Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | SOPHIRIS BIO INC. | |
Entity Central Index Key | 1,563,855 | |
Trading Symbol | sphs | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 30,107,644 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 31,055,000 | $ 5,881,000 |
Securities available-for-sale | 203,000 | 2,500,000 |
Other receivables | 13,000 | 8,000 |
Prepaid expenses | 490,000 | 467,000 |
Total current assets | 31,761,000 | 8,856,000 |
Property and equipment, net | 5,000 | 17,000 |
Other long-term assets | 19,000 | |
Total assets | 31,766,000 | 8,892,000 |
Current liabilities: | ||
Accounts payable | 374,000 | 909,000 |
Accrued expenses | 1,588,000 | 566,000 |
Current portion of promissory notes | 1,771,000 | |
Total current liabilities | 1,962,000 | 3,246,000 |
Long-term promissory notes | 3,572,000 | |
Warrant liability | 15,035,000 | |
Stock-based compensation liability | 195,000 | 168,000 |
Total liabilities | 17,192,000 | 6,986,000 |
Shareholders’ equity: | ||
Common shares, unlimited authorized shares, no par value; 30,107,644 and 17,244,736 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 131,245,000 | 113,880,000 |
Contributed surplus | 23,604,000 | 17,683,000 |
Accumulated other comprehensive gain | 99,000 | 99,000 |
Accumulated deficit | (140,374,000) | (129,756,000) |
Total shareholders’ equity | 14,574,000 | 1,906,000 |
Total liabilities and shareholders’ equity | $ 31,766,000 | $ 8,892,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 30,107,644 | 17,244,736 |
Common shares, shares outstanding (in shares) | 30,107,644 | 17,244,736 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating expenses: | ||||
Research and development | $ 624 | $ 2,555 | $ 2,531 | $ 8,192 |
General and administrative | 3,043 | 921 | 5,564 | 2,967 |
Total operating expenses | 3,667 | 3,476 | 8,095 | 11,159 |
Other income (expense): | ||||
Interest expense | (86) | (174) | (373) | (528) |
Interest income | 3 | 4 | 11 | 18 |
Loss on revaluation of warrant liability | (350) | (1,969) | ||
Loss on early extinguishment of debt | (180) | (180) | ||
Other income (expense), net | (4) | (9) | (11) | (29) |
Total other expense | (617) | (179) | (2,522) | (539) |
Net loss | $ (4,284) | $ (3,655) | $ (10,617) | $ (11,698) |
Basic and diluted loss per share (in dollars per share) | $ (0.17) | $ (0.22) | $ (0.51) | $ (0.69) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 25,215 | 16,845 | 20,617 | 16,845 |
Other comprehensive income: | ||||
Unrealized gain on securities available-for-sale | $ 1 | |||
Total other comprehensive loss | $ (4,284) | $ (3,655) | $ (10,617) | $ (11,697) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows used in operating activities | ||
Net loss for the period | $ (10,617,000) | $ (11,698,000) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Stock-based compensation | 266,000 | 637,000 |
Amortization of debt discount | 81,000 | 104,000 |
Depreciation of property and equipment | 12,000 | 15,000 |
Amortization of discount on securities available-for-sale | 3,000 | |
Foreign exchange transaction (gain) loss | (1,000) | 18,000 |
Loss on the revaluation of warrant liability | (1,969,000) | |
Non cash portion of loss on early extinguishment of debt | (159,000) | |
Payment of original issue discount | (124,000) | |
Changes in operating assets and liabilities: | ||
Other receivables | (4,000) | (2,000) |
Prepaid expenses | (4,000) | 1,320,000 |
Accounts payable | (651,000) | (1,863,000) |
Accrued expenses | 1,007,000 | (1,062,000) |
Net cash used in operating activities | (8,225,000) | (12,528,000) |
Cash flows provided by investing activities | ||
Maturities of securities available-for-sale | 2,750,000 | 21,669,000 |
Purchases of securities available-for-sale | (453,000) | (8,052,000) |
Net cash provided by investing activities | 2,297,000 | 13,617,000 |
Cash flows provided by (used in) financing activities | ||
Proceeds from the issuance of common shares and warrants, net of paid issuance costs | 33,665,000 | |
Proceeds from the exercise of warrants | 2,486,000 | |
Proceeds from the exercise of stock options | 92,000 | |
Principal payments on promissory notes | (5,141,000) | (291,000) |
Net cash provided by (used in) financing activities | 31,102,000 | (291,000) |
Effect of exchange rate changes on cash and cash equivalents | (13,000) | |
Net increase in cash and cash equivalents | 25,174,000 | 785,000 |
Cash and cash equivalents at beginning of period | 5,881,000 | 4,123,000 |
Cash and cash equivalents at end of period | 31,055,000 | 4,908,000 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | 27,000 | $ 20,000 |
Valuation of warrant liability upon issuance of warrants | 18,747,000 | |
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | 5,681,000 | |
Equity issuance costs included in accounts payable and accrued expenses | $ 132,000 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of the business Sophiris Bio Inc., or the Company, or Sophiris, is a clinical-stage biopharmaceutical company currently developing topsalysin for treatment of the symptoms of for the treatment of localized low to intermediate risk prostate cancer and benign prostatic hyperplasia, or BPH, commonly referred to as an enlarged prostate. The Company is governed by the British Columbia Business Corporations Act. The Company’s operations were initially located in Vancouver, British Columbia until April 2011, when its core activities and headquarters relocated from Vancouver, British Columbia to San Diego, California. The condensed consolidated financial statements include the accounts of Sophiris Bio Inc. and its wholly-owned subsidiaries, Sophiris Bio Corp. and Sophiris Bio Holding Corp., both of which are incorporated in the State of Delaware. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies Significant accounting policies followed by the Company in the preparation of its condensed consolidated financial statements are as follows: Basis of consolidation The consolidated financial statements include the accounts of the Company, Sophiris Bio Corp. and Sophiris Bio Holding Corp. All intercompany balances and transactions have been eliminated for purposes of consolidation. Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, or Annual Report, filed with the SEC on March 29, 2016. The accompanying year-end condensed balance sheet data was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, these condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year. GAAP requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. The Company bases estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances. The significant estimates in these condensed consolidated financial statements include stock-based compensation expense, warrant liabilities and accrued research and development expenses, including accruals related to the Company’s clinical trials. The Company’s actual results may differ from these estimates. The Company evaluates its estimates on an ongoing basis. Changes in estimates are reflected in reported results in the period in which they become known by the Company’s management. Foreign currency Historically gains and losses resulting from foreign currency translation were recorded in accumulated other comprehensive gain (loss), which is a separate component of shareholders’ equity. Foreign currency transaction gains and losses are recognized as a component of other expense. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments with an original maturity of three months or less at the date of purchase. Securities Available-for-Sale Investments with an original maturity of more than three months when purchased have been classified by management as securities available-for-sale. Such investments are carried at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive gain (loss) in shareholders’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in interest income. No other-than-temporary impairments were identified for the investment securities held by the Company as of September 30, 2016 and December 31, 2015. The cost of investment securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific-identification method. The Company has classified all of its investment securities as available-for-sale, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. Revenue recognition The Company may enter into product development agreements with collaborative partners for the research and development of products for the treatment of urological diseases. The terms of the agreements may include nonrefundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. These multiple element arrangements are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. License fees are recognized as revenue when persuasive evidence of an arrangement exists, the fee is fixed or determinable, delivery or performance has substantially completed and collection is reasonably assured. The Company recognizes up front license payments as revenue upon delivery of the license only if the license has stand-alone value to the customer and if the agreement includes a general right of return, the delivery or performance of undelivered items is considered probable and within the control of the Company. The payment is generally allocated to the separate units of accounting based on their relative selling prices. The selling price of each deliverable is determined using vendor specific objective evidence of selling prices, if it exists; otherwise, third-party evidence of selling prices. If neither vendor specific objective evidence nor third-party evidence exists, the Company uses its’ best estimate of the selling price for each deliverable. The payment allocated is limited to the amount that is not contingent on the delivery of additional items or fulfillment of other performance conditions. Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue recognized. If the Company cannot reasonably estimate the timing and the level of effort to complete its performance obligations under the arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period the Company is expected to complete its performance obligations. The Company evaluates milestone payments on an individual basis and recognizes revenue from non-refundable milestone payments when the earnings process is complete and the payment is reasonably assured. Non-refundable milestone payments related to arrangements under which the Company has continuing performance obligations are recognized as revenue upon achievement of the associated milestone, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the inception of the agreement and (ii) the amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with the milestone event. Any amounts received under agreements in advance of performance, if deemed substantive, are recorded as deferred revenue and recognized as revenue as the Company completes its performance obligations. A milestone event is considered substantive if (i) the milestone is commensurate with either (a) the Company’s performance to achieve the milestone or (b) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) it relates solely to past performance and (iii) it is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. If any portion of the milestone payment does not relate to the Company’s performance, does not relate solely to past performance or is refundable or adjustable based on future performance, the milestone is not considered to be substantive. Milestone payments are not bifurcated into substantive and non-substantive components. Payments related to the achievement of non-substantive milestones is deferred and recognized over the Company’s remaining performance period. Royalty revenue will be recognized upon the sale of the related products provided the Company has no remaining performance obligations under the arrangement. Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including personnel-related costs, stock-based compensation, facilities, research-related overhead, clinical trial costs, contracted services, manufacturing, license fees and other external costs. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the service has been performed or when the goods have been consumed rather than when the payment is made. Accrued research and development expenses Clinical trial costs are recorded as a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed of the total work over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services based on facts and circumstances known to the Company as of each balance sheet date. However, actual costs and timing of clinical trials are highly uncertain, subject to risks and may change depending upon a number of factors, including the Company’s clinical development plan. 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. Adjustments to prior period estimates have not been material. Examples of estimated accrued research and development expenses include: • fees to clinical research organizations in connection with clinical studies; • fees to investigative sites in connection with clinical studies; • fees to vendors in connection with preclinical development activities; • fees to vendors associated with the development of companion diagnostics; and • fees to vendors related to product manufacturing, development and distribution of clinical supplies. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are recorded as a prepaid expense and recognized as expense in the period that the related goods are consumed or services are performed. Stock-based compensation The Company expenses the fair value of employee stock options over the vesting period. Compensation expense is measured using the fair value of the award at the grant date, net of estimated forfeitures, and is adjusted annually to reflect actual forfeitures. The fair value of each stock-based award is estimated using the Black-Scholes pricing model and is expensed using graded amortization over the vesting period. The Company accounts for stock options granted to non-employees, which primarily consist of consultants of the Company, using the fair value approach. Stock options granted to non-employees are subject to revaluation each reporting period over their vesting terms. Prior to the Company’s initial public offering, or IPO, the Company had issued its stock options with a Canadian dollar denominated exercise price. Subsequent to the Company’s IPO, the Company issues its stock options with a U.S. dollar denominated exercise price. Effective November 13, 2013, the Company voluntarily delisted from the Toronto Stock Exchange, or TSX. As a result of the delisting from the TSX and the change in the Company’s functional currency to the U.S. dollar, the stock options granted with exercise prices denominated in Canadian dollars are considered dual indexed as defined in Accounting Standards Codification, or ASC, topic 718, “ Compensation, Stock Compensation” Fair value of financial instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid for 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. The carrying amounts of the Company’s financial instruments, including cash, cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short maturities. The Company follows ASC 820-10, “ Fair Value Measurements and Disclosures Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life and; Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Recent accounting pronouncements In May 2014, the FASB issued new guidance related to revenue recognition (ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606)). Subsequently the FASB has issued additional guidance (ASU Nos. 2015-14; 2016-08; 2016-10; 2016-12 Revenue from Contracts with Customers (Topic 606)). The guidance establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard is applied to all periods presented or (b) modified retrospective adoption, meaning the cumulative effect of applying the new guidance is recognized as an adjustment to the opening retained earnings balance. The Company does not intend to adopt the new guidance early and is in the process of determining the adoption method as well as the effects the adoption will have on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, In February 2016, the FASB issued ASU No. 2016-02, “ Lease (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, |
Note 3 - Reduction in Workforce
