Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
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 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 16,286 | $ 16,087 |
Securities available-for-sale | 5,767 | 9,757 |
Other receivables | 13 | 13 |
Prepaid expenses | 1,009 | 999 |
Total current assets | 23,075 | 26,856 |
Property and equipment, net | 3 | 2 |
Other long-term assets | 19 | 19 |
Total assets | 23,097 | 26,877 |
Current liabilities: | ||
Accounts payable | 1,132 | 832 |
Accrued expenses | 1,824 | 1,499 |
Current portion of promissory note | 958 | 372 |
Total current liabilities | 3,914 | 2,703 |
Long-term promissory note | 5,900 | 6,435 |
Warrant liability | 8,733 | 10,089 |
Total liabilities | 18,547 | 19,227 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares, unlimited authorized shares, no par value; 30,111,153 shares issued and outstanding at March 31, 2018 and December 31, 2017 | 131,247 | 131,247 |
Contributed surplus | 26,085 | 25,854 |
Accumulated other comprehensive gain | 94 | 97 |
Accumulated deficit | (152,876) | (149,548) |
Total shareholders’ equity | 4,550 | 7,650 |
Total liabilities and shareholders’ equity | $ 23,097 | $ 26,877 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 30,111,153 | 30,111,153 |
Common shares, shares outstanding (in shares) | 30,111,153 | 30,111,153 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating expenses: | ||
Research and development | $ 3,330 | $ 1,208 |
General and administrative | 1,243 | 1,369 |
Total operating expenses | 4,573 | 2,577 |
Other income (expense): | ||
Interest expense | (169) | |
Interest income | 87 | 51 |
Gain (loss) on revaluation of warrant liability | 1,356 | (86) |
Other expense, net | (30) | (7) |
Total other income (expense) | 1,244 | (42) |
Net loss | $ (3,329) | $ (2,619) |
Basic and diluted loss per share (in dollars per share) | $ (0.11) | $ (0.09) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 30,111 | 30,111 |
Other comprehensive loss: | ||
Unrealized loss on securities available-for-sale | $ (3) | $ (13) |
Total other comprehensive loss | $ (3,332) | $ (2,632) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows used in operating activities | ||
Net loss | $ (3,329) | $ (2,619) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 231 | 402 |
Accretion of debt discount | 37 | |
Amortization of promissory note issuance costs | 14 | |
Depreciation of property and equipment | 1 | 2 |
Amortization of premium/discount on securities available-for-sale | (21) | 47 |
Change in fair value warrant liability | (1,356) | 86 |
Changes in operating assets and liabilities: | ||
Other receivables | 42 | |
Prepaid expenses | (10) | (113) |
Accounts payable | 299 | (100) |
Accrued expenses | 326 | (997) |
Net cash used in operating activities | (3,808) | (3,250) |
Cash flows provided by (used in) investing activities | ||
Purchases of property and equipment | (2) | |
Maturities of securities available-for-sale | 5,100 | 2,350 |
Purchases of securities available-for-sale | (1,091) | (3,008) |
Net cash provided by (used in) investing activities | 4,007 | (658) |
Cash flows provided by financing activities | ||
Proceeds from exercise of stock options | 2 | |
Net cash provided by financing activities | 2 | |
Net increase (decrease) in cash and cash equivalents | 199 | (3,906) |
Cash and cash equivalents at beginning of period | 16,087 | 12,800 |
Cash and cash equivalents at end of period | 16,286 | 8,894 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | $ (34) |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of the business Sophiris Bio Inc., or the Company, or Sophiris, is a clinical-stage biopharmaceutical company focused on innovative products for the treatment of urological diseases. 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 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 | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies 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 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 10 March 21, 2018. not not may During the three March 31, 2018, no 10 December 31, 2017, Revenue recognition Effective January 1, 2018, No. 2014 09, Revenue from Contracts with Customers (Topic 606 ) 606 The Company may may 606. The Company will then perform an analysis to determine the total transaction price that the Company expects to receive from satisfying the performance obligations in the agreement. To the extent that the agreement includes variable consideration, amounts which can vary depending on the occurrence or nonoccurrence of a future event, the amount included in the total transaction price may not not The calculated transaction price will then be allocated