Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 13, 2017 | Jun. 30, 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) | 30,111,153 | ||
Entity Public Float | $ 46 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 12,800,000 | $ 5,881,000 |
Securities available-for-sale | 16,201,000 | 2,500,000 |
Other receivables | 128,000 | 8,000 |
Prepaid expenses | 846,000 | 467,000 |
Total current assets | 29,975,000 | 8,856,000 |
Property and equipment, net | 4,000 | 17,000 |
Other long-term assets | 19,000 | 19,000 |
Total assets | 29,998,000 | 8,892,000 |
Current liabilities: | ||
Accounts payable | 459,000 | 909,000 |
Accrued expenses | 1,762,000 | 566,000 |
Current portion of promissory notes | 1,771,000 | |
Total current liabilities | 2,221,000 | 3,246,000 |
Long-term promissory notes | 3,572,000 | |
Warrant liability | 13,396,000 | |
Stock-based compensation liability | 57,000 | 168,000 |
Total liabilities | 15,674,000 | 6,986,000 |
Commitments and contingencies (Note 16) | ||
Shareholders’ equity: | ||
Common shares, unlimited authorized shares, no par value; 30,107,644 and 17,244,736 shares issued and outstanding at December 31, 2016 and 2015, respectively | 131,245,000 | 113,880,000 |
Contributed surplus | 23,900,000 | 17,683,000 |
Accumulated other comprehensive gain | 99,000 | 99,000 |
Accumulated deficit | (140,920,000) | (129,756,000) |
Total shareholders’ equity | 14,324,000 | 1,906,000 |
Total liabilities and shareholders’ equity | $ 29,998,000 | $ 8,892,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating expenses: | |||
Research and development | $ 3,538 | $ 9,862 | $ 24,708 |
General and administrative | 6,768 | 3,626 | 5,332 |
Total operating expenses | 10,306 | 13,488 | 30,040 |
Other income (expense): | |||
Interest expense | (373) | (690) | (726) |
Interest income | 37 | 22 | 51 |
Gain (loss) on revaluation of warrant liability | (330) | 49 | |
Loss on extinguishment of debt | (180) | ||
Other expense, net | (12) | (41) | (46) |
Total other expense | (858) | (709) | (672) |
Net loss | $ (11,164) | $ (14,197) | $ (30,712) |
Basic and diluted loss per share (in dollars per share) | $ (0.49) | $ (0.84) | $ (1.85) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 23,002 | 16,881 | 16,586 |
Other comprehensive income (loss): | |||
Unrealized gain on securities available-for-sale | $ 1 | ||
Total other comprehensive loss | $ (11,164) | $ (14,197) | $ (30,711) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 16,149,871 | ||||
Balance at Dec. 31, 2013 | $ 111,204 | $ 13,824 | $ (84,847) | $ 98 | $ 40,279 |
Issuance of common shares (in shares) | 694,865 | ||||
Issuance of common shares | $ 1,891 | 1,891 | |||
Reclassification of historic fair value of warrants | 834 | 834 | |||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | 180 | 180 | |||
Issuance of warrants with secured promissory note | 124 | 124 | |||
Stock-based compensation expense | 2,091 | 2,091 | |||
Net loss | (30,712) | (30,712) | |||
Other comprehensive income | 1 | 1 | |||
Balance (in shares) at Dec. 31, 2014 | 16,844,736 | ||||
Balance at Dec. 31, 2014 | $ 113,095 | 17,053 | (115,559) | 99 | 14,688 |
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | |||||
Issuance of common shares (in shares) | 400,000 | ||||
Issuance of common shares | $ 785 | 785 | |||
Reclassification of historic fair value of warrants | |||||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | (146) | (146) | |||
Stock-based compensation expense | 776 | 776 | |||
Net loss | (14,197) | (14,197) | |||
Balance (in shares) at Dec. 31, 2015 | 17,244,736 | ||||
Balance at Dec. 31, 2015 | $ 113,880 | 17,683 | (129,756) | 99 | 1,906 |
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | |||||
Issuance of common shares (in shares) | 11,046,428 | ||||
Issuance of common shares | $ 33,534 | 33,534 | |||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | 111 | 111 | |||
Stock-based compensation expense | 425 | 425 | |||
Net loss | (11,164) | (11,164) | |||
Balance (in shares) at Dec. 31, 2016 | 30,107,644 | ||||
Balance at Dec. 31, 2016 | $ 131,245 | 23,900 | (140,920) | 99 | 14,324 |
Exercise of warrants (in shares) | 1,775,714 | ||||
Exercise of warrants | $ 2,486 | $ 2,486 | |||
Exercise of stock options (in shares) | 40,766 | 41,000 | |||
Exercise of stock options | $ 92 | $ 92 | |||
Initial valuation of warrant liability upon issuance of warrants | $ (18,747) | (18,747) | |||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | $ 5,681 | $ 5,681 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Common Stock [Member] | ||
Issuance of common shares, issuance costs | $ 1,366 | $ 109 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows used in operating activities | |||
Net loss for the period | $ (11,164,000) | $ (14,197,000) | $ (30,712,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation | 425,000 | 776,000 | 2,091,000 |
Amortization of debt discount | 81,000 | 137,000 | 188,000 |
Depreciation of property and equipment | 12,000 | 20,000 | 47,000 |
Amortization of promissory note issuance costs | 38,000 | ||
Amortization of discount on available-for-sale securities | 20,000 | 5,000 | 39,000 |
Change in fair value warrant liability | 330,000 | (49,000) | |
Noncash portion of loss on early extinguishment of debt | (159,000) | ||
Payment of original issue discount | (124,000) | ||
Foreign exchange transaction loss | 6,000 | 1,000 | |
Other | 3,000 | ||
Changes in operating assets and liabilities: | |||
Other receivables | (120,000) | 8,000 | 33,000 |
Prepaid expenses | (379,000) | 2,358,000 | 734,000 |
Accounts payable | (446,000) | (1,728,000) | 1,171,000 |
Accrued expenses | 1,195,000 | (1,742,000) | 186,000 |
Net cash used in operating activities | (10,329,000) | (14,357,000) | (26,230,000) |
Cash flows (used in) provided by investing activities | |||
Purchases of property and equipment | (9,000) | ||
Maturity of securities available-for-sale | 2,750,000 | 26,169,000 | 43,201,000 |
Purchases of securities available-for-sale | (16,471,000) | (10,103,000) | (28,501,000) |
Net cash (used in) provided by investing activities | (13,721,000) | 16,066,000 | 14,691,000 |
Cash flows provided by financing activities | |||
Proceeds from the issuance of common shares and warrants, net of paid issuance costs | 33,534,000 | 785,000 | 1,891,000 |
Proceeds from the exercise of warrants | 2,486,000 | ||
Proceeds from exercise of stock options | 92,000 | ||
Payment of issuance costs in connection with public offering | (53,000) | ||
Cash received from the issuance of promissory notes | 2,362,000 | ||
Principal payments on notes payable | (5,141,000) | (735,000) | (3,361,000) |
Net cash provided by financing activities | 30,971,000 | 50,000 | 839,000 |
Effect of exchange rate changes on cash and cash equivalents | (2,000) | (1,000) | (16,000) |
Net increase (decrease) in cash and cash equivalents | 6,919,000 | 1,758,000 | (10,716,000) |
Cash and cash equivalents at beginning of period | 5,881,000 | 4,123,000 | 14,839,000 |
Cash and cash equivalents at end of period | 12,800,000 | 5,881,000 | 4,123,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 334,000 | 559,000 | 495,000 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Valuation of warrant liability upon issuance of warrants | 18,747,000 | ||
Reclassification of fair value of warrant liability to equity as a result of the amendment of the underlying common share purchase warrants | 834,000 | ||
Value of warrants issued in connection with promissory notes | 124,000 | ||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | 5,681,000 | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | (111,000) | 146,000 | (180,000) |
Unrealized gain on securities available-for sale | $ (1,000) |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of the business Company 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 clinically significant localized 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, The 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 | 12 Months Ended |
Dec. 31, 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 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 consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States or GAAP. GAAP requires the Company’s management to make estimates and judgments that may may 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 Securities Available-for-Sale Investments with an original maturity of more than three No December 31, 2016 2015. one Concentration of credit risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and investment securities classified as available-for-sale. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method, based on their estimated useful lives as follows: Asset classification Estimated useful life (in years) Equipment 3 - 5 Computer hardware 3 Software 3 - 5 Leasehold improvements Lesser of useful life or lease term Furniture and fixtures 5 Repairs and maintenance costs are expensed as incurred. The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not December 31, 2016. Promissory notes Promissory notes are recognized initially at fair value. Promissory notes are subsequently carried at amortized cost; any difference between the initial fair market value and the redemption value is recognized in the statement of operations and comprehensive loss over the period of the notes payable using the effective interest method. The fair value of the promissory notes when issued with equity is recognized initially at the fair value of similar promissory notes issued on a standalone basis. The equity that is issued with borrowings is valued at fair value using the Black-Scholes valuation model. Revenue recognition The Company may may 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 third 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 may 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. Dividend Policy The Company has never declared or paid any cash dividends on its capital shares. The Company intends to retain all available funds and any future earnings to support its operations and finance the growth and development of its business. The Company does not intend to pay cash dividends on its common shares for the foreseeable future. Any future determination related to the Company’s dividend policy will be made at the discretion of its board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors of the Company’s board of directors may 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, 718, Compensation, Stock Compensation” $57,000 December 31, 2016. December 31, 2016 ($111,000) $146,000 December 31, 2016 2015, Warrant Liability In connection with the offerings we completed in the year ended December 31, 2016, may 480 “Distinguishing Liabilities from Equity” Certain inputs utilized in our Black-Scholes fair value calculation may one may 10% December 31, 2016 $1.4 December 31, 2016. 