Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 06, 2017 | |
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) | 3,011,153 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 16,486,000 | $ 12,800,000 |
Securities available-for-sale | 12,027,000 | 16,201,000 |
Other receivables | 62,000 | 128,000 |
Prepaid expenses | 1,118,000 | 846,000 |
Total current assets | 29,693,000 | 29,975,000 |
Property and equipment, net | 3,000 | 4,000 |
Other long-term assets | 19,000 | |
Total assets | 29,696,000 | 29,998,000 |
Current liabilities: | ||
Accounts payable | 737,000 | 459,000 |
Accrued expenses | 1,484,000 | 1,762,000 |
Total current liabilities | 2,221,000 | 2,221,000 |
Long-term promissory note | 6,756,000 | |
Warrant liability | 9,491,000 | 13,396,000 |
Stock-based compensation liability | 0 | 57,000 |
Total liabilities | 18,468,000 | 15,674,000 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares, unlimited authorized shares, no par value; 30,111,153 and 30,107,644 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 131,246,000 | 131,245,000 |
Contributed surplus | 25,470,000 | 23,900,000 |
Accumulated other comprehensive gain | 96,000 | 99,000 |
Accumulated deficit | (145,584,000) | (140,920,000) |
Total shareholders’ equity | 11,228,000 | 14,324,000 |
Total liabilities and shareholders’ equity | $ 29,696,000 | $ 29,998,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 30,111,153 | 30,107,644 |
Common shares, shares outstanding (in shares) | 30,111,153 | 30,107,644 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 1,649 | $ 624 | $ 4,244 | $ 2,531 |
General and administrative | 1,685 | 3,043 | 4,422 | 5,564 |
Total operating expenses | 3,334 | 3,667 | 8,666 | 8,095 |
Other income (expense): | ||||
Interest expense | (35) | (86) | (35) | (373) |
Interest income | 56 | 3 | 159 | 11 |
Gain (loss) on revaluation of warrant liability | 670 | (350) | 3,905 | (1,969) |
Loss on early extinguishment of debt | (180) | (180) | ||
Other expense, net | (11) | (4) | (27) | (11) |
Total other income (expense), net | 680 | (617) | 4,002 | (2,522) |
Net loss | $ (2,654) | $ (4,284) | $ (4,664) | $ (10,617) |
Basic and diluted loss per share (in dollars per share) | $ (0.09) | $ (0.17) | $ (0.15) | $ (0.51) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 30,111 | 25,215 | 30,111 | 20,617 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on securities available-for-sale | $ 11 | $ (3) | ||
Total other comprehensive loss | $ (2,643) | $ (4,284) | $ (4,667) | $ (10,617) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows used in operating activities | ||
Net loss for the period | $ (4,664,000) | $ (10,617,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,328,000 | 266,000 |
Amortization of debt discount | 7,000 | 81,000 |
Amortization of promissory note issuance costs | 3,000 | |
Depreciation of property and equipment | 4,000 | 12,000 |
Amortization of discount on securities available-for-sale | 119,000 | |
Change in fair value of warrant liability | (3,905,000) | 1,969,000 |
Non-cash portion of loss on early extinguishment of debt | (159,000) | |
Payment of original issue discount | (124,000) | |
Foreign exchange transaction gain (loss) | 1,000 | (1,000) |
Changes in operating assets and liabilities: | ||
Other receivables | 66,000 | (4,000) |
Prepaid expenses and other long-term assets | (253,000) | (4,000) |
Accounts payable | 254,000 | (651,000) |
Accrued expenses | (278,000) | 1,007,000 |
Net cash used in operating activities | (7,318,000) | (8,225,000) |
Cash flows provided by investing activities | ||
Purchase of property and equipment | (3,000) | |
Maturities of securities available-for-sale | 12,736,000 | 2,750,000 |
Purchases of securities available-for-sale | (8,683,000) | (453,000) |
Net cash provided by investing activities | 4,050,000 | 2,297,000 |
Cash flows provided by financing activities | ||
Proceeds from the issuance of common shares and warrants, net of paid offering costs | 33,665,000 | |
Proceeds from exercise of stock options | 2,000 | 92,000 |
Proceeds from the exercise of warrants | 2,486,000 | |
Proceeds from the issuance of the Silicon Valley Bank promissory note, net of issuance cost | 6,953,000 | |
Principal payments on the Oxford promissory notes | (5,141,000) | |
Net cash provided by financing activities | 6,955,000 | 31,102,000 |
Effect of exchange rate changes on cash and cash equivalents | (1,000) | |
Net increase cash and cash equivalents | 3,686,000 | 25,174,000 |
Cash and cash equivalents at beginning of period | 12,800,000 | 5,881,000 |
Cash and cash equivalents at end of period | 16,486,000 | 31,055,000 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | (57,000) | 27,000 |
Valuation of warrants issued in connection with the Silicon Valley Bank promissory note | 185,000 | |
