Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001513818 | |
Entity Registrant Name | Aravive, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36361 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4106690 | |
Entity Address, Address Line One | River Oaks Tower 3730 Kirby Drive, Suite 1200 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77098 | |
City Area Code | 936 | |
Local Phone Number | 355-1910 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | ARAV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,714,004 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 75,437 | $ 60,541 |
Prepaid expenses and other current assets | 4,265 | 1,148 |
Total current assets | 79,702 | 61,689 |
Restricted cash | 2,430 | 2,430 |
Property and equipment, net | 470 | 526 |
Operating lease right-of-use assets | 2,582 | 2,958 |
Intangible asset, net | 36 | 97 |
Other assets | 10 | 10 |
Total assets | 85,230 | 67,710 |
Current liabilities | ||
Accounts payable | 3,601 | 2,500 |
Accrued liabilities | 1,615 | 2,323 |
Operating lease obligation, current portion | 2,373 | 2,086 |
Current portion of deferred revenue | 4,010 | 2,552 |
Total current liabilities | 11,599 | 9,461 |
Deferred revenue, net of current portion | 4,315 | 3,763 |
Operating lease obligation, net of current portion | 5,258 | 6,431 |
Total liabilities | 21,172 | 19,655 |
Stockholders' equity | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized at June 30, 2021 and December 31, 2020; 20,714,004 and 16,481,099 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 2 | 2 |
Additional paid-in capital | 579,819 | 548,707 |
Accumulated deficit | (515,763) | (500,654) |
Total stockholders' equity | 64,058 | 48,055 |
Total liabilities and stockholders’ equity | $ 85,230 | $ 67,710 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 20,714,004 | 16,481,099 |
Common stock, shares outstanding (in shares) | 20,714,004 | 16,481,099 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Total revenue | $ 3,789 | $ 0 | $ 4,045 | $ 0 |
Operating expenses | ||||
Research and development | 8,120 | 2,522 | 14,004 | 6,014 |
General and administrative | 3,080 | 3,201 | 5,460 | 7,151 |
Loss on impairment of long-lived assets | 0 | 0 | 0 | 2,870 |
Total operating expenses | 11,200 | 5,723 | 19,464 | 16,035 |
Loss from operations | (7,411) | (5,723) | (15,419) | (16,035) |
Interest income | 11 | 26 | 20 | 243 |
Other income (expense), net | 295 | 656 | 290 | (45) |
Net loss | $ (7,105) | $ (5,041) | $ (15,109) | $ (15,837) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.35) | $ (0.32) | $ (0.78) | $ (1.02) |
Weighted-average common shares used to compute basic and diluted net loss per share (in shares) | 20,414 | 15,902 | 19,247 | 15,457 |
Collaborative Arrangement [Member] | ||||
Revenue | ||||
Total revenue | $ 3,789 | $ 0 | $ 4,045 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Direct Offering [Member]Common Stock [Member] | Direct Offering [Member]Additional Paid-in Capital [Member] | Direct Offering [Member]Retained Earnings [Member] | Direct Offering [Member] | At-the-market Offering [Member]Common Stock [Member] | At-the-market Offering [Member]Additional Paid-in Capital [Member] | At-the-market Offering [Member]Retained Earnings [Member] | At-the-market Offering [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 15,001,795 | |||||||||||
Balances at Dec. 31, 2019 | $ 2 | $ 539,158 | $ (470,111) | $ 69,049 | ||||||||
Issuance of common stock upon exercise of options (in shares) | 5,645 | |||||||||||
Issuance of common stock upon exercise of options | $ 0 | 33 | 0 | 33 | ||||||||
Stock-based compensation | 0 | 717 | 0 | 717 | ||||||||
Net loss | $ 0 | 0 | (10,796) | (10,796) | ||||||||
Issuance of common stock under employee benefit plans (in shares) | 8,492 | |||||||||||
Issuance of common stock under employee benefit plans | $ 0 | 0 | 0 | 0 | ||||||||
Balances (in shares) at Mar. 31, 2020 | 15,015,932 | |||||||||||
Balances at Mar. 31, 2020 | $ 2 | 539,908 | (480,907) | 59,003 | ||||||||
Balances (in shares) at Dec. 31, 2019 | 15,001,795 | |||||||||||
Balances at Dec. 31, 2019 | $ 2 | 539,158 | (470,111) | 69,049 | ||||||||
Net loss | (15,837) | |||||||||||
Balances (in shares) at Jun. 30, 2020 | 15,996,177 | |||||||||||
Balances at Jun. 30, 2020 | $ 2 | 545,393 | (485,948) | 59,447 | ||||||||
Balances (in shares) at Mar. 31, 2020 | 15,015,932 | |||||||||||
Balances at Mar. 31, 2020 | $ 2 | 539,908 | (480,907) | 59,003 | ||||||||
Issuance of common stock upon exercise of options (in shares) | 13,844 | |||||||||||
Issuance of common stock upon exercise of options | $ 0 | 53 | 0 | 53 | ||||||||
Issuance of common stock (in shares) | 931,098 | |||||||||||
Issuance of common stock | 4,922 | 4,922 | ||||||||||
Stock-based compensation | $ 0 | 488 | 0 | 488 | ||||||||
Net loss | $ 0 | 0 | (5,041) | (5,041) | ||||||||
Issuance of common stock under employee benefit plans (in shares) | 35,303 | |||||||||||
Issuance of common stock under employee benefit plans | $ 0 | 22 | 0 | 22 | ||||||||
Balances (in shares) at Jun. 30, 2020 | 15,996,177 | |||||||||||
Balances at Jun. 30, 2020 | $ 2 | 545,393 | (485,948) | 59,447 | ||||||||
Balances (in shares) at Dec. 31, 2020 | 16,481,099 | |||||||||||
Balances at Dec. 31, 2020 | $ 2 | 548,707 | (500,654) | 48,055 | ||||||||
Issuance of common stock upon exercise of options (in shares) | 77,858 | |||||||||||
Issuance of common stock upon exercise of options | $ 0 | 260 | 0 | 260 | ||||||||
Issuance of common stock (in shares) | 2,875,000 | 884,695 | ||||||||||
Issuance of common stock | $ 20,866 | $ 20,866 | $ 7,034 | $ 7,034 | ||||||||
Stock-based compensation | 0 | 505 | 0 | 505 | ||||||||
Net loss | $ 0 | 0 | (8,004) | (8,004) | ||||||||
Balances (in shares) at Mar. 31, 2021 | 20,318,652 | |||||||||||
Balances at Mar. 31, 2021 | $ 2 | 577,372 | (508,658) | 68,716 | ||||||||
Balances (in shares) at Dec. 31, 2020 | 16,481,099 | |||||||||||
Balances at Dec. 31, 2020 | $ 2 | 548,707 | (500,654) | $ 48,055 | ||||||||
Issuance of common stock upon exercise of options (in shares) | 140,952 | |||||||||||
Net loss | $ (15,109) | |||||||||||
Balances (in shares) at Jun. 30, 2021 | 20,714,004 | |||||||||||
Balances at Jun. 30, 2021 | $ 2 | 579,819 | (515,763) | 64,058 | ||||||||
Balances (in shares) at Mar. 31, 2021 | 20,318,652 | |||||||||||
Balances at Mar. 31, 2021 | $ 2 | 577,372 | (508,658) | 68,716 | ||||||||
Issuance of common stock upon exercise of options (in shares) | 63,094 | |||||||||||
Issuance of common stock upon exercise of options | $ 0 | 20 | 0 | 20 | ||||||||