10% December 31, 2016 $0.8 December 31, 2016. 10% December 31, 2016 December 31, 2016. Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to be recovered or settled. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions are recorded as components of income tax expense. Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM. The Company’s Chief Executive Officer serves as its CODM. The Company views its operations and manages its business as one December 31, 2016, $36,000 December 31, 2016. 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 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 three Level 1 Level 2 1) Level 3 Recent accounting pronouncements In May 2014, 2014 09 606)). 2015 14; 2016 08; 2016 10; 2016 12; 2016 20 606)). December 15, 2017, December 15, 2016, December 31, 2016, 2015 2014. In February 2016, 2016 02, Lease (Topic 842) December 15, 2018 In March 2016, 2016 09, “Compensation – Stock Compensation (Topic 718): December 15, 2016, This guidance may 2016 09 2017, In August 2016, 2016 15, Statement of Cash Flows (Topic 230): eight December 31, 2017, |
Note 3 - Reduction in Workforce
Note 3 - Reduction in Workforce | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 3. Reduction in workforce The Company completed a reduction in workforce in May 2016 five ten $81,000 May 2016, $76,000 May 2016 13. |
Note 4 - Net Loss Per Common Sh
Note 4 - Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 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 potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of potentially dilutive securities outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options and warrants are considered to be potentially dilutive securities and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following table presents the computation of basic and diluted net loss per share (in thousands, except per share amounts): For the Years Ended December 31, 201 6 201 5 201 4 Net loss per share: Net loss $ (11,164 ) $ (14,197 ) $ (30,712 ) Weighted-average common shares – basic and diluted 23,002 16,881 16,586 Net loss per share – basic and diluted per share $ (0.49 ) $ (0.84 ) $ (1.85 ) The following dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as of the year ended December 31, 2016, 2015 2014 For the Years Ended December 31, 201 6 201 5 201 4 Options to purchase common shares 2,868 1,677 1,378 Common share purchase warrants 5,965 589 1,001 |
Note 5 - Securities Available-f
Note 5 - Securities Available-for-sale | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5 . Securities Available-for-Sale Securities available-for-sale consisted of the following as of December 31, 2016 December 31, 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,890 $ — $ — $ 3,890 U.S. government sponsored enterprise securities 12,311 — — 12,311 $ 16,201 $ — $ — $ 16,201 The amortized cost and estimated fair value of the Company securities available-for-sale by contractual maturity as of December 31, 2016 December 31, 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Within one year $ 16,201 $ — $ — $ 16,201 After one year — — — — $ 16,201 $ — $ — $ 16,201 Securities available-for-sale consisted of the following as of December 31, 2015 December 31, 201 5 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 December 31, 2015 December 31, 201 5 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 | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 . Fair value measurement and financial instruments As of December 31, 2016 $28.5 three eleven five 1 2 2 third 3 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): December 31, 201 6 Level 1 Level 2 Level 3 Assets: Money market funds $ 57 $ 57 $ — $ — Commercial paper 16,085 — 16,085 — U.S. government sponsored enterprise securities 12,311 — 12,311 — Total assets $ 28,453 $ 57 $ 28,396 $ — Liabilities: Warrant liability $ 13,396 $ — $ — $ 13,396 Stock-based compensation liability 57 — — 57 Total liabilities $ 13,453 $ — $ — $ 13,453 December 31, 201 5 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 Warrant liability In connection with the offering completed on May 11, 2016, 1,785,714 may May 11, 2016, May 11, 2016 December 31, 2016, 1,775,714 December 31, 2016, 10,000 May 11, 2016 December 31, 2016. December 31, 2016: Initial Fair Value Assessment May 11, 2016 Weighted Average Values Utilized on the Various Exercise Dates December 31 , 2016 Stock price $ 1.12 $ 3.50 $ 2.80 Exercise price $ 1.40 $ 1.40 $ 1.40 Risk-free interest rate 1.20 % 1.05 % 1.78 % Volatility 130.64 % 132.05 % 144.25 % Dividend yield 0.00 % 0.00 % 0.00 % Expected life in years 5.00 4.85 4.36 Calculated fair value per warrant $ 0.95 $ 3.20 $ 2.55 In connection with the offering completed on August 26, 2016, 5,606,250 may August 26, 2016, December 31, 2016, December 31, 2016: Initial Fair Value Assessment August 26, 2016 December 31 , 2016 Stock price $ 3.52 $ 2.80 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.23 % 1.85 % Volatility 135.04 % 140.47 % Dividend yield 0.00 % 0.00 % Expected life in years 5.00 4.65 Calculated fair value per warrant $ 3.04 $ 2.38 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3) Year Ended December 31, 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 330 Balance at end of period $ 13,396 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) December 31, 201 6 2015 Stock price at the end of each reporting period $ 2.80 $ 1.78 Weighted average exercise price $ 11.06 $ 13.12 Risk-free interest rate 0.85 % 0.91 % Volatility 120.81 % 182.74 % Dividend yield 0.00 % 0.00 % Expected life in years 0.85 1.53 Calculated fair value per stock option $ 0.33 $ 0.74 The following table presents a reconciliation of the stock-based compensation liability measured at fair value using unobservable inputs (Level 3) For the Years Ended December 31, 201 6 201 5 Liabilities: Balance at beginning of period $ 168 $ 22 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus (111 ) 146 Balance at end of period $ 57 $ 168 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 | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 7 . Prepaid expenses Prepaid expenses as of December 31, 2016 2015 December 31, 201 6 201 5 Prepaid insurance $ 273 $ 261 Prepaid research and development expenses 546 176 Other prepaid expenses 27 30 Prepaid Expenses $ 846 $ 467 As of December 31, 2016 2015, $0.5 $0.2 |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8 . Property and equipment Property and equipment consisted of the following (in thousands): December 31, 201 6 201 5 Equipment $ 5 $ 5 Computer hardware and software 23 43 Leasehold improvements 155 155 Furniture and fixtures 72 72 255 275 Less: accumulated depreciation (251 ) (258 ) Property and equipment, net $ 4 $ 17 Depreciation expense was $12,000, $20,000 $47,000 December 31, 2016, 2015 2014, |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9 . Accrued expenses Accrued expenses as of December 31, 2016 2015 December 31, 201 6 201 5 Accrued personnel related costs $ 1,491 $ 224 Accrued interest — 42 Accrued research and development expenses 87 78 Accrued audit and tax services 129 182 Other accrued expenses 55 40 Accrued expenses $ 1,762 $ 566 |
Note 10 - Promissory Notes
Note 10 - Promissory Notes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 . Promissory notes On June 30, 2014, $6.0 9.504% 1% 3% $300,000. On September 2, 2016, $4.2 $300,000, $39,000, $2,000 $4,000. $159,000 470 50, Debt: Modification and Extinguishments” $180,000 December 31, 2016, The following table summarizes interest expense (in thousands) for the periods presented: For the Years Ended December 31, 201 6 201 5 201 4 Stated interest $ 292 $ 553 $ 500 Amortization of debt discount 81 137 188 Amortization of promissory notes issuance costs — — 38 Interest expense $ 373 $ 690 $ 726 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 . Shareholders’ equity Shares issued in p ublic offering On August 26, 2016, 7,475,000 $4.00 $27.4 0.75 $4.00 five 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 For a period of two August 26, 2016, August 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 may 6. In connection with this offering the Company incurred offering costs of approximately $2.5 $1.1 $1.4 December 31, 2016 Shares issued in registered direct transaction On May 11, 2016, $4.6 3,571,428 $1.40 one $1.40 five May 11, 2016. December 31, 2016, 1,775,714 $2.5 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 may 6. In connection with this offering the Company incurred offering costs of approximately $0.4 $0.3 $0.1 December 31, 2016 Common stock purchase agreement with Aspire Capital On May 16, 2014, $15.0 30 In consideration for entering into the Purchase Agreement, concurrently with the execution of the Purchase Agreement, the Company issued to Aspire Capital 90,635 604,230 $3.31 $1.9 $0.1 During the fourth 2015, 400,000 $0.8 The Company did not issue any securities under the Aspire Purchase Agreement during the year ended December 31, 2016. December 23, 2016. Authorized As of December 31, 2016 2015, no 30.1 17.2 December 31, 2016 2015, Shares reserved for future issuance The shares reserved for future issuance as of December 31, 2016, 2015 2014 December 31, 201 6 201 5 201 4 Common share purchase warrants 5,965 589 1,001 Stock options Granted and outstanding 2,868 1,677 1,378 Reserved for future grants 143 8 306 8,976 2,274 2,685 |
