exercise Price Range Twenty Three [Member] | ||
Exercised (in dollars per share) | $ 21.37 | |
Options outstanding, number of shares (in shares) | 6,400 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 251 days | |
Exercisable, number of options (in shares) | 1,600 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 251 days | |
Exercise Price Range Twenty Four [Member] | ||
Exercised (in dollars per share) | $ 22.12 | |
Options outstanding, number of shares (in shares) | 6,400 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 255 days | |
Exercisable, number of options (in shares) | 1,600 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 255 days |
Note K - Stock-based Compensa58
Note K - Stock-based Compensation - Nonvested Stock Option Awards (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Exercise price (in dollars per share) | ||
Number of unvested shares (in shares) | 1,352,768 | 1,013,424 |
Exercise Price Range One [Member] | ||
Exercise price (in dollars per share) | $ 3.80 | |
Number of unvested shares (in shares) | 99,000 | |
Exercise Price Range Two [Member] | ||
Exercise price (in dollars per share) | $ 5.85 | |
Number of unvested shares (in shares) | 37,000 | 97,633 |
Exercise Price Range Three [Member] | ||
Exercise price (in dollars per share) | $ 6.05 | |
Number of unvested shares (in shares) | 50,000 | |
Exercise Price Range Four [Member] | ||
Exercise price (in dollars per share) | $ 8.63 | |
Number of unvested shares (in shares) | 10,480 | 147,973 |
Exercise Price Range Five [Member] | ||
Exercise price (in dollars per share) | $ 11 | |
Number of unvested shares (in shares) | 16,000 | 21,333 |
Exercise Price Range Six [Member] | ||
Exercise price (in dollars per share) | $ 11.41 | |
Number of unvested shares (in shares) | 82,035 | |
Exercise Price Range Seven [Member] | ||
Exercise price (in dollars per share) | $ 12.62 | |
Number of unvested shares (in shares) | 340,000 | |
Exercise Price Range Eight [Member] | ||
Exercise price (in dollars per share) | $ 13.96 | |
Number of unvested shares (in shares) | 22,500 | |
Exercise Price Range Nine [Member] | ||
Exercise price (in dollars per share) | $ 16.06 | |
Number of unvested shares (in shares) | 12,000 | |
Exercise Price Range Ten [Member] | ||
Exercise price (in dollars per share) | $ 16.25 | |
Number of unvested shares (in shares) | 98,750 | |
Exercise Price Range Eleven [Member] | ||
Exercise price (in dollars per share) | $ 16.31 | |
Number of unvested shares (in shares) | 13,500 | |
Exercise Price Range Twelve [Member] | ||
Exercise price (in dollars per share) | $ 16.61 | |
Number of unvested shares (in shares) | 8,438 | 11,250 |
Exercise Price Range Thirteen [Member] | ||
Exercise price (in dollars per share) | $ 17.93 | |
Number of unvested shares (in shares) | 4,500 | |
Exercise Price Range Fourteen [Member] | ||
Exercise price (in dollars per share) | $ 18.10 | |
Number of unvested shares (in shares) | 140,000 | |
Exercise Price Range Fifteen [Member] | ||
Exercise price (in dollars per share) | $ 18.29 | |
Number of unvested shares (in shares) | 153,750 | 205,000 |
Exercise Price Range Sixteen [Member] | ||
Exercise price (in dollars per share) | $ 18.38 | |
Number of unvested shares (in shares) | 54,000 | |
Exercise Price Range Seventeen [Member] | ||
Exercise price (in dollars per share) | $ 18.61 | |
Number of unvested shares (in shares) | 24,000 | 38,400 |
Exercise Price Range Eighteen [Member] | ||
Exercise price (in dollars per share) | $ 19.02 | |
Number of unvested shares (in shares) | 8,000 | 62,000 |
Exercise Price Range Nineteen [Member] | ||
Exercise price (in dollars per share) | $ 20.45 | |
Number of unvested shares (in shares) | 251,250 | 335,000 |
Exercise Price Range Twenty [Member] | ||
Exercise price (in dollars per share) | $ 21.37 | |
Number of unvested shares (in shares) | 4,800 | 6,400 |
Exercise Price Range Twenty One [Member] | ||
Exercise price (in dollars per share) | $ 22.12 | |
Number of unvested shares (in shares) | 4,800 | 6,400 |
Note L - Fair Value of Financ59
