Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 11, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 72,463,841 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 6,369 | $ 3,217 |
Accounts and other receivables | 2,093 | 1,865 |
Prepaid expenses and other current assets | 603 | 1,552 |
Total current assets | 9,065 | 6,634 |
Property and equipment, net | 1,146 | 1,471 |
Operating lease right-of-use assets | 1,404 | 1,537 |
Restricted cash | 186 | 338 |
Other long-term assets | 527 | 527 |
Total assets | 12,328 | 10,507 |
Liabilities and stockholders' deficit | ||
Accounts payable and accrued expenses | 4,729 | 4,911 |
Current portion of convertible notes | 67,271 | |
Current portion of operating lease liabilities | 309 | 284 |
Other current liabilities | 240 | 236 |
Total current liabilities | 72,549 | 5,431 |
Convertible notes, less current portion, net | 77,343 | |
Derivative and warrant liability | 47 | 120 |
Operating lease liabilities, less current portion | 1,755 | 1,901 |
Loans payable | 781 | |
Other long-term liabilities | 59 | 168 |
Total liabilities | 75,191 | 84,963 |
Commitments and contingencies (Note D) | ||
Stockholders’ deficit: | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized, 67,223,913 shares issued and outstanding as of June 30, 2020 (unaudited); 36,350,785 shares issued and outstanding as of December 31, 2019 | 7 | 4 |
Additional paid-in capital | 187,739 | 171,254 |
Accumulated deficit | (250,609) | (245,714) |
Total stockholders' deficit | (62,863) | (74,456) |
Total liabilities and stockholders' deficit | 12,328 | 10,507 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 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) | 67,223,913 | 36,350,785 |
Common stock, shares outstanding (in shares) | 67,223,913 | 36,350,785 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
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) | 0 | 0 |
Series B-1 Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,576 | 1,576 |
Preferred stock, shares issued (in shares) | 1,576 | 1,576 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B-2 Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 27,000 | 27,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Undesignated Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 9,961,846 | 9,961,846 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 6,908 | $ 8,997 | ||
Operating expenses: | ||||
Royalty and direct contract acquisition costs | 642 | 1,305 | ||
Research and development | 1,954 | 4,803 | 4,080 | 13,334 |
General and administrative | 1,719 | 2,989 | 3,964 | 5,827 |
Severance expense | 830 | |||
Total operating expenses | 4,315 | 7,792 | 10,179 | 19,161 |
Income (loss) from operations | 2,593 | (7,792) | (1,182) | (19,161) |
Other (expense) income: | ||||
Interest expense related to amortization of debt issuance costs and discount | (574) | (305) | (1,145) | (610) |
Interest expense on principal | (1,197) | (1,232) | (2,457) | (2,461) |
Fair value adjustment related to derivative and warrant liability | (3) | (21) | 72 | 432 |
Interest and other income (expense), net | 40 | 84 | (183) | 235 |
Total other expenses | (1,734) | (1,474) | (3,713) | (2,404) |
Income (loss) before income taxes | 859 | (9,266) | (4,895) | (21,565) |
Income tax benefit | 9 | 17 | ||
Net income (loss) | $ 859 | $ (9,257) | $ (4,895) | $ (21,548) |
Net income (loss) per share of common stock: | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.33) | $ (0.09) | $ (0.78) |
Diluted (in dollars per share) | $ 0.01 | $ (0.33) | $ (0.09) | $ (0.78) |
Weighted average number of shares of common stock outstanding: | ||||
Basic (in shares) | 63,163,251 | 28,386,119 | 55,618,446 | 27,548,657 |
Diluted (in shares) | 63,164,403 | 28,386,119 | 55,618,446 | 27,548,657 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands | Equity Line of Credit [Member]Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Equity Line of Credit [Member]Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Equity Line of Credit [Member]Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Equity Line of Credit [Member]Undesignated Preferred Stock [Member] | Equity Line of Credit [Member]Common Stock [Member] | Equity Line of Credit [Member]Additional Paid-in Capital [Member] | Equity Line of Credit [Member]Retained Earnings [Member] | Equity Line of Credit [Member] | Optional Exchange Principal Amount [Member]Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Undesignated Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Common Stock [Member] | Optional Exchange Principal Amount [Member]Additional Paid-in Capital [Member] | Optional Exchange Principal Amount [Member]Retained Earnings [Member] | Optional Exchange Principal Amount [Member] | 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, 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 | ||||||||||||||||||||||
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 | (21,548) | |||||||||||||||||||||||
Balance at Jun. 30, 2019 | 3 | 161,190 | (242,740) | (81,547) | ||||||||||||||||||||
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) | ||||||||||||||||||||
Balance at Dec. 31, 2019 | 4 | 171,254 | (245,714) | (74,456) | ||||||||||||||||||||
Net loss | (5,754) | (5,754) | ||||||||||||||||||||||
Stock-based compensation expense | 1,029 | 1,029 | ||||||||||||||||||||||
Issuance of common stock | 1,112 | 1,112 | $ 2 | $ 9,598 | $ 9,600 | |||||||||||||||||||
Deferred offering costs | 121 | 121 | ||||||||||||||||||||||
Offering expenses charged to equity | (327) | (327) | ||||||||||||||||||||||
Balance at Mar. 31, 2020 | 6 | 182,787 | (251,468) | (68,675) | ||||||||||||||||||||
Balance at Dec. 31, 2019 | 4 | 171,254 | (245,714) | (74,456) | ||||||||||||||||||||
Net loss | (4,895) | |||||||||||||||||||||||
Balance at Jun. 30, 2020 | 7 | 187,739 | (250,609) | (62,863) | ||||||||||||||||||||
Balance at Mar. 31, 2020 | 6 | 182,787 | (251,468) | (68,675) | ||||||||||||||||||||
Net loss | 859 | 859 | ||||||||||||||||||||||
Stock-based compensation expense | 620 | 620 | ||||||||||||||||||||||
Issuance of common stock | $ 1,191 | $ 1,191 | $ 1 | $ 3,149 | $ 3,150 | |||||||||||||||||||
Offering expenses charged to equity | (92) | (92) | ||||||||||||||||||||||
Issuance of common stock in exchange for consulting services | 84 | 84 | ||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 7 | $ 187,739 | $ (250,609) | $ (62,863) |
Unaudited Condensed Statement_3
Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (4,895) | $ (21,548) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock-based compensation expense | 1,649 | 2,607 |
Non-cash interest expense | 2,427 | 1,919 |
Amortization of debt issuance costs and debt discount | 1,145 | 610 |
Depreciation and amortization expense | 140 | 153 |
Fair value adjustment related to derivative and warrant liability | (72) | (432) |
Change in estimated deferred offering costs | 130 | 10 |
Loss on sublease and disposal of property and equipment | 251 | |
Consulting fees paid in stock | 84 | |
Change in assets and liabilities: | ||
Accounts and other receivables | (228) | (33) |
Prepaid expenses and other assets | 520 | 767 |
Operating lease right-of-use assets | 74 | (1,718) |
Accounts payable and accrued expenses | (945) | (2,399) |
Operating lease liabilities | (121) | 2,442 |
Other liabilities | 12 | (788) |
Net cash provided by (used in) operating activities | 171 | (18,410) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (7) | (17) |
Maturities of marketable securities | 3,260 | |
Net cash (used in) provided by investing activities | (7) | 3,243 |
Cash flows from financing activities: | ||
Proceeds from equity line of credit | 2,303 | 3,950 |
Proceeds from Payment Protection Program loan | 781 | |
Payment of deferred offering costs | (97) | |
Repayment of principal on finance lease liabilities | (117) | (104) |
Payment of debt issuance costs | (34) | |
Net cash provided by financing activities | 2,836 | 3,846 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,000 | (11,321) |
Cash, cash equivalents and restricted cash, beginning of period | 3,555 | 19,119 |