Issuance of common stock (in shares) | 314,983 | |||||||||||
Issuance of common stock | $ 0 | $ 1,816 | $ 0 | $ 1,816 | ||||||||
Stock-based compensation | 0 | 540 | 0 | 540 | ||||||||
Net loss | $ 0 | 0 | (7,105) | (7,105) | ||||||||
Issuance of common stock under employee benefit plans (in shares) | 17,275 | |||||||||||
Issuance of common stock under employee benefit plans | $ 0 | 71 | 0 | 71 | ||||||||
Balances (in shares) at Jun. 30, 2021 | 20,714,004 | |||||||||||
Balances at Jun. 30, 2021 | $ 2 | $ 579,819 | $ (515,763) | $ 64,058 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Issuance costs | $ 78 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (15,109) | $ (15,837) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 493 | 1,153 |
Impairment of long-lived assets | 0 | 2,870 |
Stock-based compensation expense | 1,045 | 1,205 |
Write-off lease receivable/prepaid commission assets | 0 | 1,383 |
Changes in assets and liabilities | ||
Prepaid expenses and other assets | (3,117) | 637 |
Accounts payable | 1,101 | (177) |
Deferred revenue | 2,010 | 0 |
Accrued and other liabilities | (1,594) | (1,330) |
Net cash used in operating activities | (15,171) | (10,096) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in connection with employee benefit plans | 71 | 108 |
Proceeds from issuance of common stock in connection with exercise of options | 280 | 0 |
Proceeds from issuance of common stock in private placement, net of issuance costs | 0 | 4,922 |
Net cash provided by financing activities | 30,067 | 5,030 |
Net change in cash, cash equivalents, and restricted cash | 14,896 | (5,066) |
Cash, cash equivalents, and restricted cash at beginning of period | 62,971 | 67,557 |
Cash, cash equivalents, and restricted cash at end of period | 77,867 | 62,491 |
Direct Offering [Member] | ||
Cash flows from financing activities | ||
Proceeds from issuance of common stock in offering | 20,866 | 0 |
At-the-market Offering [Member] | ||
Cash flows from financing activities | ||
Proceeds from issuance of common stock in offering | $ 8,850 | $ 0 |
Note 1 - Formation and Business
Note 1 - Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Aravive, Inc. (“Aravive” or the “Company”) was incorporated on December 10, 2008 2007. The Company’s lead product candidate, AVB- 500, GAS6 GAS6, 500 The Company’s current development program benefits from the availability of a proprietary serum-based biomarker that accelerated AVB- 500 may 500. In the Company’s completed Phase 1 500, 500 GAS6. 500 first 1b In August 2018, 500, In December 2018, 1b 500 July 2020. In January 2020, 500, second In April 2020, CCN2, AXL/GAS6 2023. On November 6, 2020, 3D 3D 3D 500 April 2021, first 3 500 first 3D second 2021. July 2021, 3D 3D 500 3 During the fourth 2020, 1b 1b/2 500 first March 2021. During the first 2021, 3 500 first April 2021. During the second 2021, 500 1b 1b/2 15mg/kg 500, 15mg/kg 500 three 2 500 1b During the second 2021, 500 first 2021. With the global spread of the ongoing novel coronavirus, or COVID- 19 19 19 19 not not not 19. 19 In July 2016, June 1, 2016 November 30, 2019. three Aravive Biologics’ award from CPRIT requires it to pay CPRIT a portion of its revenues from sales of certain products, or received from its licensees or sublicensees, at tiered percentages of revenue in the low- to mid-single digits until the aggregate amount of such payments equals 400% of the grant award proceeds, and thereafter at a rate of less than one percent for as long as Aravive Biologics maintains government exclusivity. In addition, the grant contract also contains a provision that provides for repayment to CPRIT of the full amount of the grant proceeds under certain specified circumstances involving relocation of Aravive Biologics’ principal place of business outside Texas. As consideration for the rights granted as part of a license agreement with Stanford University, Aravive Biologics is obligated to pay yearly license fees and milestone payments, and a royalty based on net sales of products covered by the patent-related rights. More specifically, Aravive Biologics is obligated to pay Stanford University (i) annual license payments (ii) milestone payments of up to an aggregate of $1,000,000 upon achievement of clinical and regulatory milestones, and (iii) royalties equal to a percentage (in the low single digits) of net sales of licensed products; provided that the annual license payments made will offset (and be credited against) any royalties due in such license year. In the event of a sublicense to a third Unaudited Interim Financial Information In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2021 three six June 30, 2021 2020 six June 30, 2021 2020 December 31, 2020 not not December 31, 2020 10 March 16, 2021, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated statement of financial position as of June 30, 2021 three six June 30, 2021 2020 six June 30, 2021 2020 Liquidity and Capital Resources Since inception, the Company has incurred net losses and negative cash flows from operations. At June 30, 2021 500 June 30, 2021 12 no may may Segments The Company operates in one segment. Management uses one not Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. All of the Company’s cash and cash equivalents are held at several financial institutions that management believes are of high credit quality. Such deposits may Risk and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not Products developed by the Company require clearances from the U.S. Food and Drug Administration (“FDA”), the Pharmaceuticals Medicines and Devices Agency (“PMDA”), or other international regulatory agencies prior to commercial sales. There can be no The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to launch and commercialize any product candidates for which it receives regulatory approval. Cash and C ash E quivalents, Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three June 30, 2021 December 31, 2020 Property and E quipment, Net Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally between three five Leases The Company leases all of its office space in conducting its business. At inception, the Company determines whether an agreement represents a lease and at commencement the Company evaluates each lease agreement to determine whether the lease is an operating or financing lease. The Company records an operating lease ROU asset and an operating lease obligation on the consolidated balance sheet when entering into a lease. ROU assets represent the Company’s ROU of the underlying asset for the lease term and the lease obligation represents the Company’s commitment to make the lease payments arising from the lease. Lease obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term and ROU assets are calculated as the lease liability, adjusted by unamortized initial direct costs, unamortized lease incentives received, cumulative deferred or prepaid lease payments, and accumulated impairment losses. As the Company’s leases do not may not 12 not Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not June 30, 2021 The Company accounted for the sublease with EVA Automation, Inc. (“EVA”) as an operating lease and reviews the ROU asset recorded associated with the sublease for impairment whenever events or changes in circumstances indicate that the carrying amount of the ROU asset may not 360 10. may not At the end of the first March 31, 2020, not 1020 may not March 31, 2020. March 31, 2020. At the end of the third September 30, 2020, first 2020. 