to the separate performance obligations based upon the relative standalone selling price of the performance obligations. If standalone selling price cannot be determined a residual approach may For each performance obligation, the Company must determine the period over which the performance obligations will be satisfied, and revenue recognized. Revenue will be recognized over time if the Company satisfies the performance obligation over a period of time whereas revenue will be recognized at a point in time if the performance obligation is satisfied at a specific point in time. Revenue related to the transfer of an intellectual property license will be recognized either upon the transfer of the license or over a period of time depending upon whether or not not may Recent accounting pronouncements In February 2016, No. 2016 02, Leases (Topic 842 ) not December 15, 2018 In August 2016, 2016 15, "Statement of Cash Flows (Topic 230 eight first 2018, not In May 2017, No. 2017 09, "Compensation-Stock Compensation (Topic 718 2017 09. 718. first 2018, not |
Note 3 - Net Loss Per Common Sh
Note 3 - Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 March 31, 2018 2017 Options to purchase common shares 2,860 2,865 Common share purchase warrants 5,825 5,725 |
Note 4 - Securities Available-f
Note 4 - Securities Available-for-sale | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 ( March 31, 201 8 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 1,094 $ — $ — $ 1,094 U.S. government sponsored enterprise securities 3,492 — (5 ) 3,487 Corporate debt securities 1,186 — — 1,186 $ 5,772 $ — $ (5 ) $ 5,767 As of March 31, 2018, one Securities available-for-sale consisted of the following as of December 31, 2017 December 31, 201 7 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,590 $ — $ — $ 3,590 U.S. government sponsored enterprise securities 4,985 — (2 ) 4,983 Corporate debt securities 1,184 — — 1,184 $ 9,759 $ — $ (2 ) $ 9,757 As of December 31, 2017, one |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement and Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair value measurement and financial instruments As of March 31, 2018, $21.5 three eight two 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): March 31, 201 8 Level 1 Level 2 Level 3 Assets: Money market funds $ 350 $ 350 $ — $ — Commercial paper 16,476 — 16,476 — U.S. government sponsored enterprise securities 3,487 — 3,487 — Corporate debt securities 1,186 — 1,186 — Total assets $ 21,499 $ 350 $ 21,149 $ — Liabilities: Warrant liability $ 8,733 $ — $ — $ 8,733 Total liabilities $ 8,733 $ — $ — $ 8,733 December 31, 201 7 Level 1 Level 2 Level 3 Assets: Money market funds $ 34 $ 34 $ — $ — Commercial paper 19,020 — 19,020 — U.S. government sponsored enterprise securities 4,983 — 4,983 — Corporate debt securities 1,184 — 1,184 — Total assets $ 25,221 $ 34 $ 25,187 $ — Liabilities: Warrant liability $ 10,089 $ — $ — $ 10,089 Total liabilities $ 10,089 $ — $ — $ 10,089 Warrant liability In connection with the offering completed on May 11, 2016, 1,785,714 may May 11, 2016, March 31, 2018, 10,000 May 11, 2016 March 31, 2018. March 31, 201 8 December 31, 201 7 Stock price $ 2.01 $ 2.27 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 2.39 % 2.01 % Volatility 118.37 % 143.57 % Dividend yield 0.00 % 0.00 % Expected life in years 3.11 3.36 Calculated fair value per warrant $ 1.54 $ 1.95 In connection with the offering completed on August 26, 2016, 5,606,250 may August 26, 2016, March 31, 2018, 5.6 March 31, 201 8 December 31, 201 7 Stock price $ 2.01 $ 2.27 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 2.41 % 2.04 % Volatility 148.82 % 145.36 % Dividend yield 0.00 % 0.00 % Expected life in years 3.41 3.65 Calculated fair value per warrant $ 1.56 $ 1.80 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3 Three Months Ended March 31, 2018 Liabilities: Balance at beginning of period $ 10,089 Change in the fair value of warrant liability (1,356 ) Balance at end of period $ 8,733 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 | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 6. Prepaid expenses Prepaid expenses as of March 31, 2018 December 31, 2017 March 31, 201 8 December 31, 201 7 Prepaid insurance $ 140 $ 233 Prepaid research and development expenses 795 709 Other prepaid expenses 74 57 Prepaid expenses $ 1,009 $ 999 As of March 31, 2018 December 31, 2017, $0.7 third |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued expenses Accrued expenses as of March 31, 2018 December 31, 2017 March 31, 201 8 December 31, 201 7 Accrued personnel related costs $ 279 $ 904 Accrued interest 41 41 Accrued research and development expenses 1,269 273 Accrued audit and tax services 172 246 Other accrued expenses 63 35 Accrued expenses $ 1,824 $ 1,499 |
