Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | KEMPHARM, INC | |
Entity Central Index Key | 0001434647 | |
Trading Symbol | kmph | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 33,223,877 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 6,518 | $ 18,409 |
Marketable securities | 3,260 | |
Accounts and other receivables | 1,638 | 140 |
Prepaid expenses and other current assets | 528 | 1,912 |
Total current assets | 8,684 | 23,721 |
Property and equipment, net | 1,541 | 1,753 |
Operating lease right-of-use assets | 1,649 | |
Restricted cash | 490 | 710 |
Other long-term assets | 526 | 562 |
Total assets | 12,890 | 26,746 |
Liabilities and stockholders' deficit | ||
Accounts payable and accrued expenses | 3,095 | 8,342 |
Current portion of convertible notes | 6,718 | 3,333 |
Current portion of capital lease obligation | 214 | |
Current portion of operating lease liabilities | 369 | |
Other current liabilities | 227 | 115 |
Total current liabilities | 10,409 | 12,004 |
Convertible notes, less current portion, net | 70,553 | 78,105 |
Derivative and warrant liability | 335 | 2,118 |
Capital lease obligation, less current portion | 396 | |
Operating lease liabilities, less current portion | 1,976 | |
Other long-term liabilities | 237 | 689 |
Total liabilities | 83,510 | 93,312 |
Commitments and contingencies (Note D) | ||
Stockholders’ deficit: | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized, 32,387,382 shares issued and outstanding as of September 30, 2019 (unaudited); 26,455,352 shares issued and outstanding as of December 31, 2018 | 3 | 3 |
Additional paid-in capital | 169,054 | 154,623 |
Accumulated deficit | (239,677) | (221,192) |
Total stockholders' deficit | (70,620) | (66,566) |
Total liabilities and stockholders' deficit | 12,890 | 26,746 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock | ||
Series B-1 Convertible Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock | ||
Series B-2 Convertible Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock | ||
Undesignated Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred stock |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Preferred stock, shares authorized (in shares) | 10,000,000 | |
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) | 32,387,382 | 26,455,352 |
Common stock, shares outstanding (in shares) | 32,387,382 | 26,455,352 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 9,578 | 9,578 |
Preferred stock, shares issued (in shares) | 9,577 | 9,577 |
Preferred Stock, Shares Outstanding (in shares) | 3,337 | 3,337 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Series B-1 Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 1,576 | |
Preferred stock, shares issued (in shares) | 1,576 | |
Preferred Stock, Shares Outstanding (in shares) | 789 | |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Series B-2 Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 27,000 | |
Preferred stock, shares issued (in shares) | ||
Preferred Stock, Shares Outstanding (in shares) | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Undesignated Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 9,961,846 | 9,990,422 |
Preferred stock, shares issued (in shares) | ||
Preferred Stock, Shares Outstanding (in shares) | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 11,463 | $ 0 | $ 11,463 | $ 0 |
Operating expenses: | ||||
Cost of revenue | 1,000 | 1,000 | ||
Research and development | 3,616 | 13,330 | 16,950 | 35,455 |
General and administrative | 3,613 | 2,992 | 9,440 | 9,544 |
Severance expense | 1,636 | 1,636 | ||
Total operating expenses | 8,229 | 17,958 | 27,390 | 46,635 |
Income (loss) from operations | 3,234 | (17,958) | (15,927) | (46,635) |
Other (expense) income: | ||||
Interest expense related to amortization of debt issuance costs and discount | (371) | (326) | (981) | (1,106) |
Interest expense on principal | (1,208) | (1,367) | (3,669) | (4,228) |
Fair value adjustment related to derivative and warrant liability | 1,351 | 4,468 | 1,783 | 289 |
Interest and other income, net | 60 | 52 | 295 | 290 |
Total other (expense) income | (168) | 2,827 | (2,572) | (4,755) |
Income (loss) before income taxes | 3,066 | (15,131) | (18,499) | (51,390) |
Income tax (expense) benefit | (3) | 60 | 14 | 107 |
Net income (loss) | $ 3,063 | $ (15,071) | $ (18,485) | $ (51,283) |
Net income (loss) per share of common stock: | ||||
Basic (in dollars per share) | $ 0.09 | $ (0.94) | $ (0.65) | $ (3.33) |
Diluted (in dollars per share) | $ 0.06 | $ (0.94) | $ (0.65) | $ (3.33) |
Weighted average number of shares of common stock outstanding: | ||||
Basic (in shares) | 30,126,704 | 16,033,923 | 28,417,450 | 15,385,663 |
Diluted (in shares) | 31,672,149 | 16,033,923 | 28,417,450 | 15,385,663 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands | Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Undesignated Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2017 | $ 1 | $ 107,209 | $ (164,726) | $ (57,516) | ||||
Net loss | (26,219) | (26,219) | ||||||
Stock-based compensation expense | 1,281 | 1,281 | ||||||
Issuance of common stock | 1 | 2,797 | 2,798 | |||||
Write-off of deferred offering costs | (27) | (27) | ||||||
Balance at Mar. 31, 2018 | 2 | 111,260 | (190,945) | (79,683) | ||||
Balance at Dec. 31, 2017 | 1 | 107,209 | (164,726) | (57,516) | ||||
Net loss | (51,283) | |||||||
Balance at Sep. 30, 2018 | 2 | 120,662 | (216,009) | (95,345) | ||||
Balance at Mar. 31, 2018 | 2 | 111,260 | (190,945) | (79,683) | ||||
Net loss | (9,993) | (9,993) | ||||||
Stock-based compensation expense | 1,378 | 1,378 | ||||||
Issuance of common stock | 1,194 | 1,194 | ||||||
Conversion of principal on 2021 Notes | 3,502 | 3,502 | ||||||
Offering expenses charged to equity | (11) | (11) | ||||||
Exercise of stock options | 68 | 68 | ||||||
Balance at Jun. 30, 2018 | 2 | 117,391 | (200,938) | (83,545) | ||||
Net loss | (15,071) | (15,071) | ||||||
Stock-based compensation expense | 2,586 | 2,586 | ||||||
Issuance of common stock | 836 | 836 | ||||||
Offering expenses charged to equity | (151) | (151) | ||||||
Balance at Sep. 30, 2018 | 2 | 120,662 | (216,009) | (95,345) | ||||
Balance at Dec. 31, 2018 | 3 | 154,623 | (221,192) | (66,566) | ||||
Net loss | (12,291) | (12,291) | ||||||
Stock-based compensation expense | 1,290 | 1,290 | ||||||
Issuance of common stock | 2,721 | 2,721 | ||||||
Write-off of deferred offering costs | 10 | 10 | ||||||
Balance at Mar. 31, 2019 | 3 | 158,644 | (233,483) | (74,836) | ||||
Balance at Dec. 31, 2018 | 3 | 154,623 | (221,192) | (66,566) | ||||
Net loss | (18,485) | |||||||
Balance at Sep. 30, 2019 | 3 | 169,054 | (239,677) | (70,620) | ||||
Balance at Mar. 31, 2019 | 3 | 158,644 | (233,483) | (74,836) | ||||
Net loss | (9,257) | (9,257) | ||||||
Stock-based compensation expense | 1,317 | 1,317 | ||||||
Issuance of common stock | 1,229 | 1,229 | ||||||
Balance at Jun. 30, 2019 | 3 | 161,190 | (242,740) | (81,547) | ||||
Net loss | 3,063 | 3,063 | ||||||
Stock-based compensation expense | 1,057 | 1,057 | ||||||
Issuance of common stock | 1,496 | 1,496 | ||||||
Conversion of principal on 2021 Notes | 3,000 | 3,000 | ||||||
Change in fair value of embedded conversion feature in connection with debt modification | 2,311 | 2,311 | ||||||
Balance at Sep. 30, 2019 | $ 3 | $ 169,054 | $ (239,677) | $ (70,620) |
Unaudited Condensed Statement_3
Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||||
Net loss | $ 3,063 | $ (12,291) | $ (15,071) | $ (26,219) | $ (18,485) | $ (51,283) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Stock-based compensation expense | 3,664 | 5,245 | |||||
Non-cash interest expense | 988 | 1,123 | |||||
Amortization of debt issuance costs and debt discount | 371 | 326 | 981 | 1,106 | |||
Depreciation and amortization expense | 229 | 245 | |||||
Fair value adjustment related to derivative and warrant liability | (1,351) | (4,468) | (1,783) | (289) | |||
Write-off of deferred offering costs | 10 | ||||||
Change in assets and liabilities: | |||||||
Accounts and other receivables | (1,498) | (86) | |||||
Prepaid expenses and other assets | 1,420 | (960) | |||||
Operating lease right-of-use assets | (1,649) | ||||||
Accounts payable and accrued expenses | (6,073) | 5,780 | |||||
Operating lease liabilities | 2,345 | ||||||
Other liabilities | (788) | (86) | |||||
Net cash used in operating activities | (20,639) | (39,205) | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (21) | (6) | |||||
Maturities of marketable securities | 3,260 | 25,374 | |||||
Net cash provided by investing activities | 3,239 | 25,368 | |||||