Note 3 - Reduction in Workforce | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 3. Reduction in w orkforce The Company completed a reduction in workforce in May 2016 through which five of its ten employees were terminated. The Company incurred a charge of approximately $81,000 during May 2016, which is included in operating expenses, related to cash severance and continuation of benefits in connection with the workforce reduction. No additional cash payments are expected to be made related to this reduction in workforce. In addition, the Company incurred a non-cash stock-based compensation charge of approximately $76,000 during May 2016 associated with the modification of stock options for individuals included in the reduction in workforce. See additional discussion regarding the modification of stock options for terminated employees at Note 12. |
Note 4 - Net Loss Per Common Sh
Note 4 - Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Net loss per common share Basic net loss per share is calculated by dividing the net loss attributable to common shareholders by the weighted-average number of common shares outstanding during the period, without consideration for common shares equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. The following diluted securities have been excluded from the computation of diluted weighted-average shares outstanding as of September 30, 2016 and 2015 as the Company recorded a net loss in all periods and therefore they would be anti-dilutive (in thousands): September 30, 2016 September 30, 2015 Options to purchase common shares 1,978 1,677 Common share purchase warrants 6,206 878 |
Note 5 - Securities Available-f
Note 5 - Securities Available-for-sale | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Securities a vailable-for- s ale Securities available-for-sale consisted of the following as of September 30, 2016 (in thousands): September 30, 2016 Amortized Unrealized Estimated Cost Gain Loss Fair Value U.S. government sponsored enterprise securities $ 203 $ — $ — $ 203 $ 203 $ — $ — $ 203 Securities available-for-sale consisted of the following as of December 31, 2015 (in thousands): December 31, 2015 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 750 $ — $ — $ 750 U.S. government sponsored enterprise securities 1,750 — — 1,750 $ 2,500 $ — $ — $ 2,500 The amortized cost and estimated fair value of the Company securities available-for-sale by contractual maturity as of September 30, 2016 are shown below (in thousands): September 30 , 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Within one year $ 203 $ — $ — $ 203 After one year — — — — $ 203 $ — $ — $ 203 The amortized cost and estimated fair value of the Company securities available-for-sale by contractual maturity as of December 31, 2015 are shown below (in thousands): December 31, 2015 Amortized Unrealized Estimated Cost Gain Loss Fair Value Within one year $ 2,500 $ — $ — $ 2,500 After one year — — — — $ 2,500 $ — $ — $ 2,500 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurement and Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair value measurement and financial instruments As of September 30, 2016, the Company had $3.5 million of securities consisting of money market funds and U.S. government sponsored enterprise securities with maturities that range from five days to approximately 4.5 months with an overall average time to maturity of approximately 1.1 months. The Company has the ability to liquidate these investments without restriction. The Company determines fair value for securities with Level 1 inputs through quoted market prices. The Company determines fair value for securities with Level 2 inputs through broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. The Company’s Level 2 securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing third party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, and other industry and economic events. The Company’s Level 3 inputs are unobservable inputs based on the Company’s assessment that market participants would use in pricing the instruments. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented (in thousands): September 30, 2016 Level 1 Level 2 Level 3 Assets: Money market funds $ 49 $ 49 $ — $ — U.S. government sponsored enterprise securities 3,440 — 3,440 — Total assets $ 3,489 $ 49 $ 3,440 $ — Liabilities: Warrant liability $ 15,035 $ — $ — $ 15,035 Stock-based compensation liability 195 — — 195 Total liabilities $ 15,230 $ — $ — $ 15,230 December 31, 2015 Level 1 Level 2 Level 3 Assets: Money market funds $ 87 $ 87 $ — $ — Commercial paper 1,850 — 1,850 — U.S. government sponsored enterprise securities 5,549 — 5,549 — Total assets $ 7,486 $ 87 $ 7,399 $ — Liabilities: Stock-based compensation liability $ 168 $ — $ — $ 168 Total liabilities $ 168 $ — $ — $ 168 Stock-based compensation liability The Company calculates the fair value of the stock-based compensation liability for those stock options with exercise prices denominated in Canadian Dollars (level 3) at each reporting period utilizing a Black-Scholes pricing model. The following inputs were utilized in the Black-Scholes pricing model: September 30, 2016 December 31, 2015 Stock price at the end of each reporting period $ 3.11 $ 1.78 Weighted average exercise price $ 11.42 $ 13.12 Risk-free interest rate 0.61 % 0.91 % Volatility 167.17 % 182.74 % Dividend yield 0.00 % 0.00 % Expected life in years 1.05 1.53 Calculated fair value per stock option $ 1.07 $ 0.74 The following table presents a reconciliation of the stock-based compensation liability measured at fair value using unobservable inputs (Level 3) (in thousands): Nine Months Ended September 30, 2016 2015 Liabilities: Balance at beginning of period $ 168 $ 22 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus 27 20 Balance at end of period $ 195 $ 42 Warrant liability In connection with the offering completed on May 11, 2016, the Company issued 1,785,714 warrants to purchase its common shares. These warrants may require the Company to pay the warrant holder cash under certain provisions of the warrant and therefore the Company is accounting for these warrants as a liability. As a result of these warrants being classified as a liability, the Company is required to calculate their fair value at each reporting date. The fair value of these warrants is calculated utilizing a Black-Scholes pricing model. The Company calculated the initial fair value of these warrants on May 11, 2016, the date the warrants were issued. On various dates from May 11, 2016 through September 30, 2016, warrant holders exercised 1,775,714 warrants and as a result the Company revalued the fair value of the underlying warrants on the various exercise dates. The fair value of the exercised warrants was reclassified from the warrant liability to contributed surplus upon exercise. As of September 30, 2016, only 10,000 warrants remain outstanding from the May 11, 2016 offering for which fair value was remeasured as of September 30, 2016. The following inputs were utilized in the Black-Scholes pricing model during the nine months ended September 30, 2016: Initial Fair Value Assessment May 11, 2016 Weighted Average Values Utilized on the Various Exercise Dates September 30, 2016 Stock price $ 1.12 $ 3.50 $ 3.11 Exercise price $ 1.40 $ 1.40 $ 1.40 Risk-free interest rate 1.2 % 1.1 % 1.1 % Volatility 130.64 % 132.05 % 141.72 % Dividend yield 0.00 % 0.00 % 0.00 % Expected life in years 5.00 4.85 4.61 Calculated fair value per warrant $ 0.95 $ 3.20 $ 2.86 In connection with the offering completed on August 26, 2016, the Company issued 5,606,250 warrants to purchase its common shares. These warrants may require the Company to pay the warrant holder cash under certain provisions of the warrant and therefore the Company is accounting for these warrants as a liability. As a result of these warrants being classified as a liability, the Company is required to calculate the fair value of these warrants at each reporting date. The fair value of these warrants is calculated utilizing a Black-Scholes pricing model. The Company calculated the initial fair value of these warrants on August 26, 2016, the date the warrants were issued. As of September 30, 2016, the fair value was remeasured. The following inputs were utilized in the Black-Scholes pricing model during the nine months ended September 30, 2016: Initial Fair Value Assessment August 26, 2016 September 30, 2016 Stock price $ 3.52 $ 3.11 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.2 % 1.0 % Volatility 135.04 % 138.13 % Dividend yield 0.00 % 0.00 % Expected life in years 5.00 4.90 Calculated fair value per warrant $ 3.04 $ 2.68 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3) (in thousands): Nine Months Ended September 30, 2016 Liabilities: Balance at beginning of period $ — Calculated fair value of warrants on May 11, 2016, date of issuance 1,687 Calculated fair value of warrants on August 26, 2016, date of issuance 17,060 Fair value of warrants exercised and recorded as an adjustment to contributed capital (5,681 ) Increase in the fair value of warrant liability 1,969 Balance at end of period $ 15,035 The Company recognizes transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstances that caused the transfer occurs. There were no transfers of assets or liabilities between the fair value measurement classifications. |