Cash, cash equivalents and restricted cash, end of period | 6,555 | 7,798 |
Supplemental cash flow information: | ||
Cash paid for interest | 65 | 2,455 |
Commitment shares issued in connection with equity line of credit included in deferred offering costs | 121 | |
Deferred offering costs included in accounts payable and accrued expenses | 105 | |
Property and equipment included in accounts payable and accrued expenses | 4 | |
The 2021 Notes Converted to Common Stock [Member] | ||
Supplemental cash flow information: | ||
2019 Notes principal converted to common stock | $ 12,750 |
Note A - Description of Busines
Note A - Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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 ® may KP415 KP484, ® 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, 2020 not may December 31, 2020 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, 2019 , February 28, 2020, as amended on April 8, 2020 (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 not Management believes these conditions raise substantial doubt about the Company's ability to continue as a going concern within the twelve March 2, 2021 KP415 March 31, 2021. not Management intends to finance operating costs over the next twelve In March 2020, 19, may 19 19 may KP415 KP415 may 19 19 may 19 may not 19 On April 23, 2020 $0.8 may April 23, 2022 1.0%. first six Entry into Prior Purchase Agreement In February 2019, $15.0 36 120,200 may 3 February 2020 3,401,271 120,200 $5.4 Entry into Current Purchase Agreement In February 2020, may $4.0 12 308,637 may 3 May 2020, 9,268,182 308,637 2 June 30, 2020, 8,959,545 308,637 $2.3 Entry into APADAZ License Agreement In October 2018, Pursuant to the APADAZ License Agreement, KVK agreed to pay the Company certain payments and cost reimbursements of an estimated $3.4 $2.0 10 $53.0 30% 50% four The APADAZ License Agreement will terminate on the later of the date that all of the patent rights for APADAZ have expired in the United States or KVK's cessation of commercialization of APADAZ in the United States. KVK may 90 third may 18 may six may 30 not The APADAZ License Agreement also established a joint steering committee, which monitors progress of the commercialization of APADAZ. Entry into KP415 In September 2019, “KP415 KP415 KP415, KP484, KP879, KP922 KP415 KP484, KP415 $10.0 $63.0 KP415 KP484; $420.0 KP415 KP415 KP415 In May 2020, KP415. KP415 $5.0 KP415 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 KP415 The KP415 KP415 KP484. KP415 KP484; In accordance with the terms of the Company's March 20, 2012 10% KP415, KP484 KP879 KP415 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B. Summary of Significant Accounting Policies Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed 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. Reclassifications During the third 2019, $33,000 six June 30, 2019. no 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 third 2019. 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 In September 2019, KP415 KP415, KP484, KP879, KP922 KP415 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. May 2020, KP415. KP415 $5.0 KP415 $420.0 KP415 KP415 KP415 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 The KP415 606, not KP415 606, third two $10.0 KP415 The consideration allocated to the grant of the exclusive, worldwide license was $10.0 KP415 KP415 The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket third KP415 third third no third third third third 606 third KP415 third KP415 KP415 June 30, 2020, third Under the KP415 KP415 KP415 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 KP415 not not not For example, in May 2020, KP415. KP415 $5.0 KP415 KP415 two second 2020 $5.0 second 2020. For the three six June 30, 2020 KP415 $5.6 $7.3 340 40, Contracts with Customers $2.8 KP415 third June 30, 2020, $0.1 $0.8 three six June 30, 2020, no three six June 30, 2019 KP415 no June 30, 2020 December 31, 2019 Consulting Arrangements From time to time, the Company enters into consulting arrangements with third may third three six June 30, 2020 $1.3 $1.7 no three six June 30, 2019 no June 30, 2020 December 31, 2019 Accounts and Other Receivables Accounts and other receivables consists of receivables under the KP415 KP415 third June 30, 2020 KP415 $0.6 $1.3 December 31, 2019, KP415 $1.6 $0.1 June 30, 2020 December 31, 2019 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 June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13" not not December 15, 2019, 2016 13 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 2018 13 not |
Note C - Debt Obligations
Note C - Debt Obligations | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | C. Debt Obligations As of June 30, 2020 December 31, 2019, June 30, 2020 December 31, 2019 Deerfield Convertible Note $ 7,219 $ 6,981 2021 Notes — 3,000 December 2019 Notes 58,716 70,218 January 2020 Note 3,081 — Total outstanding principal on debt obligations 69,016 80,199 Less: debt issuance costs and discounts (1,745 ) (2,856 ) Convertible notes, net $ 67,271 $ 77,343 Deerfield Facility Agreement In June 2014, $60 first $15 $10 no may $5.85 The Deerfield Convertible Note originally bore interest at 9.75% 6.75%. one third fourth fifth June 2018 June 2019). June 2018, $3,333,333 $168,288 598,568 September 2019, 9.75% 6.75%, June 1, 2020 "2021 September 2019"). December 2019, March 31, 2021 "2021 December 2019"). $6,980,824 March 31, 2021. not Pursuant to the Deerfield Facility Agreement, the Company issued to Deerfield 1,923,077 256,410 The Company also issued to Deerfield a warrant to purchase 14,423,076 $0.78 June 2, 2024 1,923,077 $5.85 260, may The Company recorded the fair value of the shares of Series D Preferred to debt issuance costs on the date of issuance. The Company also recorded the fair value of the Deerfield Warrant and the embedded Warrant Put Option to debt discount on the date of issuance. The debt issuance costs and debt discount are amortized over the term of the related debt and the expense is recorded as interest expense related to amortization of debt issuance costs and discount in the statements of operations. Pursuant to the Deerfield Facility Agreement, the Company may not $750,000 The Deerfield Facility Agreement also includes high yield discount obligation protections that went into effect in June 2019. 1986 Issuance of 5.50% Senior Convertible Notes and Third Amendment to Senior Secured Convertible Note and Warrant In February 2016, $86.3 5.50% 2021 “2021 2021 144A 1933, The 2021 February 9, 2016 2021 February 1 August 1 August 1, 2016, 5.50% 2021 February 1, 2021 The net proceeds from the Note Offering were approximately $82.8 $18.6 The 2021 not no 2021 2021 58.4454 $1,000 2021 $17.11 If the Company underwent a “fundamental change” (as defined in the Indenture), holders could have required that the Company repurchase for cash all or any portion of their 2021 100% 2021 The Indenture included customary terms and covenants, including certain events of default after which the 2021 may As described in more detail below, in multiple exchanges occurring in October 2018, December 2019 January 2020, 2021 Facility Agreement Waiver and Fifth Amendment to Senior Secured Convertible Note In June 2018, $3,333,333 $168,288 598,568 June 2, 2018; ( 2021 October 2018 In October 2018, “October 2018 October 2018 $9,577,000 2021 9,577 $0.0001 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 3,192,333 June 30, 2020, 9,577 October 2018 3,192,333 2021 September 2019 In September 2019, “September 2019 September 2019 1,499,894 1,576 1 $0.0001 1 1 $3,000,000 2021 September 2019 $27,000,000 2021 2 $0.0001 2 1 September 2019 2 $1,000 $0.9494, 15 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 2 $1,000 $0.9494 15 September 2019 28,439,015 2 The Series B Preferred Stock is convertible at any time at the option of the Deerfield Lenders; provided that the Deerfield Lenders 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 As of June 30, 2020, 1,576 1 1,659,966 no 2 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 