Note 12 - Common Share Purchase
Note 12 - Common Share Purchase Warrants | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Common Stock Warrants Disclosure [Text Block] | 1 2 . Common share purchase warrants At December 31, 2016 2015 5,965,000 589,000 $4.97 $22.56, December 31, 2016, 7,392,000 1,775,714 240,000 The following table summarizes the expiration dates for the Company’s outstanding common share purchase warrants as of December 31, 2016 Number of warrants outstanding Exercise Price Expiration date 240 $ 26.06 March 28, 2017 27 $ 28.17 July 15, 2018 10 $ 1.40 May 11, 2021 82 $ 2.19 June 30, 2021 5,606 $ 4.00 August 26, 2021 5,965 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 3 . Stock-based compensation plan The Company’s Amended and Restated 2011 The Plan is based on a cumulative percentage of options issuable up to 10% December 31, 2016, 2015 2014, 142,566, 7,639 306,137 During the year ended December 31, 2016, 1,289,801 three one five ten The Company received $92,000 December 31, 2016, December 31, 2016 $0.1 The Company recognized stock-based compensation expense as follows (in thousands): For the Years Ended December 31, 201 6 201 5 201 4 Research and development $ 143 $ 257 $ 650 General and administrative 282 519 1,441 Total $ 425 $ 776 $ 2,091 In connection with the Company’s May 2016 $76,000 December 31, 2016. one As of December 31, 2016 $2.1 December 31, 2016 1.6 The fair values of options granted during the year ended December 31, 2016, 2015 2014 For the Years Ended December 31, 201 6 201 5 201 4 Expected life of the option term (years) 3.9 3.5 3.7 Risk-free interest rate 1.5 % 1.0 % 1.2 % Dividend rate 0.0 % 0.0 % 0.0 % Volatility 144.0 % 128.4 % 76.2 % Expected Life of the Option Term five ten Risk-Free Interest Rate Dividend Rate – Volatility The following table summarizes stock option activity, including options issued to employees, directors and non-employees (in thousands, except per share and contractual term data): Options O utstanding Weighted A verage E xercise P rice Weighted A verage R emaining C ontractual T erm Aggregate I ntrinsic V alue Outstanding at January 1, 2014 1,362 $ 7.10 4.5 $ — Options granted 87 2.57 Options expired (5 ) 24.91 Options forfeited (66 ) 8.77 Outstanding at December 31, 2014 1,378 $ 6.65 3.6 $ — Options granted 302 0.54 Options expired (3 ) 29.16 Outstanding at December 31, 2015 1,677 $ 5.52 2.9 $ 374 Options granted 1,290 2.21 Options exercised (41 ) 2.26 Options expired (56 ) 28.94 Options forfeited (2 ) 4.41 Outstanding at December 31, 2016 2,868 $ 3.63 4.8 $ 1,431 Vested or expected to vest at December 31, 2016 2,799 $ 3.42 4.7 $ 1,390 Exercisable at December 31, 2016 1,454 $ 4.62 1.9 $ 442 The total amounts for options outstanding, vested or expected to vest, and exercisable at December 31, 2016 The weighted average fair value of options granted during the years ended December 31, 2016, 2015 2014 $1.88, $0.42, $1.41, The aggregate intrinsic value was calculated as the difference between the exercise price of the stock options converted to U.S. dollars and the fair value of the Company’s common stock as of the respective balance sheet date. The Company settles employee stock option exercises with newly issued common shares. |
Note 14 - License Agreements
Note 14 - License Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 1 4 . License agreements Kissei Agreement In April 2010, 2010, $3.0 The agreement also notes that the Company shall supply Kissei with bulk material under a separate supply agreement for use in future clinical studies and, if approved, for commercial sales. The license agreement also notes that if the Company is unwilling or unable to supply Kissei with the necessary bulk material that Kissei will have the option to manufacture the bulk material themselves or they can outsource the manufacturing to a third The agreement also provides that the Company shall have full responsibility, including financial responsibility, for filing, prosecuting and maintaining all of the patents in Japan during the term of the agreement. The filing of patents is an administrative and perfunctory deliverable. The associated costs are immaterial. The prosecution and maintenance of patents is not considered an undelivered performance obligation. During the year ended December 31, 2013, $5.0 December 31, 2013, April 2013. In addition to the upfront license payment and the $5.0 December 31, 2013, $67.0 $12.0 $7.0 $5.0 $21.0 $7.0 $7.0 $7.0 $21.0 $7.0 $7.0 $7.0 $13.0 $5.0 $8.0 Management evaluated the nature of the events triggering these additional milestone payments, and concluded that these events fall into two Milestone payments which involve the performance of the Company’s obligations include activities related to the completion of development activities and regulatory approvals in the United States. Management concluded that each of these payments constitutes a substantive milestone. This conclusion was based primarily on the facts that (i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one Milestone payments which do not involve the performance of the Company’s obligations include the completion of development activities, regulatory approvals and certain product sale goals in Japan, all of which are areas in which the Company has no pertinent contractual responsibilities under the agreement. Management concluded that these milestones are not substantive and will be recognized in accordance with the Company’s accounting policy for revenue recognition. The following table breaks down the remaining unpaid milestone payments by indication or, in the case of milestones not associated with a specific indication, by triggering events and by involvement of the Company: Milestone Payments Performance (in millions) Milestone Payments Not Performance (in millions) Milestones by Indication BPH — $ 12 Prostate cancer — $ 21 Prostatitis and other diseases of the prostate — $ 21 Milestones Not Associated with an Indication Gross sale targets — $ 8 Regulatory approvals $ 5 — The Company may 20 29% Kissei is not currently studying topsalysin for the treatment of prostate cancer, prostatitis or other diseases of the prostate. In addition, Kissei has the option to sublicense the development and commercialization for topsalysin in their territory. Topsalysin license agreement for Benign Prostate Hyperplasia In 2009, CND$1.3 10 19% 2003 one 25% From the inception of the agreement, the Company has incurred sub-license fees of $0.6 $0.1 Topsalysin License Agreement for Prostate Cancer In 2004, CND$3.6 CND$0.1 December 31, 2016, CND$0.1 three |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 5 . Income taxes The component of the loss before provision for income taxes were as follows (in thousands): For the Years Ended December 31, 201 6 201 5 201 4 United States $ (521 ) $ (1,389 ) $ (2,147 ) Canada (10,643 ) (12,808 ) (28,565 ) Loss before provision for income taxes $ (11,164 ) $ (14,197 ) $ (30,712 ) The components of the provision for income taxes from continuing operations is as follows (in thousands): For the Years Ended December 31, 201 6 201 5 2014 Current Tax: Canada $ — $ — $ — US — — — State — — — $ — $ — $ — Deferred Tax: Canada $ — $ — $ — US — — — State — — — — — — $ — $ — $ — A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is as follows (in thousands, except income tax rates): For the Years Ended December 31, 201 6 201 5 201 4 Combined federal and provincial income tax rates 26.00 % 26.00 % 26.00 % Income tax benefit at statutory rates $ (2,902 ) $ (3,691 ) $ (7,982 ) State income tax, net of federal benefit 1 (63 ) (88 ) Permanent items (17 ) 36 34 Tax credits — (105 ) (1,007 ) Non-deductible stock-based compensation 81 155 253 Foreign accrual property income 69 48 67 Expired NOLs 79 887 299 Return to provision true up 60 (320 ) 83 Uncertain tax positions 68 296 — Rate differential 60 (175 ) (229 ) Rate change 183 — — Other (112 ) (57 ) 152 Revaluation of warrant liability 86 — (13 ) CTA (312 ) (1,702 ) 2,028 Change in valuation allowance 2,656 4,691 6,403 Income tax expense $ — $ — $ — Significant components of the Company’s deferred tax assets as of December 31, 2016 2015 December 31, 201 6 201 5 Deferred tax assets: Net operating loss carryforwards (non-capital losses) $ 32,140 $ 29,730 Scientific research and development 2,509 2,509 Tax credits 4,066 4,145 Stock based compensation 1,116 1,287 Other, net 529 91 Share issue costs 1,042 668 Total deferred tax assets, net, before valuation allowance 41,402 38,430 Valuation allowance (41,402 ) (38,430 ) Net deferred tax assets $ — $ — Under current GAAP, in a classified statement of financial position, deferred tax assets and liabilities are separated into a current amount and a non-current amount on the basis of the classification of the related asset or liability for financial reporting. Deferred tax assets and liabilities that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference. On November 20, 2015 2015 17, 740) December 15, 2016. 