Valuation of warrant liability upon issuance of warrants in connection with equity financings | 18,747,000 | |
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | 5,681,000 | |
Issuance costs included in accounts payable and accrued expenses but not paid | $ 23,000 | $ 132,000 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 9 Months Ended |
Sep. 30, 2017 | |
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 clinically significant localized prostate cancer and as a treatment for the lower urinary tract symptoms of 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 condensed consolidated financial statements include the accounts of Sophiris and its wholly-owned subsidiaries, Sophiris Bio Corp. and Sophiris Bio Holding Corp., both of which are incorporated in the State of Delaware. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies Significant accounting policies followed by the Company in the preparation of its condensed consolidated financial statements are as follows: Basis of consolidation The condensed consolidated financial statements include the accounts of the Company, Sophiris Bio Corp. and Sophiris Bio Holding Corp. All intercompany balances and transactions have been eliminated for purposes of consolidation. Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not ’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 March 27, 2017. not not may 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 stockholders ’ 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 ’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in interest income. No September 30, 2017 December 31, 2016. one 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 not 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 not not not not Royalty revenue will be recognized upon the sale of the related products provided the Company has no 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 ’s clinical development plan. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Adjustments to prior period estimates have not Examples of estimated accrued research and development expenses include: • fees to clinical research organizations in connection with clinical studies; • fees to investigative sites in connection with clinical studies; • fees to vendors in connection with preclinical development activities; • fees to vendors associated with the development of companion diagnostics; and • fees to vendors related to product manufacturing, development and distribution of clinical supplies. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are recorded as a prepaid expense and recognized as expense in the period that the related goods are consumed or services are performed. Stock-based compensation The Company expenses the fair value of employee stock options over the vesting period. Compensation expense is measured using the fair value of the award at the grant date, net of estimated forfeitures, and is adjusted annually to reflect actual forfeitures. The fair value of each stock-based award is estimated using the Black-Scholes pricing model and is expensed using graded amortization over the vesting period. 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” zero September 30, 2017. September 30, 2017 no zero $57,000 three nine September 30, 2017, $93,000 $27,000 three nine September 30, 2016, Warrant Liability In connection with the offerings the Company completed in 2016, may 480 “Distinguishing Liabilities from Equity” Certain inputs utilized in the Company ’s Black-Scholes fair value calculation may one may 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 and cash equivalents and 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 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1 Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Recent accounting pronouncements In May 2014, No. 2014 09 606 2015 14; 2016 08; 2016 10; 2016 12; 2016 20 606 December 15, 2017, December 15, 2016, first 2018 not December 31, 2016, 2015 2014. not not In February 2016, No. 2016 02, Lease (Topic 842 not December 15, 2018 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight December 31, 2017, In May 2017, No. 2017 09, Compensation - Stock Compensation (Topic 718 718. January 1, 2018; not |
Note 3 - Net Loss Per Common Sh
Note 3 - Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Net loss per common share Basic net loss per share is calculated by dividing the net loss attributable to common shareholders by the weighted-average number of common shares outstanding during the period, without consideration for common shares equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. The following diluted securities have been excluded from the computation of diluted weighted-average shares outstanding as of September 30, 2017 2016 September 30, 201 7 201 6 Options to purchase common shares 2,888 1,978 Common share purchase warrants 5,825 6,206 |