Note 8 - Promissory Notes
Note 8 - Promissory Notes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Promissory notes 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 $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 March 31, 2018, may As of March 31, 2018, 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 March 31, 201 8 201 7 Simple Interest $ 118 $ — Accretion of debt discount 37 — Amortization of promissory note issuance costs 14 — Total $ 169 $ — The Company calculated the fair value of the secured promissory notes as $6.8 3 March 31, 2018. 6.75%, |
Note 9 - Revenue for License Ag
Note 9 - Revenue for License Agreement | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 9. Revenue for license agreement In April 2010, Pursuant to the agreement in 2010, $3.0 $72.0 $17.0 $5.0 $7.0 $5.0 $21.0 $7.0 $7.0 $7.0 $21.0 $7.0 $7.0 $7.0 $13.0 not $5.0 $8.0 may 20 29% Accounting for the Kissei Agreement prior to the Adoption of ASC Topic 606: The Company recognized the entire $3.0 2010. December 31, 2013, $5.0 No Accounting for the Kissei Agreement after the Adoption of Topic 606: Effective January 1, 2018, No. 2014 09, Revenue from Contracts with Customers (Topic 606 ) The Company has reviewed its agreement with Kissei and determined that Kissei met the definition of a customer as defined in Topic 606. The Company determined that the license provided to Kissei represents a right to use functional intellectual property. This determination is based upon Kissei’s ability to use the license as soon as it was granted and that the Company has no not no no $3.0 2010. As outlined above the agreement also includes development and sales-based milestone payments and sales-based royalties. Upon the signing of the agreement, the development based milestone payments would have been considered variable consideration under Topic 606 third not no may no $5.0 December 31, 2013 606 no $5.0 2013. Topic 606 not no no Based on the above, the Company’s adoption of Topic 606 not no 606. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation Plan | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10 . Stock-based compensation plan The Company’s Amended and Restated 2011 As of March 31, 2018, 151,000 The Company recognized stock-based compensation expense as follows (in thousands): Three Months Ended March 31, 201 8 201 7 Research and development $ 58 $ 125 General and administrative 173 277 Total $ 231 $ 402 As of March 31, 2018 $0.6 1.2 The following table summarizes stock option activity, including options issued to employees, directors and non-employees (in thousands, except per share): Options Weighted Average Outstanding at January 1, 2018 2,931 $ 3.10 Options expired (71 ) 13.16 Outstanding at March 31, 2018 2,860 $ 2.85 The total amount of options expired for the three March 31, 2018 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 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 10 March 21, 2018. not not may During the three March 31, 2018, no 10 December 31, 2017, |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Effective January 1, 2018, No. 2014 09, Revenue from Contracts with Customers (Topic 606 ) 606 The Company may may 606. The Company will then perform an analysis to determine the total transaction price that the Company expects to receive from satisfying the performance obligations in the agreement. To the extent that the agreement includes variable consideration, amounts which can vary depending on the occurrence or nonoccurrence of a future event, the amount included in the total transaction price may not not The calculated transaction price will then be allocated to the separate performance obligations based upon the relative standalone selling price of the performance obligations. If standalone selling price cannot be determined a residual approach may For each performance obligation, the Company must determine the period over which the performance obligations will be satisfied, and revenue recognized. Revenue will be recognized over time if the Company satisfies the performance obligation over a period of time whereas revenue will be recognized at a point in time if the performance obligation is satisfied at a specific point in time. Revenue related to the transfer of an intellectual property license will be recognized either upon the transfer of the license or over a period of time depending upon whether or not not may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In February 2016, No. 2016 02, Leases (Topic 842 ) not December 15, 2018 In August 2016, 2016 15, "Statement of Cash Flows (Topic 230 eight first 2018, not In May 2017, No. 2017 09, "Compensation-Stock Compensation (Topic 718 2017 09. 718. first 2018, not |
