Zevra Therapeutics (ZVRA) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
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)		14,657,430
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 12,386	$ 16,762
Restricted cash	1,100	1,100
Marketable securities	41,107	51,003
Trade date receivables		5,003
Prepaid expenses and other current assets	771	489
Total current assets	55,364	74,357
Property and equipment, net	2,148	1,970
Long-term investments	11,215	8,200
Other long-term assets	321	360
Total assets	69,048	84,887
Liabilities and stockholders' deficit
Accounts payable and accrued expenses	6,303	6,444
Current portion of capital lease obligation	177	157
Other current liabilities	112	41
Total current liabilities	6,592	6,642
Convertible notes, net	91,950	91,170
Derivative and warrant liability	8,311	4,618
Other long-term liabilities	1,472	1,153
Total liabilities	108,325	103,583
Commitments and contingencies (Note D)
Stockholders’ deficit:
Common stock, $0.0001 par value, 250,000,000 shares authorized, 14,657,430 shares issued and outstanding as of June 30, 2017 (unaudited); 14,646,982 shares issued and outstanding as of December 31, 2016	1	1
Additional paid-in capital	104,901	102,643
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2017 (unaudited) and December 31, 2016	0	0
Accumulated deficit	(144,179)	(121,340)
Total stockholders' deficit	(39,277)	(18,696)
Total liabilities and stockholders' deficit	$ 69,048	$ 84,887

Condensed Balance Sheets (Curr3

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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)	14,657,430	14,646,982
Common stock, shares outstanding (in shares)	14,657,430	14,646,982
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

Unaudited Condensed Statements

Unaudited Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue
Operating expenses:
Research and development	4,650	4,988	8,764	8,222
General and administrative	3,574	4,287	6,840	8,023
Total operating expenses	8,224	9,275	15,604	16,245
Loss from operations	(8,224)	(9,275)	(15,604)	(16,245)
Other (expense) income:
Loss on extinguishment of debt				(4,740)
Interest expense related to amortization of debt issuance costs and discount	(390)	(393)	(780)	(835)
Interest expense on principal	(1,443)	(1,475)	(2,884)	(2,625)
Fair value adjustment	3,523	20,763	(3,693)	31,041
Interest and other income, net	13	144	114	246
Total other (expense) income	1,703	19,039	(7,243)	23,087
(Loss) income before income taxes	(6,521)	9,764	(22,847)	6,842
Income tax benefit (expense)	4	4	8	(8)
Net (loss) income	$ (6,517)	$ 9,768	$ (22,839)	$ 6,834
Net (loss) income per share:
Basic (in dollars per share)	$ (0.44)	$ 0.59	$ (1.56)	$ 0.41
Diluted (in dollars per share)	$ (0.44)	$ (0.58)	$ (1.56)	$ (1.36)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	14,649,586	14,597,449	14,648,291	14,546,576
Diluted (in shares)	14,649,586	15,435,322	14,648,291	15,583,390

Unaudited Condensed Statements5

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net (loss) income	$ (22,839)	$ 6,834
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Loss on extinguishment of debt		4,740
Write-off of deferred offering costs		445
Stock-based compensation expense	2,254	2,279
Non-cash interest expense	2,220	2,443
Amortization of debt issuance costs and debt discount	780	835
Depreciation and amortization expense	164	55
Fair value adjustment	3,693	(31,041)
Loss on sublease	102
Change in assets and liabilities:
Prepaid expenses and other assets	(151)	1,932
Accounts payable and accrued expenses	(2,318)	(693)
Other liabilities	101	32
Net cash used in operating activities	(15,994)	(12,139)
Cash flows from investing activities:
Purchases of property and equipment	(143)	(219)
Purchases of marketable securities and long-term investments	(20,922)	(65,627)
Maturities of marketable securities	32,806	10,645
Net cash provided by (used in) investing activities	11,741	(55,201)
Cash flows from financing activities:
Proceeds from issuance of debt, net of discounts and commissions		82,800
Repayment of term notes and related accrued interest		(18,621)
Payment of deferred offering costs	(50)
Payment of debt and stock issuance costs		(673)
Repayment of obligations under capital lease	(77)	(15)
Proceeds from exercise of warrants	4	141
Net cash (used in) provided by financing activities	(123)	63,632
Net decrease in cash and cash equivalents	(4,376)	(3,708)
Cash and equivalents, beginning of period	17,862	32,318
Cash and equivalents, end of period	13,486	28,610
Supplemental cash flow information:
Cash paid for interest	2,857	182
Transfer of warrants to equity upon exercise		755
Fixed assets included in accounts payable and accrued expenses	7	50
Deferred offering costs included in accounts payable and accrued expenses	60
Fixed assets financed under a lease agreement	$ 284	$ 548