Note 4 - Securities Available-f
Note 4 - Securities Available-for-Sale | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Securities Available-for-Sale Securities available-for-sale consisted of the following as of September 30, 2017 ( September 30, 2017 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,292 $ — $ — $ 3,292 U.S. government sponsored enterprise securities 8,738 — (3 ) 8,735 $ 12,030 $ — $ (3 ) $ 12,027 As of September 30, 2017, ’s securities available for sale have a contractual maturity of less than one Securities available-for-sale consisted of the following as of December 31, 2016 December 31, 2016 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 As of December 31, 2016, one |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement and Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair value measurement and financial instruments As of September 30, 2017 $27.6 two four one one 1 2 2 third 3 The following table s presents the Company’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Assets: Money market funds $ 82 $ 82 $ — $ — Commercial paper 18,782 — 18,782 — U.S. government sponsored enterprise securities 8,735 — 8,735 — Total assets $ 27,599 $ 82 $ 27,517 $ — Liabilities: Warrant liability $ 9,491 $ — $ — $ 9,491 Total liabilities $ 9,491 $ — $ — $ 9,491 December 31, 2016 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 Warrant liability In connection with the offering completed in May 2016, 1,785,714 may September 30, 2017, 10,000 May 2016 September 30, 2017. September 30, 2017 December 31, 2016 Stock price $ 2.15 $ 2.80 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 1.70 % 1.78 % Volatility 145.62 % 144.25 % Dividend yield 0.00 % 0.00 % Expected life in years 3.61 4.36 Calculated fair value per warrant $ 1.87 $ 2.55 In connection with the offering completed on August 2016, 5,606,250 may September 30, 2017 December 31, 2016 Stock price $ 2.15 $ 2.80 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.75 % 1.85 % Volatility 141.15 % 140.47 % Dividend yield 0.00 % 0.00 % Expected life in years 3.90 4.65 Calculated fair value per warrant $ 1.69 $ 2.38 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3 Warrant Liability Balance at January 1, 2017 $ 13,396 Change in fair value of warrant liability (3,905 ) Balance at September 30, 2017 $ 9,491 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 September 30, 2017 December 31, 2016 Stock price at the end of each reporting period $ 2.15 $ 2.80 Weighted average exercise price $ 11.58 $ 11.06 Risk-free interest rate 1.31 % 0.85 % Volatility 31.51 % 120.81 % Dividend yield 0.00 % 0.00 % Expected life in years 0.13 0.85 Calculated fair value per stock option $ 0.00 $ 0.33 The following table presents a reconciliation of the stock-based compensation liability measured at fair value using unobservable inputs (Level 3 Stock-based Compensation Liability Balance at January 1, 2017 $ 57 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus (57 ) Balance at September 30, 2017 $ — 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 |
Note 6 - Prepaid Expenses
Note 6 - Prepaid Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 6. Prepaid expenses Prepaid expenses as of September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Prepaid insurance $ 326 $ 273 Prepaid research and development expenses 720 546 Other prepaid expenses 72 27 Prepaid expenses $ 1,118 $ 846 As of September 30, 2017 December 31, 2016, $0.7 $0.5 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued expenses Accrued expenses as of September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Accrued personnel related costs $ 751 $ 1,491 Accrued interest 25 — Accrued research and development expenses 370 87 Accrued audit and tax services 162 129 Other accrued expenses 176 55 Accrued expenses $ 1,484 $ 1,762 |
Note 8 - Promissory Notes
Note 8 - Promissory Notes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Promissory notes On September 2, 2016, On September 8, 2017, two first 7.0 second not $3.0 $20.0 December 31, 2018 2b December 31, 2018. The principal borrowed under the first $7.0 6.75% 1% 3% September 1, 2021, 5% $7.0 September 2018 36 Pursuant to the first 99,526 $2.11 seven $0.2 1.9%, 113.9%, 0% 7. $7.0 September 30, 2017, 3 $7.0 The third issuance costs incurred related to the loan of $0.1 In connection with the loan, the Company granted to Silicon Valley Bank a security interest in all of the Company’s personal property now owned or hereafter acquired, excluding intellectual property and certain other assets. The Company is not As of September 30, 2017, may As of September 30, 2017, 2017 $ — 2018 584 2019 2,333 2020 2,333 2021 2,100 Total $ 7,350 The following table shows actual interest expense , amortization of the debt discount