Note 3 - Net Loss Per Common 17
Note 3 - Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2018 2017 Options to purchase common shares 2,860 2,865 Common share purchase warrants 5,825 5,725 |
Note 4 - Securities Available18
Note 4 - Securities Available-for-sale (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 201 8 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 1,094 $ — $ — $ 1,094 U.S. government sponsored enterprise securities 3,492 — (5 ) 3,487 Corporate debt securities 1,186 — — 1,186 $ 5,772 $ — $ (5 ) $ 5,767 December 31, 201 7 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,590 $ — $ — $ 3,590 U.S. government sponsored enterprise securities 4,985 — (2 ) 4,983 Corporate debt securities 1,184 — — 1,184 $ 9,759 $ — $ (2 ) $ 9,757 |
Note 5 - Fair Value Measureme19
Note 5 - Fair Value Measurement and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 201 8 Level 1 Level 2 Level 3 Assets: Money market funds $ 350 $ 350 $ — $ — Commercial paper 16,476 — 16,476 — U.S. government sponsored enterprise securities 3,487 — 3,487 — Corporate debt securities 1,186 — 1,186 — Total assets $ 21,499 $ 350 $ 21,149 $ — Liabilities: Warrant liability $ 8,733 $ — $ — $ 8,733 Total liabilities $ 8,733 $ — $ — $ 8,733 December 31, 201 7 Level 1 Level 2 Level 3 Assets: Money market funds $ 34 $ 34 $ — $ — Commercial paper 19,020 — 19,020 — U.S. government sponsored enterprise securities 4,983 — 4,983 — Corporate debt securities 1,184 — 1,184 — Total assets $ 25,221 $ 34 $ 25,187 $ — Liabilities: Warrant liability $ 10,089 $ — $ — $ 10,089 Total liabilities $ 10,089 $ — $ — $ 10,089 |
Warrant Liability [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 201 8 December 31, 201 7 Stock price $ 2.01 $ 2.27 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 2.39 % 2.01 % Volatility 118.37 % 143.57 % Dividend yield 0.00 % 0.00 % Expected life in years 3.11 3.36 Calculated fair value per warrant $ 1.54 $ 1.95 March 31, 201 8 December 31, 201 7 Stock price $ 2.01 $ 2.27 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 2.41 % 2.04 % Volatility 148.82 % 145.36 % Dividend yield 0.00 % 0.00 % Expected life in years 3.41 3.65 Calculated fair value per warrant $ 1.56 $ 1.80 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2018 Liabilities: Balance at beginning of period $ 10,089 Change in the fair value of warrant liability (1,356 ) Balance at end of period $ 8,733 |
Note 6 - Prepaid Expenses (Tabl
Note 6 - Prepaid Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Prepaid Expense and Other Current Assets [Table Text Block] | March 31, 201 8 December 31, 201 7 Prepaid insurance $ 140 $ 233 Prepaid research and development expenses 795 709 Other prepaid expenses 74 57 Prepaid expenses $ 1,009 $ 999 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 201 8 December 31, 201 7 Accrued personnel related costs $ 279 $ 904 Accrued interest 41 41 Accrued research and development expenses 1,269 273 Accrued audit and tax services 172 246 Other accrued expenses 63 35 Accrued expenses $ 1,824 $ 1,499 |
Note 8 - Promissory Notes (Tabl
Note 8 - Promissory Notes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 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 March 31, 201 8 201 7 Simple Interest $ 118 $ — Accretion of debt discount 37 — Amortization of promissory note issuance costs 14 — Total $ 169 $ — |
Note 10 - Stock-based Compens23
Note 10 - Stock-based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 201 8 201 7 Research and development $ 58 $ 125 General and administrative 173 277 Total $ 231 $ 402 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted Average Outstanding at January 1, 2018 2,931 $ 3.10 Options expired (71 ) 13.16 Outstanding at March 31, 2018 2,860 $ 2.85 |
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 | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Stock Option [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 2,860 | 2,865 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 5,825 | 5,725 |
Note 4 - Securities Available25
Note 4 - Securities Available-for-sale - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized Cost | $ 5,772 | $ 9,759 |
Unrealized Gain | ||
Unrealized Loss | (5) | (2) |
Estimated Fair Value | 5,767 | 9,757 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 1,094 | 3,590 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 1,094 | 3,590 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | 3,492 | 4,985 |
Unrealized Gain | ||
Unrealized Loss | (5) | (2) |