2015 17 December 31, 2016 2015. Due to the operating losses since inception, a valuation allowance has been recognized to offset net deferred assets as realization of such deferred tax assets is not more likely than not. During the years ended December 31, 2016 2015, $3.0 $4.7 At December 31, 2016, may Expiration date Canada U.S. Federal Total 2026 $ 3,389 $ — $ 3,389 2027 5,006 — 5,006 2028 5,696 — 5,696 2029 4,539 — 4,539 2030 4,176 — 4,176 2031 12,230 — 12,230 2032 18,380 — 18,380 2033 13,699 — 13,699 2034 29,608 208 29,816 2035 14,288 1,148 15,436 2036 10,792 — 10,792 $ 121,803 $ 1,356 $ 123,159 In addition, the Company has $1.3 2034. At December 31, 2016, Expiration date Canada U.S. Federal Total 2017 $ 140 — $ 140 2018 200 — 200 2019 194 — 194 2020 41 — 41 2021 9 — 9 2023 33 — 33 2024 112 — 112 2025 236 — 236 2026 229 — 229 2027 356 — 356 2028 447 — 447 2029 565 — 565 2030 176 — 176 2031 26 56 82 2032 — 335 335 2033 — 249 249 2034 — 908 908 2035 — 42 42 $ 2,764 $ 1,590 $ 4,354 In addition, the Company has $0.6 $0.2 2023. The Company’s Canadian tax years are subject to inspection from 2011 2011 The future utilization of the Company’s research and development credit carry forwards and net operating loss carry forwards to offset future taxable income may may may 1986, 50% In 2011, ASC740, Income Taxes (ASC740) ASC740, The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands): For the Years Ended December 31, 201 6 201 5 201 4 Beginning balance $ 325 $ — $ — Increase related to prior year tax positions 103 304 — Increase related to current year tax positions — 21 — Ending balance $ 428 $ 325 $ — The amount of unrecognized tax benefit that, if recognized and realized, would affect the effective tax rate is zero December 31, 2016. $0.4 12 December 31, 2016 2015, not On December 18, 2015, 2015. 2015 fourth 2015. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 6 . Commitments and contingencies Operating leases The Company leases a facility, comprising the Company’s headquarters, located in San Diego, California under a non-cancelable lease. During September 2016, one May 2017 May 2018. $8,946 Total rent expense under operating leases was $0.1 December 31, 2016, 2015 2014, Future minimum lease payments under non-cancelable operating leases at December 31, 2016 Future rent payments 2017 $ 122 2018 51 Total $ 173 License agreements The Company has license agreements with third five |
Note 17 - 401(k) Plan
Note 17 - 401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 7 . 401(k) Effective July 2012, 401(k) 401(k) 1986 401(k) 4% 401(k) $0.1 December 31, 2016, 2015 2014. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States or GAAP. GAAP requires the Company’s management to make estimates and judgments that may may |
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 |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Securities Available-for-Sale Investments with an original maturity of more than three No December 31, 2016 2015. one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and investment securities classified as available-for-sale. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method, based on their estimated useful lives as follows: Asset classification Estimated useful life (in years) Equipment 3 - 5 Computer hardware 3 Software 3 - 5 Leasehold improvements Lesser of useful life or lease term Furniture and fixtures 5 Repairs and maintenance costs are expensed as incurred. The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not December 31, 2016. |
Debt, Policy [Policy Text Block] | Promissory notes Promissory notes are recognized initially at fair value. Promissory notes are subsequently carried at amortized cost; any difference between the initial fair market value and the redemption value is recognized in the statement of operations and comprehensive loss over the period of the notes payable using the effective interest method. The fair value of the promissory notes when issued with equity is recognized initially at the fair value of similar promissory notes issued on a standalone basis. The equity that is issued with borrowings is valued at fair value using the Black-Scholes valuation model. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company may may 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 third 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 may 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. |
Stockholders' Equity, Policy [Policy Text Block] | Dividend Policy The Company has never declared or paid any cash dividends on its capital shares. The Company intends to retain all available funds and any future earnings to support its operations and finance the growth and development of its business. The Company does not intend to pay cash dividends on its common shares for the foreseeable future. Any future determination related to the Company’s dividend policy will be made at the discretion of its board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors of the Company’s board of directors may |
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, 718, Compensation, Stock Compensation” $57,000 December 31, 2016. December 31, 2016 ($111,000) $146,000 December 31, 2016 2015, |
Warrant Liability Policy [Policy Text Block] | Warrant Liability In connection with the offerings we completed in the year ended December 31, 2016, may 480 “Distinguishing Liabilities from Equity” Certain inputs utilized in our Black-Scholes fair value calculation may one may 10% December 31, 2016 $1.4 December 31, 2016. 10% December 31, 2016 $0.8 December 31, 2016. 10% December 31, 2016 December 31, 2016. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to be recovered or settled. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions are recorded as components of income tax expense. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM. The Company’s Chief Executive Officer serves as its CODM. The Company views its operations and manages its business as one December 31, 2016, $36,000 December 31, 2016. |
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 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 three Level 1 Level 2 1) Level 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, 2014 09 606)). 2015 14; 2016 08; 2016 10; 2016 12; 2016 20 606)). December 15, 2017, December 15, 2016, December 31, 2016, 2015 2014. . In February 2016, 2016 02, Lease (Topic 842) December 15, 2018 In March 2016, 2016 09, “Compensation – Stock Compensation (Topic 718): December 15, 2016, This guidance may 2016 09 2017, In August 2016, 2016 15, Statement of Cash Flows (Topic 230): eight December 31, 2017, |
Note 2 - Summary of Significa26
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Estimated Useful Life [Table Text Block] | Asset classification Estimated useful life (in years) Equipment 3 - 5 Computer hardware 3 Software 3 - 5 Leasehold improvements Lesser of useful life or lease term Furniture and fixtures 5 |
Note 4 - Net Loss Per Common 27
Note 4 - Net Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Net loss per share: Net loss $ (11,164 ) $ (14,197 ) $ (30,712 ) Weighted-average common shares – basic and diluted 23,002 16,881 16,586 Net loss per share – basic and diluted per share $ (0.49 ) $ (0.84 ) $ (1.85 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Options to purchase common shares 2,868 1,677 1,378 Common share purchase warrants 5,965 589 1,001 |
Note 5 - Securities Available28
Note 5 - Securities Available-for-sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | December 31, 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,890 $ — $ — $ 3,890 U.S. government sponsored enterprise securities 12,311 — — 12,311 $ 16,201 $ — $ — $ 16,201 December 31, 201 5 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] | December 31, 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Within one year $ 16,201 $ — $ — $ 16,201 After one year — — — — $ 16,201 $ — $ — $ 16,201 December 31, 201 5 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 Measureme29
Note 6 - Fair Value Measurement and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 201 6 Level 1 Level 2 Level 3 Assets: Money market funds $ 57 $ 57 $ — $ — Commercial paper 16,085 — 16,085 — U.S. government sponsored enterprise securities 12,311 — 12,311 — Total assets $ 28,453 $ 57 $ 28,396 $ — Liabilities: Warrant liability $ 13,396 $ — $ — $ 13,396 Stock-based compensation liability 57 — — 57 Total liabilities $ 13,453 $ — $ — $ 13,453 December 31, 201 5 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] | For the Years Ended December 31, 201 6 201 5 201 4 Expected life of the option term (years) 3.9 3.5 3.7 Risk-free interest rate 1.5 % 1.0 % 1.2 % Dividend rate 0.0 % 0.0 % 0.0 % Volatility 144.0 % 128.4 % 76.2 % |
Stock-based Compensation Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the Years Ended December 31, 201 6 201 5 Liabilities: Balance at beginning of period $ 168 $ 22 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus (111 ) 146 Balance at end of period $ 57 $ 168 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | December 31, 201 6 2015 Stock price at the end of each reporting period $ 2.80 $ 1.78 Weighted average exercise price $ 11.06 $ 13.12 Risk-free interest rate 0.85 % 0.91 % Volatility 120.81 % 182.74 % Dividend yield 0.00 % 0.00 % Expected life in years 0.85 1.53 Calculated fair value per stock option $ 0.33 $ 0.74 |
Warrant Liability [Member] | |
Notes Tables | |
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 December 31 , 2016 Stock price $ 1.12 $ 3.50 $ 2.80 Exercise price $ 1.40 $ 1.40 $ 1.40 Risk-free interest rate 1.20 % 1.05 % 1.78 % Volatility 130.64 % 132.05 % 144.25 % Dividend yield 0.00 % 0.00 % 0.00 % Expected life in years 5.00 4.85 4.36 Calculated fair value per warrant $ 0.95 $ 3.20 $ 2.55 Initial Fair Value Assessment August 26, 2016 December 31 , 2016 Stock price $ 3.52 $ 2.80 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.23 % 1.85 % Volatility 135.04 % 140.47 % Dividend yield 0.00 % 0.00 % Expected life in years 5.00 4.65 Calculated fair value per warrant $ 3.04 $ 2.38 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 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 330 Balance at end of period $ 13,396 |