Cash flows from financing activities: | |||||||
Proceeds from equity line of credit | 5,446 | ||||||
Proceeds from at-the-market offering, net of commissions | 4,828 | ||||||
Repayment of obligations under capital lease | (142) | ||||||
Repayment of principal on finance lease liabilities | (157) | ||||||
Proceeds from exercise of common stock options | 68 | ||||||
Net cash provided by financing activities | 5,289 | 4,754 | |||||
Net decrease in cash, cash equivalents and restricted cash | (12,111) | (9,083) | |||||
Cash, cash equivalents and restricted cash, beginning of period | $ 19,119 | $ 11,971 | 19,119 | 11,971 | $ 11,971 | ||
Cash, cash equivalents and restricted cash, end of period | $ 7,008 | $ 2,888 | 7,008 | 2,888 | $ 19,119 | ||
Supplemental cash flow information: | |||||||
Cash paid for interest | 4,602 | 5,280 | |||||
Deferred offering costs included in accounts payable and accrued expenses | 105 | 68 | |||||
Deerfield Convertible Note principal and interest converted to common stock | 3,502 | ||||||
Property and equipment financed under a lease agreement | 52 | ||||||
Change in fair value of embedded conversion feature recorded as debt discount in connection with debt modification | 2,311 | ||||||
2021NotesConvertedToCommonStockMember | |||||||
Supplemental cash flow information: | |||||||
2021 Notes principal converted to common stock | 1,424 | ||||||
2021NotesConvertedToSeriesB1PreferredStockMember | |||||||
Supplemental cash flow information: | |||||||
2021 Notes principal converted to common stock | $ 1,576 |
Note A - Description of Busines
Note A - Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | A. Description of Business and Basis of Presentation Organization KemPharm, Inc. (the “Company”) is a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs to treat serious medical conditions through its proprietary Ligand Activated Therapy ("LAT™") technology. The Company utilizes its proprietary LAT technology to generate improved prodrug versions of U.S. Food and Drug Administration (the "FDA") approved drugs as well as to generate prodrug versions of existing compounds that may KP415 KP484, KP879. October 2006 May 2014. 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 nine September 30, 2019 not may December 31, 2019. 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, 2018, March 1, 2019 (the "Annual Report"). Going Concern The unaudited condensed financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has experienced recurring negative operating cash flows and has a stockholders' deficit and net working capital (current assets less current liabilities) deficit, and its existing cash and cash equivalents and restricted cash are not one may may may not Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern within the twelve not second 2020. not Management intends to finance operating costs over the next twelve 3 $150.0 October 2019, 3 $80.0 no After the Company filed its Annual Report, in order to issue securities under the Current Registration Statement and the Replacement Registration Statement, once effective, it must rely on Instruction I.B.6. 3, may twelve twelve I.B.6. may not one third 60 I.B.6. 3 12 $18.5 $15.3 $3.2 twelve may September 30, 2019, 3,401,271 $5.4 no Reclassifications During the third 2019, $0.1 December 31, 2018 $0.1 nine September 30, 2018. no Entry into First ATM Agreement In October 2016, September 2018. 762,338 $4.9 three 3.0% Entry into Second ATM Agreement In September 2018, may $50,000,000 3 October 17, 2016. 3 $50,000,000 March 2019, $3.2 I.B.6 3. September 30, 2019, not RBCCM may 415 1933, may three 3.0% The Company is not Underwritten Public Offering In October 2018, October 10, 2018, 8,333,334 3, October 17, 2016, October 17, 2016 October 5, 2018, $3.00 $23.1 Entry into Purchase Agreement In February 2019, may $15.0 36 120,200 may 3 September 30, 2019, 3,401,271 $5.4 Entry into License Agreement In September 2019, “KP415/484 KP415/484 KP415, KP484, KP879, KP922 KP415 KP484, KP415/484 $10.0 $63.0 KP415 KP484; $420.0 KP415/484 KP415/484 KP415/484 Commave has also agreed to be responsible and reimburse the Company for all of development, commercialization and regulatory expenses for the Licensed Product Candidates, subject to certain limitations as set forth in the Commave License Agreement. The KP415/484 KP415 KP484. KP415 KP484; In accordance with the terms of the Company’s March 20, 2012 10% KP415, KP484 KP879 KP415/484 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
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 and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, 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. Revenue Recognition The Company commenced recognizing revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers 606” January 1, 2018. no Arrangements with Multiple-Performance Obligations From time to time, the Company enters into arrangements for research and development, manufacturing and/or commercialization services. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not Licensing Agreements The Company enters into licensing agreements with licensees that fall under the scope of ASC 606. The terms of the Company’s licensing agreements typically include one may As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may Up-front Fees: Milestone Payments: not not not may KP415/484 In September 2019, KP415/484 KP415, KP484, KP879, KP922 KP415/484 In exchange for the exclusive, worldwide license, discussed above, Commave paid the Company a non-refundable upfront payment of $10.0 $63.0 KP415 KP484. $420.0 KP415 KP415/484 KP415/484 Commave also agreed to be responsible for and reimburse the Company for all of development, commercialization and regulatory expenses incurred on the licensed products, subject to certain limitations as set forth in the KP415/484 The KP415/484 606, not KP415/484 606, third two $10.0 KP415/484 The consideration allocated to the grant of the exclusive, worldwide license was $10.0 KP415/484 KP415/484 The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket third KP415/484 third third no third third third third 606 Under the KP415/484 KP415/484 KP415/484 first not third 606 not not The Company is entitled to additional payments from Commave conditioned upon the achievement of specified regulatory milestones related to KP415 KP484 KP415 KP415/484 KP415/484 not not not During the three nine September 30, 2019, $11.5 $10.0 $1.2 third $0.3 September 30, 2019, $0.3 $1.2 third $1.0 three nine September 30, 2019. no three nine September 30, 2018 December 31, 2018. no September 30, 2019 December 31, 2018. Accounts and Other Receivables Accounts and other receivables consists of receivables under the KP415/484 KP415/484 third September 30, 2019 December 31, 2018 no 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. In April 2012, not In February 2016, 2016 02, Leases (Topic 842 ) 2016 02” January 1, 2019 not 12 not 2016 02 $2.6 January 1, 2019. In July 2017, 2017 11, Earnings Per Share (Topic 260 ), Distinguishing Liabilities from Equity (Topic 480 ), Derivatives and Hedging (Topic 815 ) – I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception 2017 11" 480 260. December 15, 2018, 2017 11 not In June 2018, 2018 07, Compensation – Stock Compensation (Topic 820 2018 07" 718, December 15, 2018, 718 718 718 2018 07 not Application of New or Revised Accounting Standards —Not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13" 820, Conceptual Framework for Financial Reporting—Chapter 8: August 28, 2018, December 15, 2019, 3 not 2018 13 |
Note C - Debt Obligations
