Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 09, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001497504 | |
Entity Registrant Name | PLx Pharma Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36351 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4995704 | |
Entity Address, Address Line One | 9 Fishers Lane, Suite E | |
Entity Address, City or Town | Sparta | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07871 | |
City Area Code | 973 | |
Local Phone Number | 409-6541 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | PLXP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,172,468 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 35,730 | $ 69,392 |
Accounts receivable | 490 | 634 |
Inventory, net | 3,883 | 2,458 |
Prepaid expenses and other current assets | 1,376 | 992 |
TOTAL CURRENT ASSETS | 41,479 | 73,476 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 798 | 858 |
Goodwill | 2,061 | 2,061 |
Other assets | 202 | 247 |
TOTAL ASSETS | 44,540 | 76,642 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 8,212 | 10,600 |
Accrued bonuses | 729 | 1,163 |
Other current liabilities | 127 | 116 |
TOTAL CURRENT LIABILITIES | 9,068 | 11,879 |
NON-CURRENT LIABILITIES | ||
Warrant liability | 2,759 | 12,818 |
Accrued dividends | 129 | 129 |
Other liabilities | 79 | 136 |
TOTAL LIABILITIES | 12,035 | 24,962 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock; $0.001 par value; 930,000 shares authorized; none issued and outstanding at June 30, 2022 and December 2021 | 0 | 0 |
Common stock; $0.001 par value; 100,000,000 shares authorized; 28,172,468 and 27,539,229 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 28 | 28 |
Additional paid-in capital | 187,380 | 183,912 |
Accumulated deficit | (170,917) | (148,274) |
TOTAL STOCKHOLDERS' EQUITY | 16,491 | 35,666 |
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | 44,540 | 76,642 |
Series A Convertible Preferred Stock [Member] | ||
NON-CURRENT LIABILITIES | ||
Preferred stock | 13,708 | 13,708 |
Series B Convertible Preferred Stock [Member] | ||
NON-CURRENT LIABILITIES | ||
Preferred stock | $ 2,306 | $ 2,306 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 930,000 | 930,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 28,172,468 | 27,539,229 |
Common stock, shares outstanding (in shares) | 28,172,468 | 27,539,229 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 45,000 | 45,000 |
Convertible preferred stock, shares issued (in shares) | 12,642 | 12,642 |
Convertible preferred stock, shares outstanding (in shares) | 12,642 | 12,642 |
Convertible preferred stock, liquidation value | $ 12,642,000 | $ 12,642,000 |
Series B Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 25,000 | 25,000 |
Convertible preferred stock, shares issued (in shares) | 2,364 | 2,364 |
Convertible preferred stock, shares outstanding (in shares) | 2,364 | 2,364 |
Convertible preferred stock, liquidation value | $ 2,492,722 | $ 2,492,722 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
REVENUES: | ||||
TOTAL REVENUES | $ 483 | $ 0 | $ 2,566 | $ 0 |
Costs of sales | 820 | 0 | 1,989 | 0 |
GROSS (LOSS) PROFIT | (337) | 0 | 577 | 0 |
OPERATING EXPENSES: | ||||
Research and development | 556 | 983 | 1,210 | 1,942 |
Selling, marketing and administrative | 13,645 | 5,498 | 32,101 | 8,134 |
TOTAL OPERATING EXPENSES | 14,201 | 6,481 | 33,311 | 10,076 |
OPERATING LOSS | (14,538) | (6,481) | (32,734) | (10,076) |
OTHER INCOME (EXPENSE): | ||||
Interest income (expense), net | 29 | 4 | 32 | (6) |
Change in fair value of warrant liability | 2,651 | (10,028) | 10,059 | (17,963) |
TOTAL OTHER INCOME (EXPENSE) | 2,680 | (10,024) | 10,091 | (17,969) |
LOSS BEFORE INCOME TAXES | (11,858) | (16,505) | (22,643) | (28,045) |
Income taxes | 0 | 0 | 0 | 0 |
NET LOSS | (11,858) | (16,505) | (22,643) | (28,045) |
Preferred dividends | 0 | (2,203) | 0 | (2,525) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (11,858) | $ (18,708) | $ (22,643) | $ (30,570) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.43) | $ (0.79) | $ (0.82) | $ (1.53) |
Weighted average shares of common shares, basic and diluted (in shares) | 27,693,527 | 23,638,239 | 27,616,804 | 20,020,012 |
Product [Member] | ||||
REVENUES: | ||||
TOTAL REVENUES | $ 483 | $ 0 | $ 2,566 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Series A And Series B Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Series A Preferred Stock [Member] Preferred Stock [Member] | Series A Preferred Stock [Member] Additional Paid-in Capital [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] Preferred Stock [Member] | Series B Preferred Stock [Member] Additional Paid-in Capital [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 15,000 | 8,000 | 13,911,633 | |||||||
Balance at Dec. 31, 2020 | $ 13,662 | $ 7,723 | $ 14 | $ 91,203 | $ (102,149) | $ (10,932) | ||||
Stock-based compensation expense | 573 | 573 | ||||||||
Net income (loss) | (11,540) | (11,540) | ||||||||