2021 December 2019 In December 2019, December 2019 “December 2019 “December 2019 December 2019 $71,418,011 “December 2019 $71,418,011 2021 December 2019 December 2019 $745,011 50% December 18, 2019, 2021 December 2019 December 2019 The December 2019 6.75% December 2019 $17.11 2021 December 2019 December 2019 4,174,051 December 2019 $5.85 December 2019 December 2019 415 December 2019 $5.85 not x September 2019 December 2019 not December 2019 $0.583 December 2019 December 2019 4.985% December 2019 4.985% 19.985% December 2019 December 2019 December 2019 March 31, 2021, not December 2019 December 2019 December 2019 December 2019 December 2019 December 2019 The December 2019 December 2019 December 2019 December 2019 February 14, 2020 June 1, 2020, March 31, 2021, March 31, 2021 may The December 2019 December 2019 December 2019 $5.85 December 2019 The December 2019 December 2019 The December 2019 December 2019 may one In connection with entering into the December 2019 December 18, 2019, June 2, 2014, In connection with entering into the December 2019 “September 2019 September 2019 September 2019 December 2019 September 2019 September 2019 x $0.60, 15 no 28,439,015 September 2019 2 September 2019 may September 2019 September 2019 September In connection with entering into the September 2019 2 2 2 2 September 2019 $0.60 15 As of June 30, 2020, $14.0 December 2019 23,250,000 The Company determined the changes to the Deerfield Convertible Note met the definition of a troubled debt restructuring under ASC 470 60, Troubled Debt Restructurings by Debtors no The changes to the 2021 December 2019 December 2019 December 2019 2021 January 2020 In January 2020, January 2020 "January 2020 January 2020 $3,037,354 "January 2020 $3,037,354 2021 January 2020 $37,354, 50% January 13, 2020, 2021 January 2020 The January 2020 December 2019 In connection with entering into the January 2020 December 2019 "December 2019 December 2019 December 2019 December 2019 $17.11 $5.85 December 2019 $0.38 $0.583 x 2020 The changes to the 2021 January 2020 January 2020 January 2020 PPP Loan On April 23, 2020 $0.8 may April 23, 2022 1.0%. first six The CARES Act and the PPP provide a mechanism for forgiveness of up to the full amount borrowed. Under the PPP, the Company may eight 75% eight On June 5, 2020, 2020 ● Extended the covered period for loan forgiveness from eight 24 eight ● Lowered the requirements that 75 75 24 60 60 60 ● Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, March 1, 2020 December 31, 2020 COVID–19. ● Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, December 31, 2020. ● Increased to five June 5, 2020. ● Extended the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower's loan forgiveness amount to the lender (or, if the borrower does not 10 Based on the changes provided by the Flexibility Act the Company plans to take advantage of (i) the extended covered period for loan forgiveness from eight 24 75 60 six 10 not |
Note D - Commitments and Contin
Note D - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 December 31, 2019 no |
Note E - Preferred Stock and Wa
Note E - Preferred Stock and Warrants | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | E. Preferred Stock and Warrants Authorized, Issued, and Outstanding Preferred Stock As of June 30, 2020 December 31, 2019, 10,000,000 9,578 1,576 1 27,000 2 9,577 1,576 1 June 30, 2020 December 31, 2019. No 1 June 30, 2020 December 31, 2019. No 2 June 30, 2020 December 31, 2019. In October 2018, October 2018 October 2018 9,577 $1,000 $3.00 October 2018 3,192,333 June 30, 2020 In September 2019, September 2019 September 2019 1,576 1 1 $1,000 $0.9494, 15 September 2019 1,659,996 1 4.985% not $0.0001 not not not 1 2 1 2 June 30, 2020, 1,576 1 1,659,996 |
Note F - Common Stock and Warra
Note F - Common Stock and Warrants | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | F. Common Stock and Warrants Authorized, Issued, and Outstanding Common Shares As of June 30, 2020 December 31, 2019 250,000,000 67,223,913 36,350,785 June 30, 2020 December 31, 2019 As of June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Conversion of Deerfield Convertible Note 1,254,682 1,213,606 Conversion of 2021 Notes — 175,336 Conversion of January 2020 Note 535,513 — Conversion of December 2019 Notes not subject to the Deerfield Optional Conversion Feature 9,677,740 3,186,770 Outstanding awards under equity incentive plans 5,697,534 5,192,222 Outstanding common stock warrants 2,423,077 2,423,077 In exchange for the Deerfield Optional Conversion Feature* 5,189,015 26,439,015 Possible future issuances under the equity line of credit — 9,553,046 Possible future issuances under equity incentive plans 803,473 84,616 Total common shares reserved for future issuance 25,581,034 48,267,688 * Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature Common Stock Activity The following table summarizes common stock activity for the six June 30, 2020 : Shares of Common Stock Balance as of December 31, 2019 36,350,785 Common stock issued under equity line of credit 4,308,637 Restricted stock vested during the period 60,922 Common stock issued as compensation to third-parties 39,767 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 16,000,000 Balance as of March 31, 2020 56,760,111 Common stock issued under equity line of credit 4,959,545 Restricted stock vested during the period 64,277 Common stock issued as compensation to third-parties 189,980 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 5,250,000 Balance as of June 30, 2020 67,223,913 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 6,530,725 June 30, 2020 . 2014 January 1 January 1, 2016, January 1, 2024, 4% December 31 2014 January 1, 2020 2014 1,454,031 During 2020, 2014 first 2020. three six June 30, 2020, 64,277 125,199 During the second 2019, two 2014 first second 2019. three six June 30, 2019, 81,720 During the three six June 30, 2020 2019 no Stock-based compensation expense recorded under the Incentive Stock Plan and the 2014 Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Research and development $ 345 $ 363 $ 591 $ 796 General and administrative 275 954 638 1,811 Severance expense — — 420 — Total stock-based compensation expense $ 620 $ 1,317 $ 1,649 $ 2,607 There was $0.3 three six June 30, 2020. no three six 30, 2019. |
Note H - Fair Value of Financia
Note H - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
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 $6.0 June 30, 2020 December 31, 2019 2019 $52.6 $57.0 June 30, 2020 December 31, 2019 January 2020 $2.8 June 30, 2020 2021 $2.4 December 31, 2019 . December 2019 January 2020 2021 3 December 2019 June 30, 2020 December 31, 2019 . January 2020 June 30, 2020 2021 December 31, 2019 . 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 June 30, 2020 December 31, 2019 ( Balance as of June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability $ 38 $ — $ — $ 38 Embedded Warrant Put Option — — — — Deerfield Note Put Option — — — — KVK Warrant liability 9 — 9 — Total liabilities $ 47 $ — $ 9 $ 38 Balance as of December 31, 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 $ 77 $ — $ — $ 77 Embedded Warrant Put Option 19 — — 19 Deerfield Note Put Option — — — — Fundamental change and make-whole interest provisions embedded within 2021 Notes — — — — KVK Warrant liability 24 — 24 — Total liabilities $ 120 $ — $ 24 $ 96 The Company's Deerfield Warrant liability, embedded Warrant Put Option, embedded Deerfield Note Put Option and the fundamental change and make-whole interest provisions embedded in the 2021 June 30, 2020 December 31, 2019, December 31, 2019, 2021 June 30, 2020 December 31, 2019. 2021 December 31, 2019. three six June 30, 2020 2019 2021 three six June 30, 2019 The Company's KVK Warrant liability is measured at fair value on a recurring basis. As of June 30, 2020 December 31, 2019, no not not three six June 30, 2020 2019 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, 2020 2019 2020 2019 Balance as of beginning of period $ 38 $ 1,421 $ 96 $ 1,845 Adjustment to fair value — 16 (58 ) (408 ) Balance as of end of period $ 38 $ 1,437 $ 38 $ 1,437 |