and amortization of the issuance costs that was charged to interest expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 Simple interest $ 25 $ 67 $ 25 $ 292 Accretion of debt discount 7 19 7 81 Amortization of promissory note issuance costs 3 — 3 — Total $ 35 $ 86 $ 35 $ 373 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation Plan | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-based compensation plan The Company ’s Amended and Restated 2011 As of September 30, 2017, 122,665 The Company recognized stock-based compensation expense as follows for the three nine September 30, 2017 2016 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 121 $ 25 $ 376 $ 93 General and administrative 340 56 952 173 Total $ 461 $ 81 $ 1,328 $ 266 As of September 30, 2017 $1.0 1.1 The following table summarizes stock option activity, including options issued to employees, directors and non-employees (in thousands, except per share): Options Outstanding Weighted Average Exercise Price Outstanding at January 1, 2017 2,868 $ 3.63 Options granted 85 2.45 Options exercised (3 ) 0.4589 Options expired (7 ) 24.40 Options forfeited (55 ) 2.23 Outstanding at September 30, 2017 2,888 $ 3.58 The total amount of options outstanding at September 30, 2017 The fair values of options granted during the nine September 30, 2017 2016 Nine Months Ended September 30, 2017 2016 Expected life of the option term (years) 4.1 3.8 Risk-free interest rate 1.61 % 1.19 % Dividend rate 0 % 0 % Volatility 144.8 % 147.8 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The condensed consolidated financial statements include the accounts of the Company, Sophiris Bio Corp. and Sophiris Bio Holding Corp. All intercompany balances and transactions have been eliminated for purposes of consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not ’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 March 27, 2017. not not may 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 stockholders ’ 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 ’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in interest income. No September 30, 2017 December 31, 2016. one |
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 not 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 not not not not Royalty revenue will be recognized upon the sale of the related products provided the Company has no |
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 ’s clinical development plan. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Adjustments to prior period estimates have not Examples of estimated accrued research and development expenses include: • fees to clinical research organizations in connection with clinical studies; • fees to investigative sites in connection with clinical studies; • fees to vendors in connection with preclinical development activities; • fees to vendors associated with the development of companion diagnostics; and • fees to vendors related to product manufacturing, development and distribution of clinical supplies. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are recorded as a prepaid expense and recognized as expense in the period that the related goods are consumed or services are performed. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation The Company expenses the fair value of employee stock options over the vesting period. Compensation expense is measured using the fair value of the award at the grant date, net of estimated forfeitures, and is adjusted annually to reflect actual forfeitures. The fair value of each stock-based award is estimated using the Black-Scholes pricing model and is expensed using graded amortization over the vesting period. 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” zero September 30, 2017. September 30, 2017 no zero $57,000 three nine September 30, 2017, $93,000 $27,000 three nine September 30, 2016, |
Warrant Liability [Policy Text Block] | Warrant Liability In connection with the offerings the Company completed in 2016, may 480 “Distinguishing Liabilities from Equity” Certain inputs utilized in the Company ’s Black-Scholes fair value calculation may one may |
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 and cash equivalents and 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 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1 Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, No. 2014 09 606 2015 14; 2016 08; 2016 10; 2016 12; 2016 20 606 December 15, 2017, December 15, 2016, first 2018 not December 31, 2016, 2015 2014. not not In February 2016, No. 2016 02, Lease (Topic 842 not December 15, 2018 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight December 31, 2017, In May 2017, No. 2017 09, Compensation - Stock Compensation (Topic 718 718. January 1, 2018; not |
Note 3 - Net Loss Per Common 16