Preferred stock - declared dividends | $ (217) | $ (217) | $ (105) | $ (105) | ||||||
Financing (in shares) | 8,924,700 | |||||||||
Financing | $ 9 | 66,873 | 66,882 | |||||||
Balance (in shares) at Mar. 31, 2021 | 15,000 | 8,000 | 22,836,333 | |||||||
Balance at Mar. 31, 2021 | $ 13,662 | $ 7,723 | $ 23 | 158,327 | (113,689) | 44,661 | ||||
Balance (in shares) at Dec. 31, 2020 | 15,000 | 8,000 | 13,911,633 | |||||||
Balance at Dec. 31, 2020 | $ 13,662 | $ 7,723 | $ 14 | 91,203 | (102,149) | (10,932) | ||||
Net income (loss) | (28,045) | |||||||||
Balance (in shares) at Jun. 30, 2021 | 12,642 | 2,364 | 26,145,008 | |||||||
Balance at Jun. 30, 2021 | $ 13,708 | $ 2,305 | $ 26 | 170,283 | (130,194) | 40,115 | ||||
Balance (in shares) at Mar. 31, 2021 | 15,000 | 8,000 | 22,836,333 | |||||||
Balance at Mar. 31, 2021 | $ 13,662 | $ 7,723 | $ 23 | 158,327 | (113,689) | 44,661 | ||||
Stock-based compensation expense | 558 | 558 | ||||||||
Net income (loss) | (16,505) | (16,505) | ||||||||
Settlement of dividends on Preferred Stock with adjustment of conversion price | $ 2,603 | $ 386 | ||||||||
Conversion of Preferred Stock to Common Stock (in shares) | (2,358) | (5,636) | (3,000,000) | |||||||
Conversion of Preferred Stock to Common Stock | $ (2,557) | $ (5,804) | $ 3 | 8,358 | 8,361 | |||||
Conversion of Preferred Stock to Common Stock (in shares) | 2,358 | 5,636 | 3,000,000 | |||||||
Exercise of Warrants (in shares) | 308,675 | |||||||||
Exercise of Warrants | 3,040 | 3,040 | ||||||||
Balance (in shares) at Jun. 30, 2021 | 12,642 | 2,364 | 26,145,008 | |||||||
Balance at Jun. 30, 2021 | $ 13,708 | $ 2,305 | $ 26 | 170,283 | (130,194) | 40,115 | ||||
Balance (in shares) at Dec. 31, 2021 | 12,642 | 2,364 | 27,539,229 | |||||||
Balance at Dec. 31, 2021 | $ 13,708 | $ 2,306 | $ 28 | 183,912 | (148,274) | 35,666 | ||||
Stock-based compensation expense | 1,088 | 1,088 | ||||||||
Net income (loss) | (10,785) | (10,785) | ||||||||
Balance (in shares) at Mar. 31, 2022 | 12,642 | 2,364 | 27,539,229 | |||||||
Balance at Mar. 31, 2022 | $ 13,708 | $ 2,306 | $ 28 | 185,000 | (159,059) | 25,969 | ||||
Balance (in shares) at Dec. 31, 2021 | 12,642 | 2,364 | 27,539,229 | |||||||
Balance at Dec. 31, 2021 | $ 13,708 | $ 2,306 | $ 28 | 183,912 | (148,274) | 35,666 | ||||
Net income (loss) | (22,643) | |||||||||
Balance (in shares) at Jun. 30, 2022 | 12,642 | 2,364 | 28,172,468 | |||||||
Balance at Jun. 30, 2022 | $ 13,708 | $ 2,306 | $ 28 | 187,380 | (170,917) | 16,491 | ||||
Balance (in shares) at Mar. 31, 2022 | 12,642 | 2,364 | 27,539,229 | |||||||
Balance at Mar. 31, 2022 | $ 13,708 | $ 2,306 | $ 28 | 185,000 | (159,059) | 25,969 | ||||
Stock-based compensation expense | 1,050 | 1,050 | ||||||||
Net income (loss) | (11,858) | (11,858) | ||||||||
Common shares issued (in shares) | 633,239 | |||||||||
Common shares issued | 1,330 | 1,330 | ||||||||
Balance (in shares) at Jun. 30, 2022 | 12,642 | 2,364 | 28,172,468 | |||||||
Balance at Jun. 30, 2022 | $ 13,708 | $ 2,306 | $ 28 | $ 187,380 | $ (170,917) | $ 16,491 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (22,643) | $ (28,045) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Inventory reserve | 312 | 0 |
Depreciation and amortization | 60 | 56 |
Stock-based compensation | 2,138 | 1,131 |
Amortization of right of use assets | 45 | 29 |
Amortization of debt discounts and issuance costs | 0 | 3 |
Change in fair value of warrant liability | (10,059) | 17,963 |
Loss on disposal of property and equipment | 0 | 157 |
Changes in operating assets and liabilities | ||
Accounts receivable | 145 | 0 |
Inventory | (1,737) | (1,119) |
Prepaid expenses and other assets | (384) | (138) |
Accounts payable and accrued liabilities | (2,389) | 1,520 |
Accrued bonuses | (434) | (669) |
Accrued interest | 0 | (598) |
Other current and long-term liabilities | (46) | (49) |
Net cash used in operating activities | (34,992) | (9,759) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from disposal of property and equipment | 0 | 45 |
Net cash provided by investing activities | 0 | 45 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from issuance of common stock | 1,330 | 66,882 |
Proceeds from exercise of warrants | 0 | 1,178 |
Repayments of long-term debt | 0 | (625) |
Net cash provided by financing activities | 1,330 | 67,435 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (33,662) | 57,721 |
Cash and cash equivalents, beginning of period | 69,392 | 22,449 |
Cash and cash equivalents, end of period | 35,730 | 80,170 |
SUPPLEMENTAL INFORMATION | ||
Income taxes | 0 | 0 |
Interest | 0 | 6 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
Cashless exercise of warrants | 0 | 1,533 |
Preferred stock conversion feature and dividends | $ 0 | $ 8,085 |
Note 1 - Background and Organiz