Note 7 - Prepaid Expenses (Tabl
Note 7 - Prepaid Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Prepaid Expense and Other Current Assets [Table Text Block] | December 31, 201 6 201 5 Prepaid insurance $ 273 $ 261 Prepaid research and development expenses 546 176 Other prepaid expenses 27 30 Prepaid Expenses $ 846 $ 467 |
Note 8 - Property and Equipme31
Note 8 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 201 6 201 5 Equipment $ 5 $ 5 Computer hardware and software 23 43 Leasehold improvements 155 155 Furniture and fixtures 72 72 255 275 Less: accumulated depreciation (251 ) (258 ) Property and equipment, net $ 4 $ 17 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 201 6 201 5 Accrued personnel related costs $ 1,491 $ 224 Accrued interest — 42 Accrued research and development expenses 87 78 Accrued audit and tax services 129 182 Other accrued expenses 55 40 Accrued expenses $ 1,762 $ 566 |
Note 10 - Promissory Notes (Tab
Note 10 - Promissory Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Contractual Interest Expense and Amortization of Debt Issuance Costs and Debt Discount [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Stated interest $ 292 $ 553 $ 500 Amortization of debt discount 81 137 188 Amortization of promissory notes issuance costs — — 38 Interest expense $ 373 $ 690 $ 726 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Common Shares Reserved for Future Issuance [Table Text Block] | December 31, 201 6 201 5 201 4 Common share purchase warrants 5,965 589 1,001 Stock options Granted and outstanding 2,868 1,677 1,378 Reserved for future grants 143 8 306 8,976 2,274 2,685 |
Note 12 - Common Share Purcha35
Note 12 - Common Share Purchase Warrants (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of warrants outstanding Exercise Price Expiration date 240 $ 26.06 March 28, 2017 27 $ 28.17 July 15, 2018 10 $ 1.40 May 11, 2021 82 $ 2.19 June 30, 2021 5,606 $ 4.00 August 26, 2021 5,965 |
Note 13 - Stock-based Compens36
Note 13 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Research and development $ 143 $ 257 $ 650 General and administrative 282 519 1,441 Total $ 425 $ 776 $ 2,091 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Expected life of the option term (years) 3.9 3.5 3.7 Risk-free interest rate 1.5 % 1.0 % 1.2 % Dividend rate 0.0 % 0.0 % 0.0 % Volatility 144.0 % 128.4 % 76.2 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options O utstanding Weighted A verage E xercise P rice Weighted A verage R emaining C ontractual T erm Aggregate I ntrinsic V alue Outstanding at January 1, 2014 1,362 $ 7.10 4.5 $ — Options granted 87 2.57 Options expired (5 ) 24.91 Options forfeited (66 ) 8.77 Outstanding at December 31, 2014 1,378 $ 6.65 3.6 $ — Options granted 302 0.54 Options expired (3 ) 29.16 Outstanding at December 31, 2015 1,677 $ 5.52 2.9 $ 374 Options granted 1,290 2.21 Options exercised (41 ) 2.26 Options expired (56 ) 28.94 Options forfeited (2 ) 4.41 Outstanding at December 31, 2016 2,868 $ 3.63 4.8 $ 1,431 Vested or expected to vest at December 31, 2016 2,799 $ 3.42 4.7 $ 1,390 Exercisable at December 31, 2016 1,454 $ 4.62 1.9 $ 442 |
Note 14 - License Agreements (T
Note 14 - License Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Revenue Recognition, Milestone Method [Table Text Block] | Milestone Payments Performance (in millions) Milestone Payments Not Performance (in millions) Milestones by Indication BPH — $ 12 Prostate cancer — $ 21 Prostatitis and other diseases of the prostate — $ 21 Milestones Not Associated with an Indication Gross sale targets — $ 8 Regulatory approvals $ 5 — |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 United States $ (521 ) $ (1,389 ) $ (2,147 ) Canada (10,643 ) (12,808 ) (28,565 ) Loss before provision for income taxes $ (11,164 ) $ (14,197 ) $ (30,712 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 201 6 201 5 2014 Current Tax: Canada $ — $ — $ — US — — — State — — — $ — $ — $ — Deferred Tax: Canada $ — $ — $ — US — — — State — — — — — — $ — $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Combined federal and provincial income tax rates 26.00 % 26.00 % 26.00 % Income tax benefit at statutory rates $ (2,902 ) $ (3,691 ) $ (7,982 ) State income tax, net of federal benefit 1 (63 ) (88 ) Permanent items (17 ) 36 34 Tax credits — (105 ) (1,007 ) Non-deductible stock-based compensation 81 155 253 Foreign accrual property income 69 48 67 Expired NOLs 79 887 299 Return to provision true up 60 (320 ) 83 Uncertain tax positions 68 296 — Rate differential 60 (175 ) (229 ) Rate change 183 — — Other (112 ) (57 ) 152 Revaluation of warrant liability 86 — (13 ) CTA (312 ) (1,702 ) 2,028 Change in valuation allowance 2,656 4,691 6,403 Income tax expense $ — $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 201 6 201 5 Deferred tax assets: Net operating loss carryforwards (non-capital losses) $ 32,140 $ 29,730 Scientific research and development 2,509 2,509 Tax credits 4,066 4,145 Stock based compensation 1,116 1,287 Other, net 529 91 Share issue costs 1,042 668 Total deferred tax assets, net, before valuation allowance 41,402 38,430 Valuation allowance (41,402 ) (38,430 ) Net deferred tax assets $ — $ — |
Summary of Operating Loss Carryforwards [Table Text Block] | Expiration date Canada U.S. Federal Total 2026 $ 3,389 $ — $ 3,389 2027 5,006 — 5,006 2028 5,696 — 5,696 2029 4,539 — 4,539 2030 4,176 — 4,176 2031 12,230 — 12,230 2032 18,380 — 18,380 2033 13,699 — 13,699 2034 29,608 208 29,816 2035 14,288 1,148 15,436 2036 10,792 — 10,792 $ 121,803 $ 1,356 $ 123,159 |
Summary of Tax Credit Carryforwards [Table Text Block] | Expiration date Canada U.S. Federal Total 2017 $ 140 — $ 140 2018 200 — 200 2019 194 — 194 2020 41 — 41 2021 9 — 9 2023 33 — 33 2024 112 — 112 2025 236 — 236 2026 229 — 229 2027 356 — 356 2028 447 — 447 2029 565 — 565 2030 176 — 176 2031 26 56 82 2032 — 335 335 2033 — 249 249 2034 — 908 908 2035 — 42 42 $ 2,764 $ 1,590 $ 4,354 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Years Ended December 31, 201 6 201 5 201 4 Beginning balance $ 325 $ — $ — Increase related to prior year tax positions 103 304 — Increase related to current year tax positions — 21 — Ending balance $ 428 $ 325 $ — |
Note 16 - Commitments and Con39
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future rent payments 2017 $ 122 2018 51 Total $ 173 |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | $ 57,000 | $ 168,000 | ||
Change in Fair Value of Stock-based Compensation Liability | (111,000) | 146,000 | $ (180,000) | |
Fair Value Adjustment of Warrants Due to 10% Change in Stock Price | 1,400,000 | |||
Fair Value Adjustment of Warrants Due to 10% Change in Stock Price Volitility | 800,000 | |||
Cash and Cash Equivalents, at Carrying Value | 12,800,000 | 5,881,000 | $ 4,123,000 | $ 14,839,000 |
Other than Temporary Impairment Losses, Investments | 0 | $ 0 | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | 0 | |||
Tangible Asset Impairment Charges | $ 0 | |||
UNITED STATES | ||||
Number of Operating Segments | 1 | |||
CANADA | ||||
Cash and Cash Equivalents, at Carrying Value | $ 36,000 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Computer Equipment [Member] | |
Property, plant and equipment, estimated useful life (Year) | 3 years |
Leasehold Improvements [Member] | |
Property, plant and equipment, estimated useful life | Lesser of useful life or lease term |
Furniture and Fixtures [Member] | |
Property, plant and equipment, estimated useful life (Year) | 5 years |
Minimum [Member] | Equipment [Member] | |
Property, plant and equipment, estimated useful life (Year) | 3 years |
Minimum [Member] | Software and Software Development Costs [Member] | |
Property, plant and equipment, estimated useful life (Year) | 3 years |
Maximum [Member] | Equipment [Member] | |
Property, plant and equipment, estimated useful life (Year) | 5 years |
Maximum [Member] | Software and Software Development Costs [Member] | |
Property, plant and equipment, estimated useful life (Year) | 5 years |
Note 3 - Reduction in Workfor42
Note 3 - Reduction in Workforce (Details Textual) | 1 Months Ended | 12 Months Ended | |||
May 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 30, 2016 | |
Restructuring and Related Cost, Number of Positions Eliminated | 5 | ||||
Entity Number of Employees | 10 | ||||
Share-based Compensation | $ 425,000 | $ 776,000 | $ 2,091,000 | ||
Employee Severance [Member] | |||||
Share-based Compensation | $ 76,000 | $ 76,000 | |||
Operating Expense [Member] | |||||
Restructuring Costs | $ 81,000 |
Note 4 - Net Loss Per Common 43
Note 4 - Net Loss Per Common Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss per share: | |||
Net loss | $ (11,164) | $ (14,197) | $ (30,712) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 23,002 | 16,881 | 16,586 |
Basic and diluted loss per share (in dollars per share) | $ (0.49) | $ (0.84) | $ (1.85) |
Note 4 - Net Loss Per Common 44
Note 4 - Net Loss Per Common Share - Potentially Dilutive Securities Excluded From Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | |||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 2,868 | 1,677 | 1,378 |
Warrant [Member] | |||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 5,965 | 589 | 1,001 |
Note 5 - Securities Available45
Note 5 - Securities Available-for-sale - Securities Available-for-sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortized Cost | $ 16,201 | $ 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 16,201 | 2,500 |
Unrealized Loss | ||
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 3,890 | 750 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 3,890 | 750 |