Estimated Fair Value | 3,487 | 4,983 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 1,186 | 1,184 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | $ 1,186 | $ 1,184 |
Note 5 - Fair Value Measureme26
Note 5 - Fair Value Measurement and Financial Instruments (Details Textual) - USD ($) $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Mar. 31, 2018 | Dec. 31, 2017 |
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 | |||
Class of Warrant or Right, Outstanding | 5,600,000 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Assets, Fair Value Disclosure | $ 21,499 | $ 25,221 |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt securities available-for-sale | $ 5,767 | $ 9,757 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | 3,487 | 4,983 |
Corporate Debt Securities [Member] | ||
Debt securities available-for-sale | 1,186 | 1,184 |
Fair Value, Measurements, Recurring [Member] | ||
Commercial paper | 16,476 | 19,020 |
Total assets | 21,499 | 25,221 |
Total liabilities | 8,733 | 10,089 |
Fair Value, Measurements, Recurring [Member] | Warrant Liability [Member] | ||
Warrant liability | 8,733 | 10,089 |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | 3,487 | 4,983 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Debt securities available-for-sale | 1,186 | 1,184 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Commercial paper | ||
Total assets | 350 | 34 |
Total liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Warrant liability | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Debt securities available-for-sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Commercial paper | 16,476 | 19,020 |
Total assets | 21,149 | 25,187 |
Total liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Warrant liability | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | 3,487 | 4,983 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Debt securities available-for-sale | 1,186 | 1,184 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Commercial paper | ||
Total assets | ||
Total liabilities | 8,733 | 10,089 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Warrant liability | 8,733 | 10,089 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Debt securities available-for-sale | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds | 350 | 34 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 350 | 34 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds |
Note 5 - Fair Value Measureme28
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Warrant Liability (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
Warrants, Issued on May 11, 2016 [Member] | ||
Calculated fair value per warrant (in dollars per share) | $ 1.54 | $ 1.95 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Share Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 2.01 | 2.27 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Exercise Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 1.4 | 1.4 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 2.39 | 2.01 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 118.37 | 143.57 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Expected Term [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 3.11 | 3.36 |
Warrants, Issued on August 26, 2016 [Member] | ||
Calculated fair value per warrant (in dollars per share) | $ 1.56 | $ 1.80 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Share Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 2.01 | 2.27 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Exercise Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 4 | 4 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 2.41 | 2.04 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 148.82 | 145.36 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Expected Term [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 3.41 | 3.65 |
Note 5 - Fair Value Measureme29
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Warrant Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Change in fair value warrant liability | $ (1,356) | $ 86 |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Balance | 10,089 | |
Change in fair value warrant liability | (1,356) | |
Balance | $ 8,733 |
Note 6 - Prepaid Expenses (Deta
Note 6 - Prepaid Expenses (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Upfront Fees Included in Prepaid Researchs and Development Expenses | $ 0.7 | $ 0.7 |
Note 6 - Prepaid Expenses - Com
Note 6 - Prepaid Expenses - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Prepaid insurance | $ 140 | $ 233 |
Prepaid research and development expenses | 795 | 709 |
Other prepaid expenses | 74 | 57 |
Prepaid expenses | $ 1,009 | $ 999 |
Note 7 - Accrued Expenses - Com
Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued personnel related costs | $ 279 | $ 904 |