Note 1 - Background and Organization | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. Business Operations PLx Pharma Inc. (the “Company”, “we”, “our” or “us”), together with its subsidiary PLx Opco Inc., is a commercial-stage drug delivery platform technology company focused on improving how and where active pharmaceutical ingredients (“APIs”) are absorbed in the gastrointestinal ("GI") tract via its clinically-validated and patent-protected PLxGuard™ technology. The Company has two 81 325 Impact of COVID- 19 On March 11, 2020, 19 The Company has not 19, not 19 may not Recent Developments The Company has recently engaged Raymond James & Associates, Inc (“Raymond James”) as financial advisor to evaluate its strategic alternatives with the goal of enhancing stockholder value. Raymond James has been engaged to advise the Company on the strategic review process, which could include, without limitation, exploring the potential for a possible merger, business combination, or investment into the Company. In conjunction with the exploration of strategic alternatives, the Company is streamlining its sales and marketing plan in order to preserve its capital and cash resources. |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. During the six June 30, 2022, June 30, 2022, no one The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations and potential other funding sources, in addition to cash on-hand, to meet its obligations as they become due. The unaudited consolidated financial statements do not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2021 not 10 December 31, 2021. June 30, 2022 three six June 30, 2022 2021. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the unaudited consolidated financial statements. Use of Estimates The preparation of our unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not limited to, the fair value of warrant liability, the fair value of stock-based compensation, trade promotional allowances, and allowance for inventory obsolescence. Actual results could differ from those estimates. Inventory Inventory is stated at the lower of cost or net realizable value, using the first first June 30, 2022 December 31, 2021 Description June 30, 2022 December 31, 2021 (in thousands) Raw Materials $ 372 $ 132 Work-in-Progress - 338 Finished Goods 3,511 1,988 Total Inventory $ 3,883 $ 2,458 The Company regularly reviews inventory quantities on hand and assesses the need for an allowance for obsolescence based on estimates of net realizable value. During the three six June 30, 2022, Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. The Company began generating revenue in the U.S. from its sales of VAZALORE in 81 325 third 2021 81 325 three June 30, 2022. 81 325 six June 30, 2022. Nature of Goods and Services The Company generates revenue from the sale of its VAZALORE products through a broad distribution platform that includes drugstores, mass merchandisers, grocery stores, and e-commerce channels, all of which sell its products to consumers. Finished goods products are typically shipped FOB destination and accordingly, the Company recognizes revenue upon delivery to the customer or pick-up by the customer’s carrier. Satisfaction of Performance Obligations The Company had no June 30, 2022. Variable Consideration Provisions for certain customer promotional programs, product returns and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales, based on an estimate of future returns, and customer prompt payment discounts, redemption of coupons by consumers and trade promotional allowances paid to customers. These allowances cover extensive promotional activities, primarily comprised of cooperative advertising, slotting, coupons, periodic price reduction arrangements, and other in-store displays. The reserves for sales returns and consumer and trade promotion obligations are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses trend experience and coupon redemption inputs to determine coupon reserve requirements and uses forecasted customer and sales organization inputs, and historical trend analysis for consumer brands to determine the reserves for other promotional activities and sales returns. The balance of reserves for sales returns and consumer and trade promotion obligations, reflected in the accompanying unaudited consolidated balance sheets in accounts payable and accrued liabilities, was $1.3 million as of June 30, 2022 December 31, 2021. Advertising Advertising costs are expensed as they are incurred. The Company incurred advertising costs of $5.7 million and $15.3 million during the three six June 30, 2022, not three six June 30, 2021. Income (Loss) Per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s Series A convertible preferred stock (the “Series A Preferred Stock”) and Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. Due to net losses, none three six June 30, 2022 2021. The following table sets forth the potential dilutive securities: June 30, 2022 June 30, 2021 Stock Options 4,198,006 3,072,297 Warrants 6,596,096 7,557,277 Convertible Preferred Stock 6,476,275 6,476,275 Total Potential Dilutive Shares 17,270,377 17,105,849 Recent Accounting Developments In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2022, 