Note 3 - Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | September 30, 201 7 201 6 Options to purchase common shares 2,888 1,978 Common share purchase warrants 5,825 6,206 |
Note 4 - Securities Available17
Note 4 - Securities Available-for-Sale (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | September 30, 2017 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,292 $ — $ — $ 3,292 U.S. government sponsored enterprise securities 8,738 — (3 ) 8,735 $ 12,030 $ — $ (3 ) $ 12,027 December 31, 2016 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 |
Note 5 - Fair Value Measureme18
Note 5 - Fair Value Measurement and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2017 Level 1 Level 2 Level 3 Assets: Money market funds $ 82 $ 82 $ — $ — Commercial paper 18,782 — 18,782 — U.S. government sponsored enterprise securities 8,735 — 8,735 — Total assets $ 27,599 $ 82 $ 27,517 $ — Liabilities: Warrant liability $ 9,491 $ — $ — $ 9,491 Total liabilities $ 9,491 $ — $ — $ 9,491 December 31, 2016 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 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2017 2016 Expected life of the option term (years) 4.1 3.8 Risk-free interest rate 1.61 % 1.19 % Dividend rate 0 % 0 % Volatility 144.8 % 147.8 % |
Stock-based Compensation Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Stock-based Compensation Liability Balance at January 1, 2017 $ 57 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus (57 ) Balance at September 30, 2017 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | September 30, 2017 December 31, 2016 Stock price at the end of each reporting period $ 2.15 $ 2.80 Weighted average exercise price $ 11.58 $ 11.06 Risk-free interest rate 1.31 % 0.85 % Volatility 31.51 % 120.81 % Dividend yield 0.00 % 0.00 % Expected life in years 0.13 0.85 Calculated fair value per stock option $ 0.00 $ 0.33 |
Warrant Liability [Member] | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | September 30, 2017 December 31, 2016 Stock price $ 2.15 $ 2.80 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 1.70 % 1.78 % Volatility 145.62 % 144.25 % Dividend yield 0.00 % 0.00 % Expected life in years 3.61 4.36 Calculated fair value per warrant $ 1.87 $ 2.55 September 30, 2017 December 31, 2016 Stock price $ 2.15 $ 2.80 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.75 % 1.85 % Volatility 141.15 % 140.47 % Dividend yield 0.00 % 0.00 % Expected life in years 3.90 4.65 Calculated fair value per warrant $ 1.69 $ 2.38 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Warrant Liability Balance at January 1, 2017 $ 13,396 Change in fair value of warrant liability (3,905 ) Balance at September 30, 2017 $ 9,491 |
Note 6 - Prepaid Expenses (Tabl
Note 6 - Prepaid Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Prepaid Expense and Other Current Assets [Table Text Block] | September 30, 2017 December 31, 2016 Prepaid insurance $ 326 $ 273 Prepaid research and development expenses 720 546 Other prepaid expenses 72 27 Prepaid expenses $ 1,118 $ 846 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2017 December 31, 2016 Accrued personnel related costs $ 751 $ 1,491 Accrued interest 25 — Accrued research and development expenses 370 87 Accrued audit and tax services 162 129 Other accrued expenses 176 55 Accrued expenses $ 1,484 $ 1,762 |
Note 8 - Promissory Notes (Tabl
Note 8 - Promissory Notes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ — 2018 584 2019 2,333 2020 2,333 2021 2,100 Total $ 7,350 |
Contractual Interest Expense and Amortization of Debt Issuance Costs and Debt Discount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 Simple interest $ 25 $ 67 $ 25 $ 292 Accretion of debt discount 7 19 7 81 Amortization of promissory note issuance costs 3 — 3 — Total $ 35 $ 86 $ 35 $ 373 |
Note 9 - Stock-based Compensa22
Note 9 - Stock-based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 121 $ 25 $ 376 $ 93 General and administrative 340 56 952 173 Total $ 461 $ 81 $ 1,328 $ 266 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding Weighted Average Exercise Price Outstanding at January 1, 2017 2,868 $ 3.63 Options granted 85 2.45 Options exercised (3 ) 0.4589 Options expired (7 ) 24.40 Options forfeited (55 ) 2.23 Outstanding at September 30, 2017 2,888 $ 3.58 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2017 2016 Expected life of the option term (years) 4.1 3.8 Risk-free interest rate 1.61 % 1.19 % Dividend rate 0 % 0 % Volatility 144.8 % 147.8 % |
Note 2 - Summary of Significa23
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | $ 0 | 0 | $ 57,000 | ||
Change in Fair Value of Stock-based Compensation Liability | $ 0 | $ 93,000 | $ (57,000) | $ 27,000 |
Note 3 - Net Loss Per Common 24