Accrued interest | 41 | 41 |
Accrued research and development expenses | 1,269 | 273 |
Other accrued expenses | 63 | 35 |
Accrued expenses | 1,824 | 1,499 |
Accrued Audit and Tax Services [Member] | ||
Accrued audit and tax services | $ 172 | $ 246 |
Note 8 - Promissory Notes (Deta
Note 8 - Promissory Notes (Details Textual) - USD ($) | Sep. 08, 2017 | Mar. 31, 2018 | 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 | $ 200,000 | ||
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 1.9 | ||
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 113.9 | ||
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | ||
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | Measurement Input, Expected Term [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 7 | ||
Silicon Valley Bank Loan [Member] | |||
Long-term Debt, Fair Value | $ 6,800,000 | $ 7,000,000 | |
Payments of Debt Issuance Costs | $ 100,000 | ||
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 | $ 3,000,000 | ||
Debt Instrument, Proceeds from Sale of Common Shares Required for Debt Issuance | $ 20,000,000 |
Note 8 - Promissory Notes - Fut
Note 8 - Promissory Notes - Future Contractual and Final Fee Payments (Details) $ in Thousands | Mar. 31, 2018USD ($) |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Simple Interest | $ 118 | |
Accretion of debt discount | 37 | |
Amortization of promissory note issuance costs | 14 | |
Total | $ 169 |
Note 9 - Revenue for License 36
Note 9 - Revenue for License Agreement (Details Textual) - Kissei Pharmaceuticals Co, Ltd. [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2010 | Mar. 31, 2018 | Dec. 31, 2013 | Dec. 31, 2010 | |
Upfront Payment Related to Licensing Agreement | $ 3 | |||
Non-refundable Milestone Payments Entitled to Receive | $ 72 | |||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 5 | $ 3 | ||
Minimum [Member] | ||||
Percentage of Royalty Payable under Agreement | 20.00% | |||
Maximum [Member] | ||||
Percentage of Royalty Payable under Agreement | 29.00% | |||
Benign Prostate Hyperplasia [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | $ 17 | |||
Benign Prostate Hyperplasia [Member] | Development Activities [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 5 | |||
Benign Prostate Hyperplasia [Member] | Regulatory Approvals [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Benign Prostate Hyperplasia [Member] | Gross Sale Targets [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 5 | |||
Prostate Cancer [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 21 | |||
Prostate Cancer [Member] | Development Activities [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Prostate Cancer [Member] | Regulatory Approvals [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Prostate Cancer [Member] | Gross Sale Targets [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Prostatitis and Other Diseases of Prostate [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 21 | |||
Prostatitis and Other Diseases of Prostate [Member] | Development Activities [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Prostatitis and Other Diseases of Prostate [Member] | Regulatory Approvals [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Prostatitis and Other Diseases of Prostate [Member] | Gross Sale Targets [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 7 | |||
Milestones Not Associated with Indication [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 13 | |||
Milestones Not Associated with Indication [Member] | Regulatory Approvals [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | 5 | |||
Milestones Not Associated with Indication [Member] | Gross Sale Targets [Member] | ||||
Non-refundable Milestone Payments Entitled to Receive | $ 8 |
Note 10 - Stock-based Compens37
Note 10 - Stock-based Compensation Plan (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 151,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 0.6 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days |
Note 10 - Stock-based Compens38
Note 10 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-based compensation expense | $ 231 | $ 402 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 58 | 125 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 173 | $ 277 |
Note 10 - Stock-based Compens39
Note 10 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Options outstanding (in shares) | 2,931 | |
Weighted average exercise price - options outstanding (in dollars per share) | $ 2.85 | $ 3.10 |
Options expired (in shares) | (71) | |
Weighted average exercise price - options expired (in dollars per share) | $ 13.16 | |
Options outstanding (in shares) | 2,860 |