2016 13 In August 2020, 2020 06 Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (subtopic 815 40 December 15, 2023, 2020 06 Reclassifications Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation. These reclassifications had no Subsequent Events The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4. EQUITY Common Stock On March 5, 2021, 30 March 16, 2021 Convertible Preferred Stock Series A Preferred Stock In December 2018, February 19, 2019. February 20, 2019, $15.0 The Series A Preferred Stock was issued at $1,000 per share and was initially convertible into common shares at a conversion price of $2.60 per share, subject to certain adjustments. Holders of the Series A Preferred Stock are entitled to an initial dividend rate of 8.0% per annum, which ended on February 26, 2021, 325 81mg. In June 2021, As of June 30, 2021, June 30, 2021. The Company recognized no dividends on the Series A Preferred Stock during the three six June 30, 2022. three six June 30, 2021. Series B Preferred Stock In March 2020, May 15, 2020. May 15, 2020, $8.0 February 26, 2021, 325 81mg. In June 2021, not As of June 30, 2021, June 30, 2021. The Company recognized no dividends on the Series B Preferred Stock during the three six June 30, 2022. three six June 30, 2021. ATM Offering On August 6, 2021, may 3 three June 30, 2022. June 30, 2022, Warrants In June 2017, six one “June 2017 7 In connection with the entry into a term loan facility with Silicon Valley Bank (“SVB”) on August 9, 2017, February 9, 2021, one In November 2020, five “November 2020 During the second 2021, June 2017 November 2020 The following is a summary of warrant activity for the six June 30, 2022: Description Outstanding 12/31/2021 Exercised Outstanding 6/30/22 Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) June 2017 Warrants 2,457,501 - 2,457,501 $ 7.50 4.95 $ - November 2020 Warrants 4,109,344 - 4,109,344 $ 4.31 3.38 $ - SVB Warrants 29,251 - 29,251 $ 6.41 5.11 $ - Total Warrants 6,596,096 - 6,596,096 $ 5.51 5.25 $ - Stock Options The following is a summary of stock option activity for the six June 30, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2021 3,498,297 $ 10.07 7.27 $ 7,456 Granted 805,000 $ 4.90 Exercised, cancelled, or forfeited (105,291 ) $ 12.59 Outstanding, June 30, 2022 4,198,006 $ 8.99 7.29 $ 133 Exercisable, June 30, 2022 2,132,339 $ 10.72 5.87 $ 89 On September 13, 2018, 2018 “2018 2018 may November 10, 2020, 2020 2018 2018 November 9, 2021, 2021 2018 2018 August 3, 2021, 2018 2018 Prior to the approval of the 2018 two 2018 no The Company granted 805,000 options during the six June 30, 2022 1 2 3 4 zero June 30, 2022, During the three June 30, 2022 2021, six June 30, 2022 2021, |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 5. Lease Agreements The Company leases office space under operating lease agreements, expiring in September 2023 June 2024. three June 30, 2022 2021, six June 30, 2022 2021, Operating lease right-of-use assets of $0.2 million are included in other assets in the Company's unaudited consolidated balance sheets. Operating lease liabilities are included in other current and non-current liabilities in the Company’s unaudited consolidated balance sheets. All the Company’s existing leases as of June 30, 2022 none A maturity analysis of the Company’s operating leases follows: Future undiscounted cash flows: 2022 $ 68,226 2023 117,917 2024 31,838 Total 217,981 Discount factor (16,098 ) Lease liability 201,883 Current lease liability (123,084 ) Non-current lease liability $ 78,799 Purchase Commitments The Company has supply agreements with its contract manufacturer and packager for VAZALORE which contain minimum annual purchase commitments that started in 2021 2025. |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 6. Fair value is defined as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized all investments recorded at fair value based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: ● Level 1: ● Level 2: 1, ● Level 3: The Company’s financial instruments (cash and cash equivalents, receivables, and accounts payable) are carried in the consolidated balance sheet at cost, which reasonably approximates fair value based on their short-term nature. The Company’s warrant liability is recorded at fair value, with changes in fair value being reflected in the statements of operations for the period of change. Financial assets and liabilities measured at fair value on a recurring basis The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the hierarchy. The June 2017 3 one June 30, 2022 1 2 3 4 The Series A Preferred Stock and the Series B Preferred Stock both contain a contingent put option and, accordingly, the Company considered the put options to be liabilities and accounted for them at fair value using Level 3 de minimis June 30, 2022, 3 The following table sets forth a summary of changes in the fair value of Level 3 three six June 30, 2022: Description Balance at March 31, 2022 Established in 2022 