Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001506928 | |
Entity Registrant Name | Avinger Inc | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36817 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8873453 | |
Entity Address, Address Line One | 400 Chesapeake Drive | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 241-7900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | AVGR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,679,849 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 20,006 | $ 19,497 |
Accounts receivable, net of allowance for doubtful accounts of $6 at March 31, 2022 and December 31, 2021 | 1,365 | 1,393 |
Inventories | 5,350 | 4,601 |
Prepaid expenses and other current assets | 1,315 | 300 |
Total current assets | 28,036 | 25,791 |
Right of use asset | 2,940 | 3,179 |
Property and equipment, net | 230 | 95 |
Other assets | 406 | 420 |
Total assets | 31,612 | 29,485 |
Current liabilities: | ||
Accounts payable | 1,172 | 1,394 |
Accrued compensation | 1,881 | 1,609 |
Series A preferred stock dividends payable | 1,127 | 0 |
Accrued expenses and other current liabilities | 816 | 718 |
Leasehold liability, current portion | 1,011 | 985 |
Total current liabilities | 6,007 | 4,706 |
Borrowings, long-term portion | 12,727 | 12,287 |
Leasehold liability, long-term portion | 1,929 | 2,194 |
Other long-term liabilities | 719 | 575 |
Total liabilities | 21,382 | 19,762 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Convertible preferred stock issuable in series, par value of $0.001 Shares authorized: 5,000,000 at March 31, 2022 and December 31, 2021 Shares issued and outstanding: 58,851 and 56,451 at March 31, 2022 and December 31, 2021, respectively; aggregate liquidation preference of $56,366 at March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, par value of $0.001; Shares authorized: 100,000,000 at March 31, 2022 and December 31, 2021 Shares issued and outstanding: 5,454,849 and 4,778,263 at March 31, 2022 and December 31, 2021, respectively | 5 | 96 |
Additional paid-in capital | 400,118 | 394,380 |
Accumulated deficit | (389,893) | (384,753) |
Total stockholders’ equity | 10,230 | 9,723 |
Total liabilities and stockholders’ equity | $ 31,612 | $ 29,485 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 6 | $ 6 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 58,851 | 56,451 |
Preferred stock, shares outstanding (in shares) | 58,851 | 56,451 |
Preferred stock, liquidation preference | $ 56,366 | $ 56,366 |
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) | 5,454,849 | 4,778,263 |
Common stock, shares outstanding (in shares) | 5,454,849 | 4,778,263 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 1,888 | $ 2,559 |
Cost of revenues | 1,364 | 1,665 |
Gross profit | 524 | 894 |
Operating expenses: | ||
Research and development | 1,072 | 1,598 |
Selling, general and administrative | 4,148 | 3,945 |
Total operating expenses | 5,220 | 5,543 |
Loss from operations | (4,696) | (4,649) |
Interest expense, net | (439) | (396) |
Other expense, net | (5) | (7) |
Net loss and comprehensive loss | (5,140) | (5,052) |
Accretion of preferred stock dividends | (1,127) | (1,044) |
Deemed dividend arising from beneficial conversion feature of convertible preferred stock | (5,111) | 0 |
Net loss applicable to common stockholders | $ (11,378) | $ (6,096) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (2.33) | $ (1.33) |
Weighted average common shares used to compute net loss per share, basic and diluted (in shares) | 4,889 | 4,572 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Series D Preferred Stock [Member]Preferred Stock [Member] | Series D Preferred Stock [Member]Common Stock [Member] | Series D Preferred Stock [Member]Additional Paid-in Capital [Member] | Series D Preferred Stock [Member]Retained Earnings [Member] | Series D Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Common Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 52,369 | 4,246,306 | ||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 85 | $ 380,332 | $ (367,341) | $ 13,076 | |||||||
Issuance of common stock in public offerings, net of commissions and issuance costs (in shares) | 0 | 500,000 | ||||||||||
Issuance of common stock in public offerings, net of commissions and issuance costs | $ 0 | $ 10 | 13,067 | 0 | 13,077 | |||||||
Conversion of Series B preferred stock into common stock (in shares) | (93) | 18,600 | ||||||||||
Issuance of common stock under officers and directors purchase plan and vesting of restricted stock units (in shares) | 0 | 2,669 | ||||||||||
Employee stock-based compensation | $ 0 | $ 0 | 418 | 0 | 418 | |||||||
Accretion of Series A preferred stock dividends | 0 | 0 | (1,044) | 0 | (1,044) | |||||||
Net and comprehensive loss | $ 0 | $ 0 | 0 | (5,052) | (5,052) | |||||||
Balance (in shares) at Mar. 31, 2021 | 52,276 | 4,767,575 | ||||||||||
Balance at Mar. 31, 2021 | $ 0 | $ 95 | 392,773 | (372,393) | 20,475 | |||||||
Balance (in shares) at Dec. 31, 2021 | 56,451 | 4,778,263 | ||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 96 | 394,380 | (384,753) | 9,723 | |||||||
Issuance of common stock in public offerings, net of commissions and issuance costs (in shares) | 7,600 | 0 | ||||||||||
Issuance of common stock in public offerings, net of commissions and issuance costs | $ 0 | $ 0 | $ 6,721 | $ 0 | $ 6,721 | |||||||
Conversion of Series B preferred stock into common stock (in shares) | (5,200) | 650,000 | ||||||||||
Employee stock-based compensation | 0 | 0 | 52 | 0 | 52 | |||||||
Accretion of Series A preferred stock dividends | 0 | 0 | (1,127) | 0 | (1,127) | |||||||
Net and comprehensive loss | $ 0 | $ 0 | 0 | (5,140) | (5,140) | |||||||
Conversion of Series D preferred stock into common stock | $ 0 | $ 1 | $ 0 | $ 0 | $ 1 | |||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 0 | 417 | ||||||||||
Reclassifications and adjustments due to rounding impact from reverse stock split for fractional shares (in shares) | 0 | 26,169 | ||||||||||
