Harvard Apparatus Regenerative Technology (HRGN) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Biostage, Inc.
Entity Central Index Key	1,563,665
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	BSTG
Entity Common Stock, Shares Outstanding		17,108,968

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 8,100	$ 7,456
Accounts receivable	40	21
Inventory	47	75
Prepaid expenses	156	330
Total current assets	8,343	7,882
Property, plant and equipment, net	1,076	1,074
Total assets	9,419	8,956
Current liabilities:
Accounts payable	596	357
Accrued and other current liabilities	405	297
Warrant liability	942	0
Total current liabilities	1,943	654
Total liabilities	1,943	654
Stockholders’ equity:
Preferred stock	0	0
Common stock, $0.01 par value; 30,000,000 shares authorized and 17,097,420 and 14,101,395 shares issued and outstanding, respectively	171	141
Additional paid-in capital	37,236	32,908
Accumulated deficit	(29,923)	(24,739)
Accumulated other comprehensive loss	(8)	(8)
Total stockholders’ equity	7,476	8,302
Total liabilities and stockholders’ equity	9,419	8,956
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	17,097,420	14,101,395
Common stock, shares outstanding	17,097,420	14,101,395
Undesignated Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	695,857	695,857
Preferred stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 28	$ 73	$ 28	$ 73
Cost of revenues	44	37	44	37
Gross profit (deficit)	(16)	36	(16)	36
Operating expenses:
Research and development	1,676	1,053	3,054	2,235
Selling, general and administrative	1,230	3,482	2,324	4,920
Total operating expenses	2,906	4,535	5,378	7,155
Operating loss	(2,922)	(4,499)	(5,394)	(7,119)
Other income (expense):
Change in fair value of warrant liability, net of issuance costs $129	210	0	210	0
Other expense	0	0	0	(3)
Other Nonoperating Income (Expense)	210	0	210	(3)
Loss before income taxes	(2,712)	(4,499)	(5,184)	(7,122)
Income taxes	0	0	0	0
Net loss	$ (2,712)	$ (4,499)	$ (5,184)	$ (7,122)
Basic and diluted net loss per share	$ (0.17)	$ (0.44)	$ (0.35)	$ (0.74)
Weighted average common shares, basic and diluted	15,535	10,303	14,822	9,592
Comprehensive loss:
Net loss	$ (2,712)	$ (4,499)	$ (5,184)	$ (7,122)
Foreign currency translation adjustments	0	1	0	(8)
Total comprehensive loss	$ (2,712)	$ (4,498)	$ (5,184)	$ (7,130)

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Debt Issuance Cost	$ 129	$ 129

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ (5,184)	$ (7,122)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Share-based compensation expense	665	3,183
Depreciation	224	226
Change in fair value of warrant liability	(210)	0
Changes in operating assets and liabilities:
Related party receivables, net	0	66
Accounts receivable	(19)	(76)
Inventories	28	6
Prepaid expenses	174	144
Accounts payable	230	(83)
Accrued and other current liabilities	108	(54)
Net cash used in operating activities	(3,984)	(3,710)
Cash flows from investing activities
Additions to property and equipment	(217)	(21)
Net cash used in investing activities	(217)	(21)
Cash flows from financing activities
Proceeds from issuance of common stock and warrants, net of issuance costs	4,496	0
Proceeds from issuance of common stock, net of issuance costs	349	3,237
Proceeds from issuance of convertible preferred stock, net of issuance costs	0	5,357
Net cash provided by financing activities	4,845	8,594
Effect of foreign exchange rates on cash	0	(8)
Net increase in cash	644	4,855
Cash at beginning of period	7,456	5,272
Cash at end of period	8,100	10,127
Supplemental disclosure of cash flow information and non-cash investing and financing activities:
Equipment purchases included in accounts payable	9	0
Fair Value Of Warrants Issued To Placement Agent	$ 116	$ 0

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Debt Issuance Costs, Net	$ 129	$ 129