Note A - Description of Busines

Note A - Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	KEMPHARM, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS A. Description of Business and Basis of Presentation Organization 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 ™ October 30, 2006 May 30, 2014. The Company has experienced recurrin g 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 June 30, 2017. The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for inter im financial information and with the instructions to Form 10 8 03 X. not three six June 30, 2017 not may December 31, 2017. This interim information should be read in conjunction with the audited financial statements included in the Company ’s Annual Report on Form 10 December 31, 2016, March 10, 2017. Initial Public Offering and Reverse Stock Split In 2015, encement of the IPO, the Company effected a 1 7.5 250,000,000 10,000,000 $0.0001 Reclassifications During the second 2017, the Company early adopted Accounting Standards Update (“ASU”) 2016 18, Statements of Cash Flows (Topic 320 2016 18" . The adoption of ASU 2016 18 $1.1 six June 30, 2016, not 2016 18. no Entry into ATM Agreement On October 3, 2016, may $50,000,000 3 October 17, 2016. 3 $20,000,000 Cowen may ATM Agreement by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 may 3.0% The Company is not ted 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. As of June 30, 2017, no $0.2

Note B - Summary of Significant

Note B - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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 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, including those rel ated 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. 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, rt Our Business Startups Act (the “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 could have elected to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company elected not In November 2015, 2 015 17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740 2015 17" December 15, 2016, 2015 17 not In March 2016, 2016 06, Derivatives and Hedging (Topic 815 2016 06" 2016 06 December 15, 2016, 2016 06 not In March 2016, 2016 09, Compensation–Stock Compensation (Topic 718 2016 09" 2016 09 December 15, 2016, 2016 09 not In November 2016, 2016 18, December 15, 2017, The Company early adopted ASU 2016 18 2016 18 Application of New or Revised Accounting Standards —Not In May 2014, 606, Revenue Recognition—Revenue from Contracts with Customers 606" 605, Revenue Recognition January 1, 2018. not not 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 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 May 2017, 2017 09, Compensation – Stock Compensation 718 2017 09" 718. December 15, 2017, 2017 09 In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 2017 11" 480 . This update applies to all entities that issue financial instruments that include down round features and entities that present earnings per share in accordance with Topic 260. December 15, 2018, 2017 11

Note C - Debt Obligations

Note C - Debt Obligations	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	C. Debt Obligations Deerfield Facility Agreement On June 2, 2014, $60 first $15 $10 June 30, 2016, no 9.75% may $5.85 The Company also issued to Deerfield a warrant to purchase 14,423,076 $0.78 June 2, 2024 1,923,077 $5.85 260, Earnings per Share, may one third 12 1934, In addition, the Company issued to Deerfield 1,923,077 d to the Company under the Deerfield Facility Agreement. Upon completion of the IPO, these shares automatically reclassified into 256,410 $1.5 Pursuant to the Deerfield Facility Agreement, the Company may not $750,000 The Company must repay one third fourth fifth February 14, 2020. February 2016. Interest accrued on outstanding debt under the Deerfield Facility Agreement is due quarterly in arrears. Upon notice to Deerfield, the Company had the option to c hoose to have 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 202 1 On February 9, 2016, $86.3 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 of February 9, 2016 2021 February 1 August 1 August 1, 2016, 5.50% 2021 February 1, 2021 2021 not no 2021 The 2021 n initial conversion rate of 58.4454 $1,000 2021 $17.11 2021 not 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 able immediately. In connection with the Note Offering, on February 3, 2016, Third Amendment”) to the Deerfield Facility Agreement, Deerfield Convertible Notes and Deerfield Warrant with Deerfield. The Third Amendment, among other things, eliminated the Company’s ability to require Deerfield to convert the Deerfield Convertible Notes into Company common stock. In addition, pursuant to the Third Amendment, Deerfield consented to the prepayment of the Term Notes and the issuance of the 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 June 30, 2017, $0.4 January 31, 2018. June 30, 2017, no no 1 2.00% 3.06% June 30, 2017.