19 third 1020 may not September 30, 2020. 1020 September 30, 2020. December 31, 2020. In June 2021, July 2021. August 1, 2021 October 31, 2024. Fair Value of Financial Instruments The carrying value of the Company’s cash and cash equivalents, restricted cash, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these items. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three Level 1 Level 2 1 not Level 3 no The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 June 30, 2021 December 31, 2020 1 Preclinical and Clinical Trial Accruals The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites as well as estimates for the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations (“CROs”) that conduct and manage clinical trials on the Company’s behalf. The Company estimates preclinical and clinical trial expenses based on the services performed, pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third Research and D evelopment Research and development costs are charged to operations as incurred. Research and development costs include, but are not not no Income T axes The Company accounts for income taxes under the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available. Stock-Based C ompensation For stock options granted to employees, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. The determination of fair value for stock-based awards on the date of grant using an option pricing model requires management to make certain assumptions regarding a number of complex and subjective variables. Stock-based compensation expense related to stock options granted to nonemployees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model, as they are earned. The awards generally vest over the time period the Company expects to receive services from the nonemployee. Stock-based compensation expense, net of estimated forfeitures, is reflected in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Expenses Research and development $ 245 $ 135 $ 463 $ 256 General and administrative 295 353 582 949 Total $ 540 $ 488 $ 1,045 $ 1,205 Net Loss per Share of Common Stock Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and restricted stock units are considered to be potentially dilutive securities. Because the Company has reported a net loss for the three six June 30, 2021 2020 Intangible Asset Intangible assets consist of an assembled workforce which was acquired as part of the merger between Aravive Biologics and Versartis, Inc. Intangible assets with definite lives are amortized based on their pattern of economic benefit over their estimated useful lives and reviewed periodically for impairment. The estimated useful life of the assembled workforce is 3 years. Collaborative Arrangements The Company records the elements of its collaboration agreements that represent joint operating activities in accordance with ASC Topic 808, 808 606 10 15, third one 3D 4 Revenue Recognition The Company’s sole source of revenue for 2021 2020 may 3D “3D The Company follows ASC 606, Revenue from Contracts with Customers 606 606, third The Company applies the following five i) Identify the contract with a customer. 606. ii) Identify the performance obligations in the contract. third iii) Determine the transaction price. not 606 None iv) Allocate the transaction price to performance obligations in the contract. v) Recognize revenue when or as we satisfy a performance obligation. Performance Obligations. The following is a general description of principal goods and services from which the Company generates revenue. License to intellectual property The Company generates revenue from licensing its intellectual property including know-how and development and commercialization rights. The license provides a customer with the right to further research, develop and commercialize internally-discovered or collaborated drug candidates, or the right to use AVB- 500 one Research and development services The Company generates revenue from research and development services it provides to its customer and primarily includes clinical trials, and assistance during regulatory approval application process. Revenue associated with these services is recognized based on the Company’s estimate of total consideration to be received for such services and the pattern in which the Company perform the services. The pattern of performance is generally determined to be the amount of incurred costs related to the service portion of the contract with the customer as a percentage of total expected costs associated with the service portion of the contract. Contracts with Multiple Performance Obligations. The Company’s collaboration and license agreement with its customer contains multiple promised goods or services. Based on the characteristics of the promised goods and services the Company analyzes whether they are separate or combined performance obligations. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The estimated standalone selling price is based on the adjusted market assessment approach including estimated present value of future cash flows and cost-plus margin approach, taking into consideration the type of services, estimates of hourly market rates, and stage of the development. Variable Consideration. The Company’s contracts with its customer primarily include two one Due to uncertainty associated with achievement of the development and regulatory milestones, the related milestone payments are excluded from the contract consideration and the corresponding revenue is not not Product sales-based royalties under licensed intellectual property and one one The transaction price is reevaluated each reporting period and as uncertain events are resolved or other changes in circumstances occur. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not not In December 2019, No. 2019 12, Income Taxes (Topic 740 740 December 15, 2020, January 1, 2021, not In August 2020, No. 2020 06 , Debt with Conversion and Other Options (Subtopic 470 20 815 40 no December 15, 2021, December 15, 2020, January 1, 2021, not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. The Company’s financial instruments consist principally of cash and cash equivalents, accounts payable and accrued liabilities. The remaining financial instruments are reported on the Company’s consolidated balance sheets at amounts that approximate current fair value. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements at June 30, 2021 (unaudited) Total Level 1 Assets Money market funds $ 49,212 $ 49,212 Fair Value Measurements at December 31, 2020 Total Level 1 Assets Money market funds $ 49,207 $ 49,207 The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the periods ended June 30, 2021 December 31, 2020 Nonrecurring fair value measurements As disclosed in Note 2, six June 30, 2020. 3 1020 |
Note 4 - Collaboration and Lice
Note 4 - Collaboration and License Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 4. On November 6, 2020, 3D 3D 500 Under the terms of the Agreement, the Company was paid $18 million and is eligible to receive from 3D no 3D January 25, 2012, six June 30, 2021 December 31, 2020 3D three six June 30, 2021, The Company will also be entitled to receive tiered royalties ranging from low double digits to mid-teens on sales in the Territory, if any, of products containing AVB- 500. ten first Under the terms and conditions of the Agreement, 3D If either the Company or 3D not may may may 3D 3D may The Agreement contemplates that the Company will enter into ancillary arrangements with 3D The Company assessed this arrangement in accordance with ASC 606 1 500, 2 3D The estimated total transaction price was allocated between performance obligations based on their relative standalone selling prices. The Company uses a discounted cash flow approach and an expected cost plus a margin approach to estimate the standalone selling price for the performance obligations. The Company allocated the $18.0 million transaction price of the upfront payments as such: $9.6 million to the research and development services performance obligation and $8.4 million to the license to intellectual property. Accordingly, the Company will recognize revenue related to the allocable research and development services obligation on a proportional performance basis as the underlying services are performed pursuant to the current development plan which is commensurate with the period and consistent with the pattern over which the Company’s research and development services obligation is satisfied. The Company will recognize the revenue related to the license to intellectual property at a point in time. This is due to the fact that the license was determined to be a functional license due to the current stage in development of AVB- 500. 500 3 June 30, 2021 no The Company recognized in revenue $3.8 and $4.0 million related to the research and development services for the three six June 30, 2021 three six June 30, 2021. three June 30, 2021, three June 30, 2021 June 30, 2021 3D December 30, 2020 six June 30, 2021. |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. In March 2017, 1020 August 2017 one five not not In October 2018, October 30, 2018 August 31, 2020 In August 2020, three fourth 2020. The Company’s rent expense including both short-term and variable lease components of $0.1 million associated with the facility leases was $0.4 million and $0.5 million for the three June 30, 2021 2020 six June 30, 2021 2020 six June 30, 2021 2020 June 30, 2021 As of June 30, 2021 Year Ending December 31, 2021 (6 months remaining) $ 1,461 2022 2,983 2023 3,067 2024 2,643 2025 116 Thereafter 30 Total future minimum lease payments 10,300 Less: discount (2,669 ) Total lease liabilities $ 7,631 1020 On June 8, 2021, 1020 July 13, 2021. August 1, 2021 October 31, 2024, not June 30, 2021. Future base rent Grail, Inc. shall pay to the Company over the sublease term as of June 30, 2021, Year Ending December 31, 2021 (6 months remaining) $ 948 2022 2,303 2023 2,372 2024 2,029 Total $ 7,652 In August 2018, 1020 1020 October 1, 2018 first five first March 31, 2020, not six June 30, 2020, 2. six June 30, 2020. three six June 30, 2020 December 31, 2020 three six June 30, 2020 December 31, 2020 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Purchase Commitments The Company conducts research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with contract manufacturing organizations and contract research organizations. The Company had contractual arrangements with these organizations including license agreements with milestone obligations and service agreements with obligations largely based on services performed. In the normal course of business, the Company enters into various firm purchase commitments related to certain preclinical and clinical studies. Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may not Indemnification In accordance with the Company’s amended and restated Certificate of Incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no may Litigation The Company may June 30, 2021 |
Note 7 - Common Stock
Note 7 - Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Private Placement On April 6, 2020, On April 8, 2020, Related Party Transaction On February 12, 2021, February 18, 2021 At the Market Offering Program In September 2020, 3 November 20, 2020 ( 3” September 4, 2020, 3, three six June 30, 2021 |
Note 8 - Stock Based Awards
Note 8 - Stock Based Awards | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 8. Equity Incentive Plans The Company’s Board of Directors, or Board, and stockholders approved the 2019 2019 September 12, 2019. 2019 2014 2017 2010 June 30, 2021 2019 not not 2019 January 1, 2021 January 1, 2029, January 1 December 31 2019 Activity under the Company’s stock option plan is set forth below: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Life Value Shares Price (in years) (in thousands) Balances, January 1, 2021 2,173,776 $ 9.59 Options granted 608,950 6.02 Options cancelled (343,537 ) 43.89 Options exercised (140,952 ) 1.98 Balances, June 30, 2021 2,298,237 $ 3.99 7.1 $ 5,905 Outstanding and expected to vest as of June 30, 2021 2,125,891 $ 3.77 6.9 $ 5,871 Exercisable as of June 30, 2021 1,373,881 $ 2.12 5.6 $ 5,707 The intrinsic values of outstanding, vested and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock. The intrinsic value of stock options exercised during the six June 30, 2021 Stock Options Granted to Employees During the six June 30, 2021 2020 $5.07 and $9.77 No As of June 30, 2021 The fair value of employee stock options was estimated using the Black-Scholes model with the following weighted-average assumptions: June 30, June 30, 2021 2020 Expected volatility 113.4 % 78.1 % Risk-free interest rate 0.7 % 0.8 % Dividend yield 0.0 % 0.0 % Expected life (in years) 6.1 3.9 Determining Fair Value of Stock Options Expected Volatility Risk-Free Interest Rate Expected Dividend Expected Term Forfeiture Rate Fair Value of Common Stock |