Note C - Debt Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | C. Debt Obligations Deerfield Facility Agreement In June 2014, $60 first $15 $10 June 30, 2016, no 9.75% 6.75% 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 1,923,077 256,410 $1.5 Pursuant to the Deerfield Facility Agreement, the Company may not $750,000 The Company originally had to repay one third fourth fifth 3, 2019, 9.75% 6.75%, 1, 2020. $3,333,333 February 14, 2020. February 2016. The outstanding principal amount due on the fourth anniversary of the Deerfield Facility Agreement and the related accrued but unpaid interest as of such date was converted in common stock of the Company in accordance with the provisions of the Deerfield Convertible Note, as amended. Refer to the section entitled Facility Agreement Waiver and Fifth Amendment to Senior Secured Convertible Note below. 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 have one first eight July 1, 2016. eight June 30, 2016. July 1, 2016. First Amendment to Facility Agreement, Senior Secured Convertible Note and Warrant In connection with the IPO, in March 2015, Second Amendment to Senior Secured Convertible Note and Warrant In January 2016, Issuance of 5.50% Senior Convertible Notes and Third Amendment to Facility Agreement, Senior Secured Convertible Note and Warrant In February 2016, $86.3 5.50% 2021 “2021 2021 144A The net proceeds from the Note Offering were approximately $82.8 $18.6 The 2021 February 9, 2016 2021 February 1 August 1 August 1, 2016, 5.50% 2021 February 1, 2021 2021 not no 2021 The 2021 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 In connection with the Note Offering, in February 2016, 2021 Refer to the sections entitled Exchange Agreement and Exchange Agreement and Fifth Amendment to Facility Agreement below for a further discussion of the exchange of a portion of the 2021 $0.0001 1 $0.0001 1 Fourth Amendment to Senior Secured Convertible Note and Warrant In connection with entering into the First ATM Agreement, in October 2016, 415 Facility Agreement Waiver and Fifth Amendment to Senior Secured Convertible Note In June 2018, $3,333,333 $168,288 598,568 June 2, 2018; ( Exchange Agreement In October 2018, “October 2018 October 2018 $9,577,000 2021 9,577 $95,105 October 2018 October 2018 $25,000 As a condition to closing of the October 2018 Each share of Series A Preferred Stock has an aggregate stated value of $1,000 $3.00 October 2018 3,192,334 September 30, 2019, 1,112,334 4.985% not $0.0001 not not not First Supplemental Indenture, Sixth Amendment to Deerfield Convertible Note and Fifth Amendment to Deerfield Warrant In November 2018, 2021 not 9.985% three 3 may Also in November 2018, 4.985% 2021 4.985%. Seventh Amendment to Deerfield Convertible Note and Sixth Amendment to Deerfield Warrant In February 2019, not may Exchange Agreement and Fifth Amendment to Facility Agreement On September 3, 2019, “September 2019 September 2019 1,499,894 1,576 1 1 $3,000,000 2021 September 2019 $27,000,000 2021 2 $0.0001 2 1 September 2019 2 $1,000 $0.9494, September 3, 2019, 15 The September 2019 9.75% 6.75%, June 1, 2020. September 2019 September 2019 $150,000 September 2019 The Company determined the changes to the Deerfield Facility Agreement met the definition of a troubled debt restructuring under ASC 470 60, Troubled Debt Restructurings by Debtors no The changes to the 2021 September 2019 $2.3 2021 As a condition to closing of the September 2019 1 1 2 2 1 2 Each share of Series B- 1 $1,000 $0.9494 September 2019 1,659,996 1 September 30, 2019, 831,051 1 2 $1,000 $0.9494 15 September 2019 September 30, 2019, 28,439,015 2 The Series B Preferred Stock is convertible at any time at the option of the Holders; provided that the Holders are prohibited from converting shares of Series B Preferred Stock into shares of common stock if, as a result of such conversion, such Holders (together with certain affiliates and “group” members of such Holders) would beneficially own more than 4.985% not $0.0001 not not not 1 2 1 2 Except as modified by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment and the September 2019 Line of Credit During the second 2016, $1.1 January 31, 2018. January 31, 2018, January 31, 2020. March 2019, . |
Note D - Commitments and Contin
Note D - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
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 liability is not not September 30, 2019 December 31, 2018, no |
Note E - Preferred Stock and Wa
Note E - Preferred Stock and Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | E. Preferred Stock and Warrants Authorized, Issued, and Outstanding Preferred Stock As of September 30, 2019, 10,000,000 9,578 1,576 1 27,000 2 3,337 789 September 30, 2019. December 31, 2018, 3,337 no 1 No 2 September 30, 2019 December 31, 2018. In October 2018, October 2018 October 2018 9,577 $1,000 $3.00 October 2018 3,192,334 4.985% not $0.0001 not not not September 30, 2019, 6,240 2,080,000 As of September 30, 2019, 3,337 1,112,334 October 2018 In September 2019, September 2019 September 2019 1,576 1 1 $1,000 $0.9494, September 3, 2019, 15 September 2019 1,659,996 1 4.985% not $0.0001 not not not 1 2 1 2 September 30, 2019, 787 1 828,945 As of September 30, 2019, 789 1 831,051 no 2 September 2019 |
Note F - Common Stock and Warra
Note F - Common Stock and Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | F. Common Stock and Warrants Authorized, Issued, and Outstanding Common Shares As of September 30, 2019 December 31, 2018, 250,000,000 32,387,382 26,455,352 September 30, 2019 December 31, 2018, As of September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018 Conversion of Deerfield Convertible Note 1,192,918 1,167,607 Conversion of 2021 Notes not subject to the Optional Exchange Principal Amount 2,727,820 4,481,182 Outstanding awards under equity incentive plans 4,620,891 3,704,755 Outstanding common stock warrants 2,423,077 2,527,763 Conversion of Series A Preferred Stock 1,112,334 1,112,334 Conversion of Series B-1 Preferred Stock 831,051 — In exchange for the Optional Exchange Principal Amount* 28,439,015 Possible future issuances under equity incentive plans 675,966 648,272 Total common shares reserved for future issuance 42,023,072 13,641,913 * Represents the aggregate number of shares of Common Stock issuable (i) in exchange of the Optional Exchange Principal Amount, or (ii) upon conversion of the Series B- 2 Common Stock Activity The following table summarizes common stock activity for the nine September 30, 2019: Shares of Common Stock Balance as of December 31, 2018 26,455,352 Common stock issued under Purchase Agreement 1,521,471 Balance as of March 31, 2019 27,976,823 Common stock issued under Purchase Agreement 800,000 Restricted stock awards vested during the period 81,720 Balance as of June 30, 2019 28,858,543 Common stock issued under Purchase Agreement 1,200,000 Common stock issued as a result of 2021 Notes principal conversion 1,499,894 Common stock issued as a result of Series B-1 Preferred Stock conversion 828,945 Balance as of September 30, 2019 32,387,382 In September 2018, 762,338 $4.9 September 30, 2019, not In October 2018, 8,333,334 3. Also in October 2018, October 2018 9,577 September 30, 2019, 6,240 2,080,000 October 2018 On September 3, 2019, September 2019 1,499,894 1,576 1 September 30, 2019, 787 1 828,945 September 2019 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 In connection with a Collaboration and License Agreement (the “APADAZ License Agreement”) with KVK Tech, Inc. (“KVK”), in October 2018, 500,000 $2.30 not four 125,000 500,000 October 24, 2023. may The Company determined that, since KVK qualifies as a customer under ASC 606, 815 815 606 |
Note G - Stock-based Compensati
Note G - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [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, 2014 “2014 April 2015. 2014 may 2014 5,076,694 September 30, 2019. 2014 January 1 January 1, 2016, January 1, 2024, 4% December 31 2014 January 1, 2019, 2014 1,058,214 During the second 2019, two 2014 first second 2019. first second 2019, 42,436 39,284 During the three 30, 2019 2018 nine 30, 2019, no nine 30, 2018 23,682 Stock-based compensation expense recorded under the Incentive Stock Plan and the 2014 Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Research and development $ 400 $ 409 $ 1,196 $ 1,196 General and administrative 657 941 2,468 2,813 Severance expense — 1,236 — 1,236 Total stock-based compensation expense $ 1,057 $ 2,586 $ 3,664 $ 5,245 There was no three nine September 30, 2019 2018 . |
Note H - Fair Value of Financia