Reclassifications and adjustments due to rounding impact from reverse stock split for fractional shares | $ 0 | $ (92) | 92 | 0 | 0 | |||||||
Balance (in shares) at Mar. 31, 2022 | 58,851 | 5,454,849 | ||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 5 | $ 400,118 | $ (389,893) | $ 10,230 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (5,140) | $ (5,052) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 15 | 194 |
Amortization of debt issuance costs and debt discount | 21 | 28 |
Stock-based compensation | 52 | 418 |
Noncash interest expense and other charges | 419 | 370 |
Change in right of use asset | 24 | 34 |
Provision for excess and obsolete inventories | 8 | 7 |
Other non-cash charges | 1 | 2 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 28 | (49) |
Inventories | (875) | (67) |
Prepaid expenses and other current assets | (1,015) | (968) |
Other assets | (10) | 0 |
Accounts payable | (223) | 84 |
Accrued compensation | 272 | (135) |
Accrued expenses and other current liabilities | 98 | 187 |
Other long-term liabilities | 144 | 144 |
Net cash used in operating activities | (6,181) | (4,803) |
Cash flows from investing activities | ||
Purchase of property and equipment | (31) | (11) |
Net cash used in investing activities | (31) | (11) |
Cash flows from financing activities | ||
Net cash provided by financing activities | 6,721 | 13,077 |
Net change in cash and cash equivalents | 509 | 8,263 |
Cash and cash equivalents, beginning of period | 19,497 | 22,185 |
Cash and cash equivalents, end of period | 20,006 | 30,448 |
Noncash investing and financing activities: | ||
Accretion of Series A preferred stock dividends | 1,127 | 1,044 |
Transfers between inventory and property and equipment | 118 | 0 |
Reclassification of right of use asset to prepaid rent | (24) | (34) |
Common Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of convertible preferred stock, net of commissions and issuance costs | 6,721 | 0 |
Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of convertible preferred stock, net of commissions and issuance costs | $ 0 | $ 13,077 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization, Nature of Business Avinger, Inc. (the “Company”), a Delaware corporation, was incorporated in March 2007. “OCT”) Liquidity Matters In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of March 31, 2022, March 31, 2022 second 2023. January 2022 February 2021. may The Company can provide no not may twelve no 19 If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company may one not On September 22, 2021, not 5550 2 $1 30 180 March 21, 2022, not March 21, 2022. 5810 3 March 22, 2022, 180 September 19, 2022, On March 29, 2022, $1.00 10 no Public Offerings Past Offerings On February 2, 2021, January 2022 On January 14, 2022, “January 2022 In connection with the January 2022 March 11, 2022 1 1 March 11, 2022, 1 5:00 March 14, 2022. Pursuant to the purchase agreement, the Company filed a certificate of designation (the “Certificate of Designation”) with the Secretary of State of Delaware designating the rights, preferences and limitations of the shares of Series D preferred stock, which became effective on January 14, 2022. no March 11, 2022, no The holders of the Series D preferred stock are entitled to dividends, on an as-if converted basis, equal to dividends actually paid, if any, on shares of Common Stock. The Series D preferred stock is convertible into shares of common stock at a conversion price of $8.00 per share, as adjusted for the most recent reverse stock split. The conversion price can be adjusted pursuant to the Certificate of Designation for stock dividends and stock splits, subsequent rights offerings, pro rata distributions of dividends or the occurrence of a fundamental transaction (as defined in the Certificate of Designation). The Series D preferred stock can be converted at the option of the holders at any time. In addition, subject to the satisfaction of certain conditions, the Company may 4.99% 9.99% may, not 9.99%. The 807,500 Common Warrants have an exercise price of $9.60 per share and become exercisable beginning July 14, 2022. five July 14, 2027. five January 2022 January 12, 2027. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC (“SEC”). The accompanying unaudited condensed interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial information. The results for the three March 31, 2022 not December 31, 2022, December 31, 2021 10 December 31, 2021, March 22, 2022. 2 10 December 31, 2021. On March 11, 2022, 1 March 14, 2022. not Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, accruals related to compensation, the valuation of the common stock warrants, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not may may Concentration of Credit Risk, and Other Risks and Uncertainties Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and accounts receivable to the extent of the amounts recorded on the balance sheets. The Company’s policy is to invest in cash and cash equivalents, consisting of money market funds. These financial instruments are held in Company accounts at one March 31, 2022 December 31, 2021. The Company’s accounts receivable are due from a variety of healthcare organizations in the United States and select international markets. At March 31, 2022 December 31, 2021, one three March 31, 2022, three March 31, 2021, Product Warranty Costs The Company typically offers a one Three Months Ended March 31, 2022 2021 Beginning balance $ 187 $ 193 Warranty provision 4 20 Usage/Release (20 ) (2 ) Ending balance $ 171 $ 211 Net Loss per Share Attributable to Common Stockholders Basic net loss per share applicable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net loss per share applicable to common stockholders is computed by dividing the net loss attributable to common stockholder by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Any common stock shares subject to repurchase are excluded from the calculations as the continued vesting of such shares is contingent upon the holders’ continued service