Note 9 - Net Loss Per Share of
Note 9 - Net Loss Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (7,105 ) $ (5,041 ) $ (15,109 ) $ (15,837 ) Basic and diluted net loss per share $ (0.35 ) $ (0.32 ) $ (0.78 ) $ (1.02 ) Weighted-average shares used to compute basic and diluted net loss per share 20,414 15,902 19,247 15,457 Basic net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period, determined using the treasury-stock method and the as-if converted method, for convertible securities, if inclusion of these is dilutive. Because the Company has reported a net loss for each of the three six June 30, 2021 2020 not The following potentially dilutive securities outstanding at the end of the three six June 30, 2021 2020 Six Months Ended June 30, 2021 2020 Options to purchase common stock 2,298,237 2,080,075 Restricted stock units — 2,844 |
Note 10 - Subsequent Event
Note 10 - Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10. In July 2021, 3D 3D 500 3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the accompanying consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated statement of financial position as of June 30, 2021 three six June 30, 2021 2020 six June 30, 2021 2020 Liquidity and Capital Resources Since inception, the Company has incurred net losses and negative cash flows from operations. At June 30, 2021 500 June 30, 2021 12 no may may |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one segment. Management uses one not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. All of the Company’s cash and cash equivalents are held at several financial institutions that management believes are of high credit quality. Such deposits may |
Risks and Uncertainties [Policy Text Block] | Risk and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not Products developed by the Company require clearances from the U.S. Food and Drug Administration (“FDA”), the Pharmaceuticals Medicines and Devices Agency (“PMDA”), or other international regulatory agencies prior to commercial sales. There can be no The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to launch and commercialize any product candidates for which it receives regulatory approval. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and C ash E quivalents, Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three June 30, 2021 December 31, 2020 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and E quipment, Net Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally between three five |
Lessee, Leases [Policy Text Block] | Leases The Company leases all of its office space in conducting its business. At inception, the Company determines whether an agreement represents a lease and at commencement the Company evaluates each lease agreement to determine whether the lease is an operating or financing lease. The Company records an operating lease ROU asset and an operating lease obligation on the consolidated balance sheet when entering into a lease. ROU assets represent the Company’s ROU of the underlying asset for the lease term and the lease obligation represents the Company’s commitment to make the lease payments arising from the lease. Lease obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term and ROU assets are calculated as the lease liability, adjusted by unamortized initial direct costs, unamortized lease incentives received, cumulative deferred or prepaid lease payments, and accumulated impairment losses. As the Company’s leases do not may not 12 not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not June 30, 2021 The Company accounted for the sublease with EVA Automation, Inc. (“EVA”) as an operating lease and reviews the ROU asset recorded associated with the sublease for impairment whenever events or changes in circumstances indicate that the carrying amount of the ROU asset may not 360 10. may not At the end of the first March 31, 2020, not 1020 may not March 31, 2020. March 31, 2020. At the end of the third September 30, 2020, first 2020. 19 third 1020 may not September 30, 2020. 1020 September 30, 2020. December 31, 2020. In June 2021, July 2021. August 1, 2021 October 31, 2024. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of the Company’s cash and cash equivalents, restricted cash, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these items. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three Level 1 Level 2 1 not Level 3 no The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 June 30, 2021 December 31, 2020 1 Preclinical and Clinical Trial Accruals The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites as well as estimates for the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations (“CROs”) that conduct and manage clinical trials on the Company’s behalf. The Company estimates preclinical and clinical trial expenses based on the services performed, pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third |
Research and Development Expense, Policy [Policy Text Block] | Research and D evelopment Research and development costs are charged to operations as incurred. Research and development costs include, but are not not no |