Overview and Basis of Presentat

Overview and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Business Description and Basis of Presentation [Text Block]	1. Overview and Basis of Presentation Overview Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc. (“Biostage” or the “Company”) is a biotechnology company developing bioengineered organ implants based on our novel Cellframe TM Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and acquiring operating assets. The Company changed its name from Harvard Apparatus Regenerative Technology, Inc. to Biostage, Inc. on March 31, 2016. All references to the Company have been changed to Biostage in the accompanying consolidated financial statements and notes thereto. The financial statements reflect the Company’s financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including the assumed exercise of stock options and warrants and unvested restricted stock. The Company applied the two-class method to calculate basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2016, as its warrants to purchase common stock are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. However, the two-class method does not impact the net loss per share of common stock as the Company was in a net loss position for the three and six months ended June 30, 2016 and warrant holders do not participate in losses. Basic and diluted shares outstanding are the same for each period presented as all common stock equivalents would be antidilutive due to the net losses incurred. Sales and marketing expenses of $ 83 0.2 The accompanying interim balance sheet as of June 30, 2016 and consolidated interim statements of operations and comprehensive loss and cash flows for the six months ended June 30, 2016 and 2015 are unaudited. The interim unaudited consolidated financial statements have been prepared in accordance with GAAP on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2016 and its results of operations and cash flows for the six months ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes related to the three month period ended June 30, 2016 and 2015 are unaudited. The results for the six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016, any other interim periods or any future year or period.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 to the financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, and additionally the following accounting policy for warrants issued during the three months ended June 30, 2016. The Company classifies a warrant to purchase shares of its common stock as a liability on its consolidated balance sheets as this warrant is a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is initially recorded at fair value on date of grant using the Black-Scholes model and net of issuance costs, and it is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense), net in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” In February 2016, the FASB, issued ASU, 2016-02- Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting,

Capital Stock, Financing and Li

Capital Stock, Financing and Liquidity	6 Months Ended
	Jun. 30, 2016
Stockholders Equity Note [Abstract]
Stockholders Equity Note Disclosure [Text Block]	3. Capital Stock, Financing and Liquidity Capital Stock On May 19, 2016, the Company closed on a Securities Purchase Agreement (the “Purchase Agreement”) for the sale by the Company of 2,836,880 1.7625 1,418,440 1.7625 5.0 4.6 141,844 1.7625 November 19, 2016 May 19, 2021 On February 18, 2015, the Company closed an underwritten public offering of 2,070,000 1.75 695,857 0.01 8.75 9.7 1.1 8.6 The Series B was convertible into five shares of common stock at the option of the holder, subject to certain limitations related to the holder’s ownership percentage of the Company’s outstanding common stock. The Series B voted with the common stock on all matters on an as-converted basis, and had no preference to the common shares in respect of dividends, voting, liquidation or otherwise. During 2015, all outstanding shares of Series B were converted to common stock, including 205,279 1,026,395 Aspire Purchase Agreement On December 15, 2015, the Company entered into a common stock purchase agreement (the “Aspire Purchase Agreement”), with Aspire Capital Fund, LLC, (“Aspire Capital”), under which Aspire Capital is committed to purchase up to an aggregate of $ 15.0 150,000 Upon execution of the Aspire Purchase Agreement, the Company sold to Aspire Capital 500,000 2.00 0.9 2,688,933 2,038,933 Under the approximately 30-month term of the Aspire Purchase Agreement, on any trading day on which the closing sale price of the Company’s common stock exceeds $0.50, the Company had the right, in its sole discretion, to direct Aspire Capital to purchase up to 150,000 shares of the Company’s common stock per trading day, at a per share price calculated by reference to the prevailing market price of the Company’s common stock. In addition, the Company had the right, from time to time in its sole discretion, to sell Aspire Capital an amount of stock equal to up to 30% of the aggregate shares of the Company’s common stock traded on the Nasdaq Capital Market on the next trading day, subject to a maximum number of shares which the Company may determine and a minimum trading price. There were no trading volume requirements or restrictions under the Aspire Purchase Agreement, and the Company controlled the timing and amount of any sales of our common stock to Aspire Capital. There were no monetary penalties for the Company failing to maintain effectiveness of registration. Aspire Capital had no right to require any sales by the Company, but was obligated to make purchases from us as the Company directs in accordance with the Aspire Purchase Agreement. There were no limitations on use of proceeds, financial or business covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. Additionally, Aspire Capital could hedge its position in the Company’s common stock. On May 12, 2016, the Company issued 150,000 371 349 The Company terminated the Aspire Purchase Agreement effective as of May 17, 2016. The agreement was terminated by the Company without any penalty or cost to the Company. Liquidity The Company has incurred substantial operating losses since its inception, and as of June 30, 2016 has an accumulated deficit of approximately $ 29.9 The Company will need to raise additional funds in 2016 and in future years to fund its operations. Cash requirements and cash resource needs will vary significantly depending upon the timing and the financial and other resource needs that will be required to complete ongoing development and pre-clinical and clinical testing of products as well as regulatory efforts and collaborative arrangements necessary for the Company’s products that are currently under development. The Company will seek to raise necessary funds through a combination of publicly or private equity offerings, debt financings, other financing mechanisms, or strategic collaborations and licensing arrangements. The Company may not be able to obtain additional financing on terms favorable to us, if at all. The Company’s operations will be adversely affected if it is unable to raise or obtain needed funding and may materially affect the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and therefore, the financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amount and classifications of liabilities that may result from the outcome of this uncertainty.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. During the year ended December 31, 2015, the Company had no assets or liabilities requiring fair value measurements. As discussed in Note 3, on May 19, 2016, the Company closed on the Purchase Agreement for the sale by the Company of shares of the Company’s common stock and the issuance of warrants to purchase 1,418,440 1.7625 141,844 1.7625 November 19, 2016 May 19, 2021 The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company had no assets or liabilities classified as Level 1 or Level 2. The Company has concluded that the warrants issued in connection with the Purchase Agreement, meet the definition of a liability under ASC 480 Distinguishing liabilities From Equity June 30, 2016 Risk-free interest rate 1.01 % Expected volatility 74.1 % Expected term 5.4 years Expected dividend yield 0 % Fair Value Measurement as of June 30, 2016 (In thousands) Level 1 Level 2 Level 3 Balance Warrant liability $ — $ — $ 942 $ 942 Total $ — $ — $ 942 $ 942 Warrant Liability (in thousands) Balance at December 31, 2015 $ — Issuance of warrants 1,281 Change in fair value upon re-measurement (339) Balance at June 30, 2016 $ 942 There were no transfers between Level 1 and Level 2 in any of the periods reported.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	5. Related Party Transactions On October 31, 2013, Harvard Bioscience, Inc. (“Harvard Bioscience”) contributed its regenerative medicine business assets, plus $ 15 At the time of the Separation, the Company entered into a 10 100 From inception through April 17, 2015, Harvard Bioscience was considered to be a related party to the Company because David Green, the Company’s former Chairman and CEO, was also a director of Harvard Bioscience. After Mr. Green’s April 17, 2015 resignation as Chairman and CEO of the Company, Harvard Bioscience is no longer considered a related party. Mr. Green service on the Company’s board of directors ended on May 26, 2016 but Mr. Green remains a member of the Board of Directors of Harvard Bioscience. Related party rent expenses with Harvard Bioscience for the period of January 1, 2015 through June 30, 2015, were $ 51,000 During the six months ended June 30, 2015, the Company recognized $ 165,000