Note D - Commitments and Contin

Note D - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	D. Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liabilit y is not not June 30, 2017 December 31, 2016, no In 2014, d a purported right of first 2013 September 2015, not January 6, 2016, January 7, 2016. not In December 2016, alleging that the Company, certain of its senior executives and directors who signed the 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 SEC in support of the offering. The plaintiff does not In January 2017, suit was removed to the U.S. District Court for the Southern District of Iowa. The plaintiff subsequently filed a motion to remand the case to the Iowa District Court, and that motion was granted. The suit is still in a preliminary stage and has not North Carolina Sublease During the second 2017, third third

Note E - Preferred Stock and Wa

Note E - Preferred Stock and Warrants	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Preferred Stock [Text Block]	E. Preferred Stock and Warrants Authorized, Issued, and Outstanding Preferred Stock As of June 30, 2017, 10,000,000 not Warrants During 2013, $3.8 2013 1,079,453 2013 2013 1,079,453 2013 143,466 $5.85 2013 June 2, 2019, On June 2, 2014, 14,423,076 June 2, 2024, 1,923,077 $5.85 The Company determined that the 2013 2013 2013

Note F - Common Stock and Warra

Note F - Common Stock and Warrants	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	F. Common Stock and Warrants Authorized, Issued, and Outstanding Common Shares In April 2015, its Certificate of Incorporation to increase the number of its authorized shares of common stock to 250,000,000 14,657,430 14,646,982 June 30, 2017 December 31, 2016, At June 30, 2017 December 31, 2016, June 3 0 , 2017 December 31, 2016 Conversion of Deerfield Convertible Notes 1,750,954 1,751,296 Conversion of 2021 Notes 5,040,914 5,040,914 Outstanding awards under equity incentive plans 2,873,344 1,990,260 Outstanding common stock warrants 2,027,763 2,087,477 Possible future issuances under equity incentive plans 928,800 1,244,671 Total common shares reserved for future issuance 12,621,775 12,114,618 Common Stock Activity The following table summarizes common stock activity for the six June 30, 2017: Shares of Common Stock Balance at December 31, 2016 14,646,982 Common stock warrants exercised 698 Common stock options exercised 9,750 Balance at June 30, 2017 14,657,430 The Company calculates the fair value of common stock warrants using a Monte Carlo simulation. There were warrants exercised for an aggregate of 698 141,095 six June 30, 2017 2016, 2008 2012, 595,920

Note G - Stock-based Compensati

Note G - Stock-based Compensation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	G. 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 3,432,183 June 30, 2017. 2014 January 1 January 1, 2016, January 1, 2024, 4% December 31 2014 January 1, 2017, 2014 585,879 During the three six June 30, 2017 2016, 9,250 14,933 Stock-based compensation expense recorded under the Incentive Stock Plan and the 2014 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Research and development $ 340 $ 268 $ 631 $ 455 General and administrative 825 989 1,623 1,824 Total 1,165 $ 1,257 2,254 $ 2,279 There was no three six June 30, 2017. no three June 30, 2016 . During the six June 30, 2016, $29,000 13,333 ™ KP201, February 2016.