Note L - Fair Value of Financial Instruments (Details Textual) - Fair Value, Inputs, Level 3 [Member] - Deerfield Facility Agreement [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deerfield Convertible Notes [Member] | ||
Long-term Debt, Fair Value | $ 10.2 | $ 42 |
Term Notes [Member] | ||
Long-term Debt, Fair Value | $ 46.3 |
Note L - Fair Value of Financ60
Note L - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial liabilities measured at fair value on recurring basis | $ 4,618 | $ 37,839 |
Financial assets measured at fair value on recurring basis | 59,203 | 19,002 |
Certificates of Deposit [Member] | ||
Financial assets measured at fair value on recurring basis | 7,788 | 8,951 |
US Treasury Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 37,066 | 4,996 |
US Government Corporations and Agencies Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 14,349 | 5,055 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Financial assets measured at fair value on recurring basis | 44,854 | 19,002 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Financial assets measured at fair value on recurring basis | 7,788 | 8,951 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 37,066 | 4,996 |
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 5,055 | |
Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Financial assets measured at fair value on recurring basis | 14,349 | |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Financial assets measured at fair value on recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Financial assets measured at fair value on recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 14,349 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 4,618 | 37,839 |
Financial assets measured at fair value on recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Financial assets measured at fair value on recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Financial assets measured at fair value on recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Financial assets measured at fair value on recurring basis | ||
Underwriter Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | 16 | 3,877 |
Underwriter Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Underwriter Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Underwriter Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 16 | 3,877 |
Deerfield Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | 4,231 | 33,750 |
Deerfield Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Deerfield Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Deerfield Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 4,231 | 33,750 |
Embedded Put Option [Member] | ||
Financial liabilities measured at fair value on recurring basis | 365 | 212 |
Embedded Put Option [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Put Option [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Put Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 365 | $ 212 |
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | ||
Financial liabilities measured at fair value on recurring basis | 6 | |
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | $ 6 |
Note L - Fair Value of Financ61
Note L - Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Balances for Derivative and Warrant Liability Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of period | $ 37,839 | $ 15,966 |
Reclassification of 2013 warrants to equity | (1,110) | |
Exercise of warrants | (756) | (4,293) |
Adjustment to fair value | (32,465) | 27,276 |
Balance at end of period | $ 4,618 | $ 37,839 |
Note M - Income Taxes (Details
Note M - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
State and Local Income Tax Expense (Benefit), Continuing Operations | $ 15,000 | $ 15,000 | $ 22,000 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (9,940,000) | $ (13,433,000) | $ 9,764,000 | $ (2,922,000) | $ (9,204,000) | $ (9,724,000) | $ (29,743,000) | $ (5,967,000) | (16,531,000) | $ (54,638,000) | $ (24,477,000) |
Operating Loss Carryforwards | 103,364,000 | 103,364,000 | |||||||||
State and Local Jurisdiction [Member] | |||||||||||
Operating Loss Carryforwards | $ 108,600,000 | $ 108,600,000 | |||||||||