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Stock-Based Compensation Biostage 2013 Equity Incentive Plan The Company maintains the 2013 Equity Incentive Plan (the “Plan”) for the benefit of certain of its officers, employees, non-employee directors, and other key persons (including consultants and advisory board members). All options and awards granted under the Plan consist of the Company’s shares of common stock. The Company also issued equity awards under the Plan at the time of the Distribution to all holders of Harvard Bioscience equity awards as part of an adjustment (the “Adjustment”) to prevent a loss of value due to the Distribution. Compensation expense recognized under the Plan relates to service provided by employees, board members and a non-employee of the Company. There was no required compensation associated with the Adjustment awards to employees who remained at Harvard Bioscience. Amount Weighted-average Outstanding at December 31, 2015 3,253,118 $ 3.29 Granted 822,500 1.64 Canceled (275,929) 3.65 Outstanding at June 30, 2016 3,799,689 $ 2.91 The Company uses the Black- Scholes model to value its stock options. Weighted average estimated value of stock options granted using the Black-Scholes model during the six months ended June 30, 2016 was $ 1.08 Expected volatility 74.29 % Expected dividends 0.00 % Expected term in years 6.11 Risk-free rate 1.53 % There was no material restricted stock unit activity during the six months ended June 30, 2016. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Research and development $ 180 $ 142 $ 337 $ 373 General and administrative 138 2,303 328 2,810 Total stock-based compensation $ 318 $ 2,445 $ 665 $ 3,183 Included in the above table is stock-based compensation related to the Harvard Bioscience Plan, which is described below. Harvard Bioscience Stock Option and Incentive Plan Harvard Bioscience maintains the Third Amended and Restated 2000 Stock Option and Incentive Plan (as amended, the “Harvard Bioscience Plan”) for the benefit of certain of its officers, directors and employees. In connection with the Separation, those employees of Harvard Bioscience who became employees of Biostage were allowed to continue vesting in their stock-based awards of stock options and restricted stock units granted under the Harvard Bioscience Plan. Accordingly, the Company recognizes compensation expense as services are provided by those employees.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	7. Commitments and Contingencies From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. There are no such matters pending that the Company expects to be material in relation to its business, financial condition, and results of operations or cash flows.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The financial statements reflect the Company’s financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”).
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including the assumed exercise of stock options and warrants and unvested restricted stock. The Company applied the two-class method to calculate basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2016, as its warrants to purchase common stock are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. However, the two-class method does not impact the net loss per share of common stock as the Company was in a net loss position for the three and six months ended June 30, 2016 and warrant holders do not participate in losses. Basic and diluted shares outstanding are the same for each period presented as all common stock equivalents would be antidilutive due to the net losses incurred.
Reclassification, Policy [Policy Text Block]	Reclassification Sales and marketing expenses of $ 83 0.2
Interim Financial Information [Policy Text Block]	Unaudited Interim Financial Information The accompanying interim balance sheet as of June 30, 2016 and consolidated interim statements of operations and comprehensive loss and cash flows for the six months ended June 30, 2016 and 2015 are unaudited. The interim unaudited consolidated financial statements have been prepared in accordance with GAAP on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2016 and its results of operations and cash flows for the six months ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes related to the three month period ended June 30, 2016 and 2015 are unaudited. The results for the six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016, any other interim periods or any future year or period.
Derivatives, Policy [Policy Text Block]	Warrant Accounting The Company classifies a warrant to purchase shares of its common stock as a liability on its consolidated balance sheets as this warrant is a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is initially recorded at fair value on date of grant using the Black-Scholes model and net of issuance costs, and it is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense), net in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant.
New Accounting Pronouncements, Policy [Policy Text Block]	In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” In February 2016, the FASB, issued ASU, 2016-02- Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting,