Income Tax, Policy [Policy Text Block] | Income T axes The Company accounts for income taxes under the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based C ompensation For stock options granted to employees, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. The determination of fair value for stock-based awards on the date of grant using an option pricing model requires management to make certain assumptions regarding a number of complex and subjective variables. Stock-based compensation expense related to stock options granted to nonemployees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model, as they are earned. The awards generally vest over the time period the Company expects to receive services from the nonemployee. Stock-based compensation expense, net of estimated forfeitures, is reflected in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Expenses Research and development $ 245 $ 135 $ 463 $ 256 General and administrative 295 353 582 949 Total $ 540 $ 488 $ 1,045 $ 1,205 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share of Common Stock Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and restricted stock units are considered to be potentially dilutive securities. Because the Company has reported a net loss for the three six June 30, 2021 2020 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Asset Intangible assets consist of an assembled workforce which was acquired as part of the merger between Aravive Biologics and Versartis, Inc. Intangible assets with definite lives are amortized based on their pattern of economic benefit over their estimated useful lives and reviewed periodically for impairment. The estimated useful life of the assembled workforce is 3 years. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements The Company records the elements of its collaboration agreements that represent joint operating activities in accordance with ASC Topic 808, 808 606 10 15, third one 3D 4 |
Revenue [Policy Text Block] | Revenue Recognition The Company’s sole source of revenue for 2021 2020 may 3D “3D The Company follows ASC 606, Revenue from Contracts with Customers 606 606, third The Company applies the following five i) Identify the contract with a customer. 606. ii) Identify the performance obligations in the contract. third iii) Determine the transaction price. not 606 None iv) Allocate the transaction price to performance obligations in the contract. v) Recognize revenue when or as we satisfy a performance obligation. Performance Obligations. The following is a general description of principal goods and services from which the Company generates revenue. License to intellectual property The Company generates revenue from licensing its intellectual property including know-how and development and commercialization rights. The license provides a customer with the right to further research, develop and commercialize internally-discovered or collaborated drug candidates, or the right to use AVB- 500 one Research and development services The Company generates revenue from research and development services it provides to its customer and primarily includes clinical trials, and assistance during regulatory approval application process. Revenue associated with these services is recognized based on the Company’s estimate of total consideration to be received for such services and the pattern in which the Company perform the services. The pattern of performance is generally determined to be the amount of incurred costs related to the service portion of the contract with the customer as a percentage of total expected costs associated with the service portion of the contract. Contracts with Multiple Performance Obligations. The Company’s collaboration and license agreement with its customer contains multiple promised goods or services. Based on the characteristics of the promised goods and services the Company analyzes whether they are separate or combined performance obligations. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The estimated standalone selling price is based on the adjusted market assessment approach including estimated present value of future cash flows and cost-plus margin approach, taking into consideration the type of services, estimates of hourly market rates, and stage of the development. Variable Consideration. The Company’s contracts with its customer primarily include two one Due to uncertainty associated with achievement of the development and regulatory milestones, the related milestone payments are excluded from the contract consideration and the corresponding revenue is not not Product sales-based royalties under licensed intellectual property and one one The transaction price is reevaluated each reporting period and as uncertain events are resolved or other changes in circumstances occur. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not not In December 2019, No. 2019 12, Income Taxes (Topic 740 740 December 15, 2020, January 1, 2021, not In August 2020, No. 2020 06 , Debt with Conversion and Other Options (Subtopic 470 20 815 40 no December 15, 2021, December 15, 2020, January 1, 2021, not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Expenses Research and development $ 245 $ 135 $ 463 $ 256 General and administrative 295 353 582 949 Total $ 540 $ 488 $ 1,045 $ 1,205 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at June 30, 2021 (unaudited) Total Level 1 Assets Money market funds $ 49,212 $ 49,212 Fair Value Measurements at December 31, 2020 Total Level 1 Assets Money market funds $ 49,207 $ 49,207 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, 2021 (6 months remaining) $ 1,461 2022 2,983 2023 3,067 2024 2,643 2025 116 Thereafter 30 Total future minimum lease payments 10,300 Less: discount (2,669 ) Total lease liabilities $ 7,631 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Year Ending December 31, 2021 (6 months remaining) $ 948 2022 2,303 2023 2,372 2024 2,029 Total $ 7,652 |
Note 8 - Stock Based Awards (Ta
Note 8 - Stock Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Life Value Shares Price (in years) (in thousands) Balances, January 1, 2021 2,173,776 $ 9.59 Options granted 608,950 6.02 Options cancelled (343,537 ) 43.89 Options exercised (140,952 ) 1.98 Balances, June 30, 2021 2,298,237 $ 3.99 7.1 $ 5,905 Outstanding and expected to vest as of June 30, 2021 2,125,891 $ 3.77 6.9 $ 5,871 Exercisable as of June 30, 2021 1,373,881 $ 2.12 5.6 $ 5,707 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | June 30, June 30, 2021 2020 Expected volatility 113.4 % 78.1 % Risk-free interest rate 0.7 % 0.8 % Dividend yield 0.0 % 0.0 % Expected life (in years) 6.1 3.9 |
Note 9 - Net Loss Per Share o_2
Note 9 - Net Loss Per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (7,105 ) $ (5,041 ) $ (15,109 ) $ (15,837 ) Basic and diluted net loss per share $ (0.35 ) $ (0.32 ) $ (0.78 ) $ (1.02 ) Weighted-average shares used to compute basic and diluted net loss per share 20,414 15,902 19,247 15,457 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Six Months Ended June 30, 2021 2020 Options to purchase common stock 2,298,237 2,080,075 Restricted stock units — 2,844 |
Note 1 - Formation and Busine_2
Note 1 - Formation and Business of the Company (Details Textual) - USD ($) | Nov. 06, 2020 | Jun. 01, 2016 | Apr. 30, 2021 | Jul. 31, 2016 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Nov. 30, 2019 | Jul. 31, 2021 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 3,789,000 | $ 0 | $ 4,045,000 | $ 0 | ||||||||