Unrealized Loss | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | 12,311 | 1,750 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 12,311 | 1,750 |
Unrealized Loss |
Note 5 - Securities Available46
Note 5 - Securities Available-for-sale - Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortized Cost | $ 16,201 | $ 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 16,201 | 2,500 |
Within One Year [Member] | ||
Amortized Cost | 16,201 | 2,500 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 16,201 | 2,500 |
After One Year [Member] | ||
Amortized Cost | ||
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value |
Note 6 - Fair Value Measureme47
Note 6 - Fair Value Measurement and Financial Instruments (Details Textual) - USD ($) $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Fair Value Disclosure, Recurring | $ 28,453 | $ 28,453 | $ 7,486 | |||
Class of Warrant or Right, Issued During Period | 1,785,714 | 7,392,000 | ||||
Class of Warrant or Right, Exercised During Period | 1,775,714 | 1,775,714 | ||||
Class of Warrant or Right, Outstanding | 5,965,000 | 5,965,000 | 589,000 | 1,001,000 | ||
Warrants, Issued on May 11, 2016 [Member] | ||||||
Class of Warrant or Right, Outstanding | 10,000 | 10,000 | ||||
Warrants, Issued on August 26, 2016 [Member] | ||||||
Class of Warrant or Right, Issued During Period | 5,606,250 |
Note 6 - Fair Value Measureme48
Note 6 - Fair Value Measurement and Financial Instruments - Assets and Liabilities Measured at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Asset Fair Value | $ 28,453 | $ 7,486 |
Liability Fair Value | 13,453 | 168 |
Warrant Liability [Member] | ||
Liability Fair Value | 13,396 | |
Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 57 | 168 |
Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | 57 | 87 |
Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 28,396 | 7,399 |
Fair Value, Inputs, Level 3 [Member] | ||
Liability Fair Value | 13,453 | 168 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | 13,396 | |
Fair Value, Inputs, Level 3 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 57 | 168 |
Money Market Funds [Member] | ||
Asset Fair Value | 57 | 87 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | 57 | 87 |
Commercial Paper [Member] | ||
Asset Fair Value | 16,085 | 1,850 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 16,085 | 1,850 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Asset Fair Value | 12,311 | 5,549 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | $ 12,311 | $ 5,549 |
Note 6 - Fair Value Measureme49
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Warrant Liability (Details) - Warrant Liability [Member] - $ / shares | Aug. 26, 2016 | May 11, 2016 | Dec. 30, 2016 | Dec. 31, 2016 |
Warrants, Issued on May 11, 2016 [Member] | ||||
Stock price (in dollars per share) | $ 1.12 | $ 3.50 | $ 2.80 | |
Exercise price (in dollars per share) | $ 1.40 | $ 1.40 | $ 1.40 | |
Risk-free interest rate | 1.20% | 1.05% | 1.78% | |
Volatility | 130.64% | 132.05% | 144.25% | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Expected life in years (Year) | 5 years | 4 years 310 days | 4 years 131 days | |
Calculated fair value per warrant (in dollars per share) | $ 0.95 | $ 3.20 | $ 2.55 | |
Warrants, Issued on August 26, 2016 [Member] | ||||
Stock price (in dollars per share) | $ 3.52 | 2.80 | ||
Exercise price (in dollars per share) | $ 4 | $ 4 | ||
Risk-free interest rate | 1.23% | 1.85% | ||
Volatility | 135.04% | 140.47% | ||
Dividend yield | 0.00% | 0.00% | ||
Expected life in years (Year) | 5 years | 4 years 237 days | ||
Calculated fair value per warrant (in dollars per share) | $ 3.04 | $ 2.38 |
Note 6 - Fair Value Measureme50
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair value of warrants exercised and recorded as an adjustment to contributed capital | $ (5,681) | ||
Change in fair value warrant liability | 330 | $ (49) | |
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) | ||
Change in fair value warrant liability | 330 | ||
Balance | 13,396 | ||
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 |
Note 6 - Fair Value Measureme51
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock price (in dollars per share) | $ 2.80 | $ 1.78 |
Exercise price (in dollars per share) | $ 11.06 | $ 13.12 |
Risk-free interest rate | 0.85% | 0.91% |
Volatility | 120.81% | 182.74% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 310 days | 1 year 193 days |
Calculated fair value per warrant (in dollars per share) | $ 0.33 | $ 0.74 |
Note 6 - Fair Value Measureme52
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Stock-based Compensation Liability (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in the fair value of stock-based compensation liability recorded to contributed surplus | $ (111,000) | $ 146,000 | $ (180,000) |
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 | (111,000) | 146,000 | |
Balance | $ 57,000 | $ 168,000 | $ 22,000 |
Note 7 - Prepaid Expenses (Deta
Note 7 - Prepaid Expenses (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Upfront Fees Included in Prepaid Researchs and Development Expenses | $ 0.5 | $ 0.2 |
Note 7 - Prepaid Expenses - Com
Note 7 - Prepaid Expenses - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid insurance | $ 273 | $ 261 |
Prepaid research and development expenses | 546 | 176 |
Other prepaid expenses | 27 | 30 |
Prepaid Expenses | $ 846 | $ 467 |
Note 8 - Property and Equipme55
Note 8 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 12,000 | $ 20,000 | $ 47,000 |
Note 8 - Property and Equipme56
Note 8 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and equipment | $ 255 | $ 275 |
Less: accumulated depreciation | (251) | (258) |
Property and equipment, net | 4 | 17 |
Equipment [Member] | ||
Property and equipment | 5 | 5 |
Computer Equipment [Member] | ||
Property and equipment | 23 | 43 |
Leasehold Improvements [Member] | ||
Property and equipment | 155 | 155 |
Furniture and Fixtures [Member] | ||
Property and equipment | $ 72 | $ 72 |
Note 9 - Accrued Expenses - Com
Note 9 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued personnel related costs | $ 1,491 | $ 224 |
Accrued interest | 42 | |
Accrued research and development expenses | 87 | 78 |
Other accrued expenses | 55 | 40 |
Accrued expenses | 1,762 | 566 |
Accrued Audit and Tax Services [Member] | ||
Accrued audit and tax services | $ 129 | $ 182 |
Note 10 - Promissory Notes (Det
Note 10 - Promissory Notes (Details Textual) - USD ($) | Sep. 02, 2016 | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ (180,000) | ||||
Oxford New Loan [Member] | |||||
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 | ||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ (180,000) | ||||
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 | ||||
Oxford New Loan [Member] | Minimum [Member] | |||||
Prepayment Fee Rate | 1.00% | ||||
Oxford New Loan [Member] | Maximum [Member] | |||||
Prepayment Fee Rate | 3.00% |
Note 10 - Promissory Notes - Ac
Note 10 - Promissory Notes - Actual Interest Expense and Amortization of Debt Discount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stated interest | $ 292 | $ 553 | $ 500 |
Amortization of debt discount | 81 | 137 | 188 |
Amortization of promissory notes issuance costs | 38 | ||
Interest expense | $ 373 | $ 690 | $ 726 |
Note 11 - Shareholders' Equit60
Note 11 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 26, 2016 | May 11, 2016 | May 16, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Proceeds from Issuance of Common Stock | $ 27,400 | $ 4,600 | $ 33,534 | $ 785 | $ 1,891 | |||
Class of Warrant or Right, Exercised During Period | 1,775,714 | 1,775,714 | ||||||
Proceeds from Warrant Exercises | $ 2,486 | |||||||
Common Stock, Shares, Issued | 17,244,736 | 30,107,644 | 30,107,644 | 17,244,736 | ||||
Common Stock, No Par Value | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Common Stock, Shares, Outstanding | 17,244,736 | 30,107,644 | 30,107,644 | 17,244,736 | ||||
Aspire Capital [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 604,230 | 400,000 | ||||||
Proceeds from Issuance of Common Stock | $ 1,900 | $ 800 | ||||||
Common Stock, Value, Subscriptions | $ 15,000 | |||||||
Common Stock Purchase Agreement Term | 2 years 180 days | |||||||
Share Price | $ 3.31 | |||||||
Issuance Cost for Purchase Agreement | $ 100 | |||||||
Aspire Capital [Member] | Contingent Consideration Classified as Equity [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 90,635 | |||||||
General and Administrative Expense [Member] | ||||||||
Stock Issuance Cost | $ 2,500 | $ 400 | ||||||
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 | |||||||
Warrants, Issued on May 11, 2016 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.5 | |||||||
Class of Warrant or Right, Expiration Period | 5 years | |||||||
Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 7,475,000 | 3,571,428 | 11,046,428 | 400,000 | 694,865 | |||
Sale of Stock, Price Per Share | $ 4 | $ 1.40 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | $ 1.40 | ||||||
Common Stock [Member] | General and Administrative Expense [Member] | ||||||||
Stock Issuance Cost | $ 1,100 | $ 300 | ||||||
Warrant [Member] | General and Administrative Expense [Member] | ||||||||
Stock Issuance Cost | $ 1,400 | $ 100 |
Note 11 - Shareholders' Equit61
Note 11 - Shareholders' Equity - Shares Reserved for Future Issuance (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Number of warrants outstanding (in shares) | 5,965,000 | 589,000 | 1,001,000 | |
Stock options | ||||
Granted and outstanding (in shares) | 2,868,000 | 1,677,000 | 1,378,000 | 1,362,000 |
Reserved for future grants (in shares) | 142,566 | 7,639 | 306,137 | |
(in shares) | 8,976,000 | 2,274,000 | 2,685,000 |
Note 12 - Common Share Purcha62
Note 12 - Common Share Purchase Warrants (Details Textual) - $ / shares | May 11, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Warrant or Right, Outstanding | 5,965,000 | 5,965,000 | 589,000 | 1,001,000 | |