to the Company. As of March 31, 2022 2021, no Net loss per share applicable to common stockholders was determined as follows (in thousands, except per share data): Three Months Ended March 31, 2022 2021 Net loss applicable to common stockholders $ (11,378 ) $ (6,096 ) Weighted average common stock outstanding, basic and diluted 4,889 4,572 Net loss per share attributable to common stockholders, basic and diluted $ (2.33 ) $ (1.33 ) The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an anti-dilutive impact due to losses reported: Three Months Ended March 31, 2022 2021 Common stock warrants equivalents 871,808 137,700 Common stock options 331 339 Convertible preferred stock 62,002 2,617 Unvested restricted stock units 9,866 21,043 944,007 161,699 Segment and Geographical Information The Company operates and manages its business as one three March 31, 2022 2021, As of March 31, 2022 December 31, 2021, 1 March 31, 2022 December 31, 2021, no 2 3. no three March 31, 2022. Recent Accounting Pronouncements Recently adopted accounting standards In May 2021, No. 2021 04, Issuer s Accounting for Certain Modifications of Exchanges of Freestanding Equity-Classified Written Call Options January 1, 2022. not Recent accounting standards not In August 2020, No. 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity not 815 first 2024 not |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 2,530 $ 2,503 Work-in-process 989 1 Finished products 1,831 2,097 Total inventories $ 5,350 $ 4,601 |
Note 4 - Borrowings
Note 4 - Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. CRG On September 22, 2015, March 29, 2017. September 22, 2015. June 15, 2016 On February 14, 2018, We have entered into several amendments to the Term Loan Agreement (the “Amendments”) with CRG since September 2015, January 22, 2021. 1 December 31, 2023; 2 may December 31, 2023 no 3 December 31, 2023 no 4 December 31, 2025; ( 5 6 2018, 2019 2020; 7 2021, 2022; 8 2023, 2024 2025; 9 no December 31, 2020; ( 10 19 not 11 Under the amended Loan Agreement, no first 2024. not first 2024, 2024, 2025. December 31, 2025. The Company may no seven The Loan Agreement requires that the Company adheres to certain affirmative and negative covenants, including financial reporting requirements, certain minimum financial covenants for pre-specified liquidity and revenue requirements and a prohibition against the incurrence of indebtedness, or creation of additional liens, other than as specifically permitted by the terms of the Loan Agreement. In particular, the covenants of the amended Loan Agreement included a covenant that the Company maintain a minimum of $3.5 million of cash and certain cash equivalents, and the Company has to achieve certain minimum revenues. If the Company fails to meet the applicable minimum revenue target in any calendar year, the Loan Agreement provides the Company with a cure right if it prepays a portion of the outstanding principal equal to 2.0 times the revenue shortfall. In addition, the Loan Agreement prohibits the payment of cash dividends on the Company’s capital stock and also places restrictions on mergers, sales of assets, investments, incurrence of liens, incurrence of indebtedness and transactions with affiliates. CRG may As of March 31, 2022, As of March 31, 2022, Year Ending December 31, 2022 (remaining nine months of the year) $ — 2023 — 2024 9,045 2025 10,339 Total 19,384 Less: Amount of PIK additions and final facility fee to be incurred subsequent to March 31, 2022 (6,345 ) Less: Amount representing debt financing costs (312 ) Borrowings, long-term portion, as of March 31, 2022 $ 12,727 In connection with drawdowns under the Loan Agreement, the Company recorded aggregate debt discounts of $1.3 million as contra-debt. The debt discounts are being amortized as non-cash interest expense using the effective interest method over the term of the Loan Agreement. As of March 31, 2022 December 31, 2021, three March 31, 2022 2021, three March 31, 2022 2021, As of March 31, 2022, Paycheck Protection Program On April 23, 2020, April 20, 2020 ( April 20, 2022 1% six may no The PPP Loan was administered by the U.S. Small Business Administration (the “SBA”). The SBA was given the authority under the PPP to forgive loans if all employees were kept on the payroll for a required period and the loan proceeds were used for payroll, rent and utilities. The Company applied for debt forgiveness in December 2020. On April 17, 2021, no April 2021 March 31, 2021, |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. The Company’s operating lease obligations primarily consist of leased office, laboratory, and manufacturing space under a non-cancelable operating lease. In addition to the minimum future lease commitments presented below, the lease requires the Company to pay property taxes, insurance, maintenance, and repair costs. The lease includes a rent holiday concession and escalation clauses for increased rent over the lease term. Rent expense is recognized using the straight-line method over the term of the lease. The Company records deferred rent calculated as the difference between rent expense and the cash rental payments. The lease will expire on November 30, 2024. November 2024, December 1, 2019. March 31, 2022 The operating lease was included on the balance sheet at the present value of the future base payments discounted at a 6.5% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment as the lease does provide an implicit rate. The Company’s operating lease expense, excluding variable maintenance fees and other expenses on a monthly basis, was approximately $105,000. Rent expense for both the three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 2021 March 31, 2022 December 31, 2021, The following table presents the future operating lease payments and leasehold liability included on the balance sheet related to the Company’s operating lease as of March 31, 2022 ( Year Ending December 31, 2022 (remaining nine months of the year) $ 873 2023 1,203 2024 1,138 Total 3,214 