Note H - Fair Value of Financia

Note H - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	H. 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 i s 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 non-recurring basis, in periods subsequent 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 The carrying amounts of c ertain 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 $11.0 million and $10.2 June 30, 2017 December 31, 2016. 2021 $50.0 $46.3 June 30, 2017 December 31, 2016. 2021 3 2021 June 30, 2017 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 which to classify them for each reporting period. This determination requires significant judgements to be made. The following table summarizes the conclusions reached regarding fair value measurements as of June 30, 2017 December 31, 2016 Balance at June 30 , 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability 5,212 — — 5,212 Embedded Warrant Put Option 461 — — 461 Fundamental change and make-whole interest provisions embedded in 2021 Notes 12 — — 12 Embedded Deerfield Note Put Option 2,626 2,626 Total liabilities $ 8,311 $ — $ — $ 8,311 Trading securities: Certificates of deposit 8,316 8,316 — — U.S. Treasury securities 38,504 38,504 — — U.S. government-sponsored agency securities 5,502 — 5,502 — Total assets $ 52,322 $ 46,820 $ 5,502 $ — Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Underwriter Warrant liability $ 16 $ — $ — $ 16 Deerfield Warrant liability 4,231 — — 4,231 Embedded Warrant 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 $ — The Company ’s Underwriter Warrant liability, Deerfield Warrant liability, embedded Warrant Put Option, the fundamental change and the make-whole interest provisions embedded in the 2021 June 30, 2017 December 31, 2016, 2021 June 30, 2017, 2021 June 30, 2017 December 31, 2016. Company also used a Monte Carlo simulation to value the embedded Deerfield Note Put Option at June 30, 2017. Significant unobservable inputs used in measuring the fair value of these financial instruments included the Company’s estimated enterprise value, an estimate of the timing of a liquidity or fundamental change event, a present value discount rate and an estimate of the Company’s stock volatility using the volatilities of guideline peer companies. Changes in the fair value of the Underwriter Warrant liability, Deerfield Warrant liability, embedded Warrant Put Option, the fundamental change and make-whole interest provisions embedded in the 2021 A reconciliation of the beginning and ending balances for the derivative and warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 11,834 $ 27,479 $ 4,618 $ 37,839 Exercise of warrants — (673 ) — (755 ) Adjustment to fair value (3,523 ) (20,763 ) 3,693 (31,041 ) Balance at end of period $ 8,311 $ 6,043 $ 8,311 $ 6,043

Note I - Net (Loss) Income Per

Note I - Net (Loss) Income Per Share	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	I. Net (Loss) Income Per Share Under the two he 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 no two two Diluted net loss per share was the same as basic net loss per share for the three six June 30, 2017 three six June 30, 2017. The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average number of shares of common stock outstanding because their effect is anti-dilutive: Three and Six Months Ended June 30 , 2017 2016 Warrants to purchase common stock 2,027,763 164,400 Awards under equity incentive plans 2,873,344 2,238,153 Deerfield Convertible Notes 1,750,954 2,088,931 2021 Notes 5,040,914 5,040,914 Total 11,692,975 9,532,398 The following table reconciles basic net income per share of common stock to diluted net loss per share of common stock for the three six June 30, 2016 ( Three Months Ended Six Months Ended June 30, 2016 Basic net income per share of common stock: Net income $ 9,768 $ 6,834 Less: Net income allocable to participating securities (1,137 ) (798 ) Net income allocable to shares of common stock 8,631 6,036 Less: Dividends declared or accumulated — — Undistributed net income allocable to shares of common stock, basic $ 8,631 $ 6,036 Weighted average number of shares of common stock outstanding 14,597 14,547 Basic net income per share of common stock $ 0.59 $ 0.41 Diluted net loss per share of common stock: Net income $ 9,768 $ 6,834 Less: Fair value adjustment for Deerfield stock warrants (18,769 ) (28,001 ) Net loss allocable to shares of common stock, diluted $ (9,001 ) $ (21,167 ) Weighted average number of shares of common stock outstanding 14,597 14,547 Dilutive effect of Deerfield stock warrants 838 1,037 Weighted average number of shares of common stock outstanding, diluted 15,435 15,583 Diluted net loss per share of common stock $ (0.58 ) $ (1.36 )

Note J - Severance Expense

Note J - Severance Expense	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	J. Severance Expense On September 15, 2016, December 31, 2016. three $1.1 $1.9 December 31, 2016. June 30, 2017, $0.2 .