Note H - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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 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 three ● Level 1—Observable ● Level 2—Observable ● Level 3—Unobservable no The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash and accounts payable and accrued expenses, approximate their respective fair values due to the short-term nature of such instruments. The fair value of the Deerfield Convertible Note was $6.5 $6.2 30, 2019 December 31, 2018. 2021 $57.9 $51.2 30, 2019 December 31, 2018. 2021 3 2021 30, 2019 December 31, 2018. 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 judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of September 30, 2019 December 31, 2018 ( Balance as of September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability $ 192 $ — $ — $ 192 Embedded Warrant Put Option 77 — — 77 Fundamental change and make-whole interest provisions embedded in 2021 Notes — — — — Deerfield Note Conversion Feature — — — — KVK Warrant liability 66 — 66 — Total liabilities $ 335 $ — $ 66 $ 269 Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability $ 1,557 $ — $ — $ 1,557 Embedded Warrant Put Option 154 — — 154 Fundamental change and make-whole interest provisions embedded in 2021 Notes — — — — Deerfield Note Conversion Feature 134 — — 134 KVK Warrant liability 273 — 273 — Total liabilities $ 2,118 $ — $ 273 $ 1,845 Trading securities: Certificates of deposit $ 246 $ 246 $ — $ — U.S. Treasury securities 3,014 3,014 — — Total assets $ 3,260 $ 3,260 $ — $ — The Company’s Deerfield Warrant liability, embedded Warrant Put Option, the fundamental change and the make-whole interest provisions embedded in the 2021 September 30, 2019 and December 31, 2018, 2021 31, 2018, 2021 September 30, 2019 and December 31, 2018. 2021 three nine September 30, 2019 and 2018 The Company’s KVK Warrant liability is measured at fair value on a recurring basis. As of September 30, 2019 December 31, 2018, no not not three nine September 30, 2019 not three nine September 30, 2018 not October 2018. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Balance as of beginning of period $ 1,437 $ 11,888 $ 1,845 $ 7,709 Adjustment to fair value (1,168 ) (4,468 ) (1,576 ) (289 ) Balance as of end of period $ 269 $ 7,420 $ 269 $ 7,420 |
Note I - Net Income (Loss) Per
Note I - Net Income (Loss) Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | I. Net Income (Loss) Per Share of Common Stock Under the two No no two two Diluted net loss per share of common stock is the same as basic net loss per share of common stock for the nine September 30, 2019 three nine September 30, 2018 Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Warrants to purchase common stock 500,000 2,027,763 2,423,077 2,027,763 Awards under equity incentive plans 4,620,891 3,707,421 4,620,891 3,707,421 Deerfield Convertible Note 1,192,918 1,167,607 1,192,918 1,167,607 2021 Notes* 31,166,835 5,040,914 31,166,835 5,040,914 Series A Preferred Stock — — 1,112,334 — Series B-1 Preferred Stock — — 831,051 — Total securities excluded from the calculation of weighted average number of shares of common stock outstanding 37,480,644 11,943,705 41,347,106 11,943,705 * Inclusive of 28,439,015 2 The following table reconciles basic net income per share of common stock to diluted net income per share of common stock for the three September 30, 2019 ( Three months ended September 30, 2019 Basic net income per share of common stock: Net income $ 3,063 Less: Net income attributable to participating securities (348 ) Net income attributable to shares of common stock 2,715 Less: Dividends declared or accumulated — Undistributed net income attributable to shares of common stock, basic $ 2,715 Weighted average number of shares of common stock outstanding 30,127 Basic net income per share of common stock $ 0.09 Diluted net income per share of common stock: Net income $ 3,063 Less: Fair value adjustment income related to Deerfield Warrant liability (1,019 ) Less: Fair value adjustment income related to embedded Warrant Put Option (135 ) Net income attributable to shares of common stock, diluted $ 1,909 Weighted average number of shares of common stock outstanding 30,127 Dilutive effect of Deerfield Warrant — Dilutive effect of Series A Preferred 1,112 Dilutive effect of Series B-1 Preferred 433 Weighted average number of shares of common stock outstanding, diluted 31,672 Diluted net income per share of common stock $ 0.06 |
Note J - Severance Expense
Note J - Severance Expense | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | J. Severance Expense In August 2018, $0.4 $1.2 September 30, 2018, $0.3 three nine September 30, 2019 no |
Note K - Leases
Note K - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | K. Leases We have operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. Our leases have remaining lease terms of 1 6 5 1 The components of lease expense were as follows (in thousands): Three months ended September 30, Nine months ended September 30, Lease Cost 2019 2019 Finance lease cost: Amortization of right-of-use assets $ 31 $ 92 Interest on lease liabilities 9 31 Total finance lease cost 40 123 Operating lease cost 124 372 Short-term lease cost 58 173 Variable lease cost 14 35 Less: sublease income (25 ) (75 ) Total lease costs $ 211 $ 628 Supplemental cash flow information related to leases was as follows (in thousands): Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 31 Financing cash flows from finance leases 157 Operating cash flows from operating leases 326 Operating cash flows from short-term leases 173 Operating cash flows from variable lease costs 35 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $ 737 Operating leases 1,852 Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate): September 30, 2019 Finance Leases Property and equipment, at cost $ 1,013 less: accumulated depreciation and amortization (368 ) Property and equipment, net $ 645 Other current liabilities $ 227 Other long-term liabilities 227 Total finance lease liabilities $ 454 Operating Leases Operating lease right-of-use assets $ 1,649 Total operating lease right-of-use assets $ 1,649 Current portion of operating lease liabilities $ 369 Operating lease liabilities, less current portion 1,976 Total operating lease liabilities $ 2,345 Weighted Average Remaining Lease Term Finance leases 2 years Operating leases 6 years Weighted Average Discount Rate Finance leases 7.7 % Operating leases 7.5 % Maturities of lease liabilities were as follows (in thousands): Finance Operating Year Ending December 31, Leases Leases 2019 (excluding the nine months ended September 30, 2019) $ 66 $ 144 2020 251 499 2021 163 449 2022 11 461 2023 — 472 Thereafter — 903 Total lease payments 491 2,928 Less: future interest expense (37 ) (583 ) Lease liabilities $ 454 $ 2,345 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
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 and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, 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. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company commenced recognizing revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers 606” January 1, 2018. no Arrangements with Multiple-Performance Obligations From time to time, the Company enters into arrangements for research and development, manufacturing and/or commercialization services. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not Licensing Agreements The Company enters into licensing agreements with licensees that fall under the scope of ASC 606. The terms of the Company’s licensing agreements typically include one may As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may Up-front Fees: Milestone Payments: not not not may KP415/484 In September 2019, KP415/484 KP415, KP484, KP879, KP922 KP415/484 In exchange for the exclusive, worldwide license, discussed above, Commave paid the Company a non-refundable upfront payment of $10.0 $63.0 KP415 KP484. $420.0 KP415 KP415/484 KP415/484 Commave also agreed to be responsible for and reimburse the Company for all of development, commercialization and regulatory expenses incurred on the licensed products, subject to certain limitations as set forth in the KP415/484 The KP415/484 606, not KP415/484 606, third two $10.0 KP415/484 The consideration allocated to the grant of the exclusive, worldwide license was $10.0 KP415/484 KP415/484 The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket third KP415/484 third third no third third third third 606 Under the KP415/484 KP415/484 KP415/484 first not third 606 not not The Company is entitled to additional payments from Commave conditioned upon the achievement of specified regulatory milestones related to KP415 KP484 KP415 KP415/484 KP415/484 not not not During the three nine September 30, 2019, $11.5 $10.0 $1.2 third $0.3 September 30, 2019, $0.3 $1.2 third $1.0 three nine September 30, 2019. no three nine September 30, 2018 December 31, 2018. no September 30, 2019 December 31, 2018. |
Receivable [Policy Text Block] | Accounts and Other Receivables Accounts and other receivables consists of receivables under the KP415/484 KP415/484 third September 30, 2019 December 31, 2018 no |