Note 7 - Prepaid Expenses
Note 7 - Prepaid Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 7. Prepaid expenses Prepaid expenses as of September 30, 2016 and December 31, 2015 consisted of the following (in thousands): September 30, 2016 December 31, 2015 Prepaid insurance $ 369 $ 261 Prepaid research and development expenses 54 176 Other prepaid expenses 67 30 $ 490 $ 467 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued expenses Accrued expenses as of September 30, 2016 and December 31, 2015 consisted of the following (in thousands): September 30, 2016 December 31, 2015 Accrued personnel related costs $ 928 $ 224 Accrued interest — 42 Accrued research and development expenses 98 78 Accrued audit and tax services 258 182 Other accrued expenses 304 40 $ 1,588 $ 566 |
Note 9 - Promissory Notes
Note 9 - Promissory Notes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Promissory notes On June 30, 2014, the Company entered into a $6.0 million Loan and Security Agreement with Oxford Finance LLC, or Oxford. The principal borrowed under the loan included fixed interest of 9.504% per annum. The Company had the option to prepay the outstanding balance of the loan in full, subject to a prepayment fee of 1% to 3% depending upon when the prepayment occurred. Upon the final repayment of the loan on the maturity date, by prepayment, or upon acceleration, the Company was required to pay Oxford an additional fee of $300,000. This additional fee was recorded as a debt discount and was recognized as interest expense over the life of the loan utilizing the effective interest method. On September 2, 2016, the Company repaid the outstanding principal balance of the Oxford loan. The total payoff was approximately $4.2 million, which included the final payment of $300,000, a prepayment fee of $39,000, accrued interest of $2,000 and legal fees of $4,000. The Company had $159,000 of unamortized debt premium as of the date of the payoff. The debt repayment was accounted for as an extinguishment as per ASC 470-50, “ Debt: Modification and Extinguishments ” |
Note 10 - Share Issuance
Note 10 - Share Issuance | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Share Issuance [Text Block] | 10. Share i ssuance Public o ffering On August 26, 2016, the Company completed a public offering whereby it issued 7,475,000 common shares at a price of $4.00 per share. The Company received $27.4 million, net of underwriters’ discounts, commissions and offering cost. Additionally, for each common share purchased, the investors received a warrant to purchase 0.75 of a common share of the Company at an exercise price of $4.00 per full share for a period of five years from August 26, 2016. In connection with this offering, the Company entered into a Purchase Agreement with Piper Jaffray & Co., as representative of the several underwriters named therein, or the August Purchase Agreement. For a period of 90 days after August 26, 2016, the August Purchase Agreement prohibits the Company from entering into any agreement to issue or announce the issuance or proposed issuance of any common shares of common share or common share equivalents, subject to certain exceptions. For a period of two years after August 26, 2016, the August Purchase Agreement also prohibits the Company from entering into a variable rate transaction (as defined in the agreement and which includes the issuance of securities under the Company’s common share purchase agreement with Aspire Capital Fund LLC) and prohibits the Company from issuing any securities which have a price that will be determined at a future date. The common share warrants are recorded as a liability and then marked to market each period through earnings in other income (expense) each period as the warrants included in this transaction contain a “fundamental change” provision, which may in certain circumstances allow the common share warrants to be redeemed for cash at an amount equal to the Black-Scholes Value, as defined by the warrant agreements. In addition, the warrants include a “failure to timely deliver shares” provision, which may require the Company to pay cash to the warrant holder in certain circumstances as defined by the warrant agreements. See a discussion on the calculation of the fair value associated with these warrants at Note 6. In connection with this offering the Company incurred offering costs of approximately $2.5 million. The Company allocated these offering costs between the estimated fair value of the common shares and the fair value of the warrants on the date of their issuance. The Company allocated approximately $1.1 million to the common shares which was recorded as a reduction to equity. The remaining $1.4 million was allocated to the warrants. The amount allocated to the warrants was expensed and included as a component of general and administrative expenses for the three and nine months ended September 30, 2016 as the warrants are classified as liabilities. Registered d irect t ransaction On May 11, 2016, the Company completed an offering in which net proceeds of approximately $4.6 million was raised by selling 3,571,428 common shares at a price of $1.40 per share. Additionally, for each common share purchased, the investors received a warrant to purchase one-half of a common share of the Company at an exercise price of $1.40 per full share for a period of five years from May 11, 2016. During June 2016, 600,000 of these warrants were exercised which generated proceeds of $0.8 million. During July 2016, an additional 1,175,714 warrants were exercised which generated proceeds of $1.6 million. In connection with this offering, the Company entered into a Securities Purchase Agreement with certain purchasers, or the Securities Purchase Agreement. For a period of two years after May 11, 2016, the Securities Purchase Agreement also prohibited the Company from entering into a variable rate transaction (as defined in the agreement and which includes the issuance of securities under the Company’s common share purchase agreement with Aspire Capital Fund LLC) and prohibits the Company from issuing any securities which have a price that will be determined at a future date. The common share warrants are recorded as a liability and then marked to market each period through earnings in other income (expense) each period as the warrants included in this transaction contain a “fundamental change” provision, which may in certain circumstances allow the common share warrants to be redeemed for cash at an amount equal to the Black-Scholes Value, as defined by the warrant agreements. In addition, the warrants include a “failure to timely deliver shares” provision, which may require the Company to pay cash to the warrant holder in certain circumstances as defined by the warrant agreements. See a discussion on the calculation of the fair value associated with these warrants at Note 6. In connection with this offering the Company incurred offering costs of approximately $0.4 million. The Company allocated these offering costs between the estimated fair value of the common shares and the fair value of the warrants on the date of their issuance. The Company allocated approximately $0.3 million to the common shares which was recorded as a reduction to equity. The remaining $0.1 million was allocated to the warrants. This amount was expensed and included as a component of general and administrative expenses for the nine months ended September 30, 2016 as the warrants are classified as liabilities. |