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Organization 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 ™ October 30, 2006 May 30, 2014. The Company has experienced recurrin g 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 June 30, 2017. The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for inter im financial information and with the instructions to Form 10 8 03 X. not three six June 30, 2017 not may December 31, 2017. This interim information should be read in conjunction with the audited financial statements included in the Company ’s Annual Report on Form 10 December 31, 2016, March 10, 2017. Initial Public Offering and Reverse Stock Split In 2015, encement of the IPO, the Company effected a 1 7.5 250,000,000 10,000,000 $0.0001
Reclassification, Policy [Policy Text Block]	Reclassifications During the second 2017, the Company early adopted Accounting Standards Update (“ASU”) 2016 18, Statements of Cash Flows (Topic 320 2016 18" . The adoption of ASU 2016 18 $1.1 six June 30, 2016, not 2016 18. no
Stockholders' Equity, Policy [Policy Text Block]	Entry into ATM Agreement On October 3, 2016, may $50,000,000 3 October 17, 2016. 3 $20,000,000 Cowen may ATM Agreement by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 may 3.0% The Company is not ted 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. As of June 30, 2017, no $0.2
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with 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, including those rel ated 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.
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, rt Our Business Startups Act (the “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 could have elected to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company elected not In November 2015, 2 015 17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740 2015 17" December 15, 2016, 2015 17 not In March 2016, 2016 06, Derivatives and Hedging (Topic 815 2016 06" 2016 06 December 15, 2016, 2016 06 not In March 2016, 2016 09, Compensation–Stock Compensation (Topic 718 2016 09" 2016 09 December 15, 2016, 2016 09 not In November 2016, 2016 18, December 15, 2017, The Company early adopted ASU 2016 18 2016 18
New Accounting Pronouncements, Not Yet Adopted, Policy [Policy Text Block]	Application of New or Revised Accounting Standards —Not In May 2014, 606, Revenue Recognition—Revenue from Contracts with Customers 606" 605, Revenue Recognition January 1, 2018. not not 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 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 May 2017, 2017 09, Compensation – Stock Compensation 718 2017 09" 718. December 15, 2017, 2017 09 In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 2017 11" 480 . This update applies to all entities that issue financial instruments that include down round features and entities that present earnings per share in accordance with Topic 260. December 15, 2018, 2017 11

Note F - Common Stock and War17

Note F - Common Stock and Warrants (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block]	June 3 0 , 2017 December 31, 2016 Conversion of Deerfield Convertible Notes 1,750,954 1,751,296 Conversion of 2021 Notes 5,040,914 5,040,914 Outstanding awards under equity incentive plans 2,873,344 1,990,260 Outstanding common stock warrants 2,027,763 2,087,477 Possible future issuances under equity incentive plans 928,800 1,244,671 Total common shares reserved for future issuance 12,621,775 12,114,618
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Shares of Common Stock Balance at December 31, 2016 14,646,982 Common stock warrants exercised 698 Common stock options exercised 9,750 Balance at June 30, 2017 14,657,430

Note G - Stock-based Compensa18

Note G - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Research and development $ 340 $ 268 $ 631 $ 455 General and administrative 825 989 1,623 1,824 Total 1,165 $ 1,257 2,254 $ 2,279

Note H - Fair Value of Financ19

Note H - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Balance at June 30 , 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability 5,212 — — 5,212 Embedded Warrant Put Option 461 — — 461 Fundamental change and make-whole interest provisions embedded in 2021 Notes 12 — — 12 Embedded Deerfield Note Put Option 2,626 2,626 Total liabilities $ 8,311 $ — $ — $ 8,311 Trading securities: Certificates of deposit 8,316 8,316 — — U.S. Treasury securities 38,504 38,504 — — U.S. government-sponsored agency securities 5,502 — 5,502 — Total assets $ 52,322 $ 46,820 $ 5,502 $ — Balance at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Underwriter Warrant liability $ 16 $ — $ — $ 16 Deerfield Warrant liability 4,231 — — 4,231 Embedded Warrant 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 $ —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance at beginning of period $ 11,834 $ 27,479 $ 4,618 $ 37,839 Exercise of warrants — (673 ) — (755 ) Adjustment to fair value (3,523 ) (20,763 ) 3,693 (31,041 ) Balance at end of period $ 8,311 $ 6,043 $ 8,311 $ 6,043