Note I - Net Loss Per Share
Note I - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | I. Net Loss Per Share 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 three six June 30, 2019 three six June 30, 2020, Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Deerfield Convertible Note 1,254,682 1,167,302 1,254,682 1,167,302 2021 Notes — 4,481,182 — 4,481,182 January 2020 Note 535,513 — 535,513 — December 2019 Notes* 14,866,755 — 14,866,755 — Awards under equity incentive plans 5,682,534 5,067,069 5,697,534 5,067,069 Common stock warrants 2,423,077 2,423,077 2,423,077 2,423,077 Series A Convertible Preferred Stock — 1,112,334 — 1,112,334 Total securities excluded from the calculation of weighted average number of shares of common stock outstanding 24,762,561 14,250,964 24,777,561 14,250,964 * Inclusive of 5,189,015 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature. The items which were dilutive for the three six June 30, 2020 Three months ended Six months ended June 30, 2020 June 30, 2020 Basic net income (loss) per share of common stock: Net income (loss) $ 859 $ (4,892 ) Less: Net income (loss) attributable to participating securities (26 ) — Net income (loss) attributable to shares of common stock 833 (4,892 ) Less: Dividends declared or accumulated — — Undistributed net income (loss) attributable to shares of common stock, basic $ 833 $ (4,892 ) Weighted average number of shares of common stock outstanding 63,163 55,618 Basic net income (loss) per share of common stock $ 0.01 $ (0.09 ) Diluted net income (loss) per share of common stock: Net income (loss) $ 833 $ (4,892 ) Less: Fair value adjustment income related to Deerfield Warrant liability and embedded warrant put option — (38 ) Less: Fair value adjustment income related to Embedded Warrant Put Option — (19 ) Less: Fair value adjustment income related to KVK Warrant liability 3 (17 ) Net income (loss) attributable to shares of common stock, diluted $ 836 $ (4,966 ) Weighted average number of shares of common stock outstanding 63,163 55,618 Dilutive effect of common stock options 1 — Dilutive effect of Deerfield Warrant — — Dilutive effect of KVK Warrant — — Weighted average number of shares of common stock outstanding, diluted 63,164 55,618 Diluted net income (loss) per share of common stock $ 0.01 $ (0.09 ) |
Note J - Severance Expense
Note J - Severance Expense | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | J. Severance Expense In February 2020, June 2015. $0.4 $0.4 six June 30, 2020. June 30, 2020, $0.2 June 30, 2020, no three June 30, 2020 three six June 30, 2019 no |
Note K - Leases
Note K - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | K. Leases The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company's leases have remaining lease terms of 1 6 5 1 February 2020, one two February 2026. The components of lease expense were as follows (in thousands): Three months ended June 30, Six months ended June 30, Lease Cost 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 30 $ 30 $ 61 $ 61 Interest on lease liabilities 7 11 15 22 Total finance lease cost 37 41 76 83 Operating lease cost 92 124 181 248 Short-term lease cost 54 58 111 115 Variable lease cost 13 6 27 21 Less: sublease income (40 ) (25 ) (53 ) (50 ) Total lease costs $ 156 $ 204 $ 342 $ 417 Supplemental cash flow information related to leases was as follows (in thousands): Six months ended June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 15 $ 22 Financing cash flows from finance leases 117 104 Operating cash flows from operating leases 221 217 Operating cash flows from short-term leases 111 115 Operating cash flows from variable lease costs 27 21 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $ — $ 737 Operating leases 20 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): June 30, December 31, 2020 2019 Finance Leases Property and equipment, at cost $ 1,013 $ 1,013 less: accumulated depreciation and amortization (460 ) (398 ) Property and equipment, net $ 553 $ 615 Other current liabilities $ 240 $ 236 Other long-term liabilities 47 168 Total finance lease liabilities $ 287 $ 404 Operating Leases Operating lease right-of-use assets $ 1,404 $ 1,537 Total operating lease right-of-use assets $ 1,404 $ 1,537 Current portion of operating lease liabilities $ 309 $ 284 Operating lease liabilities, less current portion 1,755 1,901 Total operating lease liabilities $ 2,064 $ 2,185 Weighted Average Remaining Lease Term Finance leases (years) 1 2 Operating leases (years) 5 6 Weighted Average Discount Rate Finance leases 7.7 % 7.7 % Operating leases 7.5 % 7.5 % Maturities of lease liabilities were as follows (in thousands): Finance Operating Year Ending December 31, Leases Leases 2020 (excluding the six months ended June 30, 2020) $ 128 $ 226 2021 163 460 2022 11 463 2023 — 472 2024 — 484 Thereafter — 420 Total lease payments 302 2,525 Less: future interest expense (15 ) (461 ) Lease liabilities $ 287 $ 2,064 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed 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. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications During the third 2019, $33,000 six June 30, 2019. no |
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 third 2019. 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 In September 2019, KP415 KP415, KP484, KP879, KP922 KP415 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. May 2020, KP415. KP415 $5.0 KP415 $420.0 KP415 KP415 KP415 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 The KP415 606, not KP415 606, third two $10.0 KP415 The consideration allocated to the grant of the exclusive, worldwide license was $10.0 KP415 KP415 The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket third KP415 third third no third third third third 606 third KP415 third KP415 KP415 June 30, 2020, third Under the KP415 KP415 KP415 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 KP415 not not not For example, in May 2020, KP415. KP415 $5.0 KP415 KP415 two second 2020 $5.0 second 2020. For the three six June 30, 2020 KP415 $5.6 $7.3 340 40, Contracts with Customers $2.8 KP415 third June 30, 2020, $0.1 $0.8 three six June 30, 2020, no three six June 30, 2019 KP415 no June 30, 2020 December 31, 2019 Consulting Arrangements From time to time, the Company enters into consulting arrangements with third may third three six June 30, 2020 $1.3 $1.7 no three six June 30, 2019 no June 30, 2020 December 31, 2019 |
Receivable [Policy Text Block] | Accounts and Other Receivables Accounts and other receivables consists of receivables under the KP415 KP415 third June 30, 2020 KP415 $0.6 $1.3 December 31, 2019, KP415 $1.6 $0.1 June 30, 2020 December 31, 2019 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 June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13" not not December 15, 2019, 2016 13 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 2018 13 not |
Note C - Debt Obligations (Tabl
Note C - Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | June 30, 2020 December 31, 2019 Deerfield Convertible Note $ 7,219 $ 6,981 2021 Notes — 3,000 December 2019 Notes 58,716 70,218 January 2020 Note 3,081 — Total outstanding principal on debt obligations 69,016 80,199 Less: debt issuance costs and discounts (1,745 ) (2,856 ) Convertible notes, net $ 67,271 $ 77,343 |
Note F - Common Stock and War_2