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The Company has re-measured the liability to estimated fair value at June 30, 2016, using the Black-Scholes option pricing model with the following assumptions: June 30, 2016 Risk-free interest rate 1.01 % Expected volatility 74.1 % Expected term 5.4 years Expected dividend yield 0 %
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2016: Fair Value Measurement as of June 30, 2016 (In thousands) Level 1 Level 2 Level 3 Balance Warrant liability $ — $ — $ 942 $ 942 Total $ — $ — $ 942 $ 942
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2016: Warrant Liability (in thousands) Balance at December 31, 2015 $ — Issuance of warrants 1,281 Change in fair value upon re-measurement (339) Balance at June 30, 2016 $ 942

Stock-Based Compensation (Table

Stock-Based Compensation (Tables) - Equity Incentive Plan 2013 [Member]	6 Months Ended
	Jun. 30, 2016
Stock Based Compensation [Line Items]
Schedule of Share-based Compensation, Activity [Table Text Block]	The Company has granted options to purchase common stock and restricted stock units under the Plan. Stock option activity during the six months ended June 30, 2016 was as follows: Amount Weighted-average Outstanding at December 31, 2015 3,253,118 $ 3.29 Granted 822,500 1.64 Canceled (275,929) 3.65 Outstanding at June 30, 2016 3,799,689 $ 2.91
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The weighted average assumptions for valuing those options granted were as follows: Expected volatility 74.29 % Expected dividends 0.00 % Expected term in years 6.11 Risk-free rate 1.53 %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	The Company recorded total stock-based compensation during the three and six months ended June 30 as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Research and development $ 180 $ 142 $ 337 $ 373 General and administrative 138 2,303 328 2,810 Total stock-based compensation $ 318 $ 2,445 $ 665 $ 3,183

Overview and Basis of Present18

Overview and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Selling, General and Administrative Expenses [Member]
Overview And Basis Of Presentation [Line Items]
Prior Period Reclassification Adjustment	$ 83	$ 200