3D Medicines, Inc [Member] | ||||||||||||
Proceeds from Collaborators | $ 12,000,000 | 6,000,000 | 6,000,000 | $ 18,000,000 | ||||||||
Proceeds from Milestone Achievement | $ 6,000,000 | |||||||||||
3D Medicines, Inc [Member] | Subsequent Event [Member] | ||||||||||||
Collaborative Agreement, Expected Milestone Payments to be Received | $ 3,000,000 | |||||||||||
3D Medicines, Inc [Member] | Mainland China,Taiwan, Hong Kong and Macau [Member] | ||||||||||||
Proceeds from Collaborators | $ 12,000,000 | |||||||||||
Cancer Prevention and Research Institute of Texas [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 20,000,000 | |||||||||||
Percentage of Cash Required to Raise in Matching Funds | 50.00% | |||||||||||
Cash Required to Raise in Matching Funds | $ 10,000,000 | |||||||||||
Matching Funds Required to Raise, Project Term (Year) | 3 years | |||||||||||
Cash Required in Matching Funds, Amount Raised | $ 10,000,000 | |||||||||||
Percentage of Grant Award Proceeds Required to Pay | 400.00% | |||||||||||
Maximum Percentage of Grant Award Proceeds Required to Pay Thereafter Until Government Exclusivity Maintained | 1.00% | |||||||||||
Leland Stanford Junior University [Member] | ||||||||||||
Maximum Milestone Payments Upon Achievement of Clinical and Regulatory Milestones | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2021USD ($)ft² | Jun. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)ft² | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2017ft² | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (515,763) | $ (515,763) | $ (515,763) | $ (500,654) | ||||||
Working Capital (Deficit) | 68,100 | 68,100 | 68,100 | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 75,437 | 75,437 | $ 75,437 | $ 60,541 | ||||||
Number of Operating Segments | 1 | |||||||||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | $ 0 | $ 0 | $ 2,870 | ||||||
Assembled Workforce [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||||||||
The 1020 Marsh Road Facility [Member] | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 34,500 | |||||||||
The 1020 Marsh Road Facility [Member] | EVA Automation, Inc. [Member] | ||||||||||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 5,800 | |||||||||
Impairment, Lessor Asset under Operating Lease | $ 2,400 | $ 2,400 | ||||||||
The 1020 Marsh Road Facility [Member] | EVA Automation, Inc. [Member] | Leasehold Improvements [Member] | ||||||||||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 500 | $ 500 | ||||||||
The 1020 Marsh Road Facility [Member] | Grail, Inc [Member] | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 34,464 | 34,464 | 34,464 | |||||||
Sublease Income | $ 7,650 | |||||||||
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | The 1020 Marsh Road Facility [Member] | EVA Automation, Inc. [Member] | ||||||||||
Right of Use and Leasehold Improvement Assets, Measurement Input | 0.095 | 0.095 | 0.095 | |||||||
Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||||
Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-based compensation expense | $ 540 | $ 488 | $ 1,045 | $ 1,205 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 245 | 135 | 463 | 256 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 295 | $ 353 | $ 582 | $ 949 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities, Transfers, Amount | $ 0 | $ 0 | |
The 1020 Marsh Road Facility [Member] | |||
Asset Impairment Charges, Total | $ 2,900 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Money Market Funds [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Money market funds | $ 49,212 | $ 49,207 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | $ 49,212 | $ 49,207 |
Note 4 - Collaboration and Li_2
Note 4 - Collaboration and License Agreement 1 (Details Textual) - USD ($) $ in Thousands | Nov. 06, 2020 | Apr. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 |
Contract with Customer, Liability, Current | $ 2,552 | $ 4,010 | $ 4,010 | $ 4,010 | ||
Contract with Customer, Liability, Noncurrent | 3,763 | 4,315 | 4,315 | 4,315 | ||
3D Medicines, Inc [Member] | ||||||
Proceeds from Collaborators | $ 12,000 | 6,000 | 6,000 | 18,000 | ||
Collaborative Agreement, Maximum Clinical Development, Regulatory and Commercial Milestone Payments | $ 207,000 | |||||
Collaborative Agreement, Royalty, Period After First Commercial Sale of Product (Year) | 10 years | |||||
Revenue, Remaining Performance Obligation, Amount | $ 18,000 | |||||
Contract with Customer, Liability, Revenue Recognized | 800 | |||||
Proceeds from Milestone Achievement | $ 6,000 | |||||
Contract with Customer, Liability, Total | 8,300 | 8,300 | 8,300 | |||
Contract with Customer, Liability, Current | 4,000 | 4,000 | 4,000 | |||
Contract with Customer, Liability, Noncurrent | 4,300 | 4,300 | $ 4,300 | |||
3D Medicines, Inc [Member] | Research and Development Services [Member] | ||||||
Revenue, Remaining Performance Obligation, Amount | 9,600 | |||||
Contract with Customer, Liability, Revenue Recognized | 3,800 | 4,000 | ||||
3D Medicines, Inc [Member] | License [Member] | ||||||
Revenue, Remaining Performance Obligation, Amount | $ 8,400 | |||||
Contract with Customer, Liability, Revenue Recognized | 2,800 | 2,800 | ||||
Proceeds from Milestone Achievement | 6,000 | |||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 3,200 | |||||
Leland Stanford Junior University [Member] | ||||||
Payments for License Agreement | $ 400 |
Note 4 - Collaboration and Li_3
Note 4 - Collaboration and License Agreement 2 (Details Textual) | Jun. 30, 2021 |
3D Medicines, Inc [Member] | Research and Development Services [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2 years |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) $ in Thousands | Oct. 30, 2018ft² | Oct. 01, 2018USD ($) | Aug. 31, 2020USD ($)ft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2017ft² |
Short-term and Variable Lease, Cost | $ 100 | $ 100 | $ 200 | $ 200 | |||||
Lease, Cost, Total | $ 400 | $ 500 | 800 | 1,300 | |||||
Operating Lease, Payments | $ 1,000 | 1,400 | |||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 4 months 24 days | 3 years 4 months 24 days | |||||||
Operating Lease, Weighted Average Discount Rate, Percent | 7.65% | 7.65% | |||||||
Write-off of Lease Receivable and Prepaid Commission Assets | $ 0 | $ 1,383 | |||||||
The 1020 Marsh Road Facility [Member] | |||||||||
Area of Real Estate Property (Square Foot) | ft² | 34,500 | ||||||||