Operating Loss Carryforwards, Expiration, Beginning Year | 2,027 | ||||||||||
Operating Loss Carryforwards, Expiration, Ending Year | 2,036 |
Note M - Income Taxes - Schedul
Note M - Income Taxes - Schedule of Reconciliation of Difference Between Benefit for Income Taxes and Income Taxes at Statutory U.S. Federal Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory rate | 34.00% | 34.00% | 34.00% |
Change in valuation allowance | (69.31%) | (19.25%) | (32.88%) |
Return to provision and deferred true-up | (23.83%) | 0.36% | |
Change in rate | (14.63%) | ||
State tax benefit (net of federal) | 15.64% | 4.06% | 5.96% |
Warrant liability | 68.44% | (15.28%) | (9.39%) |
Amortization | (3.15%) | ||
Conversion feature and put option on 2013 convertible notes | (1.68%) | (1.26%) | |
Interest expense | 0.21% | ||
Stock-based compensation | (12.71%) | (1.28%) | |
Other | (0.10%) | (1.42%) | (0.29%) |
Federal income tax provision effective rate | 0.09% | 0.02% | 0.09% |
State and Local Jurisdiction [Member] | |||
State research and development credit | 0.09% | 0.03% | 0.09% |
Domestic Tax Authority [Member] | |||
State research and development credit | 5.65% | 0.84% | 3.29% |
Note M - Income Taxes - Compone
Note M - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net operating loss carryforwards | $ 44,984 | $ 26,617 | $ 16,390 |
Research and development tax carryforward | 3,166 | 2,254 | 1,793 |
Compensation | 715 | 232 | 83 |
Total gross deferred tax assets | 48,865 | 29,103 | 18,266 |
Property and equipment | 89 | 80 | 170 |
Total gross deferred tax liabilities | 89 | 80 | 170 |
Deferred tax assets less liabilities | 48,776 | 29,023 | 18,096 |
Valuation allowance | (48,776) | (29,023) | (18,096) |
Net deferred tax asset (liability) |
Note M - Income Taxes - Federal
Note M - Income Taxes - Federal Net Operating Loss Carryforward and Research Activities Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Operating Loss Carryforwards | $ 103,364 | ||
Research Activities Credit | 3,166 | $ 2,254 | $ 1,793 |
Tax Year 2007 [Member] | |||
Net Operating Loss Carryforwards | 454 | ||
Research Activities Credit | $ 30 | ||
Expiration | 2,027 | ||
Tax Year 2008 [Member] | |||
Net Operating Loss Carryforwards | $ 1,178 | ||
Research Activities Credit | $ 65 | ||
Expiration | 2,028 | ||
Tax Year 2009 [Member] | |||
Net Operating Loss Carryforwards | $ 3,060 | ||
Research Activities Credit | $ 176 | ||
Expiration | 2,029 | ||
Tax Year 2010 [Member] | |||
Net Operating Loss Carryforwards | $ 3,423 | ||
Research Activities Credit | $ 149 | ||
Expiration | 2,030 | ||
Tax Year 2011 [Member] | |||
Net Operating Loss Carryforwards | $ 9,929 | ||
Research Activities Credit | $ 176 | ||
Expiration | 2,031 | ||
Tax Year 2012 [Member] | |||
Net Operating Loss Carryforwards | |||
Research Activities Credit | $ 170 | ||
Expiration | 2,032 | ||
Tax Year 2013 [Member] | |||
Net Operating Loss Carryforwards | $ 4,353 | ||
Research Activities Credit | $ 133 | ||
Expiration | 2,033 | ||
Tax Year 2014 [Member] | |||
Net Operating Loss Carryforwards | $ 15,819 | ||
Research Activities Credit | $ 894 | ||
Expiration | 2,034 | ||
Tax Year 2015 [Member] | |||
Net Operating Loss Carryforwards | $ 24,189 | ||
Research Activities Credit | $ 461 | ||
Expiration | 2,035 | ||
Tax Year 2016 [Member] | |||
Net Operating Loss Carryforwards | $ 40,959 | ||
Research Activities Credit | $ 912 | ||
Expiration | 2,036 |
Note N - Net Loss Per Share - S
Note N - Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss and Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss - basic and diluted | $ (9,936) | $ (13,414) | $ 9,768 | $ (2,934) | $ (9,203) | $ (9,744) | $ (29,743) | $ (5,974) | $ (16,516) | $ (54,664) | $ (24,455) |
Weighted-average number of common shares - basic and diluted (in shares) | 14,597,053 | 7,368,681 | 2,381,041 | ||||||||
Net loss per share - basic and diluted (in dollars per share) | $ (1.13) | $ (7.42) | $ (10.27) |
Note N - Net Loss Per Share - A
Note N - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Series A (in shares) | 10,869,947 | 5,714,113 | 10,430,981 |