Note 11 - Common Stock Purchase
Note 11 - Common Stock Purchase Agreement with Aspire Capital | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Common stock purchase agreement with Aspire Capital In connection with the offerings completed on May 11, 2016 and August 26, 2016, the Company entered into the Securities Purchase Agreement and the August Purchase Agreement, respectively, each of which prohibit the Company from entering into or effecting a transaction under any agreement which includes the issuance of securities at a future determined price for a period of two years from May 11, 2016 and August 26, 2016, respectively. The common share purchase agreement, or the Aspire Purchase Agreement, with Aspire Capital Fund LLC relies on issuing securities at a future determined price and therefore the Company is prohibited from issuing securities under the Aspire Purchase Agreement. The Aspire Purchase Agreement is set to expire prior to the end of such two-year period and therefore the Company will be unable to issue any additional securities under the Aspire Purchase Agreement prior to its expiration. The Company did not issue any securities under the Aspire Purchase Agreement during the nine months ended September 30, 2016. |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation Plan | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. Stock-based compensation plan The Company’s Amended and Restated 2011 Stock Option plan, or the Plan, provides for the granting of options for the purchase of common shares of the Company at the fair value of the Company’s common shares on the date of the option grant. Options are granted to employees, directors and non-employees. The board of directors or a committee appointed by the board of directors administers the Plan and has discretion as to the number, vesting period and expiry date of each option award. Historically the Company granted options to residents of the United States with an exercise price denominated in Canadian dollars, the functional currency of the Company prior to the Company’s IPO. Subsequent to the Company’s IPO, the Company grants options with an exercise prices denominated in U.S. dollars. As of September 30, 2016, the Company had 103,225 registered common shares which were available for issuance under the Plan. As of September 30, 2016, the Company has available an additional 929,149 shares which can be granted under the Plan which have not been registered with the SEC. The Company plans to register these additional shares prior to the issuance of the stock as a result of the exercise of stock option under the Plan. The Company recognized stock-based compensation expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Research and development $ 25 $ 57 $ 93 $ 211 General and administrative 56 126 173 426 Total $ 81 $ 183 $ 266 $ 637 In connection with the Company’s May 2016 completed reduction in workforce, the Company’s Board of Directors approved certain modifications to the outstanding stock options of terminated employees. All outstanding vested stock options were modified so that the expiration date of the vested options at the time of each employee’s termination would be extended to the remaining life of the stock options. As a result of this modification, the Company recorded non-cash stock-based compensation expense of approximately $76,000 during the nine months ended September 30, 2016. In addition, all outstanding unvested stock options were modified so that the expiration date of the unvested options on the date of each employee’s termination would be extended for one year from the termination date and the unvested options would automatically vest if a change of control occurred prior to the modified option expiration date. An additional stock-based compensation charge associated with the modification of the unvested options will be recorded if a change in control occurs prior to the expiration of the unvested options. As of September 30, 2016 there was $0.2 million of total unrecognized compensation expense related to non-vested stock awards, which is expected to be recognize over a weighted average period of approximately 1.3 years. The following table summarizes stock option activity, including options issued to employees, directors and non-employees (in thousands, except per share): Options Weighted Average Outstanding at January 1, 2016 1,677 $ 5.52 Options granted 390 0.99 Options exercised (41 ) 2.04 Options expired (45 ) 31.63 Options forfeited (3 ) 4.41 Outstanding at September 30, 2016 1,978 $ 4.10 The total amount of options outstanding at September 30, 2016 include options with exercise prices denominated in Canadian dollars and U.S. dollars. The Canadian dollar amounts have been converted to U.S. dollars for purposes of the weighted average exercise price calculation using the grant date exchange rate for each Canadian dollar denominated option. The fair values of options granted during the nine months ended September 30, 2016 and 2015 were estimated at the date of grant using the following weighted-average assumptions: Nine Months Ended September 30, 2016 2015 Expected life of the option term (years) 3.8 3.5 Risk-free interest rate 1.19 % 0.99 % Dividend rate 0 % 0 % Volatility 147.8 % 128.4 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the accounts of the Company, Sophiris Bio Corp. and Sophiris Bio Holding Corp. All intercompany balances and transactions have been eliminated for purposes of consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, or Annual Report, filed with the SEC on March 29, 2016. The accompanying year-end condensed balance sheet data was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, these condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year. GAAP requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. The Company bases estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances. The significant estimates in these condensed consolidated financial statements include stock-based compensation expense, warrant liabilities and accrued research and development expenses, including accruals related to the Company’s clinical trials. The Company’s actual results may differ from these estimates. The Company evaluates its estimates on an ongoing basis. Changes in estimates are reflected in reported results in the period in which they become known by the Company’s management. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency Historically gains and losses resulting from foreign currency translation were recorded in accumulated other comprehensive gain (loss), which is a separate component of shareholders’ equity. Foreign currency transaction gains and losses are recognized as a component of other expense. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents are short-term, highly liquid investments with an original maturity of three months or less at the date of purchase. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Securities Available-for-Sale Investments with an original maturity of more than three months when purchased have been classified by management as securities available-for-sale. Such investments are carried at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive gain (loss) in shareholders’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in interest income. No other-than-temporary impairments were identified for the investment securities held by the Company as of September 30, 2016 and December 31, 2015. The cost of investment securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific-identification method. The Company has classified all of its investment securities as available-for-sale, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company may enter into product development agreements with collaborative partners for the research and development of products for the treatment of urological diseases. The terms of the agreements may include nonrefundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. These multiple element arrangements are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. License fees are recognized as revenue when persuasive evidence of an arrangement exists, the fee is fixed or determinable, delivery or performance has substantially completed and collection is reasonably assured. The Company recognizes up front license payments as revenue upon delivery of the license only if the license has stand-alone value to the customer and if the agreement includes a general right of return, the delivery or performance of undelivered items is considered probable and within the control of the Company. The payment is generally allocated to the separate units of accounting based on their relative selling prices. The selling price of each deliverable is determined using vendor specific objective evidence of selling prices, if it exists; otherwise, third-party evidence of selling prices. If neither vendor specific objective evidence nor third-party evidence exists, the Company uses its’ best estimate of the selling price for each deliverable. The payment allocated is limited to the amount that is not contingent on the delivery of additional items or fulfillment of other performance conditions. Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue recognized. If the Company cannot reasonably estimate the timing and the level of effort to complete its performance obligations under the arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period the Company is expected to complete its performance obligations. The Company evaluates milestone payments on an individual basis and recognizes revenue from non-refundable milestone payments when the earnings process is complete and the payment is reasonably assured. Non-refundable milestone payments related to arrangements under which the Company has continuing performance obligations are recognized as revenue upon achievement of the associated milestone, provided that (i) the milestone event is substantive and its achievability was not reasonably assured at the inception of the agreement and (ii) the amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with the milestone event. Any amounts received under agreements in advance of performance, if deemed substantive, are recorded as deferred revenue and recognized as revenue as the Company completes its performance obligations. A milestone event is considered substantive if (i) the milestone is commensurate with either (a) the Company’s performance to achieve the milestone or (b) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) it relates solely to past performance and (iii) it is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. If any portion of the milestone payment does not relate to the Company’s performance, does not relate solely to past performance or is refundable or adjustable based on future performance, the milestone is not considered to be substantive. Milestone payments are not bifurcated into substantive and non-substantive components. Payments related to the achievement of non-substantive milestones is deferred and recognized over the Company’s remaining performance period. Royalty revenue will be recognized upon the sale of the related products provided the Company has no remaining performance obligations under the arrangement. |
Research and Development Expense, Policy [Policy Text Block] | Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including personnel-related costs, stock-based compensation, facilities, research-related overhead, clinical trial costs, contracted services, manufacturing, license fees and other external costs. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the service has been performed or when the goods have been consumed rather than when the payment is made. |
Accrued Research and Development Expenses [Policy Text Block] | Accrued research and development expenses Clinical trial costs are recorded as a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed of the total work over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services based on facts and circumstances known to the Company as of each balance sheet date. However, actual costs and timing of clinical trials are highly uncertain, subject to risks and may change depending upon a number of factors, including the Company’s clinical development plan. 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. Adjustments to prior period estimates have not been material. Examples of estimated accrued research and development expenses include: • fees to clinical research organizations in connection with clinical studies; • fees to investigative sites in connection with clinical studies; • fees to vendors in connection with preclinical development activities; • fees to vendors associated with the development of companion diagnostics; and • fees to vendors related to product manufacturing, development and distribution of clinical supplies. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are recorded as a prepaid expense and recognized as expense in the period that the related goods are consumed or services are performed. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation The Company expenses the fair value of employee stock options over the vesting period. Compensation expense is measured using the fair value of the award at the grant date, net of estimated forfeitures, and is adjusted annually to reflect actual forfeitures. The fair value of each stock-based award is estimated using the Black-Scholes pricing model and is expensed using graded amortization over the vesting period. The Company accounts for stock options granted to non-employees, which primarily consist of consultants of the Company, using the fair value approach. Stock options granted to non-employees are subject to revaluation each reporting period over their vesting terms. Prior to the Company’s initial public offering, or IPO, the Company had issued its stock options with a Canadian dollar denominated exercise price. Subsequent to the Company’s IPO, the Company issues its stock options with a U.S. dollar denominated exercise price. Effective November 13, 2013, the Company voluntarily delisted from the Toronto Stock Exchange, or TSX. As a result of the delisting from the TSX and the change in the Company’s functional currency to the U.S. dollar, the stock options granted with exercise prices denominated in Canadian dollars are considered dual indexed as defined in Accounting Standards Codification, or ASC, topic 718, “ Compensation, Stock Compensation” |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid for 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. The carrying amounts of the Company’s financial instruments, including cash, cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short maturities. The Company follows ASC 820-10, “ Fair Value Measurements and Disclosures Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life and; Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, the FASB issued new guidance related to revenue recognition (ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606)). Subsequently the FASB has issued additional guidance (ASU Nos. 2015-14; 2016-08; 2016-10; 2016-12 Revenue from Contracts with Customers (Topic 606)). The guidance establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Two methods of adoption are permitted: (a) full retrospective adoption, meaning the standard is applied to all periods presented or (b) modified retrospective adoption, meaning the cumulative effect of applying the new guidance is recognized as an adjustment to the opening retained earnings balance. The Company does not intend to adopt the new guidance early and is in the process of determining the adoption method as well as the effects the adoption will have on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, In February 2016, the FASB issued ASU No. 2016-02, “ Lease (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, |
Note 4 - Net Loss Per Common 19
Note 4 - Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | September 30, 2016 September 30, 2015 Options to purchase common shares 1,978 1,677 Common share purchase warrants 6,206 878 |
Note 5 - Securities Available20