Change in Fair Value Balance at June 30, 2022 Warrant liability $ 5,410 $ - $ (2,651 ) $ 2,759 Description Balance at December 31, 2021 Established in 2022 Change in Fair Value Balance at June 30, 2022 Warrant liability $ 12,818 $ - $ (10,059 ) $ 2,759 The following table identifies the carrying amounts of such liabilities at June 30, 2022 December 31, 2021: Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 2,759 $ 2,759 Balance at June 30, 2022 $ - $ - $ 2,759 $ 2,759 Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 12,818 $ 12,818 Balance at December 31, 2021 $ - $ - $ 12,818 $ 12,818 Financial assets and liabilities carried at fair value on a non-recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a non-recurring basis The Company measures its long-lived assets, including property and equipment and goodwill, at fair value on a non-recurring basis when they are deemed to be impaired. No three six June 30, 2022 2021. |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 7. The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration and none |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2021 not 10 December 31, 2021. June 30, 2022 three six June 30, 2022 2021. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the unaudited consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of our unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not limited to, the fair value of warrant liability, the fair value of stock-based compensation, trade promotional allowances, and allowance for inventory obsolescence. Actual results could differ from those estimates. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value, using the first first June 30, 2022 December 31, 2021 Description June 30, 2022 December 31, 2021 (in thousands) Raw Materials $ 372 $ 132 Work-in-Progress - 338 Finished Goods 3,511 1,988 Total Inventory $ 3,883 $ 2,458 The Company regularly reviews inventory quantities on hand and assesses the need for an allowance for obsolescence based on estimates of net realizable value. During the three six June 30, 2022, |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. The Company began generating revenue in the U.S. from its sales of VAZALORE in 81 325 third 2021 81 325 three June 30, 2022. 81 325 six June 30, 2022. Nature of Goods and Services The Company generates revenue from the sale of its VAZALORE products through a broad distribution platform that includes drugstores, mass merchandisers, grocery stores, and e-commerce channels, all of which sell its products to consumers. Finished goods products are typically shipped FOB destination and accordingly, the Company recognizes revenue upon delivery to the customer or pick-up by the customer’s carrier. Satisfaction of Performance Obligations The Company had no June 30, 2022. Variable Consideration Provisions for certain customer promotional programs, product returns and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales, based on an estimate of future returns, and customer prompt payment discounts, redemption of coupons by consumers and trade promotional allowances paid to customers. These allowances cover extensive promotional activities, primarily comprised of cooperative advertising, slotting, coupons, periodic price reduction arrangements, and other in-store displays. The reserves for sales returns and consumer and trade promotion obligations are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses trend experience and coupon redemption inputs to determine coupon reserve requirements and uses forecasted customer and sales organization inputs, and historical trend analysis for consumer brands to determine the reserves for other promotional activities and sales returns. The balance of reserves for sales returns and consumer and trade promotion obligations, reflected in the accompanying unaudited consolidated balance sheets in accounts payable and accrued liabilities, was $1.3 million as of June 30, 2022 December 31, 2021. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are expensed as they are incurred. The Company incurred advertising costs of $5.7 million and $15.3 million during the three six June 30, 2022, not three six June 30, 2021. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s Series A convertible preferred stock (the “Series A Preferred Stock”) and Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. Due to net losses, none three six June 30, 2022 2021. The following table sets forth the potential dilutive securities: June 30, 2022 June 30, 2021 Stock Options 4,198,006 3,072,297 Warrants 6,596,096 7,557,277 Convertible Preferred Stock 6,476,275 6,476,275 Total Potential Dilutive Shares 17,270,377 17,105,849 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2022, 2016 13 In August 2020, 2020 06 Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (subtopic 815 40 December 15, 2023, 2020 06 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the prior-year financial statements to conform to the current-year