Class of Warrant or Right Outstanding, Weighted-average Exercise Price | $ 4.97 | $ 4.97 | $ 22.56 | ||
Class of Warrant or Right, Issued During Period | 1,785,714 | 7,392,000 | |||
Class of Warrant or Right, Exercised During Period | 1,775,714 | 1,775,714 | |||
Class of Warrant or Right, Expirations in Period | 240,000 |
Note 12 - Common Share Purcha63
Note 12 - Common Share Purchase Warrants - Common Share Purchase Warrants Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of warrants outstanding (in shares) | 5,965,000 | 589,000 | 1,001,000 |
Warrants 1 [Member] | |||
Number of warrants outstanding (in shares) | 240,000 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 26.06 | ||
Expiration date | Mar. 28, 2017 | ||
Warrants 2 [Member] | |||
Number of warrants outstanding (in shares) | 27,000 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 28.17 | ||
Expiration date | Jul. 15, 2018 | ||
Warrants 3 [Member] | |||
Number of warrants outstanding (in shares) | 10,000 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 1.40 | ||
Expiration date | May 11, 2021 | ||
Warrants 4 [Member] | |||
Number of warrants outstanding (in shares) | 82,000 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 2.19 | ||
Expiration date | Jun. 30, 2021 | ||
Warrants 5 [Member] | |||
Number of warrants outstanding (in shares) | 5,606,000 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 4 | ||
Expiration date | Aug. 26, 2021 |
Note 13 - Stock-based Compens64
Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 142,566 | 7,639 | 306,137 | |
Proceeds from Stock Options Exercised | $ 92,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 100,000 | |||
Share-based Compensation | $ 425,000 | $ 776,000 | $ 2,091,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.88 | $ 0.42 | $ 1.41 | |
Employee Severance [Member] | ||||
Share-based Compensation | $ 76,000 | $ 76,000 | ||
Maximum [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Directors and Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,289,801 | |||
Directors and Employees [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||
Directors and Employees [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Note 13 - Stock-based Compens65
Note 13 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-based compensation expense | $ 425 | $ 776 | $ 2,091 |
Research and Development Expense [Member] | |||
Stock-based compensation expense | 143 | 257 | 650 |
General and Administrative Expense [Member] | |||
Stock-based compensation expense | $ 282 | $ 519 | $ 1,441 |
Note 13 - Stock-based Compens66
Note 13 - Stock-based Compensation Plan - Fair Value Assumptions of Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected life of the option term (years) (Year) | 3 years 328 days | 3 years 182 days | 3 years 255 days |
Risk-free interest rate | 1.50% | 1.00% | 1.20% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Volatility | 144.00% | 128.40% | 76.20% |
Note 13 - Stock-based Compens67
Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options outstanding (in shares) | 1,677 | 1,378 | 1,362 | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.52 | $ 6.65 | $ 7.10 | |
Options outstanding, weighted-average remaining contractual term (Year) | 4 years 292 days | 2 years 328 days | 3 years 219 days | 4 years 182 days |
Options granted (in shares) | 1,290 | 302 | 87 | |
Options granted, weighted-average exercise price (in dollars per share) | $ 2.21 | $ 0.54 | $ 2.57 | |
Options expired (in shares) | (56) | (3) | (5) | |
Options expired, weighted-average exercise price (in dollars per share) | $ 28.94 | $ 29.16 | $ 24.91 | |
Options forfeited (in shares) | (2) | (66) | ||
Options forfeited, weighted-average exercise price (in dollars per share) | $ 4.41 | $ 8.77 | ||
Options outstanding (in shares) | 2,868 | 1,677 | 1,378 | 1,362 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.63 | $ 5.52 | $ 6.65 | $ 7.10 |
Options outstanding, aggregate intrinsic value | $ 1,431 | $ 374 | ||
Options exercised (in shares) | (41) | |||
Options exercised, weighted-average exercise price (in dollars per share) | $ 2.26 | |||
Options vested or expected to vest (in shares) | 2,799 | |||
Options vested or expected to vest, weighted-average remaining contractual term (in dollars per share) | $ 3.42 | |||
Options vested or expected to vest, weighted-average remaining contractual term (Year) | 4 years 255 days | |||
Options vested or expected to vest, aggregate intrinsic value | $ 1,390 | |||
Options exercisable (in shares) | 1,454 | |||
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.62 | |||
Options exercisable, weighted-average remaining contractual term (Year) | 1 year 328 days | |||
Options exercisable, aggregate intrinsic value | $ 442 |
Note 14 - License Agreements (D
Note 14 - License Agreements (Details Textual) CAD in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | 96 Months Ended | 156 Months Ended | |||
Apr. 30, 2010USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD | Dec. 31, 2013USD ($) | Dec. 31, 2004CAD | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD | |
Kissei Pharmaceuticals Co, Ltd. [Member] | |||||||
Upfront Payment Related to Licensing Agreement | $ 3 | ||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 5 | ||||||
Non-refundable Milestone Payments Entitled to Receive | $ 67 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Minimum [Member] | |||||||
Percentage of Royalty Payable under Agreement | 20.00% | 20.00% | |||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Maximum [Member] | |||||||
Percentage of Royalty Payable under Agreement | 29.00% | 29.00% | |||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Benign Prostate Hyperplasia [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | $ 12 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Benign Prostate Hyperplasia [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Benign Prostate Hyperplasia [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 5 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 21 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | Development Activities [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 21 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | Development Activities [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Milestones Not Associated with Indication [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 13 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Milestones Not Associated with Indication [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 5 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Milestones Not Associated with Indication [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | $ 8 | ||||||
UVIC IndustryPartnerships Inc.[Member] | Benign Prostate Hyperplasia [Member] | |||||||
Payments under License Agreements | CAD | CAD 1.3 | ||||||
Percentage of Consideration in Cash Reduced | 25.00% | 25.00% | |||||
License Costs | $ 0.6 | ||||||
Milestone Payment | $ 0.1 | ||||||
UVIC IndustryPartnerships Inc.[Member] | Benign Prostate Hyperplasia [Member] | Minimum [Member] | |||||||
Percentage of Consideration in Cash | 10.00% | 10.00% | |||||
UVIC IndustryPartnerships Inc.[Member] | Benign Prostate Hyperplasia [Member] | Maximum [Member] | |||||||
Percentage of Consideration in Cash | 19.00% | 19.00% | |||||
UVIC IndustryPartnerships Inc.[Member] | Prostate Cancer [Member] | |||||||
Payments under License Agreements | CAD | CAD 3.6 | ||||||
Milestone Payment | CAD | CAD 0.1 | ||||||
Accrued Royalties | CAD | CAD 0.1 | CAD 0.1 |
Note 14 - License Agreements -
Note 14 - License Agreements - Summary of Remaining Unpaid Milestone Payments by Indication (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Milestones by Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Benign Prostate Hyperplasia [Member] | |
BPH | $ 12 |
Milestones by Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Prostate Cancer [Member] | |
BPH | 21 |
Milestones by Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Prostatitis and Other Diseases of Prostate [Member] | |
BPH | 21 |
Milestones Not Associated with Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Gross Sale Targets [Member] | |
BPH | 8 |
Milestones Not Associated with Indication [Member] | Milestone Payments Involving Performance of Company Obligations [Member] | Regulatory Approvals [Member] | |
BPH | $ 5 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,000 | $ 4,700 |
Operating Loss Carryforwards | 123,159 | |
Tax Credit Carryforward, Amount | $ 4,354 | |
Threshold Percentage of Cumulative Change in Ownership | 50.00% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 |
If Valuation Allowance No Longer Exists [Member] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 400 | |
CANADA | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 200 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 1,300 | |
California [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 600 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Component of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
United States | $ (521) | $ (1,389) | $ (2,147) |
Canada | (10,643) | (12,808) | (28,565) |
Loss before provision for income taxes | $ (11,164) | $ (14,197) | $ (30,712) |
Note 15 - Income Taxes - Provis
Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Tax: | |||
Canada | |||
US | |||
State | |||
Deferred Tax: | |||
Canada | |||
US | |||
State |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Net Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Combined federal and provincial income tax rates | 26.00% | 26.00% | 26.00% |
Income tax benefit at statutory rates | $ (2,902) | $ (3,691) | $ (7,982) |
State income tax, net of federal benefit | 1 | (63) | (88) |