Note F - Common Stock and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block] | June 30, 2020 December 31, 2019 Conversion of Deerfield Convertible Note 1,254,682 1,213,606 Conversion of 2021 Notes — 175,336 Conversion of January 2020 Note 535,513 — Conversion of December 2019 Notes not subject to the Deerfield Optional Conversion Feature 9,677,740 3,186,770 Outstanding awards under equity incentive plans 5,697,534 5,192,222 Outstanding common stock warrants 2,423,077 2,423,077 In exchange for the Deerfield Optional Conversion Feature* 5,189,015 26,439,015 Possible future issuances under the equity line of credit — 9,553,046 Possible future issuances under equity incentive plans 803,473 84,616 Total common shares reserved for future issuance 25,581,034 48,267,688 * Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Shares of Common Stock Balance as of December 31, 2019 36,350,785 Common stock issued under equity line of credit 4,308,637 Restricted stock vested during the period 60,922 Common stock issued as compensation to third-parties 39,767 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 16,000,000 Balance as of March 31, 2020 56,760,111 Common stock issued under equity line of credit 4,959,545 Restricted stock vested during the period 64,277 Common stock issued as compensation to third-parties 189,980 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 5,250,000 Balance as of June 30, 2020 67,223,913 |
Note G - Stock-based Compensa_2
Note G - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Research and development $ 345 $ 363 $ 591 $ 796 General and administrative 275 954 638 1,811 Severance expense — — 420 — Total stock-based compensation expense $ 620 $ 1,317 $ 1,649 $ 2,607 |
Note H - Fair Value of Financ_2
Note H - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Balance as of June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Deerfield Warrant liability $ 38 $ — $ — $ 38 Embedded Warrant Put Option — — — — Deerfield Note Put Option — — — — KVK Warrant liability 9 — 9 — Total liabilities $ 47 $ — $ 9 $ 38 Balance as of December 31, 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 $ 77 $ — $ — $ 77 Embedded Warrant Put Option 19 — — 19 Deerfield Note Put Option — — — — Fundamental change and make-whole interest provisions embedded within 2021 Notes — — — — KVK Warrant liability 24 — 24 — Total liabilities $ 120 $ — $ 24 $ 96 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Balance as of beginning of period $ 38 $ 1,421 $ 96 $ 1,845 Adjustment to fair value — 16 (58 ) (408 ) Balance as of end of period $ 38 $ 1,437 $ 38 $ 1,437 |
Note I - Net Loss Per Share (Ta
Note I - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Deerfield Convertible Note 1,254,682 1,167,302 1,254,682 1,167,302 2021 Notes — 4,481,182 — 4,481,182 January 2020 Note 535,513 — 535,513 — December 2019 Notes* 14,866,755 — 14,866,755 — Awards under equity incentive plans 5,682,534 5,067,069 5,697,534 5,067,069 Common stock warrants 2,423,077 2,423,077 2,423,077 2,423,077 Series A Convertible Preferred Stock — 1,112,334 — 1,112,334 Total securities excluded from the calculation of weighted average number of shares of common stock outstanding 24,762,561 14,250,964 24,777,561 14,250,964 * Inclusive of 5,189,015 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature. |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended June 30, 2020 June 30, 2020 Basic net income (loss) per share of common stock: Net income (loss) $ 859 $ (4,892 ) Less: Net income (loss) attributable to participating securities (26 ) — Net income (loss) attributable to shares of common stock 833 (4,892 ) Less: Dividends declared or accumulated — — Undistributed net income (loss) attributable to shares of common stock, basic $ 833 $ (4,892 ) Weighted average number of shares of common stock outstanding 63,163 55,618 Basic net income (loss) per share of common stock $ 0.01 $ (0.09 ) Diluted net income (loss) per share of common stock: Net income (loss) $ 833 $ (4,892 ) Less: Fair value adjustment income related to Deerfield Warrant liability and embedded warrant put option — (38 ) Less: Fair value adjustment income related to Embedded Warrant Put Option — (19 ) Less: Fair value adjustment income related to KVK Warrant liability 3 (17 ) Net income (loss) attributable to shares of common stock, diluted $ 836 $ (4,966 ) Weighted average number of shares of common stock outstanding 63,163 55,618 Dilutive effect of common stock options 1 — Dilutive effect of Deerfield Warrant — — Dilutive effect of KVK Warrant — — Weighted average number of shares of common stock outstanding, diluted 63,164 55,618 Diluted net income (loss) per share of common stock $ 0.01 $ (0.09 ) |
Note K - Leases (Tables)
Note K - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended June 30, Six months ended June 30, Lease Cost 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 30 $ 30 $ 61 $ 61 Interest on lease liabilities 7 11 15 22 Total finance lease cost 37 41 76 83 Operating lease cost 92 124 181 248 Short-term lease cost 54 58 111 115 Variable lease cost 13 6 27 21 Less: sublease income (40 ) (25 ) (53 ) (50 ) Total lease costs $ 156 $ 204 $ 342 $ 417 |
Schedule of Leases Cash Flow Information [Table Text Block] | Six months ended June 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 15 $ 22 Financing cash flows from finance leases 117 104 Operating cash flows from operating leases 221 217 Operating cash flows from short-term leases 111 115 Operating cash flows from variable lease costs 27 21 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $ — $ 737 Operating leases 20 1,852 |
Schedule of Leases Balance Sheet Information [Table Text Block] | June 30, December 31, 2020 2019 Finance Leases Property and equipment, at cost $ 1,013 $ 1,013 less: accumulated depreciation and amortization (460 ) (398 ) Property and equipment, net $ 553 $ 615 Other current liabilities $ 240 $ 236 Other long-term liabilities 47 168 Total finance lease liabilities $ 287 $ 404 Operating Leases Operating lease right-of-use assets $ 1,404 $ 1,537 Total operating lease right-of-use assets $ 1,404 $ 1,537 Current portion of operating lease liabilities $ 309 $ 284 Operating lease liabilities, less current portion 1,755 1,901 Total operating lease liabilities $ 2,064 $ 2,185 Weighted Average Remaining Lease Term Finance leases (years) 1 2 Operating leases (years) 5 6 Weighted Average Discount Rate Finance leases 7.7 % 7.7 % Operating leases 7.5 % 7.5 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Finance Operating Year Ending December 31, Leases Leases 2020 (excluding the six months ended June 30, 2020) $ 128 $ 226 2021 163 460 2022 11 463 2023 — 472 2024 — 484 Thereafter — 420 Total lease payments 302 2,525 Less: future interest expense (15 ) (461 ) Lease liabilities $ 287 $ 2,064 |
Note A - Description of Busin_2
Note A - Description of Business and Basis of Presentation (Details Textual) - USD ($) | Apr. 23, 2020 | Sep. 03, 2019 | Feb. 28, 2019 | May 31, 2020 | Feb. 29, 2020 | Oct. 31, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Feb. 29, 2020 |
Proceeds from Issuance of Long-term Debt, Total | $ 781,000 | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,908,000 | $ 8,997,000 | |||||||||
Lincoln Park [Member] | |||||||||||
Sale of Securities, Value, Available to Issue | $ 15,000,000 | $ 4,000,000 | $ 4,000,000 | ||||||||
Purchase Agreement, Term (Month) | 3 years | 1 year | |||||||||
Purchase Agreement, Additional Shares to Be Issued as Commitment Shares (in shares) | 120,200 | 308,637 | 308,637 | 308,637 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 8,959,545 | 3,401,271 | |||||||||
Proceeds from Issuance of Common Stock | $ 2,300,000 | $ 5,400,000 | |||||||||
Purchase Agreement, Maximum Shares to be Issued (in shares) | 9,268,182 | ||||||||||
KVK [Member] | |||||||||||
License Agreement, Estimated Pre-launch Payments and Costs Reimbursements | $ 3,400,000 | ||||||||||
License Agreement, Pre-launch Payment Reimbursement Within 10 Days of Initial Adoption Milestone | 2,000,000 | ||||||||||
License Agreement, Maximum Payments Received for Sales Milestones | $ 53,000,000 | ||||||||||
KVK [Member] | Minimum [Member] | |||||||||||
License Agreement, Percentage of Net Sales on Rolling Four Quarter Basis Received | 30.00% | ||||||||||
KVK [Member] | Maximum [Member] | |||||||||||
License Agreement, Percentage of Net Sales on Rolling Four Quarter Basis Received | 50.00% | ||||||||||
GPC Member | License [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000,000 | $ 5,600,000 | $ 0 | $ 7,300,000 | $ 0 | ||||||
Revenue Recognition, Milestone Method, Revenue to be Recognized | 63,000,000 | ||||||||||
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized | 420,000,000 | ||||||||||