Lessee, Operating Lease, Term of Contract (Month) | 87 months | ||||||||
Lessee, Operating Lease, Number of Renewal Options | 1 | ||||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||||||||
The 1020 Marsh Road Facility [Member] | EVA Automation, Inc. [Member] | |||||||||
Lessor, Operating Lease, Term of Contract (Month) | 72 months | ||||||||
Incentive to Lessee | $ 900 | ||||||||
Lessor, Operating Lease, Abatement Term (Month) | 5 months | ||||||||
Write-off of Lease Receivable and Prepaid Commission Assets | 1,400 | ||||||||
Operating Lease, Lease Income (Loss) | (700) | $ (13) | |||||||
Proceeds from Lease Payment, Operating Activity | $ 400 | $ 1,200 | |||||||
Sublease Agreement in Palo Alto, California [Member] | |||||||||
Area of Real Estate Property (Square Foot) | ft² | 4,240 | ||||||||
Lease Expiration Date | Aug. 31, 2020 | ||||||||
Office Space in North Carolina [Member] | |||||||||
Area of Real Estate Property (Square Foot) | ft² | 4,128 | ||||||||
Lessee, Operating Lease, Term of Contract (Month) | 63 months | ||||||||
Lessee, Operating Lease, Monthly Payments | $ 9 | ||||||||
Lessee, Operating Lease, Abatement Term (Month) | 3 months |
Note 5 - Leases - Minimum Lease
Note 5 - Leases - Minimum Lease Payments Under Non-cancellable Operating Leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
2021 (6 months remaining) | $ 1,461 |
2022 | 2,983 |
2023 | 3,067 |
2024 | 2,643 |
2025 | 116 |
Thereafter | 30 |
Total future minimum lease payments | 10,300 |
Less: discount | (2,669) |
Total lease liabilities | $ 7,631 |
Note 5 - Leases - Future Based
Note 5 - Leases - Future Based Rent (Details) - The 1020 Marsh Road Facility [Member] - Grail, Inc [Member] $ in Thousands | Jun. 30, 2021USD ($) |
2021 (6 months remaining) | $ 948 |
2022 | 2,303 |
2023 | 2,372 |
2024 | 2,029 |
Total | $ 7,652 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2021USD ($) |
Estimated Litigation Liability | $ 0 |
Note 7 - Common Stock (Details
Note 7 - Common Stock (Details Textual) - USD ($) | Feb. 12, 2021 | Apr. 08, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 04, 2020 |
Stock Issued During Period, Value, New Issues | $ 4,922,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Private Placement [Member] | Eshelman Ventures [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 931,098 | |||||||
Stock Issued During Period, Value, New Issues | $ 5,000,000 | |||||||
Payments of Stock Issuance Costs | $ 78,000 | |||||||
Direct Offering [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,875,000 | |||||||
Stock Issued During Period, Value, New Issues | $ 20,900,000 | $ 20,866,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 7.29 | |||||||
At-the-market Offering [Member] | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,816,000 | $ 7,034,000 | ||||||
At-the-market Offering [Member] | Piper Sandler & Co. and Cantor Fitzgerald & Co. [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 315,000 | 1,200,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 1,800,000 | $ 8,900,000 | ||||||
Equity Distribution Agreement, Maximum Aggregate Offering Price | $ 60,000,000 |
Note 8 - Stock Based Awards (De
Note 8 - Stock Based Awards (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 12, 2019 | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.07 | $ 9.77 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,100 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
The 2019 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,077,117 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 4.50% |
Note 8 - Stock Based Awards - A
Note 8 - Stock Based Awards - Activity Under Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021 | |
Balances, number of shares (in shares) | 2,173,776 |
Balances, weighted average exercise price (in dollars per share) | $ 9.59 |
Options granted, number of shares (in shares) | 608,950 |
Options granted, weighted average exercise price (in dollars per share) | $ 6.02 |
Options cancelled, number of shares (in shares) | (343,537) |
Options cancelled, weighted average exercise price (in dollars per share) | $ 43.89 |
Options exercised, number of shares (in shares) | (140,952) |
Options exercised, weighted average exercise price (in dollars per share) | $ 1.98 |
Balances, number of shares (in shares) | 2,298,237 |
Balances, weighted average exercise price (in dollars per share) | $ 3.99 |
Balances, weighted average remaining contractual life (Year) | 7 years 1 month 6 days |
Balances, aggregate intrinsic value | $ 5,905 |
Outstanding and expected to vest, number of shares (in shares) | 2,125,891 |
Outstanding and expected to vest, weighted average exercise price (in dollars per share) | $ 3.77 |
Outstanding and expected to vest, weighted average remaining contractual life (Year) | 6 years 10 months 24 days |
Outstanding and expected to vest, aggregate intrinsic value | $ 5,871 |
Exercisable, number of shares (in shares) | 1,373,881 |
Exercisable, weighted average exercise price (in dollars per share) | $ 2.12 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 7 months 6 days |
Exercisable, aggregate intrinsic value | $ 5,707 |
Note 8 - Stock Based Awards - W
Note 8 - Stock Based Awards - Weighted-average Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Expected volatility | 113.40% | 78.10% |
Risk-free interest rate | 0.70% | 0.80% |
Dividend yield | 0.00% | 0.00% |
Expected life (in years) (Year) | 6 years 1 month 6 days | 3 years 10 months 24 days |
Note 9 - Net Loss Per Share o_3
Note 9 - Net Loss Per Share of Common Stock (Details Textual) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | 0 |
Note 9 - Net Loss Per Share o_4
Note 9 - Net Loss Per Share of Common Stock - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (7,105) | $ (8,004) | $ (5,041) | $ (10,796) | $ (15,109) | $ (15,837) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.35) | $ (0.32) | $ (0.78) | $ (1.02) | ||
Weighted-average common shares used to compute basic and diluted net loss per share (in shares) | 20,414 | 15,902 | 19,247 | 15,457 |
Note 9 - Net Loss Per Share o_5
Note 9 - Net Loss Per Share of Common Stock - Antidilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Options to purchase common stock (in shares) | 2,298,237 | 2,080,075 |
Restricted Stock Units (RSUs) [Member] | ||
Options to purchase common stock (in shares) | 0 | 2,844 |
Note 10 - Subsequent Event (Det
Note 10 - Subsequent Event (Details Textual) $ in Millions | Jul. 31, 2021USD ($) |
3D Medicines, Inc [Member] | Subsequent Event [Member] | |
Collaborative Agreement, Expected Milestone Payments to be Received | $ 3 |