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. In April 2012, not In February 2016, 2016 02, Leases (Topic 842 ) 2016 02” January 1, 2019 not 12 not 2016 02 $2.6 January 1, 2019. In July 2017, 2017 11, Earnings Per Share (Topic 260 ), Distinguishing Liabilities from Equity (Topic 480 ), Derivatives and Hedging (Topic 815 ) – I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception 2017 11" 480 260. December 15, 2018, 2017 11 not In June 2018, 2018 07, Compensation – Stock Compensation (Topic 820 2018 07" 718, December 15, 2018, 718 718 718 2018 07 not Application of New or Revised Accounting Standards —Not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13" 820, Conceptual Framework for Financial Reporting—Chapter 8: August 28, 2018, December 15, 2019, 3 not 2018 13 |
Note F - Common Stock and War_2
Note F - Common Stock and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block] | September 30, 2019 December 31, 2018 Conversion of Deerfield Convertible Note 1,192,918 1,167,607 Conversion of 2021 Notes not subject to the Optional Exchange Principal Amount 2,727,820 4,481,182 Outstanding awards under equity incentive plans 4,620,891 3,704,755 Outstanding common stock warrants 2,423,077 2,527,763 Conversion of Series A Preferred Stock 1,112,334 1,112,334 Conversion of Series B-1 Preferred Stock 831,051 — In exchange for the Optional Exchange Principal Amount* 28,439,015 Possible future issuances under equity incentive plans 675,966 648,272 Total common shares reserved for future issuance 42,023,072 13,641,913 |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Shares of Common Stock Balance as of December 31, 2018 26,455,352 Common stock issued under Purchase Agreement 1,521,471 Balance as of March 31, 2019 27,976,823 Common stock issued under Purchase Agreement 800,000 Restricted stock awards vested during the period 81,720 Balance as of June 30, 2019 28,858,543 Common stock issued under Purchase Agreement 1,200,000 Common stock issued as a result of 2021 Notes principal conversion 1,499,894 Common stock issued as a result of Series B-1 Preferred Stock conversion 828,945 Balance as of September 30, 2019 32,387,382 |
Note G - Stock-based Compensa_2
Note G - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Research and development $ 400 $ 409 $ 1,196 $ 1,196 General and administrative 657 941 2,468 2,813 Severance expense — 1,236 — 1,236 Total stock-based compensation expense $ 1,057 $ 2,586 $ 3,664 $ 5,245 |
Note H - Fair Value of Financ_2
Note H - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Balance as of September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability $ 192 $ — $ — $ 192 Embedded Warrant Put Option 77 — — 77 Fundamental change and make-whole interest provisions embedded in 2021 Notes — — — — Deerfield Note Conversion Feature — — — — KVK Warrant liability 66 — 66 — Total liabilities $ 335 $ — $ 66 $ 269 Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability $ 1,557 $ — $ — $ 1,557 Embedded Warrant Put Option 154 — — 154 Fundamental change and make-whole interest provisions embedded in 2021 Notes — — — — Deerfield Note Conversion Feature 134 — — 134 KVK Warrant liability 273 — 273 — Total liabilities $ 2,118 $ — $ 273 $ 1,845 Trading securities: Certificates of deposit $ 246 $ 246 $ — $ — U.S. Treasury securities 3,014 3,014 — — Total assets $ 3,260 $ 3,260 $ — $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Balance as of beginning of period $ 1,437 $ 11,888 $ 1,845 $ 7,709 Adjustment to fair value (1,168 ) (4,468 ) (1,576 ) (289 ) Balance as of end of period $ 269 $ 7,420 $ 269 $ 7,420 |
Note I - Net Income (Loss) Pe_2
Note I - Net Income (Loss) Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Warrants to purchase common stock 500,000 2,027,763 2,423,077 2,027,763 Awards under equity incentive plans 4,620,891 3,707,421 4,620,891 3,707,421 Deerfield Convertible Note 1,192,918 1,167,607 1,192,918 1,167,607 2021 Notes* 31,166,835 5,040,914 31,166,835 5,040,914 Series A Preferred Stock — — 1,112,334 — Series B-1 Preferred Stock — — 831,051 — Total securities excluded from the calculation of weighted average number of shares of common stock outstanding 37,480,644 11,943,705 41,347,106 11,943,705 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2019 Basic net income per share of common stock: Net income $ 3,063 Less: Net income attributable to participating securities (348 ) Net income attributable to shares of common stock 2,715 Less: Dividends declared or accumulated — Undistributed net income attributable to shares of common stock, basic $ 2,715 Weighted average number of shares of common stock outstanding 30,127 Basic net income per share of common stock $ 0.09 Diluted net income per share of common stock: Net income $ 3,063 Less: Fair value adjustment income related to Deerfield Warrant liability (1,019 ) Less: Fair value adjustment income related to embedded Warrant Put Option (135 ) Net income attributable to shares of common stock, diluted $ 1,909 Weighted average number of shares of common stock outstanding 30,127 Dilutive effect of Deerfield Warrant — Dilutive effect of Series A Preferred 1,112 Dilutive effect of Series B-1 Preferred 433 Weighted average number of shares of common stock outstanding, diluted 31,672 Diluted net income per share of common stock $ 0.06 |
Note K - Leases (Tables)
Note K - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended September 30, Nine months ended September 30, Lease Cost 2019 2019 Finance lease cost: Amortization of right-of-use assets $ 31 $ 92 Interest on lease liabilities 9 31 Total finance lease cost 40 123 Operating lease cost 124 372 Short-term lease cost 58 173 Variable lease cost 14 35 Less: sublease income (25 ) (75 ) Total lease costs $ 211 $ 628 |
Schedule of Leases Cash Flow Information [Table Text Block] | Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 31 Financing cash flows from finance leases 157 Operating cash flows from operating leases 326 Operating cash flows from short-term leases 173 Operating cash flows from variable lease costs 35 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $ 737 Operating leases 1,852 |
Schedule of Leases Balance Sheet Information [Table Text Block] | September 30, 2019 Finance Leases Property and equipment, at cost $ 1,013 less: accumulated depreciation and amortization (368 ) Property and equipment, net $ 645 Other current liabilities $ 227 Other long-term liabilities 227 Total finance lease liabilities $ 454 Operating Leases Operating lease right-of-use assets $ 1,649 Total operating lease right-of-use assets $ 1,649 Current portion of operating lease liabilities $ 369 Operating lease liabilities, less current portion 1,976 Total operating lease liabilities $ 2,345 Weighted Average Remaining Lease Term Finance leases 2 years Operating leases 6 years Weighted Average Discount Rate Finance leases 7.7 % Operating leases 7.5 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Finance Operating Year Ending December 31, Leases Leases 2019 (excluding the nine months ended September 30, 2019) $ 66 $ 144 2020 251 499 2021 163 449 2022 11 461 2023 — 472 Thereafter — 903 Total lease payments 491 2,928 Less: future interest expense (37 ) (583 ) Lease liabilities $ 454 $ 2,345 |
Note A - Description of Busin_2
Note A - Description of Business and Basis of Presentation (Details Textual) - USD ($) | Sep. 03, 2019 | Feb. 28, 2019 | Oct. 10, 2018 | Oct. 05, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 04, 2018 | Oct. 31, 2019 | Mar. 31, 2019 |
Sale of Securities, Value, Available to Issue | $ 150,000,000 | |||||||||||
Sale of Securities Covered Under Prospectus Supplement, Value, Anticipated Amount to Be Sold Under Registration Statement | 18,500,000 | |||||||||||
Sale of Securities Covered Under Prospectus Supplement, Value, Anticipated Sales Under Purchase Agreement | 15,300,000 | |||||||||||
Sale of Securities Covered Under Prospectus Supplement, Value, Anticipated Sales Under ATM Agreement | 3,200,000 | |||||||||||
Stock Issued During Period, Shares, New Issues | 1,200,000 | |||||||||||
Proceeds from Issuance of Common Stock | $ 4,828,000 | |||||||||||
Increase (Decrease) in Prepaid Expense and Other Assets, Total | (1,420,000) | 960,000 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 11,463,000 | $ 0 | 11,463,000 | 0 | ||||||||
License [Member] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000,000 | $ 10,000,000 | ||||||||||
Cowen and Company, LLC [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 762,338 | |||||||||||
Proceeds from Issuance of Common Stock | $ 4,900,000 | |||||||||||
Sale of Stock, Commission Fee | 3.00% | |||||||||||
RBC Capital Markets, LLC [Member] | ||||||||||||
Sale of Stock, Authorized Offering Price | $ 50,000,000 | $ 3,200,000 | ||||||||||