Note I - Net (Loss) Income Pe20

Note I - Net (Loss) Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three and Six Months Ended June 30 , 2017 2016 Warrants to purchase common stock 2,027,763 164,400 Awards under equity incentive plans 2,873,344 2,238,153 Deerfield Convertible Notes 1,750,954 2,088,931 2021 Notes 5,040,914 5,040,914 Total 11,692,975 9,532,398
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended June 30, 2016 Basic net income per share of common stock: Net income $ 9,768 $ 6,834 Less: Net income allocable to participating securities (1,137 ) (798 ) Net income allocable to shares of common stock 8,631 6,036 Less: Dividends declared or accumulated — — Undistributed net income allocable to shares of common stock, basic $ 8,631 $ 6,036 Weighted average number of shares of common stock outstanding 14,597 14,547 Basic net income per share of common stock $ 0.59 $ 0.41 Diluted net loss per share of common stock: Net income $ 9,768 $ 6,834 Less: Fair value adjustment for Deerfield stock warrants (18,769 ) (28,001 ) Net loss allocable to shares of common stock, diluted $ (9,001 ) $ (21,167 ) Weighted average number of shares of common stock outstanding 14,597 14,547 Dilutive effect of Deerfield stock warrants 838 1,037 Weighted average number of shares of common stock outstanding, diluted 15,435 15,583 Diluted net loss per share of common stock $ (0.58 ) $ (1.36 )

Note A - Description of Busin21

Note A - Description of Business and Basis of Presentation (Details Textual)	Apr. 02, 2015	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)$ / sharesshares	Oct. 17, 2016USD ($)	Oct. 03, 2016USD ($)	Dec. 31, 2015USD ($)	May 31, 2015$ / sharesshares	Apr. 30, 2015shares
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
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.0001		$ 0.0001				$ 0.0001
Net Cash Provided by (Used in) Investing Activities, Continuing Operations		$ 11,741,000	$ (55,201,000)
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 0.0001		$ 0.0001				$ 0.0001
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		$ 13,486,000	28,610,000	$ 17,862,000			$ 32,318,000
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
Accounting Standards Update 2016-18 [Member]
Net Cash Provided by (Used in) Investing Activities, Continuing Operations			1,100,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents			$ 1,100,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	7.5

Note C - Debt Obligations (Deta

Note C - Debt Obligations (Details Textual) - USD ($)	Feb. 09, 2016	Jun. 02, 2014	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2013
Series D Redeemable Convertible Preferred Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					1,079,453
2021 Notes [Member]
Debt Instrument, Face Amount	$ 86,300,000
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 Instrument, Sinking Fund Payment	$ 0
Debt Conversion, Converted Instrument, Shares Issued	58.4454
Debt Conversion, Original Debt, Amount	$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 17.11
Debt Instrument Repurchase Price Equal to Percentage of Principal Amount	100.00%
Deerfield Facility Agreement [Member]
Debt Covenant, Debt Financing Restriction		$ 750,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 60,000,000
Line of Credit Facility, Interest Rate at Period End		9.75%
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]
Debt Instrument, Convertible, Conversion Price		$ 5.85
Proceeds from Secured Notes Payable		$ 10,000,000
Third Line of Credit Agreement [Member] | City National Bank of Florida [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 400,000
Long-term Line of Credit			$ 0
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,100,000
Third Line of Credit Agreement [Member] | City National Bank of Florida [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			2.00%
Debt Instrument, Interest Rate, Stated Percentage			3.06%

Note D - Commitments and Cont23

Note D - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Loss Contingency Accrual	$ 0	$ 0