Less: Imputed interest (274 ) Leasehold liability as of March 31, 2022 $ 2,940 The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of March 31, 2022 December 31, 2021 ( Lease-Related Assets and Liabilities Financial Statement Line Items March 31, 2022 December 31, 2021 Right of use assets: Operating lease Right of use asset $ 2,940 $ 3,179 Total right of use assets $ 2,940 $ 3,179 Lease liabilities: Operating lease Leasehold liability, current portion $ 1,011 $ 985 Leasehold liability, long-term portion 1,929 2,194 Total lease liabilities $ 2,940 $ 3,179 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Purchase Obligations Purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. The Company had non-cancelable commitments to suppliers for purchases totaling approximately $1.2 million as of March 31, 2022. Legal Proceedings The Company is not may |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Equity Convertible Preferred Stock As of March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, Series A Convertible Preferred Stock The holders of Series A preferred stock are entitled to receive annual accruing dividends at a rate of 8%, payable in additional shares of Series A preferred stock or cash, at the Company’s option. The shares of Series A preferred stock have a liquidation preference of $1,000 per share, no December 31, 2021, March 31, 2022 December 31, 2021, March 31, 2022 2021, Series B Convertible Preferred Stock The Series B preferred stock has a liquidation preference of $0.001 per share, full ratchet price based anti-dilution protection, has no no not December 31, 2021, March 31, 2022 December 31, 2021, Series D Convertible Preferred Stock On January 14, 2022, “January 2022 $1,000 three March 31, 2022, March 31, 2022, On April 1, 2022 May 6, 2022, The Series D preferred stock can be converted at the option of the holders at any time. In addition, subject to the satisfaction of certain conditions, the Company may may, not 9.99%. The Series D preferred stock does not one 1 1 March 11, 2022. The Company evaluated the classification of the Series D preferred stock and determined equity classification was appropriate due to no first The embedded conversion feature was evaluated and bifurcation from the preferred stock equity host was not March 14, 2022, one three March 31, 2022. Common Stock As of March 31, 2022, Common Stock Warrants As of March 31, 2022, Total Outstanding and Exercisable Underlying Shares of Common Stock Exercise Price per Share Expiration Date Series 1 Warrants issued in the February 2018 Series B financing 8,979,000 44,895 $ 400.00 February 2025 Series 2 Warrants issued in the February 2018 Series B financing 8,709,500 43,548 $ 400.00 February 2025 Warrants issued in the November 2018 financing 8,768,395 43,842 $ 80.00 November 2023 Total as of December 31, 2021 26,456,895 132,265 Placement agent warrants issued in the January 2022 financing 1,330,000 66,500 $ 10.00 January 2027 Warrants issued in the January 2022 financing 16,150,000 807,500 $ 9.60 July 2027 Total as of March 31, 2022 43,936,895 1,006,285 Pursuant to the purchase agreement entered into on January 14, 2022, July 14, 2022. five July 14, 2027. The Common Warrants can be exercised at the option of the holders at any time after they become exercisable provided that shares of the Common Warrants cannot be exercised into common stock if the applicable holder would beneficially own in excess of 4.99% (or, upon election by such holder prior to the issuance of any shares of Common Warrants, 9.99%) of the Company’s outstanding common stock immediately after giving effect to the exercise. A holder of the Common Warrants may, not 9.99%. The Company also issued to the placement agent of the January 2022 five January 2022 January 12, 2027. As of March 31, 2022 December 31, 2021, Stock Plans In January 2015, 2015 “2015 March 31, 2022, 2015 The Company’s RSUs generally vest annually over three Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Awards outstanding at December 31, 2021 10,060 $ 24.39 0.72 Awarded — $ — — Released (417 ) $ 11.64 — Forfeited (84 ) $ 23.00 — Awards outstanding at March 31, 2022 9,559 $ 24.95 0.48 As of March 31, 2022, March 31, 2022 March 31, 2022, three March 31, 2022 2021, three March 31, 2022 2021, 2018 On August 22, 2018, may August 28, 2019 March 10, 2020, no three March 31, 2022 2021. March 31, 2022, |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Total non-cash stock-based compensation expense relating to the Company’s stock options and RSUs recognized during the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Cost of revenues $ 7 $ 34 Research and development expenses 13 111 Selling, general and administrative expenses 32 273 $ 52 $ 418 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Departure of Officer On April 29, 2022, May 12, 2022. no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC (“SEC”). The accompanying unaudited condensed interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial information. The results for the three March 31, 2022 not December 31, 2022, December 31, 2021 10 December 31, 2021, March 22, 2022. 2 10 December 31, 2021. On March 11, 2022, 1 March 14, 2022. not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, accruals related to compensation, the valuation of the common stock warrants, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not may may |