Regulatory Milestone Revenue to Be Earned Following FDA Acceptance | $ 5,000,000 | $ 5,000,000 | |||||||||
Royalty Revenue, Percent | 10.00% | ||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 800,000 |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Sep. 03, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | May 31, 2020 | Dec. 31, 2019 |
Increase (Decrease) in Prepaid Expense and Other Assets, Total | $ (520,000) | $ (767,000) | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,908,000 | 8,997,000 | |||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | $ 0 | ||||
License [Member] | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 600,000 | 600,000 | 1,600,000 | ||||
Consulting Services [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,300,000 | 0 | 1,700,000 | 0 | |||
Deferred Revenue, Total | 0 | 0 | 0 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 1,300,000 | 1,300,000 | 100,000 | ||||
GPC Member | License [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000,000 | 5,600,000 | $ 0 | 7,300,000 | 0 | ||
Revenue Recognition, Milestone Method, Revenue to be Recognized | 63,000,000 | ||||||
Regulatory Milestone Revenue to Be Earned Following FDA Acceptance | 5,000,000 | $ 5,000,000 | |||||
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized | $ 420,000,000 | ||||||
Contract with Customer, Liability, Revenue Recognized | 5,000,000 | ||||||
Capitalized Contract Cost, Gross | 2,800,000 | 2,800,000 | |||||
Deferred Revenue, Total | 0 | 0 | $ 0 | ||||
GPC Member | License [Member] | Royalty and Direct Contract Acquisition Costs [Member] | |||||||
Capitalized Contract Cost, Amortization | $ 100,000 | $ 800,000 | |||||
Revision of Prior Period, Adjustment [Member] | |||||||
Increase (Decrease) in Prepaid Expense and Other Assets, Total | $ 33,000 |
Note C - Debt Obligations (Deta
Note C - Debt Obligations (Details Textual) - USD ($) | Jan. 13, 2020 | Dec. 18, 2019 | Sep. 03, 2019 | Oct. 05, 2018 | Jun. 11, 2018 | Feb. 09, 2016 | Jun. 02, 2014 | Apr. 30, 2015 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 03, 2019 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 02, 2019 | Jun. 30, 2016 |
Convertible Notes Payable, Current | $ 67,271,000 | $ 67,271,000 | $ 67,271,000 | |||||||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | 4.985% | ||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 65,000 | $ 2,455,000 | ||||||||||||||
Conversion of Stock, Maximum Shares Issued (in shares) | 28,439,015 | |||||||||||||||
Series A Preferred Stock Converted Into Common Stock [Member] | ||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 3,192,333 | |||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 9,577 | |||||||||||||||
Series B-1 Preferred Convertible Stock Converted to Common Stock [Member] | ||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,659,996 | 1,659,966 | ||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 1,576 | 1,576 | ||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||||||||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | |||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 3 | |||||||||||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion (in shares) | 3,192,333 | |||||||||||||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 3,192,333 | |||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Series B-1 Convertible Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | 1,000 | ||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | $ 0.9494 | ||||||||||||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 1,659,996 | 1,659,996 | ||||||||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | 4.985% | ||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Series B-2 Convertible Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | 0.0001 | $ 0.0001 | 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | 1,000 | ||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | $ 0.9494 | ||||||||||||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 28,439,015 | 28,439,015 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | 0 | ||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||
Conversion from Deerfield Convertible Note to Common Stock [Member] | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,333,333 | |||||||||||||||
Debt Conversion, Accrued Interest | $ 168,288 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 598,568 | |||||||||||||||
Exchanged 2021 Notes for Series A Preferred Stock [Member] | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 9,577,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 9,577 | |||||||||||||||
DebtConversionOptionToExchangeAmount | $ 27,000,000 | $ 27,000,000 | ||||||||||||||
2021NotesConvertedToCommonStockMember | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,499,894 | |||||||||||||||
2021NotesConvertedToSeriesB1PreferredStockMember | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,576 | |||||||||||||||
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 (in dollars per share) | $ 1,000 | $ 1,000 | ||||||||||||||
Exchanged2021NotesForCommonStockMember | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.9494 | $ 0.9494 | ||||||||||||||
Conversion of December 2019 Notes into Common Stock [Member] | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 14,000,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 23,250,000 | |||||||||||||||
2021 Notes [Member] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 17.11 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 58.4454 | |||||||||||||||
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 Instrument Repurchase Price Equal to Percentage of Principal Amount | 100.00% | |||||||||||||||
Debt Instrument, Cancellation of Debt, Amount | $ 3,037,354 | $ 71,418,011 | ||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 37,354 | $ 745,011 | ||||||||||||||
Debt Instrument, Percentage of Accrued Interest Paid | 50.00% | |||||||||||||||
The 2019 Notes [Member] | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5.85 | $ 17.11 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||||||||||||||
Debt Instrument, Face Amount | $ 71,418,011 | |||||||||||||||
Debt Instrument, Percentage of Accrued Interest Paid | 50.00% | |||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 4,174,051 | |||||||||||||||
Debt Instrument, Convertible, Minimum Conversion Price (in dollars per share) | $ 0.583 | $ 0.583 | $ 0.38 | |||||||||||||
Debt Instrument, Convertible, Conversion Restriction Percentage of Common Stock | 4.985% | |||||||||||||||
Beneficial Ownership, Cap Limit, Percentage | 19.985% | |||||||||||||||
January 2020 Note [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 3,037,354 | |||||||||||||||
Deerfield Facility Agreement [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5.85 | |||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.75% | 9.75% | 6.75% | 6.75% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | 6.75% | 9.75% | ||||||||||||
Convertible Notes Payable, Current | $ 6,980,824 | $ 6,980,824 | $ 6,980,824 | |||||||||||||
Debt Covenant, Debt Financing Restriction | $ 750,000 | |||||||||||||||
Reimbursement of Debt Holders | $ 150,000 | $ 150,000 | ||||||||||||||
Change in Fair Value of Embedded Conversion Feature | $ 2,300,000 | |||||||||||||||
Debt Instrument, Convertible, Minimum Conversion Price (in dollars per share) | $ 0.60 | |||||||||||||||
Deerfield Facility Agreement [Member] | Deerfield Warrant [Member] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.78 | |||||||||||||||
Deerfield Facility Agreement [Member] | Deerfield Warrant [Member] | IPO [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,923,077 | |||||||||||||||
Deerfield Facility Agreement [Member] | Series D Redeemable Convertible Preferred Stock Reclassified to Common Stock [Member] | ||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 256,410 | |||||||||||||||
Deerfield Facility Agreement [Member] | Series D Redeemable Convertible Preferred Stock [Member] | ||||||||||||||||
Own-share Lending Arrangement, Shares, Issued (in shares) | 1,923,077 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 14,423,076 | |||||||||||||||