Note 5 - Securities Available-for-sale (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | September 30, 2016 Amortized Unrealized Estimated Cost Gain Loss Fair Value U.S. government sponsored enterprise securities $ 203 $ — $ — $ 203 $ 203 $ — $ — $ 203 December 31, 2015 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 750 $ — $ — $ 750 U.S. government sponsored enterprise securities 1,750 — — 1,750 $ 2,500 $ — $ — $ 2,500 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30 , 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Within one year $ 203 $ — $ — $ 203 After one year — — — — $ 203 $ — $ — $ 203 December 31, 2015 Amortized Unrealized Estimated Cost Gain Loss Fair Value Within one year $ 2,500 $ — $ — $ 2,500 After one year — — — — $ 2,500 $ — $ — $ 2,500 |
Note 6 - Fair Value Measureme21
Note 6 - Fair Value Measurement and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Warrant Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Nine Months Ended September 30, 2016 Liabilities: Balance at beginning of period $ — Calculated fair value of warrants on May 11, 2016, date of issuance 1,687 Calculated fair value of warrants on August 26, 2016, date of issuance 17,060 Fair value of warrants exercised and recorded as an adjustment to contributed capital (5,681 ) Increase in the fair value of warrant liability 1,969 Balance at end of period $ 15,035 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Initial Fair Value Assessment May 11, 2016 Weighted Average Values Utilized on the Various Exercise Dates September 30, 2016 Stock price $ 1.12 $ 3.50 $ 3.11 Exercise price $ 1.40 $ 1.40 $ 1.40 Risk-free interest rate 1.2 % 1.1 % 1.1 % Volatility 130.64 % 132.05 % 141.72 % Dividend yield 0.00 % 0.00 % 0.00 % Expected life in years 5.00 4.85 4.61 Calculated fair value per warrant $ 0.95 $ 3.20 $ 2.86 Initial Fair Value Assessment August 26, 2016 September 30, 2016 Stock price $ 3.52 $ 3.11 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.2 % 1.0 % Volatility 135.04 % 138.13 % Dividend yield 0.00 % 0.00 % Expected life in years 5.00 4.90 Calculated fair value per warrant $ 3.04 $ 2.68 |
Stock-based Compensation Liability [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | September 30, 2016 December 31, 2015 Stock price at the end of each reporting period $ 3.11 $ 1.78 Weighted average exercise price $ 11.42 $ 13.12 Risk-free interest rate 0.61 % 0.91 % Volatility 167.17 % 182.74 % Dividend yield 0.00 % 0.00 % Expected life in years 1.05 1.53 Calculated fair value per stock option $ 1.07 $ 0.74 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Nine Months Ended September 30, 2016 2015 Liabilities: Balance at beginning of period $ 168 $ 22 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus 27 20 Balance at end of period $ 195 $ 42 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2016 Level 1 Level 2 Level 3 Assets: Money market funds $ 49 $ 49 $ — $ — U.S. government sponsored enterprise securities 3,440 — 3,440 — Total assets $ 3,489 $ 49 $ 3,440 $ — Liabilities: Warrant liability $ 15,035 $ — $ — $ 15,035 Stock-based compensation liability 195 — — 195 Total liabilities $ 15,230 $ — $ — $ 15,230 December 31, 2015 Level 1 Level 2 Level 3 Assets: Money market funds $ 87 $ 87 $ — $ — Commercial paper 1,850 — 1,850 — U.S. government sponsored enterprise securities 5,549 — 5,549 — Total assets $ 7,486 $ 87 $ 7,399 $ — Liabilities: Stock-based compensation liability $ 168 $ — $ — $ 168 Total liabilities $ 168 $ — $ — $ 168 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2016 2015 Expected life of the option term (years) 3.8 3.5 Risk-free interest rate 1.19 % 0.99 % Dividend rate 0 % 0 % Volatility 147.8 % 128.4 % |
Note 7 - Prepaid Expenses (Tabl
Note 7 - Prepaid Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Prepaid Expense and Other Current Assets [Table Text Block] | September 30, 2016 December 31, 2015 Prepaid insurance $ 369 $ 261 Prepaid research and development expenses 54 176 Other prepaid expenses 67 30 $ 490 $ 467 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2016 December 31, 2015 Accrued personnel related costs $ 928 $ 224 Accrued interest — 42 Accrued research and development expenses 98 78 Accrued audit and tax services 258 182 Other accrued expenses 304 40 $ 1,588 $ 566 |
Note 12 - Stock-based Compens24
Note 12 - Stock-based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Research and development $ 25 $ 57 $ 93 $ 211 General and administrative 56 126 173 426 Total $ 81 $ 183 $ 266 $ 637 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted Average Outstanding at January 1, 2016 1,677 $ 5.52 Options granted 390 0.99 Options exercised (41 ) 2.04 Options expired (45 ) 31.63 Options forfeited (3 ) 4.41 Outstanding at September 30, 2016 1,978 $ 4.10 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2016 2015 Expected life of the option term (years) 3.8 3.5 Risk-free interest rate 1.19 % 0.99 % Dividend rate 0 % 0 % Volatility 147.8 % 128.4 % |
Note 2 - Summary of Significa25
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | $ 195,000 | 195,000 | $ 168,000 | ||
Change in Fair Value of Stock-based Compensation Liability | $ 93,000 | $ (12,000) | $ 27,000 | $ 20,000 |
Note 3 - Reduction in Workfor26
Note 3 - Reduction in Workforce (Details Textual) | 1 Months Ended | 9 Months Ended | ||
May 31, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | May 01, 2016 | |
Operating Expense [Member] | ||||
Restructuring Costs | $ 81,000 | |||
Employee Severance [Member] | ||||
Share-based Compensation | $ 76,000 | $ 76,000 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 5 | |||
Entity Number of Employees | 10 | |||
Share-based Compensation | $ 266,000 | $ 637,000 |
Note 4 - Net Loss Per Common 27
Note 4 - Net Loss Per Common Share - Potentially Dilutive Securities Excluded from Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Stock Option [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 1,978 | 1,677 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 6,206 | 878 |
Note 5 - Securities Available28
Note 5 - Securities Available-for-sale - Securities Available-for-sale (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | $ 203 | $ 1,750 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 203 | 1,750 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 750 | |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 750 | |
Amortized Cost | 203 | 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | $ 203 | $ 2,500 |
Note 5 - Securities Available29
Note 5 - Securities Available-for-sale - Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Within One Year [Member] | ||
Amortized Cost | $ 203 | $ 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 203 | 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
After One Year [Member] | ||
Amortized Cost | ||
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | ||
Unrealized Gain | ||
Unrealized Loss | ||
Amortized Cost | 203 | 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 203 | 2,500 |
Unrealized Gain | ||
Unrealized Loss |
Note 6 - Fair Value Measureme30
Note 6 - Fair Value Measurement and Financial Instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 11, 2016 | Dec. 31, 2015 |
Warrants, Issued on May 11, 2016 [Member] | |||||
Class of Warrant or Right, Outstanding | 10,000 | ||||
Warrants, Issued on August 26, 2016 [Member] | |||||
Class of Warrant or Right, Issued | 5,606,250 | ||||
Assets, Fair Value Disclosure, Recurring | $ 3,489 | $ 7,486 | |||
Class of Warrant or Right, Issued | 1,785,714 | ||||
Class of Warrant or Right Exercised | 1,775,714 | 1,175,714 | 600,000 |
Note 6 - Fair Value Measureme31
Note 6 - Fair Value Measurement and Financial Instruments - Assets and Liabilities Measured at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Recurring | $ 49 | $ 87 |
Money Market Funds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 49 | 87 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 3,440 | 5,549 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 3,440 | 5,549 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 1,850 | |
Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 1,850 | |
Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 49 | 87 |
Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 3,440 | 7,399 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | 15,035 | |
Fair Value, Inputs, Level 3 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 195 | 168 |
Fair Value, Inputs, Level 3 [Member] | ||
Liability Fair Value | 15,230 | 168 |