Concentration of Credit Risk and Other Risks and Uncertainties [Policy Text Block] | Concentration of Credit Risk, and Other Risks and Uncertainties Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and accounts receivable to the extent of the amounts recorded on the balance sheets. The Company’s policy is to invest in cash and cash equivalents, consisting of money market funds. These financial instruments are held in Company accounts at one March 31, 2022 December 31, 2021. The Company’s accounts receivable are due from a variety of healthcare organizations in the United States and select international markets. At March 31, 2022 December 31, 2021, one three March 31, 2022, three March 31, 2021, |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Costs The Company typically offers a one Three Months Ended March 31, 2022 2021 Beginning balance $ 187 $ 193 Warranty provision 4 20 Usage/Release (20 ) (2 ) Ending balance $ 171 $ 211 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Attributable to Common Stockholders Basic net loss per share applicable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net loss per share applicable to common stockholders is computed by dividing the net loss attributable to common stockholder by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Any common stock shares subject to repurchase are excluded from the calculations as the continued vesting of such shares is contingent upon the holders’ continued service to the Company. As of March 31, 2022 2021, no Net loss per share applicable to common stockholders was determined as follows (in thousands, except per share data): Three Months Ended March 31, 2022 2021 Net loss applicable to common stockholders $ (11,378 ) $ (6,096 ) Weighted average common stock outstanding, basic and diluted 4,889 4,572 Net loss per share attributable to common stockholders, basic and diluted $ (2.33 ) $ (1.33 ) The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an anti-dilutive impact due to losses reported: Three Months Ended March 31, 2022 2021 Common stock warrants equivalents 871,808 137,700 Common stock options 331 339 Convertible preferred stock 62,002 2,617 Unvested restricted stock units 9,866 21,043 944,007 161,699 |
Segment Reporting, Policy [Policy Text Block] | Segment and Geographical Information The Company operates and manages its business as one three March 31, 2022 2021, As of March 31, 2022 December 31, 2021, 1 March 31, 2022 December 31, 2021, no 2 3. no three March 31, 2022. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently adopted accounting standards In May 2021, No. 2021 04, Issuer s Accounting for Certain Modifications of Exchanges of Freestanding Equity-Classified Written Call Options January 1, 2022. not Recent accounting standards not In August 2020, No. 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity not 815 first 2024 not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2022 2021 Beginning balance $ 187 $ 193 Warranty provision 4 20 Usage/Release (20 ) (2 ) Ending balance $ 171 $ 211 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Net loss applicable to common stockholders $ (11,378 ) $ (6,096 ) Weighted average common stock outstanding, basic and diluted 4,889 4,572 Net loss per share attributable to common stockholders, basic and diluted $ (2.33 ) $ (1.33 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2022 2021 Common stock warrants equivalents 871,808 137,700 Common stock options 331 339 Convertible preferred stock 62,002 2,617 Unvested restricted stock units 9,866 21,043 944,007 161,699 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31, 2021 Raw materials $ 2,530 $ 2,503 Work-in-process 989 1 Finished products 1,831 2,097 Total inventories $ 5,350 $ 4,601 |
Note 4 - Borrowings (Tables)
Note 4 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Year Ending December 31, 2022 (remaining nine months of the year) $ — 2023 — 2024 9,045 2025 10,339 Total 19,384 Less: Amount of PIK additions and final facility fee to be incurred subsequent to March 31, 2022 (6,345 ) Less: Amount representing debt financing costs (312 ) Borrowings, long-term portion, as of March 31, 2022 $ 12,727 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, 2022 (remaining nine months of the year) $ 873 2023 1,203 2024 1,138 Total 3,214 Less: Imputed interest (274 ) Leasehold liability as of March 31, 2022 $ 2,940 |
Right of Use Asset and Liabilities [Table Text Block] | Lease-Related Assets and Liabilities Financial Statement Line Items March 31, 2022 December 31, 2021 Right of use assets: Operating lease Right of use asset $ 2,940 $ 3,179 Total right of use assets $ 2,940 $ 3,179 Lease liabilities: Operating lease Leasehold liability, current portion $ 1,011 $ 985 Leasehold liability, long-term portion 1,929 2,194 Total lease liabilities $ 2,940 $ 3,179 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Total Outstanding and Exercisable Underlying Shares of Common Stock Exercise Price per Share Expiration Date Series 1 Warrants issued in the February 2018 Series B financing 8,979,000 44,895 $ 400.00 February 2025 Series 2 Warrants issued in the February 2018 Series B financing 8,709,500 43,548 $ 400.00 February 2025 Warrants issued in the November 2018 financing 8,768,395 43,842 $ 80.00 November 2023 Total as of December 31, 2021 26,456,895 132,265 Placement agent warrants issued in the January 2022 financing 1,330,000 66,500 $ 10.00 January 2027 Warrants issued in the January 2022 financing 16,150,000 807,500 $ 9.60 July 2027 Total as of March 31, 2022 43,936,895 1,006,285 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Awards outstanding at December 31, 2021 10,060 $ 24.39 0.72 Awarded — $ — — Released (417 ) $ 11.64 — Forfeited (84 ) $ 23.00 — Awards outstanding at March 31, 2022 9,559 $ 24.95 0.48 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2022 2021 Cost of revenues $ 7 $ 34 Research and development expenses 13 111 Selling, general and administrative expenses 32 273 $ 52 $ 418 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands | Mar. 11, 2022 | Mar. 01, 2022 | Jan. 14, 2022USD ($)$ / sharesshares | Feb. 02, 2021USD ($)$ / sharesshares | Jan. 31, 2022USD ($) | Feb. 28, 2021USD ($) | Mar. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares |
Retained Earnings (Accumulated Deficit), Total | $ | $ (389,893) | $ (384,753) | ||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ | $ 20,006 | $ 19,497 | ||||||
Share Price (in dollars per share) | $ 3.63 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,006,285 | 132,265 | ||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 43,936,895 | 26,456,895 | ||||||