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 (in dollars per share) | $ 5.85 |
Note C - Debt Obligations - Con
Note C - Debt Obligations - Convertible Notes Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Convertible notes | $ 69,016 | $ 80,199 |
Less: debt issuance costs and discounts | (1,745) | (2,856) |
Convertible notes, net | 67,271 | 77,343 |
Deerfield Convertible Notes [Member] | ||
Convertible notes | 7,219 | 6,981 |
2021 Notes [Member] | ||
Convertible notes | 3,000 | |
The 2019 Notes [Member] | ||
Convertible notes | 58,716 | 70,218 |
January 2020 Note [Member] | ||
Convertible notes | $ 3,081 |
Note D - Commitments and Cont_2
Note D - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Note E - Preferred Stock and _2
Note E - Preferred Stock and Warrants (Details Textual) - $ / shares | Oct. 05, 2018 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 03, 2019 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||
Series B-1 Preferred Convertible Stock Converted to Common Stock [Member] | |||||
Conversion of Stock, Shares Converted (in shares) | 1,576 | 1,576 | |||
Conversion of Stock, Shares Issued (in shares) | 1,659,996 | 1,659,966 | |||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized (in shares) | 9,578 | 9,578 | 9,578 | ||
Preferred Stock, Shares Issued, Total (in shares) | 9,577 | 9,577 | 9,577 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 | ||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 3 | ||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 3,192,333 | ||||
Series B-1 Convertible Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized (in shares) | 1,576 | 1,576 | 1,576 | ||
Preferred Stock, Shares Issued, Total (in shares) | 1,576 | 1,576 | 1,576 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 | ||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | ||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 1,659,996 | ||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 0.0001 | ||||
Series B-2 Convertible Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized (in shares) | 27,000 | 27,000 | 27,000 | ||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | ||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | ||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 28,439,015 | ||||
Preferred Class A [Member] | |||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 9,577 | ||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 |
Note F - Common Stock and War_3
Note F - Common Stock and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Oct. 25, 2018 | Jun. 02, 2014 | Dec. 31, 2013 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Common Stock, Shares Authorized (in shares) | 250,000,000 | 250,000,000 | ||||
Common Stock, Shares, Issued, Total (in shares) | 67,223,913 | 36,350,785 | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 67,223,913 | 56,760,111 | 36,350,785 | |||
Common Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 143,466 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.85 | |||||
2013 Warrants [Member] | ||||||
Debt Instrument, Face Amount | $ 3.8 | |||||
Class of Warrant or Right Issued (in shares) | 1,079,453 | |||||
Series D Redeemable Convertible Preferred Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,079,453 | |||||
Deerfield Warrant [Member] | ||||||
Class of Warrant or Right Issued (in shares) | 14,423,076 | |||||
Deerfield Warrant [Member] | Common Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,923,077 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.85 | |||||
Warrant Issued to KVK [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 500,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.30 | |||||
Class of Warrant or Right, Additional Shares Exercisable for Each Milestones (in shares) | 125,000 |
Note F - Common Stock and War_4
Note F - Common Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 | |
Common shares reserved for future issuance (in shares) | 25,581,034 | 48,267,688 | |
Warrant [Member] | |||
Common shares reserved for future issuance (in shares) | 2,423,077 | 2,423,077 | |
Share-based Payment Arrangement [Member] | |||
Common shares reserved for future issuance (in shares) | 5,697,534 | 5,192,222 | |
Possible Future Issuances Under the Equity Line of Credit [Member] | |||
Common shares reserved for future issuance (in shares) | 9,553,046 | ||
Possible Future Issuances Under Equity Incentive Plans [Member] | |||
Common shares reserved for future issuance (in shares) | 803,473 | 84,616 | |
2021 Notes [Member] | |||
Common shares reserved for future issuance (in shares) | 175,336 | ||
January 2020 Note [Member] | |||
Common shares reserved for future issuance (in shares) | 535,513 | ||
The 2019 Notes [Member] | |||
Common shares reserved for future issuance (in shares) | 9,677,740 | 3,186,770 | |
Optional Exchange Principal Amount [Member] | |||
Common shares reserved for future issuance (in shares) | [1] | 5,189,015 | 26,439,015 |
Convertible Notes Payable [Member] | |||
Common shares reserved for future issuance (in shares) | 1,254,682 | 1,213,606 | |
[1] | Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature |
Note F - Common Stock and War_5
Note F - Common Stock and Warrants - Common Stock Activity (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Balance (in shares) | 56,760,111 | 36,350,785 | 36,350,785 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 64,277 | 60,922 | |
Common stock issued as compensation to third-parties (in shares) | 189,980 | 39,767 | |
Restricted stock vested during the period (in shares) | 64,277 | 60,922 | |
Common stock issued as compensation to third-parties (in shares) | 189,980 | 39,767 | |
Balance (in shares) | 67,223,913 | 56,760,111 | 67,223,913 |
Optional Exchange Principal Amount [Member] | |||
Common stock issued as a result of Deerfield Optional Conversion Feature conversion (in shares) | 5,250,000 | 16,000,000 | |
Common stock issued as a result of Deerfield Optional Conversion Feature conversion (in shares) | 5,250,000 | 16,000,000 | |
Equity Line of Credit [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 4,959,545 | 4,308,637 | |
Common stock issued under equity line of credit (in shares) | 4,959,545 | 4,308,637 |
Note G - Stock-based Compensa_3
Note G - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 64,277 | 60,922 | ||||
Share-based Payment Arrangement, Expense | $ 620 | $ 1,317 | $ 1,649 | $ 2,607 | ||
Performance Shares [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 300 | $ 0 | $ 300 | $ 0 | ||
2014 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 6,530,725 | 6,530,725 | ||||
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 (in shares) | 1,454,031 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 64,277 | 81,720 | 125,199 | 81,720 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | 0 | 0 |
Note G - Stock-based Compensa_4
Note G - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock based compensation expense | $ 620 | $ 1,317 | $ 1,649 | $ 2,607 |
Research and Development Expense [Member] | ||||
Stock based compensation expense | 345 | 363 | 591 | 796 |
General and Administrative Expense [Member] | ||||
Stock based compensation expense | 275 | 954 | 638 | 1,811 |
Severance Expense [Member] | ||||
Stock based compensation expense | $ 420 |
Note H - Fair Value of Financ_3
Note H - Fair Value of Financial Instruments (Details Textual) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
The 2019 Notes [Member] | ||
Long-term Debt, Fair Value | $ 52.6 | $ 57 |
Deerfield Facility Agreement [Member] | Deerfield Convertible Notes [Member] | ||
Long-term Debt, Fair Value | 6.5 | 6 |
Deerfield Facility Agreement [Member] | Term Notes [Member] | ||
Long-term Debt, Fair Value | $ 2.8 | $ 2.4 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Deerfield Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | $ 38 | $ 77 |
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 | 38 | 77 |
Embedded Put Option [Member] | ||
Financial liabilities measured at fair value on recurring basis | 19 | |