presentation. These reclassifications had no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Description June 30, 2022 December 31, 2021 (in thousands) Raw Materials $ 372 $ 132 Work-in-Progress - 338 Finished Goods 3,511 1,988 Total Inventory $ 3,883 $ 2,458 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Table Text Block] | June 30, 2022 June 30, 2021 Stock Options 4,198,006 3,072,297 Warrants 6,596,096 7,557,277 Convertible Preferred Stock 6,476,275 6,476,275 Total Potential Dilutive Shares 17,270,377 17,105,849 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Description Outstanding 12/31/2021 Exercised Outstanding 6/30/22 Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) June 2017 Warrants 2,457,501 - 2,457,501 $ 7.50 4.95 $ - November 2020 Warrants 4,109,344 - 4,109,344 $ 4.31 3.38 $ - SVB Warrants 29,251 - 29,251 $ 6.41 5.11 $ - Total Warrants 6,596,096 - 6,596,096 $ 5.51 5.25 $ - |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2021 3,498,297 $ 10.07 7.27 $ 7,456 Granted 805,000 $ 4.90 Exercised, cancelled, or forfeited (105,291 ) $ 12.59 Outstanding, June 30, 2022 4,198,006 $ 8.99 7.29 $ 133 Exercisable, June 30, 2022 2,132,339 $ 10.72 5.87 $ 89 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future undiscounted cash flows: 2022 $ 68,226 2023 117,917 2024 31,838 Total 217,981 Discount factor (16,098 ) Lease liability 201,883 Current lease liability (123,084 ) Non-current lease liability $ 78,799 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Description Balance at March 31, 2022 Established in 2022 Change in Fair Value Balance at June 30, 2022 Warrant liability $ 5,410 $ - $ (2,651 ) $ 2,759 Description Balance at December 31, 2021 Established in 2022 Change in Fair Value Balance at June 30, 2022 Warrant liability $ 12,818 $ - $ (10,059 ) $ 2,759 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 2,759 $ 2,759 Balance at June 30, 2022 $ - $ - $ 2,759 $ 2,759 Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 12,818 $ 12,818 Balance at December 31, 2021 $ - $ - $ 12,818 $ 12,818 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ (11,858) | $ (10,785) | $ (16,505) | $ (11,540) | $ (22,643) | $ (28,045) | |
Net Cash Provided by (Used in) Operating Activities, Total | (34,992) | $ (9,759) | |||||
Retained Earnings (Accumulated Deficit), Total | $ (170,917) | $ (170,917) | $ (148,274) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Inventory Write-down | $ 100 | $ 312 | $ 0 | ||
Revenue from Contract with Customer, Including Assessed Tax | 483 | $ 0 | 2,566 | 0 | |
Reserves for Sales Returns and Consumer and Trade Promotion Obligations | 1,300 | 1,300 | $ 1,300 | ||
Advertising Expense | 5,700 | $ 0 | 15,300 | $ 0 | |
VAZALORE [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 500 | 2,600 | |||
VAZALORE 81 mg Dose [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 250 | $ 1,800 | |||
VAZALORE 81 mg Dose [Member] | Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | |||||
Concentration Risk, Percentage | 50% | 71% | |||
VAZALORE 325 mg Dose [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 250 | $ 800 | |||
VAZALORE 325 mg Dose [Member] | Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | |||||
Concentration Risk, Percentage | 29% |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Raw Materials | $ 372 | $ 132 |
Work-in-Progress | 0 | 338 |
Finished Goods | 3,511 | 1,988 |
Total Inventory | $ 3,883 | $ 2,458 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Potentially Dilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options (in shares) | 4,198,006 | 3,072,297 |
Warrants (in shares) | 6,596,096 | 7,557,277 |
Convertible Preferred Stock (in shares) | 6,476,275 | 6,476,275 |
Total Potential Dilutive Shares (in shares) | 17,270,377 | 17,105,849 |
Note 4 - Stockholders' Equity_2
Note 4 - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||||||||||||
Nov. 09, 2021 | Aug. 06, 2021 | Mar. 16, 2021 | Mar. 05, 2021 | May 15, 2020 | Feb. 20, 2019 | Sep. 13, 2018 | Aug. 09, 2017 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Nov. 30, 2020 | Jun. 30, 2017 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | 0 | |||||||||||||
Proceeds from Issuance of Common Stock, Net Issuance Costs | $ 1,330,000 | $ 66,882,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.51 | $ 5.51 | $ 5.51 | ||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | ||||||||||||||||
Proceeds from Warrant Exercises | $ 0 | 1,178,000 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 805,000 | ||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 7,700,000 | $ 7,700,000 | $ 7,700,000 | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 1,100,000 | $ 600,000 | $ 2,100,000 | $ 1,100,000 | |||||||||||||