Reverse Stock Split [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||||
Reverse Stock Split [Member] | Minimum [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | 5 | ||||||
Reverse Stock Split [Member] | Maximum [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||||
Common Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 807,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.60 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Placement agent warrants issued in the January 2022 financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 66,500 | 66,500 | ||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 1,330,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 10 | $ 10 | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Series D Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 8 | |||||||
Series D Preferred Stock [Member] | Common Warrants [Member] | ||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 807,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.60 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Series D Preferred Stock [Member] | Placement agent warrants issued in the January 2022 financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 66,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 10 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
January 2022 Public Offering [Member] | ||||||||
Proceeds from Issuance or Sale of Equity, Net | $ | $ 6,700 | $ 6,700 | ||||||
January 2022 Public Offering [Member] | Series D Preferred Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 7,600 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | 8 | |||||||
Preferred Stock, Voting Rights Per Share (in dollars per share) | $ 37,500 | |||||||
February 2021 Public Offering [Member] | ||||||||
Proceeds from Issuance or Sale of Equity, Net | $ | $ 13,000 | $ 13,000 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 500,000 | |||||||
Share Price (in dollars per share) | $ 28.80 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Mar. 11, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Number of Reportable Segments | 1 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Number of Major Customers | 1 | 1 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 13.00% | 21.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 1 | 0 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | ||||
Concentration Risk, Percentage | 94.00% | 94.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 14.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Zero Customer [Member] | ||||
Concentration Risk, Percentage | 10.00% | |||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 187 | $ 193 |
Warranty provision | 4 | 20 |
Usage/Release | (20) | (2) |
Ending balance | $ 171 | $ 211 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss applicable to common stockholders | $ (11,378) | $ (6,096) |
Weighted average common stock outstanding, basic and diluted (in shares) | 4,889 | 4,572 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (2.33) | $ (1.33) |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities (in shares) | 944,007 | 161,699 |
Common Stock Warrants [Member] | ||
Antidilutive Securities (in shares) | 871,808 | 137,700 |
Common Stock Options [ member] | ||
Antidilutive Securities (in shares) | 331 | 339 |
Preferred Stock [Member] | ||
Antidilutive Securities (in shares) | 62,002 | 2,617 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) | 9,866 | 21,043 |
Note 3 - Inventories - Schedule
Note 3 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 2,530 | $ 2,503 |
Work-in-process | 989 | 1 |
Finished products | 1,831 | 2,097 |
Total inventories | $ 5,350 | $ 4,601 |
Note 4 - Borrowings (Details Te
Note 4 - Borrowings (Details Textual) - USD ($) | Jan. 22, 2021 | Apr. 23, 2020 | Feb. 14, 2018 | Apr. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Apr. 17, 2021 | Jun. 15, 2016 | Sep. 22, 2015 |
Interest Expense, Total | $ 439,000 | $ 396,000 | ||||||||
Paycheck Protection Program CARES Act [Member] | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,300,000 | |||||||||
Long-term Debt, Total | $ 0 | |||||||||
Debt Instrument Interest Forgiven | $ 23,000 | |||||||||
Interest Expense, Total | 6,000 | |||||||||
Paycheck Protection Program CARES Act [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 2,400,000 | |||||||||
CRG [Member] | Loan Agreement [Member] | ||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||
Debt Instrument, Covenant Compliance, Minimum Liquidity Requirement | $ 3,500,000 | |||||||||
Debt Instrument, Covenant Compliance, Target Minimum Revenue, Past Twelve Months | $ 8,000,000 | |||||||||
Debt Instrument, Covenant Compliance Target Minimum Revenue, Next Twelve Months | $ 10 | |||||||||
Debt Instrument, Covenant, Compliance Target Minimum Revenue Second Year | 12,000,000 | |||||||||
Debt Instrument, Covenant Compliance Target Minimum Revenue Third Year | 14,500,000 | |||||||||
Debt Instrument, Covenant Compliance Target Minimum Revenue Fourth Year | $ 17,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | |||||||||
Debt Instrument, Periodic Payment, Total | $ 1,900,000 | |||||||||
Long-Term Debt, Maturity, Year Four | 7,500,000 | |||||||||
Long-Term Debt, Maturity, Year Five | $ 7,500,000 | |||||||||
Debt Instrument, Redemption Initial Prepayment Premium Percentage | 5.00% | |||||||||
Debt Instrument, Redemption Annual Decline in Prepayment Premium Percentage | 1.00% | |||||||||
Debt Instrument, Redemption Prepayment Premium Percentage after Fifth Year | 0.00% | |||||||||
Debt Instrument, Financing Fee Percentage | 1.50% | |||||||||
Debt Instrument, Final Facility Fee Percentage | 15.00% | |||||||||
Debt Instrument, Covenant Compliance Cash and Certain Cash Equivalents Minimum | $ 3,500,000 | |||||||||
Debt Instrument, Covenant Compliance Prepayment Multiplier for Revenue Shortfall | 2 | |||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total | 312,000 | $ 333,000 | 1,300,000 | |||||||
Amortization of Debt Discount (Premium) | 21,000 | 38,000 | ||||||||