Lincoln Park [Member] | ||||||||||||
Sale of Securities, Value, Available to Issue | $ 15,000,000 | |||||||||||
Stock Issued During Period, Shares, New Issues | 3,401,271 | |||||||||||
Proceeds from Issuance of Common Stock | $ 5.40 | |||||||||||
Purchase Agreement, Term | 3 years | |||||||||||
Purchase Agreement, Additional Shares to Be Issued as Commitment Shares | 120,200 | |||||||||||
GPC Member | License [Member] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000,000 | |||||||||||
Revenue Recognition, Milestone Method, Revenue to be Recognized | 63,000,000 | |||||||||||
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized | $ 420,000,000 | |||||||||||
Royalty Revenue, Percent | 10.00% | |||||||||||
Restatement Adjustment [Member] | ||||||||||||
Increase (Decrease) in Prepaid Expense and Other Assets, Total | $ (100,000) | $ (100,000) | ||||||||||
First ATM Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 3,401,271 | |||||||||||
Proceeds from Issuance of Common Stock | $ 5,400,000 | |||||||||||
Second ATM Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | |||||||||||
Second ATM Agreement [Member] | RBC Capital Markets, LLC [Member] | ||||||||||||
Sale of Stock, Commission Fee | 3.00% | |||||||||||
Second ATM Agreement [Member] | RBC Capital Markets, LLC [Member] | Maximum [Member] | ||||||||||||
Sale of Stock, Authorized Offering Price | $ 50,000,000 | |||||||||||
Underwriting Agreement [Member] | RBC Capital Markets, LLC [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 8,333,334 | 8,333,334 | ||||||||||
Shares Issued, Price Per Share | $ 3 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 23,100,000 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Sale of Securities, Value, Available to Issue | $ 80,000,000 |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Sep. 03, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2019 |
Revenue from Contract with Customer, Including Assessed Tax | $ 11,463,000 | $ 0 | $ 11,463,000 | $ 0 | |||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 0 | ||||||
Cost of Goods and Services Sold, Total | 1,000,000 | 1,000,000 | 0 | ||||
Deferred Revenue, Total | 0 | 0 | 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | $ 0 | ||||
Operating Lease, Liability, Total | 2,345,000 | 2,345,000 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Liability, Total | $ 2,600,000 | ||||||
License [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 10,000,000 | 10,000,000 | |||||
Reimbursement of Out-of-pocket Third-party Research and Development Costs [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,200,000 | 1,200,000 | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,200,000 | 1,200,000 | |||||
Consulting Services [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 300,000 | 300,000 | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 300,000 | $ 300,000 | |||||
GPC Member | License [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000,000 | ||||||
Revenue Recognition, Milestone Method, Revenue to be Recognized | 63,000,000 | ||||||
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized | $ 420,000,000 |
Note C - Debt Obligations (Deta
Note C - Debt Obligations (Details Textual) - USD ($) | Sep. 03, 2019 | Oct. 05, 2018 | Jun. 11, 2018 | Feb. 09, 2016 | Jun. 02, 2014 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 02, 2019 | Dec. 31, 2018 | Nov. 20, 2018 | Jun. 30, 2016 |
Convertible Notes Payable, Current | $ 6,718,000 | $ 3,333,000 | |||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 4,602,000 | $ 5,280,000 | |||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||||||||
Change in Fair Value of Embedded Conversion Feature | 2,311,000 | ||||||||||
Conversion from Deerfield Convertible Note to Common Stock [Member] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 598,568 | ||||||||||
Debt Conversion, Original Debt, Amount | $ 3,333,333 | ||||||||||
Debt Conversion, Accrued Interest | $ 168,288 | ||||||||||
Exchanged 2021 Notes for Series A Preferred Stock [Member] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 9,577 | ||||||||||
Debt Conversion, Original Debt, Amount | $ 9,577,000 | ||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 95,105 | ||||||||||
Debt Conversion, Expenses, Reimbursement | $ 25,000 | ||||||||||
DebtConversionOptionToExchangeAmount | $ 27,000,000 | ||||||||||
Convertible Notes 2021 [Member] | |||||||||||
Beneficial Ownership, Cap Limit, Percentage | 9.985% | ||||||||||
Deerfield Convertible Notes [Member] | |||||||||||
Beneficial Ownership, Cap Limit, Percentage | 4.985% | ||||||||||
2021NotesConvertedToCommonStockMember | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,499,894 | ||||||||||
Debt Conversion, Original Debt, Amount | 1,424,000 | ||||||||||
2021NotesConvertedToSeriesB1PreferredStockMember | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,576 | ||||||||||
Debt Conversion, Original Debt, Amount | $ 1,576,000 | ||||||||||
Conversion From Deerfield Convertible Note to Common and Preferred Stock Member | |||||||||||
Debt Conversion, Original Debt, Amount | $ 3,000,000 | ||||||||||
Exchanged2021NotesForSeriesB2PreferredStockMember | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ 1,000 | ||||||||||
Exchanged2021NotesForCommonStockMember | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.9494 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||||||
Preferred Stock, Aggregate Stated Value Per Share | 1,000 | ||||||||||
Convertible Preferred Stock, Conversion Price | $ 3 | ||||||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion | 3,192,334 | 1,112,334 | |||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||||||||
Series B-1 Convertible Preferred Stock [Member] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,576 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Preferred Stock, Aggregate Stated Value Per Share | 1,000 | ||||||||||
Convertible Preferred Stock, Conversion Price | $ 0.9494 | ||||||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion | 831,051 | ||||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||||||||
Conversion Of Stock Shares Issuable If Converted | 1,659,996 | 831,051 | |||||||||
Series B-2 Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||||||
Preferred Stock, Aggregate Stated Value Per Share | $ 1,000 | ||||||||||
Convertible Preferred Stock, Conversion Price | $ 0.9494 | ||||||||||
Conversion Of Stock Shares Issuable If Converted | 28,439,015 | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 0.0001 | ||||||||||
Series B Preferred Stock [Member] | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 0.0001 | ||||||||||
2021 Notes [Member] | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ 17.11 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||||
Debt Instrument, Face Amount | $ 86,300,000 | ||||||||||
Proceeds from Debt, Net of Issuance Costs | 82,800,000 | ||||||||||
Repayments of Long-term Debt, Total | 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 Repurchase Price Equal to Percentage of Principal Amount | 100.00% | ||||||||||
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% | 6.75% | |||||||||
Debt Covenant, Debt Financing Restriction | $ 750,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 9.75% | |||||||||
Convertible Notes Payable, Current | $ 3,333,333 | ||||||||||
Reimbursement of Debt Holders | $ 150,000 | ||||||||||
Change in Fair Value of Embedded Conversion Feature | $ 2,300,000 | ||||||||||
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] | Initial Public Offering [Member] | |||||||||||
Reclassification of Common Stock Shares | 256,410 | ||||||||||
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 |
Note D - Commitments and Cont_2
Note D - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Note E - Preferred Stock and _2
Note E - Preferred Stock and Warrants (Details Textual) - $ / shares | Sep. 30, 2019 | Sep. 03, 2019 | Oct. 05, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Feb. 09, 2016 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||||
Series B-1 Convertible Preferred Stock [Member] | |||||||
Conversion of Stock, Shares Issued | 828,945 | 828,945 | |||||
Series A Preferred Stock [Member] | |||||||
Preferred Stock, Shares Authorized | 9,578 | 9,578 | 9,578 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 3,337 | 3,337 | 3,337 | ||||
Preferred Stock, Shares Issued, Total | 3,337 | ||||||
Preferred Stock, Aggregate Stated Value Per Share | $ 1,000 | ||||||