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 | 19 | |
Embedded Deerfield Note Put Option [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
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 | ||
KVK Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | 9 | 24 |
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 | 9 | 24 |
KVK Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
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 | ||
Optional Exchange Principal Amount Conversion Feature [Member[ | ||
Financial liabilities measured at fair value on recurring basis | 47 | 120 |
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 9 | 24 |
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | $ 38 | $ 96 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance as of beginning of period | $ 38 | $ 1,421 | $ 96 | $ 1,845 |
Adjustment to fair value | 16 | (58) | (408) | |
Balance as of end of period | $ 38 | $ 1,437 | $ 38 | $ 1,437 |
Note I - Net Loss Per Share - A
Note I - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Antidilutive securities (in shares) | 24,762,561 | 14,250,964 | 24,777,561 | 14,250,964 | |
Convertible Debt Securities [Member] | |||||
Antidilutive securities (in shares) | 1,254,682 | 1,167,302 | 1,254,682 | 1,167,302 | |
2021 Notes [Member] | |||||
Antidilutive securities (in shares) | 4,481,182 | 4,481,182 | |||
January 2020 Note [Member] | |||||
Antidilutive securities (in shares) | 535,513 | 535,513 | |||
The 2019 Notes [Member] | |||||
Antidilutive securities (in shares) | [1] | 14,866,755 | 14,866,755 | ||
Share-based Payment Arrangement [Member] | |||||
Antidilutive securities (in shares) | 5,682,534 | 5,067,069 | 5,697,534 | 5,067,069 | |
Warrants to Purchase Common Stock [Member] | |||||
Antidilutive securities (in shares) | 2,423,077 | 2,423,077 | 2,423,077 | 2,423,077 | |
Series A Convertible Preferred Stock [Member] | |||||
Antidilutive securities (in shares) | 1,112,334 | 1,112,334 | |||
[1] | Inclusive of 5,189,015 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature. |
Note I - Net Loss Per Share - B
Note I - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ 859 | $ (5,754) | $ (9,257) | $ (12,291) | $ (4,895) | $ (21,548) |
Less: Net income (loss) attributable to participating securities | (26) | |||||
Net income (loss) attributable to shares of common stock | 833 | (4,892) | ||||
Less: Dividends declared or accumulated | ||||||
Undistributed net income (loss) attributable to shares of common stock, basic | $ 833 | $ (4,892) | ||||
Weighted average number of shares of common stock outstanding (in shares) | 63,163,251 | 28,386,119 | 55,618,446 | 27,548,657 | ||
Basic net income (loss) per share of common stock (in dollars per share) | $ 0.01 | $ (0.33) | $ (0.09) | $ (0.78) | ||
Net income (loss) | $ 833 | $ (4,892) | ||||
Less: Fair value adjustment income related to Embedded Warrant Put Option | (19) | |||||
Net income (loss) attributable to shares of common stock, diluted | $ 836 | $ (4,966) | ||||
Basic (in shares) | 63,163,251 | 28,386,119 | 55,618,446 | 27,548,657 | ||
Weighted average number of shares of common stock outstanding, diluted (in shares) | 63,164,403 | 28,386,119 | 55,618,446 | 27,548,657 | ||
Diluted net income (loss) per share of common stock (in dollars per share) | $ 0.01 | $ (0.33) | $ (0.09) | $ (0.78) | ||
Warrant [Member] | Deerfield Warrant [Member] | ||||||
Less: Fair value adjustment income related to Warrant liability | $ (38) | |||||
Dilutive effect of common stock options (in shares) | ||||||
Warrant [Member] | KVK Warrant Liability [Member] | ||||||
Less: Fair value adjustment income related to Warrant liability | $ 3 | $ (17) | ||||
Dilutive effect of common stock options (in shares) | ||||||
Call Option [Member] | ||||||
Dilutive effect of common stock options (in shares) | 1,000 |
Note J - Severance Expense (Det
Note J - Severance Expense (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Expense | $ 620 | $ 1,317 | $ 1,649 | $ 2,607 |
Severance Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 420 | |||
Employee Severance [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||
Accrued Severance Expense | 200 | 200 | ||
Employee Severance [Member] | Severance Expense [Member] | ||||
Severance Charges | $ 0 | $ 0 | 400 | $ 0 |
Share-based Payment Arrangement, Expense | $ 400 |
Note K - Leases (Details Textua
Note K - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Lessee, Lease, Option to Extend, Maximum Term (Year) | 5 years |
Lessee, Lease, Option to Terminate, Term (Year) | 1 year |
Minimum [Member] | |
Lessee, Lease, Remaining Term of Contract (Year) | 1 year |
Maximum [Member] | |
Lessee, Lease, Remaining Term of Contract (Year) | 6 years |
Note K - Leases - Lease Cost (D
Note K - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of right-of-use assets | $ 30 | $ 30 | $ 61 | $ 61 |
Interest on lease liabilities | 7 | 11 | 15 | 22 |
Total finance lease cost | 37 | 41 | 76 | 83 |
Operating lease cost | 92 | 124 | 181 | 248 |
Short-term lease cost | 54 | 58 | 111 | 115 |
Variable lease cost | 13 | 6 | 27 | 21 |
Less: sublease income | (40) | (25) | (53) | (50) |
Total lease costs | $ 156 | $ 204 | $ 342 | $ 417 |
Note K - Leases - Supplemental
Note K - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating cash flows from finance leases | $ 15 | $ 22 |
Financing cash flows from finance leases | 117 | 104 |
Operating cash flows from operating leases | 221 | 217 |
Operating cash flows from short-term leases | 111 | 115 |
Operating cash flows from variable lease costs | 27 | 21 |
Finance leases | 737 | |
Operating leases | $ 20 | $ 1,852 |
Note K - Leases - Supplement Ba
Note K - Leases - Supplement Balance Sheet Information Related to Lease (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lease liabilities, Finance leases | $ 287 | $ 404 |
Operating lease right-of-use assets | 1,404 | 1,537 |
Total operating lease right-of-use assets | 1,404 | 1,537 |
Current portion of operating lease liabilities | 309 | 284 |
Operating lease liabilities, less current portion | 1,755 | 1,901 |
Total operating lease liabilities | $ 2,064 | $ 2,185 |
Finance leases (years) (Year) | 1 year | 2 years |
Operating leases (years) (Year) | 5 years | 6 years |
Finance leases | 7.70% | 7.70% |
Operating leases | 7.50% | 7.50% |
Property and Equipment, At Cost [Member] | ||
Property and equipment, at cost | $ 1,013 | $ 1,013 |
Accumulated Depreciation and Amortization [Member] | ||
less: accumulated depreciation and amortization | (460) | (398) |
Property and Equipment, Net [Member] | ||
Property and equipment, net | 553 | 615 |
Other Current Liabilities [Member] | ||
Other current liabilities | 240 | 236 |
Other Noncurrent Liabilities [Member] | ||
Other long-term liabilities | 47 | 168 |
Operating Lease Right-of-Use Assets [Member] | ||
Operating lease right-of-use assets | 1,404 | 1,537 |
Total operating lease right-of-use assets | 1,404 | 1,537 |
Current Portion of Operating Lease Liabilities [Member] | ||
Current portion of operating lease liabilities | 309 | 284 |
Operating Lease Liabilities, Less Current Portion [Member] | ||
Operating lease liabilities, less current portion | $ 1,755 | $ 1,901 |
Note K - Leases - Maturities of
Note K - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
2020 (excluding the six months ended June 30, 2020), Finance leases | $ 128 | |
2020 (excluding the six months ended June 30, 2020), Operating leases | 226 | |
2021, Finance leases | 163 | |
2021, Operating leases | 460 | |
2022, Finance leases | 11 | |
2022, Operating leases | 463 | |
2023, Finance leases | ||
2023, Operating leases | 472 | |
2024, Finance leases | ||
2024, Operating leases | 484 | |
Thereafter, Finance leases | ||
Thereafter, Operating leases | 420 | |
Total lease payments, Finance leases | 302 | |
Total lease payments, Operating leases | 2,525 | |
Less: future interest expense, Finance leases | (15) | |
Less: future interest expense, Operating leases | (461) | |
Lease liabilities, Finance leases | 287 | $ 404 |
Lease liabilities, Operating leases | $ 2,064 | $ 2,185 |