Interest Expense, Debt, Total | $ 440,000 | $ 393,000 | ||||||||
CRG [Member] | Loan Agreement [Member] | Series A Preferred Stock Purchase Agreement with CRG [Member] | ||||||||||
Debt Conversion, Original Debt, Amount | 38,000,000 | |||||||||
Debt Conversion, Fees and Prepayment Premium Amount | $ 3,800,000 | |||||||||
CRG [Member] | Loan Agreement [Member] | First Tranche, Borrowed on September 22, 2015 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | |||||||||
CRG [Member] | Loan Agreement [Member] | Second Tranche, Borrowed on June 15, 2016 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 10,000,000 |
Note 4 - Borrowings - Schedule
Note 4 - Borrowings - Schedule of Debt (Details) - Loan Agreement [Member] - CRG [Member] $ in Thousands | Mar. 31, 2022USD ($) |
2022 (remaining nine months of the year) | $ 0 |
2023 | 0 |
2024 | 9,045 |
2025 | 10,339 |
Total | 19,384 |
Less: Amount of PIK additions and final facility fee to be incurred subsequent to March 31, 2022 | (6,345) |
Less: Amount representing debt financing costs | (312) |
Borrowings, long-term portion, as of March 31, 2022 | $ 12,727 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Apr. 01, 2019 | |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 3,214,000 | $ 5,800,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 8 months 12 days | |||
Lessee, Operating Lease, Discount Rate | 6.50% | |||
Operating Lease, Expense, Excluding Maintenance Fee and Other Expense, Monthly | $ 105,000 | |||
Operating Lease, Expense | 314,000 | $ 314,000 | ||
Variable Lease, Cost | 66,000 | 59,000 | ||
Operating Lease, Right-of-Use Asset, Amortization Expense | 264,000 | $ 249,000 | ||
Prepaid Rent | $ 150,000 | $ 158,000 |
Note 5 - Leases - Future Operat
Note 5 - Leases - Future Operating Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Apr. 01, 2019 |
2022 (remaining nine months of the year), future operating lease payments | $ 873 | ||
2023, future operating lease payments | 1,203 | ||
2024, future operating lease payments | 1,138 | ||
Total, future operating lease payments | 3,214 | $ 5,800 | |
Less: Imputed interest | (274) | ||
Leasehold liability as of March 31, 2022 | $ 2,940 | $ 3,179 |
Note 5 - ROU Assets and Lease L
Note 5 - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease | $ 2,940 | $ 3,179 |
Total right of use assets | 2,940 | 3,179 |
Operating lease | 1,011 | 985 |
Operating Lease, Liability, Noncurrent | 1,929 | 2,194 |
Total lease liabilities | $ 2,940 | $ 3,179 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2022USD ($) |
Purchase Commitment [Member] | |
Purchase Obligation, Total | $ 1.2 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) | May 06, 2022shares | Apr. 01, 2022shares | Mar. 11, 2022 | Mar. 01, 2022 | Jan. 14, 2022USD ($)$ / sharesshares | Feb. 14, 2018 | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Dec. 31, 2021$ / sharesshares | May 10, 2022shares | Mar. 10, 2020shares | Aug. 28, 2019shares | Aug. 22, 2018shares | Feb. 16, 2018$ / shares |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 58,851 | 56,451 | ||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 58,851 | 56,451 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,006,285 | 132,265 | ||||||||||||
Preferred Stock Redemption Discount | $ | $ 5,111,000 | $ 0 | ||||||||||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | ||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||
Common Stock, Shares, Issued (in shares) | 5,454,849 | 4,778,263 | ||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 5,454,849 | 4,778,263 | ||||||||||||
Share Price (in dollars per share) | $ / shares | $ 3.63 | |||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 52,000 | 418,000 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 100,000 | |||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 months | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Fair Value | $ | $ 100,000 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | 3,000 | 87,000 | ||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 52,000 | 400,000 | ||||||||||||
The 2015 Employee Stock Purchase Plan [Member] | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 8,564 | |||||||||||||
Officer and Director Share Purchase Plan [Member] | ||||||||||||||
Common Stock, Shares, Issued (in shares) | 0 | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 4,609 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 6,250 | 2,000 | 1,000 | |||||||||||
Measurement Input, Expected Term [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 5.5 | |||||||||||||
Measurement Input, Price Volatility [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 136.61 | |||||||||||||
Measurement Input, Discount Rate [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.51 | |||||||||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||||||
Reverse Stock Split [Member] | ||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||
Minimum [Member] | Reverse Stock Split [Member] | ||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | 5 | ||||||||||||
Maximum [Member] | Reverse Stock Split [Member] | ||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||||||||||
Common Warrants [Member] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 807,500 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 9.60 | |||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
Common Stock Warrants, Issued with Series D Convertible Preferred Stock [Member] | ||||||||||||||
Proceeds from Issuance of Warrants | $ | $ 3,591 | |||||||||||||
Placement agent warrants issued in the January 2022 financing [Member] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 66,500 | 66,500 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 10 | $ 10 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
January 2022 Public Offering [Member] | ||||||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 4,009 | |||||||||||||
Conversion of Series B Preferred Stock into Common Stock [Member] | ||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 93 | |||||||||||||