Note 3 - Net Loss Per Common Share - Potentially Dilutive Securities Excluded From Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 2,888 | 1,978 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 5,825 | 6,206 |
Note 4 - Securities Available25
Note 4 - Securities Available-for-Sale - Securities Available-for-Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Amortized Cost | $ 12,030 | $ 16,201 |
Unrealized Gain | ||
Unrealized Loss | (3) | |
Estimated Fair Value | 12,027 | 16,201 |
Unrealized Loss | 3 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 3,292 | 3,890 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 3,292 | 3,890 |
Unrealized Loss | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | 8,738 | 12,311 |
Unrealized Gain | ||
Unrealized Loss | (3) | |
Estimated Fair Value | 8,735 | 12,311 |
Unrealized Loss | $ 3 |
Note 5 - Fair Value Measureme26
Note 5 - Fair Value Measurement and Financial Instruments (Details Textual) - USD ($) $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Sep. 30, 2017 | Dec. 31, 2016 |
Assets, Fair Value Disclosure, Recurring | $ 27,599 | $ 28,453 | ||
Class of Warrant or Right, Issued During Period | 1,785,714 | |||
Warrants, Issued on May 11, 2016 [Member] | ||||
Class of Warrant or Right, Outstanding | 10,000 | |||
Warrants, Issued on August 26, 2016 [Member] | ||||
Class of Warrant or Right, Issued During Period | 5,606,250 |
Note 5 - Fair Value Measureme27
Note 5 - Fair Value Measurement and Financial Instruments - Assets and Liabilities Measured at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Asset Fair Value | $ 27,599 | $ 28,453 |
Liability Fair Value | 9,491 | 13,453 |
Warrant Liability [Member] | ||
Liability Fair Value | 9,491 | 13,396 |
Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 57 | |
Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | 82 | 57 |
Liability Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 27,517 | 28,396 |
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
Liability Fair Value | 9,491 | 13,453 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | 9,491 | 13,396 |
Fair Value, Inputs, Level 3 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 57 | |
Money Market Funds [Member] | ||
Asset Fair Value | 82 | 57 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | 82 | 57 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
Commercial Paper [Member] | ||
Asset Fair Value | 18,782 | 16,085 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 18,782 | 16,085 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Asset Fair Value | 8,735 | 12,311 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 8,735 | 12,311 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value |
Note 5 - Fair Value Measureme28
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Warrant Liability (Details) - Warrant Liability [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Warrants, Issued on May 11, 2016 [Member] | ||
Stock price (in dollars per share) | $ 2.15 | $ 2.80 |
Exercise price (in dollars per share) | $ 1.40 | $ 1.40 |
Risk-free interest rate | 1.70% | 1.78% |
Volatility | 145.62% | 144.25% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 3 years 222 days | 4 years 131 days |
Calculated fair value per warrant (in dollars per share) | $ 1.87 | $ 2.55 |
Warrants, Issued on August 26, 2016 [Member] | ||
Stock price (in dollars per share) | 2.15 | 2.80 |
Exercise price (in dollars per share) | $ 4 | $ 4 |
Risk-free interest rate | 1.75% | 1.85% |
Volatility | 141.15% | 140.47% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 3 years 328 days | 4 years 237 days |
Calculated fair value per warrant (in dollars per share) | $ 1.69 | $ 2.38 |
Note 5 - Fair Value Measureme29
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Warrant Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Change in fair value of warrant liability | $ (3,905) | $ 1,969 |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Balance | 13,396 | |
Change in fair value of warrant liability | (3,905) | |
Balance | $ 9,491 |
Note 5 - Fair Value Measureme30
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Stock-based Compensation Liability (Details) - Stock-based Compensation Liability [Member] - Fair Value, Inputs, Level 3 [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Stock price (in dollars per share) | $ 2.15 | $ 2.80 |
Exercise price (in dollars per share) | $ 11.58 | $ 11.06 |
Risk-free interest rate | 1.31% | 0.85% |
Volatility | 31.51% | 120.81% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 47 days | 310 days |
Calculated fair value per warrant (in dollars per share) | $ 0 | $ 0.33 |
Note 5 - Fair Value Measureme31
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Stock-based Compensation Liability (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Change in Fair Value of Stock-based Compensation Liability | $ 0 | $ 93,000 | $ (57,000) | $ 27,000 |