Capital Stock, Financing and 19

Capital Stock, Financing and Liquidity (Details Textual) - USD ($)	May 12, 2016	Dec. 15, 2015	May 19, 2016	Feb. 18, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	150,000
Common Stock, Shares, Issued					17,097,420		14,101,395
Payments of Stock Issuance Costs				$ 1,100,000
Proceeds from Issuance or Sale of Equity	$ 349			9,700,000
Proceeds From Issuance Of Stock To Underwriters				$ 8,600,000
Retained Earnings (Accumulated Deficit)					$ (29,923,000)		$ (24,739,000)
Proceeds from Issuance of Common Stock					$ 349,000	$ 3,237,000
Stock Issued During Period, Value, New Issues	$ 371
Purchase Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			2,836,880
Shares Issued, Price Per Share			$ 1.7625
Proceeds from Issuance or Sale of Equity			$ 4,600,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,418,440
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.7625
Stock Issued During Period, Value, New Issues			$ 5,000,000
Class of Warrant or Right, Expiration Date					May 19, 2021
Class of Warrant or Right, Date from which Warrants or Rights Exercisable					Nov. 19, 2016
Purchase Agreement [Member] | Placement Agent [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			141,844
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.7625
Aspire Purchase Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					500,000
Shares Issued, Price Per Share					$ 2
Stock Issued During Period, Shares, Issued for Services		150,000
Proceeds from Issuance of Common Stock					$ 900,000
Stock Purchase Agreement Shares Registered		2,688,933
Common Stock, Capital Shares Reserved for Future Issuance		2,038,933
Stock Purchase Agreement Description					any trading day on which the closing sale price of the Companys common stock exceeds $0.50, the Company had the right, in its sole discretion, to direct Aspire Capital to purchase up to 150,000 shares of the Companys common stock per trading day, at a per share price calculated by reference to the prevailing market price of the Companys common stock. In addition, the Company had the right, from time to time in its sole discretion, to sell Aspire Capital an amount of stock equal to up to 30% of the aggregate shares of the Companys common stock traded on the Nasdaq Capital Market on the next trading day, subject to a maximum number of shares which the Company may determine and a minimum trading price.
Stock Purchase Agreement Value Committed		$ 15,000,000
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued				2,070,000
Shares Issued, Price Per Share				$ 1.75
Conversion of Stock, Shares Issued						1,026,395
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Reserved for Future Issuance				695,857
Shares Issued, Price Per Share				$ 8.75
Preferred Stock, Par or Stated Value Per Share				$ 0.01
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share					$ 0.01		$ 0.01
Conversion of Stock, Shares Converted						205,279

Fair Value Measurements (Detail

Fair Value Measurements (Details)	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Risk-free interest rate	1.01%
Expected volatility	74.10%
Expected term	5 years 4 months 24 days
Expected dividend yield	0.00%

Fair Value Measurements (Deta21

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 942	$ 0
Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	942
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0
Fair Value, Inputs, Level 1 [Member] | Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0
Fair Value, Inputs, Level 2 [Member] | Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	942
Fair Value, Inputs, Level 3 [Member] | Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 942

Fair Value Measurements (Deta22

Fair Value Measurements (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Balance at December 31, 2015	$ 0
Issuance of warrants	1,281
Change in fair value upon re-measurement	(339)
Balance at June 30, 2016	$ 942

Fair Value Measurements (Deta23

Fair Value Measurements (Details Textual) - Purchase Agreement [Member] - $ / shares	6 Months Ended
	Jun. 30, 2016	May 19, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,418,440
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.7625
Class of Warrant or Right, Expiration Date	May 19, 2021
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Nov. 19, 2016
Placement Agent [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		141,844
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.7625

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Oct. 31, 2013	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Product Distribution Agreement Term		10 years
Harvard Bioscience [Member]
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	$ 15,000,000
Related Party Transaction, Amounts of Transaction			$ 51,000
Harvard Bioscience [Member] | Accounts Receivable [Member]
Related Party Transaction [Line Items]
Concentration Risk, Percentage		100.00%
Director [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 165,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Amount | shares	3,253,118
Granted, Amount | shares	822,500
Cancelled, Amount | shares	(275,929)
Outstanding, Amount | shares	3,799,689
Outstanding, Weighted-average exercise price | $ / shares	$ 3.29
Granted, Weighted-average exercise price | $ / shares	1.64
Cancelled, Weighted-average exercise price | $ / shares	3.65
Outstanding, Weighted-average exercise price | $ / shares	$ 2.91

Stock-Based Compensation (Det26

Stock-Based Compensation (Details 1) - Equity Incentive Plan 2013 [Member]	6 Months Ended
	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	74.29%
Expected dividends	0.00%
Expected term in years	6 years 1 month 10 days
Risk-free rate	1.53%

Stock-Based Compensation (Det27

Stock-Based Compensation (Details 2) - Equity Incentive Plan 2013 [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 318	$ 2,445	$ 665	$ 3,183
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	138	2,303	328	2,810
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 180	$ 142	$ 337	$ 373

Stock-Based Compensation (Det28

Stock-Based Compensation (Details Textual)	6 Months Ended
	Jun. 30, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.08