Note E - Preferred Stock and 24

Note E - Preferred Stock and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jun. 02, 2014	Dec. 31, 2013	Jun. 30, 2017	Dec. 31, 2016	May 31, 2015
Preferred Stock, Shares Authorized			10,000,000	10,000,000	10,000,000
Preferred Stock, Shares Outstanding			0	0
Common Stock [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 5.85
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		143,466
Series D Redeemable Convertible Preferred Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,079,453
2013 Warrants [Member]
Class of Warrant or Right Issued		1,079,453
Deerfield Warrant [Member]
Class of Warrant or Right Issued	14,423,076
Deerfield Warrant [Member] | Common Stock [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5.85
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,923,077
Convertible Notes Payable [Member]
Debt Instrument, Face Amount		$ 3.8

Note F - Common Stock and War25

Note F - Common Stock and Warrants (Details Textual) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	May 31, 2015	Apr. 30, 2015	Dec. 31, 2012
Common Stock, Shares Authorized	250,000,000		250,000,000	250,000,000	250,000,000
Common Stock, Shares, Issued	14,657,430		14,646,982
Common Stock Issued During Period from Warrants Exercised	698	141,095
Common Stock, Shares, Outstanding	14,657,430		14,646,982
Private Placement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						595,920

Note F - Common Stock and War26

Note F - Common Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares	Jun. 30, 2017	Dec. 31, 2016
Common shares reserved for future issuance (in shares)	12,621,775	12,114,618
Warrant [Member]
Common shares reserved for future issuance (in shares)	2,027,763	2,087,477
Stock Compensation Plan [Member]
Common shares reserved for future issuance (in shares)	2,873,344	1,990,260
Possible Future Issuances Under Equity Incentive Plans [Member]
Common shares reserved for future issuance (in shares)	928,800	1,244,671
2021 Notes [Member]
Common shares reserved for future issuance (in shares)	5,040,914	5,040,914
Convertible Notes Payable [Member]
Common shares reserved for future issuance (in shares)	1,750,954	1,751,296

Note F - Common Stock and War27

Note F - Common Stock and Warrants - Common Stock Activity (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Balance (in shares)			14,646,982
Common stock warrants exercised (in shares)			698	141,095
Common stock options exercised (in shares)	9,250	14,933	9,250	14,933
Balance (in shares)	14,657,430		14,657,430

Note G - Stock-based Compensa28

Note G - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	9,250	14,933	9,250	14,933
Allocated Share-based Compensation Expense	$ 1,165,000	$ 1,257,000	$ 2,254,000	$ 2,279,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares				13,333
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	340,000	268,000	631,000	$ 455,000
Performance Shares [Member] | Research and Development Expense [Member]
Allocated Share-based Compensation Expense	$ 0	$ 0	$ 0	$ 29,000
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	3,432,183		3,432,183
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 G - Stock-based Compensa29

Note G - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock based compensation expense	$ 1,165	$ 1,257	$ 2,254	$ 2,279
Research and Development Expense [Member]
Stock based compensation expense	340	268	631	455
General and Administrative Expense [Member]
Stock based compensation expense	$ 825	$ 989	$ 1,623	$ 1,824

Note H - Fair Value of Financ30

Note H - Fair Value of Financial Instruments (Details Textual) - Fair Value, Inputs, Level 3 [Member] - Deerfield Facility Agreement [Member] - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Deerfield Convertible Notes [Member]
Long-term Debt, Fair Value	$ 11	$ 10.2
Term Notes [Member]
Long-term Debt, Fair Value	$ 50	$ 46.3