Conversion of Stock, Shares Issued (in shares) | 18,600 | |||||||||||||
Conversion of Series D Preferred Stock into Common Stock [Member] | ||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 5,200 | |||||||||||||
Conversion of Stock, Shares Issued (in shares) | 650,000 | |||||||||||||
Conversion of Series D Preferred Stock into Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 1,200 | 600 | ||||||||||||
Conversion of Stock, Shares Issued (in shares) | 150,000 | 75,000 | ||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 56,366 | |||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 1,000 | |||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 400 | |||||||||||||
Dividends, Preferred Stock, Total | $ | $ 1,100,000 | $ 1,000,000 | ||||||||||||
Series A Preferred Stock [Member] | CRG [Member] | ||||||||||||||
Preferred Stock Dividends, Shares (in shares) | 4,175 | |||||||||||||
Series A Preferred Stock [Member] | Conversion of Principal Amount of Senior Secured Loan to Newly Authorized Series A Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 85 | 85 | ||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 5 | |||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 2,400 | |||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 8 | |||||||||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 600 | |||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 75,000 | |||||||||||||
Series D Preferred Stock [Member] | Common Warrants [Member] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 9.60 | |||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
Series D Preferred Stock [Member] | Placement agent warrants issued in the January 2022 financing [Member] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 66,500 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 10 | |||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
Series D Preferred Stock [Member] | January 2022 offering [Member] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 8 | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,600 | |||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1,000 | |||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 950,000 | |||||||||||||
Series D Preferred Stock [Member] | January 2022 offering [Member] | Common Warrants [Member] | ||||||||||||||
Conversion of Warrants Allowed Maximum Ownership of Common Stock Percentage | 4.99% | |||||||||||||
Conversion of Warrants Allowed Maximum Ownership of Common Stock Percentage upon Election | 9.99% | |||||||||||||
Series D Preferred Stock [Member] | January 2022 Public Offering [Member] | ||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 8 | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,600 | |||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1,000 | |||||||||||||
Conversion of Preferred Stock Allowed, Maximum Ownership of Common Stock, Percentage | 4.99% | |||||||||||||
Conversion of Preferred Stock Allowed, Maximum Ownership of Common Stock, Percentage upon Election | 9.99% | |||||||||||||
Preferred Stock, Voting Rights Per Share (in dollars per share) | $ / shares | $ 37,500 |
Note 7 - Stockholder's Equity -
Note 7 - Stockholder's Equity - Outstanding Warrants (Details) - $ / shares | Mar. 31, 2022 | Jan. 14, 2022 | Dec. 31, 2021 |
Total outstanding and exercisable (in shares) | 43,936,895 | 26,456,895 | |
Underlying shares of common stock (in shares) | 1,006,285 | 132,265 | |
Series 1 February 2018 Warrants [Member] | |||
Total outstanding and exercisable (in shares) | 8,979,000 | ||
Underlying shares of common stock (in shares) | 44,895 | ||
Exercise price per share (in dollars per share) | $ 400 | ||
Series 2 February 2018 Warrants [Member] | |||
Total outstanding and exercisable (in shares) | 8,709,500 | ||
Underlying shares of common stock (in shares) | 43,548 | ||
Exercise price per share (in dollars per share) | $ 400 | ||
November 2018 Warrants [Member] | |||
Total outstanding and exercisable (in shares) | 8,768,395 | ||
Underlying shares of common stock (in shares) | 43,842 | ||
Exercise price per share (in dollars per share) | $ 80 | ||
Placement agent warrants issued in the January 2022 financing [Member] | |||
Total outstanding and exercisable (in shares) | 1,330,000 | ||
Underlying shares of common stock (in shares) | 66,500 | 66,500 | |
Exercise price per share (in dollars per share) | $ 10 | $ 10 | |
Warrants Issued in the January 2022 Financing [Member] | |||
Total outstanding and exercisable (in shares) | 16,150,000 | ||
Underlying shares of common stock (in shares) | 807,500 | ||
Exercise price per share (in dollars per share) | $ 9.60 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Awards outstanding, shares (in shares) | 10,060 | |
Awards outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.39 | |
Awards outstanding, Weighted Average Remaining Contractual Term (Year) | 5 months 23 days | 8 months 19 days |
Awarded, shares (in shares) | 0 | |
Awarded, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | |
Released, shares (in shares) | (417) | |
Released, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.64 | |
Forfeited, shares (in shares) | (84) | |
Forfeited, , Weighted Average Grant Date Fair Value (in dollars per share) | $ 23 | |
Awards outstanding, shares (in shares) | 9,559 | 10,060 |
Awards outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.95 | $ 24.39 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation - Noncash Stock-based Compensation Expense Related to Stock Options, ESPP, and RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allocated Share-based Compensation Expense | $ 52 | $ 418 |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | 7 | 34 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 13 | 111 |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | $ 32 | $ 273 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) $ in Millions | Apr. 29, 2022USD ($) |
Subsequent Event [Member] | Chief Financial Officer [Member] | |
Adjustment to Accrued Compensation | $ 0.1 |