Convertible Preferred Stock, Conversion Price | $ 3 | ||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion | 1,112,334 | 3,192,334 | 1,112,334 | 1,112,334 | |||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||
Conversion of Stock, Shares Converted | 6,240 | ||||||
Conversion of Stock, Shares Issued | 2,080,000 | ||||||
Series B-1 Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Shares Authorized | 1,576 | 1,576 | 1,576 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 789 | 789 | 789 | 789 | |||
Preferred Stock, Shares Issued, Total | 1,576 | 1,576 | 1,576 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 1,576 | ||||||
Preferred Stock, Aggregate Stated Value Per Share | $ 1,000 | ||||||
Convertible Preferred Stock, Conversion Price | $ 0.9494 | ||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion | 831,051 | ||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Conversion of Stock, Shares Converted | 787 | 787 | |||||
Conversion Of Stock Shares Issuable If Converted | 831,051 | 1,659,996 | 831,051 | 831,051 | |||
Series B-2 Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Shares Authorized | 27,000 | 27,000 | 27,000 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | |||||||
Preferred Stock, Shares Issued, Total | |||||||
Preferred Stock, Aggregate Stated Value Per Share | $ 1,000 | ||||||
Convertible Preferred Stock, Conversion Price | $ 0.9494 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Conversion Of Stock Shares Issuable If Converted | 28,439,015 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 0.0001 | ||||||
Series B Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding, Ending Balance | 789 | 789 | 789 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 0.0001 | ||||||
Preferred Class A [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 9,577 | ||||||
Preferred Stock, Aggregate Stated Value Per Share | $ 1,000 |
Note F - Common Stock and War_3
Note F - Common Stock and Warrants (Details Textual) - USD ($) | Sep. 30, 2019 | Sep. 03, 2019 | Oct. 25, 2018 | Oct. 10, 2018 | Oct. 05, 2018 | Jun. 02, 2014 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2013 | Sep. 04, 2018 | Dec. 31, 2018 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||
Common Stock, Shares, Issued, Total | 32,387,382 | 32,387,382 | 32,387,382 | 26,455,352 | ||||||||
Stock Issued During Period, Shares, New Issues | 1,200,000 | |||||||||||
Proceeds from Issuance of Common Stock | $ 4,828,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 143,466 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.85 | |||||||||||
2013 Warrants [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 3,800,000 | |||||||||||
Class of Warrant or Right Issued | 1,079,453 | |||||||||||
Series D Redeemable Convertible Preferred Stock [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 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, Number of Securities Called by Warrants or Rights | 1,923,077 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.85 | |||||||||||
Warrant Issued to KVK [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 500,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.30 | |||||||||||
Class of Warrant or Right, Additional Shares Exercisable for Each Milestones | 125,000 | |||||||||||
Series B-1 Convertible Preferred Stock [Member] | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,576 | |||||||||||
Conversion of Stock, Shares Converted | 787 | 787 | ||||||||||
Series A Preferred Stock Converted Into Common Stock [Member] | ||||||||||||
Conversion of Stock, Shares Converted | 6,240 | |||||||||||
Conversion of Stock, Shares Issued | 2,080,000 | |||||||||||
2021NotesConvertedToCommonStockMember | ||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,499,894 | |||||||||||
2021NotesConvertedToSeriesB1PreferredStockMember | ||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,576 | |||||||||||
Series B-1 Preferred Convertible Stock Converted to Common Stock [Member] | ||||||||||||
Conversion of Stock, Shares Issued | 828,945 | |||||||||||
Exchanged 2021 Notes for Series A Preferred Stock [Member] | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 9,577 | |||||||||||
Second ATM Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | |||||||||||
Cowen and Company, LLC [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 762,338 | |||||||||||
Proceeds from Issuance of Common Stock | $ 4,900,000 | |||||||||||
RBC Capital Markets, LLC [Member] | Underwriting Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 8,333,334 | 8,333,334 |
Note F - Common Stock and War_4
Note F - Common Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares | Sep. 30, 2019 | Dec. 31, 2018 | |
Common shares reserved for future issuance (in shares) | 42,023,072 | 13,641,913 | |
Series A Preferred Stock [Member] | |||
Common shares reserved for future issuance (in shares) | 1,112,334 | 1,112,334 | |
Series B-1 Convertible Preferred Stock [Member] | |||
Common shares reserved for future issuance (in shares) | 831,051 | ||
Warrant [Member] | |||
Common shares reserved for future issuance (in shares) | 2,423,077 | 2,527,763 | |
Share-based Payment Arrangement [Member] | |||
Common shares reserved for future issuance (in shares) | 4,620,891 | 3,704,755 | |
Possible Future Issuances Under Equity Incentive Plans [Member] | |||
Common shares reserved for future issuance (in shares) | 675,966 | 648,272 | |
2021 Notes [Member] | |||
Common shares reserved for future issuance (in shares) | 2,727,820 | 4,481,182 | |
Optional Exchange Principal Amount [Member] | |||
Common shares reserved for future issuance (in shares) | [1] | 28,439,015 | |
Convertible Notes Payable [Member] | |||
Common shares reserved for future issuance (in shares) | 1,192,918 | 1,167,607 | |
[1] | Represents the aggregate number of shares of Common Stock issuable (i) in exchange of the Optional Exchange Principal Amount, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Optional Exchange Principal Amount. |
Note F - Common Stock and War_5
Note F - Common Stock and Warrants - Common Stock Activity (Details) - shares | Sep. 03, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 |
Balance (in shares) | 28,858,543 | 27,976,823 | 26,455,352 | 26,455,352 | |
Common stock issued under Purchase Agreement (in shares) | 1,200,000 | ||||
Restricted stock awards vested during the period (in shares) | 81,720 | ||||
Balance (in shares) | 32,387,382 | 28,858,543 | 27,976,823 | 32,387,382 | |
Series B-1 Convertible Preferred Stock [Member] | |||||
Common stock issued as a result of Series B-1 Preferred Stock conversion (in shares) | 828,945 | 828,945 | |||
2021NotesConvertedToCommonStockMember | |||||
Common stock issued as a result of 2021 Notes principal conversion (in shares) | 1,499,894 | ||||
Equity Line of Credit [Member] | |||||
Common stock issued under Purchase Agreement (in shares) | 800,000 | 1,521,471 |
Note G - Stock-based Compensa_3
Note G - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Increase in Common Stock Reserved for Issuance | 1,058,214 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 81,720 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | 23,682 | ||||
Share-based Payment Arrangement, Expense | $ 1,057 | $ 2,586 | $ 3,664 | $ 5,245 | ||||
Performance Shares [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | $ 0 | $ 0 | ||||
2014 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,076,694 | 5,076,694 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Reserved for Issuance, Incremental Percentage of Capital Stock Outstanding | 4.00% | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 39,284 | 42,436 |
Note G - Stock-based Compensa_4
Note G - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock based compensation expense | $ 1,057 | $ 2,586 | $ 3,664 | $ 5,245 |
Research and Development Expense [Member] | ||||
Stock based compensation expense | 400 | 409 | 1,196 | 1,196 |
General and Administrative Expense [Member] | ||||
Stock based compensation expense | 657 | 941 | 2,468 | 2,813 |
Severance Expense [Member] | ||||
Stock based compensation expense | $ 1,236 | $ 1,236 |
Note H - Fair Value of Financ_3
Note H - Fair Value of Financial Instruments (Details Textual) - Fair Value, Inputs, Level 3 [Member] - Deerfield Facility Agreement [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Deerfield Convertible Notes [Member] | ||
Long-term Debt, Fair Value | $ 6.5 | $ 6.2 |
Term Notes [Member] | ||
Long-term Debt, Fair Value | $ 57.9 | $ 51.2 |
Note H - Fair Value of Financ_4
Note H - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial liabilities measured at fair value on recurring basis | $ 335 | $ 2,118 |