Note H - Fair Value of Financ31

Note H - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financial liabilities measured at fair value on recurring basis	$ 8,311	$ 4,618
Financial assets measured at fair value on recurring basis	52,322	59,203
Certificates of Deposit [Member]
Financial assets measured at fair value on recurring basis	8,316	7,788
US Treasury Securities [Member]
Financial assets measured at fair value on recurring basis	38,504	37,066
US Government Corporations and Agencies Securities [Member]
Financial assets measured at fair value on recurring basis	5,502	14,349
Fair Value, Inputs, Level 1 [Member]
Financial liabilities measured at fair value on recurring basis
Financial assets measured at fair value on recurring basis	46,820	44,854
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Financial assets measured at fair value on recurring basis	8,316	7,788
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Financial assets measured at fair value on recurring basis	38,504	37,066
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member]
Financial assets measured at fair value on recurring basis
Fair Value, Inputs, Level 2 [Member]
Financial liabilities measured at fair value on recurring basis
Financial assets measured at fair value on recurring basis	5,502	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	5,502	14,349
Fair Value, Inputs, Level 3 [Member]
Financial liabilities measured at fair value on recurring basis	8,311	4,618
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
Deerfield Warrant Liability [Member]
Financial liabilities measured at fair value on recurring basis	5,212	4,231
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	5,212	4,231
Underwriter Warrant Liability [Member]
Financial liabilities measured at fair value on recurring basis		16
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
Embedded Put Option [Member]
Financial liabilities measured at fair value on recurring basis	461	365
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	461	365
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member]
Financial liabilities measured at fair value on recurring basis	12	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	12	$ 6
Embedded Deerfield Note Put Option [Member]
Financial liabilities measured at fair value on recurring basis	2,626
Embedded Deerfield Note Put Option [Member] | Fair Value, Inputs, Level 1 [Member]
Financial liabilities measured at fair value on recurring basis
Embedded Deerfield Note Put Option [Member] | Fair Value, Inputs, Level 2 [Member]
Financial liabilities measured at fair value on recurring basis
Embedded Deerfield Note Put Option [Member] | Fair Value, Inputs, Level 3 [Member]
Financial liabilities measured at fair value on recurring basis	$ 2,626

Note H - Fair Value of Financ32

Note H - 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	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Balance at beginning of period	$ 11,834	$ 27,479	$ 4,618	$ 37,839
Exercise of warrants		(673)		(755)
Adjustment to fair value	(3,523)	(20,763)	3,693	(31,041)
Balance at end of period	$ 8,311	$ 6,043	$ 8,311	$ 6,043

Note I - Net (Loss) Income Pe33

Note I - Net (Loss) Income Per Share - Anti-dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Antidilutive securities (in shares)	11,692,975	9,532,398
Warrants to Purchase Common Stock [Member]
Antidilutive securities (in shares)	2,027,763	164,400
Stock Compensation Plan [Member]
Antidilutive securities (in shares)	2,873,344	2,238,153
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	1,750,954	2,088,931
2021 Notes [Member]
Antidilutive securities (in shares)	5,040,914	5,040,914

Note I - Net (Loss) Income Pe34

Note I - Net (Loss) Income Per Share - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basic net income per share of common stock:
Basic net income per share of common stock (in dollars per share)	$ (0.44)	$ 0.59	$ (1.56)	$ 0.41
Diluted net loss per share of common stock:
Net income	$ (6,517)	$ 9,768	$ (22,839)	$ 6,834
Less: Net income allocable to participating securities		(1,137)		(798)
Net income allocable to shares of common stock		8,631		6,036
Less: Dividends declared or accumulated
Undistributed net income allocable to shares of common stock, basic		$ 8,631		$ 6,036
Weighted average number of shares of common stock outstanding (in shares)	14,649,586	14,597,449	14,648,291	14,546,576
Less: Fair value adjustment for Deerfield stock warrants		$ (18,769)		$ (28,001)
Net loss allocable to shares of common stock, diluted		$ (9,001)		$ (21,167)
Weighted average number of shares of common stock outstanding (in shares)	14,649,586	14,597,449	14,648,291	14,546,576
Dilutive effect of Deerfield stock warrants (in shares)		838,000		1,037,000
Weighted average number of shares of common stock outstanding, diluted (in shares)	14,649,586	15,435,322	14,648,291	15,583,390
Diluted net loss per share of common stock (in dollars per share)	$ (0.44)	$ (0.58)	$ (1.56)	$ (1.36)

Note J - Severance Expense (Det

Note J - Severance Expense (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Restructuring and Related Cost, Number of Positions Eliminated					3
Allocated Share-based Compensation Expense	$ 1,165	$ 1,257	$ 2,254	$ 2,279
Employee Severance [Member] | Accounts Payable and Accrued Liabilities [Member]
Restructuring Reserve	$ 200		$ 200
Employee Severance [Member] | Severance Expense [Member]
Restructuring Charges					$ 1,100
Allocated Share-based Compensation Expense					$ 1,900