Warrant Liability [Member] | ||
Liability Fair Value | 15,035 | |
Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 195 | 168 |
Assets, Fair Value Disclosure, Recurring | 3,489 | 7,486 |
Liability Fair Value | $ 15,230 | $ 168 |
Note 6 - Fair Value Measureme32
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Stock-based Compensation Liability (Details) - Stock-based Compensation Liability [Member] - Fair Value, Inputs, Level 3 [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Stock price at the end of each reporting period (in dollars per share) | $ 3.11 | $ 1.78 |
Weighted average exercise price (in dollars per share) | $ 11.42 | $ 13.12 |
Risk-free interest rate | 0.61% | 0.91% |
Volatility | 167.17% | 182.74% |
Dividend yield | 0.00% | 0.00% |
Expected life in years | 1 year 18 days | 1 year 193 days |
Calculated fair value per stock option (in dollars per share) | $ 1.07 | $ 0.74 |
Note 6 - Fair Value Measureme33
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Stock-based Compensation Liability (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-based Compensation Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Balance | $ 168,000 | $ 22,000 | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | 27,000 | 20,000 | ||
Balance | $ 195,000 | $ 42,000 | 195,000 | 42,000 |
Fair Value, Inputs, Level 3 [Member] | ||||
Balance | 15,035,000 | 15,035,000 | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | $ 93,000 | $ (12,000) | $ 27,000 | $ 20,000 |
Note 6 - Fair Value Measureme34
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Warrant Liability (Details) - Warrant Liability [Member] - $ / shares | May 11, 2016 | Sep. 29, 2016 | Sep. 30, 2016 |
Warrants, Issued on May 11, 2016 [Member] | |||
Stock price at the end of each reporting period (in dollars per share) | $ 1.12 | $ 3.50 | $ 3.11 |
Weighted average exercise price (in dollars per share) | $ 1.40 | $ 1.40 | $ 1.40 |
Risk-free interest rate | 1.20% | 1.10% | 1.10% |
Volatility | 130.64% | 132.05% | 141.72% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life in years | 5 years | 4 years 310 days | 4 years 222 days |
Calculated fair value per stock option (in dollars per share) | $ 0.95 | $ 3.20 | $ 2.86 |
Warrants, Issued on August 26, 2016 [Member] | |||
Stock price at the end of each reporting period (in dollars per share) | 3.52 | 3.11 | |
Weighted average exercise price (in dollars per share) | $ 4 | $ 4 | |
Risk-free interest rate | 1.20% | 1.00% | |
Volatility | 135.04% | 138.13% | |
Dividend yield | 0.00% | 0.00% | |
Expected life in years | 5 years | 4 years 328 days | |
Calculated fair value per stock option (in dollars per share) | $ 3.04 | $ 2.68 |
Note 6 - Fair Value Measureme35
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Warrant Liability (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants, Issued on May 11, 2016 [Member] | |
Calculated fair value of warrants on date of issuance | $ 1,687 |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants, Issued on August 26, 2016 [Member] | |
Calculated fair value of warrants on date of issuance | 17,060 |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |
Balance | |
Fair value of warrants exercised and recorded as an adjustment to contributed capital | (5,681) |
Increase in the fair value of warrant liability | 1,969 |
Fair Value, Inputs, Level 3 [Member] | |
Balance | 15,035 |
Fair value of warrants exercised and recorded as an adjustment to contributed capital | (5,681) |
Increase in the fair value of warrant liability | $ 1,969 |
Note 7 - Prepaid Expenses - Com
Note 7 - Prepaid Expenses - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Prepaid insurance | $ 369 | $ 261 |
Prepaid research and development expenses | 54 | 176 |
Other prepaid expenses | 67 | 30 |
$ 490 | $ 467 |
Note 8 - Accrued Expenses - Com
Note 8 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accrued Audit and Tax Services [Member] | ||
Accrued audit and tax services | $ 258 | $ 182 |
Accrued personnel related costs | 928 | 224 |
Accrued interest | 42 | |
Accrued research and development expenses | 98 | 78 |
Other accrued expenses | 304 | 40 |
$ 1,588 | $ 566 |
Note 9 - Promissory Notes (Deta
Note 9 - Promissory Notes (Details Textual) - USD ($) | Sep. 02, 2016 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Oxford New Loan [Member] | ||||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ (180,000) | $ (180,000) | ||||
Extinguishment of Debt, Amount | $ 4,200,000 | |||||
Debt Instrument, Final Repayment | 300,000 | |||||
Debt Instrument, Prepayment Fee | 39,000 | |||||
Debt Instrument, Accrued Interest | 2,000 | |||||
Debt Instrument, Legal Fee | 4,000 | |||||
Debt Instrument, Unamortized Premium | $ 159,000 | |||||
Oxford New Loan [Member] | Minimum [Member] | ||||||
Prepayment Fee Rate | 1.00% | |||||
Oxford New Loan [Member] | Maximum [Member] | ||||||
Prepayment Fee Rate | 3.00% | |||||
Oxford New Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 6,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.504% | |||||
Debt Instrument, Final Repayment, Additional Fee | $ 300,000 | |||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ (180,000) | $ (180,000) |
Note 10 - Share Issuance (Detai
Note 10 - Share Issuance (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Common Stock [Member] | Warrants, Issued on August 26, 2016 [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | |||||
Common Stock [Member] | General and Administrative Expense [Member] | ||||||
Stock Issuance Cost | $ 1,100 | $ 300 | ||||
Common Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 7,475,000 | 3,571,428 | ||||
Sale of Stock, Price Per Share | $ 4 | $ 1.40 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||||
Warrant [Member] | General and Administrative Expense [Member] | ||||||
Stock Issuance Cost | $ 1,400 | $ 100 | ||||
Warrants, Issued on August 26, 2016 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.75 | |||||
Class of Warrant or Right, Expiration Period | 5 years | |||||
General and Administrative Expense [Member] | ||||||
Stock Issuance Cost | $ 2,500 | 400 | ||||
Proceeds from Issuance of Common Stock | $ 27,400 | $ 4,600 | $ 33,665 | |||
Class of Warrant or Right Exercised | 1,175,714 | 600,000 | 1,775,714 | |||
Proceeds from Warrant Exercises | $ 1,600 | $ 800 | $ 2,486 |
Note 12 - Stock-based Compens40
Note 12 - Stock-based Compensation Plan (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Severance [Member] | |||
Share-based Compensation | $ 76,000 | $ 76,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 103,225 | ||
Number of Additional Shares Available to be Issued Registered with SEC | 929,149 | ||
Share-based Compensation | $ 266,000 | $ 637,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 200,000 |
Note 12 - Stock-based Compens41
Note 12 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | $ 25 | $ 57 | $ 93 | $ 211 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | 56 | 126 | 173 | 426 |
Stock-based compensation expense | $ 81 | $ 183 | $ 266 | $ 637 |
Note 12 - Stock-based Compens42
Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Options outstanding (in shares) | shares | 1,677 |
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares | $ 5.52 |
Options granted (in shares) | shares | 390 |
Weighted average exercise price -Options granted (in dollars per share) | $ / shares | $ 0.99 |
Options exercised (in shares) | shares | (41) |
Weighted average exercise price -Options exercised (in dollars per share) | $ / shares | $ 2.04 |
Options expired (in shares) | shares | (45) |
Weighted average exercise price -Options expired (in dollars per share) | $ / shares | $ 31.63 |
Options forfeited (in shares) | shares | (3) |
Weighted average exercise price -Options forfeited (in dollars per share) | $ / shares | $ 4.41 |
Options outstanding (in shares) | shares | 1,978 |
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares | $ 4.10 |
Note 12 - Stock-based Compens43
Note 12 - Stock-based Compensation Plan - Fair Value Assumptions of Options Granted (Details) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Expected life of the option term (years) | 3 years 292 days | 3 years 182 days |
Risk-free interest rate | 1.19% | 0.99% |
Dividend rate | 0.00% | 0.00% |
Volatility | 147.80% | 128.40% |