The 2018 Incentive Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 4,000,000 | 1,750,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 7,000,000 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,672,650 | 3,672,650 | 3,672,650 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 805,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 2,700,000 | ||||||||||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||||||||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Employees [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years | ||||||||||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 1.60% | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 81% | ||||||||||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 3.30% | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 87% | ||||||||||||||||
June 2017 Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 58,502 | 2,646,091 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.41 | $ 7.50 | $ 7.50 | $ 7.50 | $ 7.50 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 10 years | ||||||||||||||||
Class of Warrant or Right, Term (Year) | 10 years | ||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 168,226 | 0 | |||||||||||||||
November 2020 Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.31 | $ 4.31 | $ 4.31 | ||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 210,000 | 0 | |||||||||||||||
June 2017 Warrants and November 2020 Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Exercised During Period, Cashless Basis (in shares) | 131,862 | ||||||||||||||||
Class of Warrant or Right, Exercised During Period, Cash Basis (in shares) | 246,364 | ||||||||||||||||
Proceeds from Warrant Exercises | $ 1,200,000 | ||||||||||||||||
Adjustments to Additional Paid in Capital, Warrants Exercised | $ 3,000,000 | ||||||||||||||||
Stock Issued During Period, Shares, Exercise of Warrants (in shares) | 308,675 | ||||||||||||||||
JMP Securities, Inc [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 633,239 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,400,000 | ||||||||||||||||
Distribution Agreement, Aggregate Sales Price | $ 75,000,000 | ||||||||||||||||
Sale of Stock Agent Fees Percent | 3% | ||||||||||||||||
Proceeds from Issuance of Common Stock, Net Issuance Costs | 1,300,000 | ||||||||||||||||
Distribution Agreement, Amount Available for Sale | 65,600,000 | $ 65,600,000 | $ 65,600,000 | ||||||||||||||
Conversion Of Series A Preferred Stock To Common Stock [Member] | |||||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 2.22 | $ 2.22 | $ 2.22 | ||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 2,358 | ||||||||||||||||
Dividends Payable | $ 2,600,000 | $ 2,600,000 | $ 2,600,000 | ||||||||||||||
Adjustments to Additional Paid in Capital, Preferred Stock Beneficial Conversion Feature, Deemed Dividend | 2,200,000 | ||||||||||||||||
Temporary Equity, Dividends, Adjustment | $ 2,600,000 | ||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,064,517 | ||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 12,642 | 12,642 | 12,642 | ||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,000 | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 15,000,000 | ||||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 2.60 | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8% | ||||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||||||||||||||||
Temporary Equity, Par Value | $ 13,700,000 | $ 13,700,000 | $ 13,700,000 | ||||||||||||||
Dividends, Preferred Stock, Total | 0 | $ 2,202,687 | 0 | $ 2,524,958 | |||||||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0.19 | $ 0.13 | |||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | ||||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 3.10 | $ 3.10 | $ 3.10 | $ 3.10 | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8% | ||||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||||||||||||||||
Temporary Equity, Dividends, Adjustment | $ 5,800,000 | ||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,935,483 | ||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 2,000 | 2,000 | 2,000 | ||||||||||||||
Temporary Equity, Par Value | $ 2,300,000 | $ 2,300,000 | $ 2,300,000 | ||||||||||||||
Dividends, Preferred Stock, Total | $ 0 | $ 0 | $ 0 | $ 105,065 | |||||||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0.005 | ||||||||||||||||
Conversion Of Series B Preferred Stock To Common Stock [Member] | |||||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 2.91 | $ 2.91 | $ 2.91 | ||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 5,636 | ||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 364 | 364 | 364 | ||||||||||||||
Dividends, Preferred Stock, Total | $ 400,000 | ||||||||||||||||
Public Offering [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,875,000 | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 8 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 63,000,000 | ||||||||||||||||
Proceeds from Issuance of Common Stock, Net of Discounts and Issuance Costs | $ 59,000,000 | ||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,049,700 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 8,400,000 | ||||||||||||||||
Proceeds from Issuance of Common Stock, Net of Discounts and Issuance Costs | $ 7,900,000 | ||||||||||||||||