Fair Value, Inputs, Level 3 [Member] | Stock-based Compensation Liability [Member] | ||||
Balance | 57,000 | |||
Change in Fair Value of Stock-based Compensation Liability | (57,000) | |||
Balance |
Note 6 - Prepaid Expenses (Deta
Note 6 - Prepaid Expenses (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Upfront Fees Included in Prepaid Researchs and Development Expenses | $ 0.7 | $ 0.5 |
Note 6 - Prepaid Expenses - Com
Note 6 - Prepaid Expenses - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Prepaid insurance | $ 326 | $ 273 |
Prepaid research and development expenses | 720 | 546 |
Other prepaid expenses | 72 | 27 |
Prepaid expenses | $ 1,118 | $ 846 |
Note 7 - Accrued Expenses - Com
Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued personnel related costs | $ 751 | $ 1,491 |
Accrued interest | 25 | |
Accrued research and development expenses | 370 | 87 |
Other accrued expenses | 176 | 55 |
Accrued expenses | 1,484 | 1,762 |
Accrued Audit and Tax Services [Member] | ||
Accrued audit and tax services | $ 162 | $ 129 |
Note 8 - Promissory Notes (Deta
Note 8 - Promissory Notes (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 08, 2017 | Sep. 30, 2017 |
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 99,526 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.11 | |
Warrants Expiration Period | 7 years | |
Warrants and Rights Outstanding | $ 0.2 | |
Fair Value Assumptions, Risk Free Interest Rate | 1.90% | |
Fair Value Assumptions, Expected Volatility Rate | 113.90% | |
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Fair Value Assumptions, Expected Term | 7 years | |
Silicon Valley Bank Loan [Member] | ||
Long-term Debt, Fair Value | $ 7 | |
Payments of Debt Issuance Costs | $ 0.1 | |
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | ||
Debt Instrument, Face Amount | $ 7 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |
Additional Fee Percentage | 5.00% | |
Debt Instrument, Number of Monthly Payments | 36 | |
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | Minimum [Member] | ||
Prepayment Fee Rate | 1.00% | |
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | Maximum [Member] | ||
Prepayment Fee Rate | 3.00% | |
Silicon Valley Bank Loan [Member] | Term Loan, Second Tranche [Member] | ||
Debt Instrument, Face Amount if Company Meets Requirements, Maximum | $ 3 | |
Debt Instrument, Proceeds from Sale of Common Shares Required for Debt Issuance | $ 20 |
Note 8 - Promissory Notes - Fut
Note 8 - Promissory Notes - Future Contractual and Final Fee Payments (Details) $ in Thousands | Sep. 30, 2017USD ($) |
2,017 | |
2,018 | 584 |
2,019 | 2,333 |
2,020 | 2,333 |
2,021 | 2,100 |
Total | $ 7,350 |
Note 8 - Promissory Notes - Act
Note 8 - Promissory Notes - Actual Interest Expense and Amortization of Debt Discount (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Simple interest | $ 25 | $ 67 | $ 25 | $ 292 |
Accretion of debt discount | 7 | 19 | 7 | 81 |
Amortization of promissory note issuance costs | 3 | 3 | ||
Total | $ 35 | $ 86 | $ 35 | $ 373 |
Note 9 - Stock-based Compensa38
Note 9 - Stock-based Compensation Plan (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 122,665 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days |
Note 9 - Stock-based Compensa39
Note 9 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-based compensation expense | $ 461 | $ 81 | $ 1,328 | $ 266 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 121 | 25 | 376 | 93 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 340 | $ 56 | $ 952 | $ 173 |
Note 9 - Stock-based Compensa40
Note 9 - Stock-based Compensation Plan - Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Options outstanding (in shares) | shares | 2,868 |
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares | $ 3.63 |
Options granted (in shares) | shares | 85 |
Weighted average exercise price - options granted (in dollars per share) | $ / shares | $ 2.45 |
Options exercised (in shares) | shares | (3) |
Weighted average exercise price- options exercised (in dollars per share) | $ / shares | $ 0.4589 |
Options expired (in shares) | shares | (7) |
Weighted average exercise price - options expired (in dollars per share) | $ / shares | $ 24.40 |
Options forfeited (in shares) | shares | (55) |
Weighted average exercise price - options forfeited (in dollars per share) | $ / shares | $ 2.23 |
Options outstanding (in shares) | shares | 2,888 |
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares | $ 3.58 |
Note 9 - Stock-based Compensa41
Note 9 - Stock-based Compensation Plan - Fair Value of Options Granted (Details) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Expected life of the option term (years) (Year) | 4 years 36 days | 3 years 292 days |
Risk-free interest rate | 1.61% | 1.19% |
Dividend rate | 0.00% | 0.00% |
Volatility | 144.80% | 147.80% |