Warrants to Purchase Common Stock [Member] | |||
Series A (in shares) | 2,087,477 | 2,325,383 | 595,920 |
Deerfield Warrant to Purchase Series D Preferred Stock [Member] | |||
Series A (in shares) | 2,066,970 | ||
Stock Compensation Plan [Member] | |||
Series A (in shares) | 1,990,260 | 1,397,511 | 395,185 |
Convertible Debt Securities [Member] | |||
Series A (in shares) | 1,751,296 | 1,991,219 | 1,808,353 |
2021 Notes [Member] | |||
Series A (in shares) | 5,040,914 | ||
Series A Redeemable Convertible Preferred Stock [Member] | |||
Series A (in shares) | 1,293,838 | ||
Series B Redeemable Convertible Preferred Stock [Member] | |||
Series A (in shares) | 829,234 | ||
Series C Redeemable Convertible Preferred Stock [Member] | |||
Series A (in shares) | 2,474,122 | ||
Series D Redeemable Convertible Preferred Stock [Member] | |||
Series A (in shares) | 967,359 | ||
Redeemable Convertible Preferred Stock [Member] | |||
Series A (in shares) | 5,564,553 |
Note O - Severance Expense (Det
Note O - Severance Expense (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Restructuring and Related Cost, Number of Positions Eliminated | 3 | ||||||||||
Restructuring Charges | $ 3,010 | ||||||||||
Allocated Share-based Compensation Expense | $ 6,600 | $ 2,369 | $ 214 | ||||||||
Severance Expense [Member] | |||||||||||
Allocated Share-based Compensation Expense | 1,910 | ||||||||||
Employee Severance [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||||||||
Restructuring Reserve | $ 600 | 600 | |||||||||
Employee Severance [Member] | Severance Expense [Member] | |||||||||||
Restructuring Charges | 1,100 | ||||||||||
Allocated Share-based Compensation Expense | $ 1,900 |
Note P - Employee Benefit Plan
Note P - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Retirement Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 213,000 | $ 113,000 | $ 69,000 |
Profit Sharing Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 0.00% | 0.00% | 0.00% |
Note Q - Quarterly Results of70
Note Q - Quarterly Results of Operations (unaudited) - Schedule of Quarterly Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||||||||||
Operating expenses: | |||||||||||
Research and development | 7,963 | 4,287 | 4,988 | 3,234 | 4,716 | 4,328 | 2,768 | 2,119 | 20,472 | 13,931 | 11,917 |
General and administrative | 2,873 | 3,104 | 4,287 | 3,736 | 2,566 | 2,152 | 3,188 | 977 | 14,000 | 8,883 | 4,526 |
Restructuring Charges | 3,010 | ||||||||||
Total operating expenses | 10,836 | 10,401 | 9,275 | 6,970 | 7,282 | 6,480 | 5,956 | 3,096 | 37,482 | 22,814 | 16,443 |
Loss from operations | (10,836) | (10,401) | (9,275) | (6,970) | (7,282) | (6,480) | (5,956) | (3,096) | (37,482) | (22,814) | (16,443) |
Other income (expense): | |||||||||||
Loss on extinguishment of debt | (4,740) | (4,740) | 1,900 | ||||||||
Interest expense related to amortization of debt issuance costs and discount | (391) | (390) | (393) | (442) | (475) | (479) | (477) | (477) | (1,616) | (1,909) | (1,114) |
Interest expense on principal | (1,445) | (1,441) | (1,475) | (1,150) | (698) | (687) | (654) | (632) | (5,511) | (2,671) | (1,605) |
Fair value adjustment | 2,723 | (1,299) | 20,763 | 10,278 | (764) | (2,089) | (22,661) | (1,762) | 32,465 | (27,276) | (7,223) |
Interest and other income | 9 | 98 | 144 | 102 | 15 | 11 | 5 | 353 | 32 | 8 | |
Total other income (expense) | 896 | (3,032) | 19,039 | 4,048 | (1,922) | (3,244) | (23,787) | (2,871) | 20,951 | (31,824) | (8,034) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (9,940) | (13,433) | 9,764 | (2,922) | (9,204) | (9,724) | (29,743) | (5,967) | (16,531) | (54,638) | (24,477) |
Income tax benefit (expense) | 4 | 19 | 4 | (12) | 1 | (20) | (7) | 15 | (26) | 22 | |
Net loss - basic and diluted | $ (9,936) | $ (13,414) | $ 9,768 | $ (2,934) | $ (9,203) | $ (9,744) | $ (29,743) | $ (5,974) | $ (16,516) | $ (54,664) | $ (24,455) |
Net loss per share: | |||||||||||
Basic (in dollars per share) | $ (0.68) | $ (0.92) | $ 0.59 | $ (0.20) | $ (0.64) | $ (0.68) | $ (2.45) | $ (2.50) | |||
Diluted (in dollars per share) | $ (0.68) | $ (0.92) | $ (0.58) | $ (0.20) | $ (0.64) | $ (0.68) | $ (2.45) | $ (2.50) |