Sale of Stock, Option to Purchase Shares (in shares) | 1,181,250 | ||||||||||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 8,000 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 8,000,000 | ||||||||||||||||
November 2020 Warrants [Member] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5,230,910 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.31 | ||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years |
Note 4 - Stockholders' Equity -
Note 4 - Stockholders' Equity - Summary of Warrant Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Aug. 09, 2017 | Jun. 30, 2017 | |
Warrants outstanding (in shares) | 6,596,096 | 6,596,096 | |||
Warrants exercised (in shares) | 0 | ||||
Warrants exercise price (in dollars per share) | $ 5.51 | ||||
Remaining Contractual Term (Year) | 5 years 3 months | ||||
Aggregate Intrinsic Value | $ 0 | ||||
June 2017 Warrants [Member] | |||||
Warrants outstanding (in shares) | 2,457,501 | 2,457,501 | |||
Warrants exercised (in shares) | (168,226) | 0 | |||
Warrants exercise price (in dollars per share) | $ 7.50 | $ 6.41 | $ 7.50 | ||
Remaining Contractual Term (Year) | 4 years 11 months 12 days | ||||
Aggregate Intrinsic Value | $ 0 | ||||
November 2020 Warrants [Member] | |||||
Warrants outstanding (in shares) | 4,109,344 | 4,109,344 | |||
Warrants exercised (in shares) | (210,000) | 0 | |||
Warrants exercise price (in dollars per share) | $ 4.31 | ||||
Remaining Contractual Term (Year) | 3 years 4 months 17 days | ||||
Aggregate Intrinsic Value | $ 0 | ||||
SVB Warrants [Member] | |||||
Warrants outstanding (in shares) | 29,251 | 29,251 | |||
Warrants exercised (in shares) | 0 | ||||
Warrants exercise price (in dollars per share) | $ 6.41 | ||||
Remaining Contractual Term (Year) | 5 years 1 month 9 days | ||||
Aggregate Intrinsic Value | $ 0 |
Note 4 - Stockholders' Equity_3
Note 4 - Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Outstanding, number of units, balance (in shares) | 3,498,297 | |
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 10.07 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 3 months 14 days | 7 years 3 months 7 days |
Outstanding, aggregate intrinsic value | $ 133 | $ 7,456 |
Granted, number of units (in shares) | 805,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 4.90 | |
Exercised, cancelled, or forfeited, number of units (in shares) | (105,291) | |
Exercised, cancelled, or forfeited, weighted average exercise price (in dollars per share) | $ 12.59 | |
Outstanding, number of units, balance (in shares) | 4,198,006 | 3,498,297 |
Outstanding, weighted average exercise price, balance (in dollars per share) | $ 8.99 | $ 10.07 |
Exercisable, number of units (in shares) | 2,132,339 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.72 | |
Exercisable, weighted average remaining contractual term (Year) | 5 years 10 months 13 days | |
Exercisable, aggregate intrinsic value | $ 89 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Lease, Expense | $ 30 | $ 10 | $ 60 | $ 20 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 8 months 12 days | 1 year 8 months 12 days | ||
Minimum [Member] | ||||
Lessee, Operating Lease, Discount Rate | 7.25% | 7.25% | ||
Maximum [Member] | ||||
Lessee, Operating Lease, Discount Rate | 9.75% | 9.75% | ||
Other Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 200 | $ 200 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Maturity of Operating Leases (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2022 | $ 68,226 |
2023 | 117,917 |
2024 | 31,838 |
Total | 217,981 |
Discount factor | (16,098) |
Lease liability | 201,883 |
Other Current Liabilities [Member] | |
Current lease liability | (123,084) |
Other Noncurrent Liabilities [Member] | |
Non-current lease liability | $ 78,799 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Asset Impairment Charges, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Share Price [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 2.43 | 2.43 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 0.0301 | 0.0301 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Term [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 5 | 5 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 0.83 | 0.83 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Balance | $ 5,410 | $ 12,818 |
Established | 0 | 0 |
Change in fair value | (2,651) | (10,059) |
Balance | $ 2,759 | $ 2,759 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance | $ 2,759 | $ 12,818 |
Derivative Warrant Liability [Member] | ||
Liability | 2,759 | 12,818 |
Fair Value, Inputs, Level 1 [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative Warrant Liability [Member] | ||
Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivative Warrant Liability [Member] | ||
Liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 2,759 | 12,818 |
Fair Value, Inputs, Level 3 [Member] | Derivative Warrant Liability [Member] | ||
Liability | $ 2,759 | $ 12,818 |