Permanent items | (17) | 36 | 34 |
Tax credits | (105) | (1,007) | |
Non-deductible stock-based compensation | 81 | 155 | 253 |
Foreign accrual property income | 69 | 48 | 67 |
Expired NOLs | 79 | 887 | 299 |
Return to provision true up | 60 | (320) | 83 |
Uncertain tax positions | 68 | 296 | |
Rate differential | 60 | (175) | (229) |
Rate change | 183 | ||
Other | (112) | (57) | 152 |
Revaluation of warrant liability | 86 | (13) | |
CTA | (312) | (1,702) | 2,028 |
Change in valuation allowance | 2,656 | 4,691 | 6,403 |
Income tax expense |
Note 15 - Income Taxes - Summar
Note 15 - Income Taxes - Summary of Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards (non-capital losses) | $ 32,140 | $ 29,730 |
Scientific research and development | 2,509 | 2,509 |
Tax credits | 4,066 | 4,145 |
Stock based compensation | 1,116 | 1,287 |
Other, net | 529 | 91 |
Share issue costs | 1,042 | 668 |
Total deferred tax assets, net, before valuation allowance | 41,402 | 38,430 |
Valuation allowance | (41,402) | (38,430) |
Net deferred tax assets |
Note 15 - Income Taxes - Losses
Note 15 - Income Taxes - Losses Expected to Expire (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Loss Carryforwards | $ 123,159 |
Expiration Date 2026 [Member] | |
Operating Loss Carryforwards | 3,389 |
Expiration Date 2027 [Member] | |
Operating Loss Carryforwards | 5,006 |
Expiration Date 2028 [Member] | |
Operating Loss Carryforwards | 5,696 |
Expiration Date 2029 [Member] | |
Operating Loss Carryforwards | 4,539 |
Expiration Date 2030 [Member] | |
Operating Loss Carryforwards | 4,176 |
Expiration Date 2031 [Member] | |
Operating Loss Carryforwards | 12,230 |
Expiration Date 2032 [Member] | |
Operating Loss Carryforwards | 18,380 |
Expiration Date 2033 [Member] | |
Operating Loss Carryforwards | 13,699 |
Expiration Date 2034 [Member] | |
Operating Loss Carryforwards | 29,816 |
Expiration Date 2035 [Member] | |
Operating Loss Carryforwards | 15,436 |
Expiration Date 2036 [Member] | |
Operating Loss Carryforwards | 10,792 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards | 121,803 |
Foreign Tax Authority [Member] | Expiration Date 2026 [Member] | |
Operating Loss Carryforwards | 3,389 |
Foreign Tax Authority [Member] | Expiration Date 2027 [Member] | |
Operating Loss Carryforwards | 5,006 |
Foreign Tax Authority [Member] | Expiration Date 2028 [Member] | |
Operating Loss Carryforwards | 5,696 |
Foreign Tax Authority [Member] | Expiration Date 2029 [Member] | |
Operating Loss Carryforwards | 4,539 |
Foreign Tax Authority [Member] | Expiration Date 2030 [Member] | |
Operating Loss Carryforwards | 4,176 |
Foreign Tax Authority [Member] | Expiration Date 2031 [Member] | |
Operating Loss Carryforwards | 12,230 |
Foreign Tax Authority [Member] | Expiration Date 2032 [Member] | |
Operating Loss Carryforwards | 18,380 |
Foreign Tax Authority [Member] | Expiration Date 2033 [Member] | |
Operating Loss Carryforwards | 13,699 |
Foreign Tax Authority [Member] | Expiration Date 2034 [Member] | |
Operating Loss Carryforwards | 29,608 |
Foreign Tax Authority [Member] | Expiration Date 2035 [Member] | |
Operating Loss Carryforwards | 14,288 |
Foreign Tax Authority [Member] | Expiration Date 2036 [Member] | |
Operating Loss Carryforwards | 10,792 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards | 1,356 |
Domestic Tax Authority [Member] | Expiration Date 2026 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2027 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2028 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2029 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2030 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2031 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2032 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2033 [Member] | |
Operating Loss Carryforwards | |
Domestic Tax Authority [Member] | Expiration Date 2034 [Member] | |
Operating Loss Carryforwards | 208 |
Domestic Tax Authority [Member] | Expiration Date 2035 [Member] | |
Operating Loss Carryforwards | 1,148 |
Domestic Tax Authority [Member] | Expiration Date 2036 [Member] | |
Operating Loss Carryforwards |
Note 15 - Income Taxes - Invest
Note 15 - Income Taxes - Investment Tax Credits and Research and Development Tax Credits Expiration (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Tax Credit Carryforward, Amount | $ 4,354 |
Expiration Date 2017 [Member] | |
Tax Credit Carryforward, Amount | 140 |
Expiration Date 2018 [Member] | |
Tax Credit Carryforward, Amount | 200 |
Expiration Date 2019 [Member] | |
Tax Credit Carryforward, Amount | 194 |
Expiration Date 2020 [Member] | |
Tax Credit Carryforward, Amount | 41 |
Expiration Date 2021 [Member] | |
Tax Credit Carryforward, Amount | 9 |
Expiration Date 2023 [Member] | |
Tax Credit Carryforward, Amount | 33 |
Expiration Date 2024 [Member} | |
Tax Credit Carryforward, Amount | 112 |
Expiration Date 2025 [Member] | |
Tax Credit Carryforward, Amount | 236 |
Expiration Date 2026 [Member] | |
Tax Credit Carryforward, Amount | 229 |
Expiration Date 2027 [Member] | |
Tax Credit Carryforward, Amount | 356 |
Expiration Date 2028 [Member] | |
Tax Credit Carryforward, Amount | 447 |
Expiration Date 2029 [Member] | |
Tax Credit Carryforward, Amount | 565 |
Expiration Date 2030 [Member] | |
Tax Credit Carryforward, Amount | 176 |
Expiration Date 2031 [Member] | |
Tax Credit Carryforward, Amount | 82 |
Expiration Date 2032 [Member] | |
Tax Credit Carryforward, Amount | 335 |
Expiration Date 2033 [Member] | |
Tax Credit Carryforward, Amount | 249 |
Expiration Date 2034 [Member] | |
Tax Credit Carryforward, Amount | 908 |
Expiration Date 2035 [Member] | |
Tax Credit Carryforward, Amount | 42 |
Foreign Tax Authority [Member] | |
Tax Credit Carryforward, Amount | 2,764 |
Foreign Tax Authority [Member] | Expiration Date 2017 [Member] | |
Tax Credit Carryforward, Amount | 140 |
Foreign Tax Authority [Member] | Expiration Date 2018 [Member] | |
Tax Credit Carryforward, Amount | 200 |
Foreign Tax Authority [Member] | Expiration Date 2019 [Member] | |
Tax Credit Carryforward, Amount | 194 |
Foreign Tax Authority [Member] | Expiration Date 2020 [Member] | |
Tax Credit Carryforward, Amount | 41 |
Foreign Tax Authority [Member] | Expiration Date 2021 [Member] | |
Tax Credit Carryforward, Amount | 9 |
Foreign Tax Authority [Member] | Expiration Date 2023 [Member] | |
Tax Credit Carryforward, Amount | 33 |
Foreign Tax Authority [Member] | Expiration Date 2024 [Member} | |
Tax Credit Carryforward, Amount | 112 |
Foreign Tax Authority [Member] | Expiration Date 2025 [Member] | |
Tax Credit Carryforward, Amount | 236 |
Foreign Tax Authority [Member] | Expiration Date 2026 [Member] | |
Tax Credit Carryforward, Amount | 229 |
Foreign Tax Authority [Member] | Expiration Date 2027 [Member] | |
Tax Credit Carryforward, Amount | 356 |
Foreign Tax Authority [Member] | Expiration Date 2028 [Member] | |
Tax Credit Carryforward, Amount | 447 |
Foreign Tax Authority [Member] | Expiration Date 2029 [Member] | |
Tax Credit Carryforward, Amount | 565 |
Foreign Tax Authority [Member] | Expiration Date 2030 [Member] | |
Tax Credit Carryforward, Amount | 176 |
Foreign Tax Authority [Member] | Expiration Date 2031 [Member] | |
Tax Credit Carryforward, Amount | 26 |
Foreign Tax Authority [Member] | Expiration Date 2032 [Member] | |
Tax Credit Carryforward, Amount | |
Foreign Tax Authority [Member] | Expiration Date 2033 [Member] | |
Tax Credit Carryforward, Amount | |
Foreign Tax Authority [Member] | Expiration Date 2034 [Member] | |
Tax Credit Carryforward, Amount | |
Foreign Tax Authority [Member] | Expiration Date 2035 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | |
Tax Credit Carryforward, Amount | 1,590 |
Domestic Tax Authority [Member] | Expiration Date 2017 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2018 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2019 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2020 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2021 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2023 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2024 [Member} | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2025 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2026 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2027 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2028 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2029 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2030 [Member] | |
Tax Credit Carryforward, Amount | |
Domestic Tax Authority [Member] | Expiration Date 2031 [Member] | |
Tax Credit Carryforward, Amount | 56 |
Domestic Tax Authority [Member] | Expiration Date 2032 [Member] | |
Tax Credit Carryforward, Amount | 335 |
Domestic Tax Authority [Member] | Expiration Date 2033 [Member] | |
Tax Credit Carryforward, Amount | 249 |
Domestic Tax Authority [Member] | Expiration Date 2034 [Member] | |
Tax Credit Carryforward, Amount | 908 |
Domestic Tax Authority [Member] | Expiration Date 2035 [Member] | |
Tax Credit Carryforward, Amount | $ 42 |
Note 15 - Income Taxes - Unreco
Note 15 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 325 | ||
Increase related to prior year tax positions | 103 | 304 | |
Increase related to current year tax positions | 21 | ||
Ending balance | $ 428 | $ 325 |
Note 16 - Commitments and Con78
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Headquarters Lease and Rental Expense Per Month | $ 8,946 | ||
Operating Leases, Rent Expense, Net | $ 100,000 | $ 100,000 | $ 100,000 |
Note 16 - Commitments and Con79
Note 16 - Commitments and Contingencies - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 122 |
2,018 | 51 |
Total | $ 173 |
Note 17 - 401(k) Plan (Details
Note 17 - 401(k) Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Cost Recognized | $ 0.1 | $ 0.1 | $ 0.1 |