Financial assets measured at fair value on recurring basis | 3,260 | |
Certificates of Deposit [Member] | ||
Financial assets measured at fair value on recurring basis | 246 | |
US Treasury Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 3,014 | |
Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Financial assets measured at fair value on recurring basis | 3,260 | |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Financial assets measured at fair value on recurring basis | 246 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Financial assets measured at fair value on recurring basis | 3,014 | |
Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 66 | 273 |
Financial assets measured at fair value on recurring basis | ||
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 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 269 | 1,845 |
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 | ||
Deerfield Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | 192 | 1,557 |
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 | 192 | 1,557 |
Embedded Put Option [Member] | ||
Financial liabilities measured at fair value on recurring basis | 77 | 154 |
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 | 77 | 154 |
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [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 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 | ||
Embedded Deerfield Note Put Option [Member] | ||
Financial liabilities measured at fair value on recurring basis | 134 | |
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 | 134 | |
KVK Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | 66 | 273 |
KVK Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
KVK Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 66 | 273 |
KVK Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis |
Note H - Fair Value of Financ_5
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance as of beginning of period | $ 1,437 | $ 11,888 | $ 1,845 | $ 7,709 |
Adjustment to fair value | (1,168) | (4,468) | (1,576) | (289) |
Balance as of end of period | $ 269 | $ 7,420 | $ 269 | $ 7,420 |
Note I - Net Income (Loss) Pe_3
Note I - Net Income (Loss) Per Share of Common Stock - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Antidilutive securities (in shares) | 37,480,644 | 11,943,705 | 41,347,106 | 11,943,705 | |
Warrants to Purchase Common Stock [Member] | |||||
Antidilutive securities (in shares) | 500,000 | 2,027,763 | 2,423,077 | 2,027,763 | |
Share-based Payment Arrangement [Member] | |||||
Antidilutive securities (in shares) | 4,620,891 | 3,707,421 | 4,620,891 | 3,707,421 | |
Convertible Debt Securities [Member] | |||||
Antidilutive securities (in shares) | 1,192,918 | 1,167,607 | 1,192,918 | 1,167,607 | |
2021 Notes [Member] | |||||
Antidilutive securities (in shares) | [1] | 31,166,835 | 5,040,914 | 31,166,835 | 5,040,914 |
Series A Preferred Stock [Member] | |||||
Antidilutive securities (in shares) | 1,112,334 | ||||
Series B-1 Convertible Preferred Stock [Member] | |||||
Antidilutive securities (in shares) | 831,051 | ||||
[1] | Inclusive of 28,439,015 of shares of Common Stock issuable (i) in exchange of the Optional Exchange Principal Amount, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Optional Exchange Principal Amount. |
Note I - Net Income (Loss) Pe_4
Note I - Net Income (Loss) Per Share of Common Stock - Summary of Computation of Basic and Diluted Net Loss and Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 3,063 | $ (9,257) | $ (12,291) | $ (15,071) | $ (9,993) | $ (26,219) | $ (18,485) | $ (51,283) |
Less: Net income attributable to participating securities | (348) | |||||||
Net income attributable to shares of common stock | 2,715 | |||||||
Less: Dividends declared or accumulated | ||||||||
Undistributed net income attributable to shares of common stock, basic | $ 2,715 | |||||||
Basic (in shares) | 30,126,704 | 16,033,923 | 28,417,450 | 15,385,663 | ||||
Basic (in dollars per share) | $ 0.09 | $ (0.94) | $ (0.65) | $ (3.33) | ||||
Less: Fair value adjustment income related to Deerfield Warrant liability | $ (1,019) | |||||||
Less: Fair value adjustment income related to embedded Warrant Put Option | (135) | |||||||
Net income attributable to shares of common stock, diluted | $ 1,909 | |||||||
Weighted average number of shares of common stock outstanding (in shares) | 30,126,704 | 16,033,923 | 28,417,450 | 15,385,663 | ||||
Dilutive effect of Deerfield Warrant (in shares) | ||||||||
Diluted (in shares) | 31,672,149 | 16,033,923 | 28,417,450 | 15,385,663 | ||||
Diluted (in dollars per share) | $ 0.06 | $ (0.94) | $ (0.65) | $ (3.33) | ||||
Series A Convertible Preferred Stock [Member] | ||||||||
Dilutive effect of Preferred Stock (in shares) | 1,112,000 | |||||||
Series B-1 Convertible Preferred Stock [Member] | ||||||||
Dilutive effect of Preferred Stock (in shares) | 433,000 |
Note J - Severance Expense (Det
Note J - Severance Expense (Details Textual) - USD ($) $ in Thousands | Aug. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Share-based Payment Arrangement, Expense | $ 1,057 | $ 2,586 | $ 3,664 | $ 5,245 | |
Severance Expense [Member] | |||||
Share-based Payment Arrangement, Expense | $ 1,236 | 1,236 | |||
Employee Severance [Member] | Severance Expense [Member] | |||||
Severance Charges | $ 400 | $ 0 | $ 0 | $ 300 | |
Share-based Payment Arrangement, Expense | $ 1,200 |
Note K - Leases (Details Textua
Note K - Leases (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Option to Extend, Maximum Term | 5 years |
Lessee, Lease, Option to Terminate, Term | 1 year |
Minimum [Member] | |
Lessee, Lease, Remaining Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Lease, Remaining Term of Contract | 6 years |
Note K - Leases - Lease Cost (D
Note K - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Amortization of right-of-use assets | $ 31 | $ 92 |
Interest on lease liabilities | 9 | 31 |
Total finance lease cost | 40 | 123 |
Operating lease cost | 124 | 372 |
Short-term lease cost | 58 | 173 |
Variable lease cost | 14 | 35 |
Less: sublease income | (25) | (75) |
Total lease costs | $ 211 | $ 628 |
Note K - Leases - Supplement Ca
Note K - Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating cash flows from finance leases | $ 31 | |
Financing cash flows from finance leases | 157 | |
Operating cash flows from operating leases | 326 | |
Operating cash flows from short-term leases | 173 | |
Operating cash flows from variable lease costs | 35 | |
Finance leases | 737 | |
Operating leases | $ 1,852 |
Note K - Leases - Supplement Ba
Note K - Leases - Supplement Balance Sheet Information Related to Lease (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lease liabilities | $ 454 | |
Operating lease right-of-use assets | 1,649 | |
Total operating lease right-of-use assets | 1,649 | |
Current portion of operating lease liabilities | 369 | |
Operating lease liabilities, less current portion | 1,976 | |
Total operating lease liabilities | $ 2,345 | |
Finance leases (Year) | 2 years | |
Operating leases (Year) | 6 years | |
Finance leases | 7.70% | |
Operating leases | 7.50% | |
Property and Equipment, At Cost [Member] | ||
Property and equipment, at cost | $ 1,013 | |
Accumulated Depreciation and Amortization [Member] | ||
less: accumulated depreciation and amortization | (368) | |
Property and Equipment, Net [Member] | ||
Property and equipment, net | 645 | |
Other Current Liabilities [Member] | ||
Other current liabilities | 227 | |
Other Noncurrent Liabilities [Member] | ||
Other long-term liabilities | 227 | |
Operating Lease Right-of-Use Assets [Member] | ||
Operating lease right-of-use assets | 1,649 | |
Total operating lease right-of-use assets | 1,649 | |
Current Portion of Operating Lease Liabilities [Member] | ||
Current portion of operating lease liabilities | 369 | |
Operating Lease Liabilities, Less Current Portion [Member] | ||
Operating lease liabilities, less current portion | $ 1,976 |
Note K - Leases - Maturities of
Note K - Leases - Maturities of lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2019 (excluding the nine months ended September 30, 2019) | $ 66 |
2019 (excluding the nine months ended September 30, 2019) | 144 |
2020 | 251 |
2020 | 499 |
2021 | 163 |
2021 | 449 |
2022 | 11 |
2022 | 461 |
2023 | |
2023 | 472 |
Thereafter | |
Thereafter | 903 |
Total lease payments | 491 |
Total lease payments | 2,928 |
Less: future interest expense | (37) |
Less: future interest expense | (583) |
Lease liabilities | 454 |
Operating Lease, Liability, Total | $ 2,345 |