Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | SOPHIRIS BIO INC. | |
Entity Central Index Key | 0001563855 | |
Trading Symbol | sphs | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 30,217,140 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 7,678,000 | $ 10,998,000 |
Securities available-for-sale | 1,342,000 | 1,541,000 |
Prepaid expenses and other current assets | 424,000 | 656,000 |
Total current assets | 9,444,000 | 13,195,000 |
Property and equipment, net | 3,000 | 4,000 |
Operating lease right-of-use asset | 146,000 | |
Other long-term assets | 19,000 | |
Total assets | 9,612,000 | 13,199,000 |
Current liabilities: | ||
Accounts payable | 802,000 | 1,862,000 |
Accrued expenses | 1,160,000 | 1,192,000 |
Current portion of promissory note | 2,633,000 | 1,920,000 |
Current portion of operating lease liability | 124,000 | |
Total current liabilities | 4,719,000 | 4,974,000 |
Long-term promissory note | 4,427,000 | 5,091,000 |
Warrant liability | 846,000 | 1,399,000 |
Operating lease liability | 22,000 | |
Total liabilities | 10,014,000 | 11,464,000 |
Commitments and contingencies | ||
Shareholders’ (deficit) equity: | ||
Common shares, unlimited authorized shares, no par value; 30,217,140 and 30,205,915 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 131,247,000 | 131,247,000 |
Contributed surplus | 26,939,000 | 26,714,000 |
Accumulated other comprehensive gain | 98,000 | 100,000 |
Accumulated deficit | (158,686,000) | (156,326,000) |
Total shareholders’ (deficit) equity | (402,000) | 1,735,000 |
Total liabilities and shareholders’ (deficit) equity | $ 9,612,000 | $ 13,199,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 30,217,140 | 30,205,915 |
Common shares, shares outstanding (in shares) | 30,217,140 | 30,205,915 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating expenses: | ||
Research and development | $ 1,555 | $ 3,330 |
General and administrative | 1,252 | 1,243 |
Total operating expenses | 2,807 | 4,573 |
Other income (expense): | ||
Interest expense | (167) | (169) |
Interest income | 61 | 87 |
Gain on revaluation of warrant liability | 553 | 1,356 |
Other expense, net | (30) | |
Total other income | 447 | 1,244 |
Net loss | $ (2,360) | $ (3,329) |
Basic and diluted loss per share (in dollars per share) | $ (0.08) | $ (0.11) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 30,215 | 30,111 |
Other comprehensive loss: | ||
Unrealized loss on securities available-for-sale | $ (2) | $ (3) |
Total other comprehensive loss | $ (2,362) | $ (3,332) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance, shares (in shares) at Dec. 31, 2017 | 30,111,153 | ||||
Balance at Dec. 31, 2017 | $ 131,247 | $ 25,854 | $ (149,548) | $ 97 | $ 7,650 |
Stock-based compensation expense | 231 | 231 | |||
Net loss | (3,329) | (3,329) | |||
Other comprehensive gain (loss) | (3) | (3) | |||
Other | 1 | 1 | |||
Balance, shares (in shares) at Mar. 31, 2018 | 30,111,153 | ||||
Balance at Mar. 31, 2018 | $ 131,247 | 26,085 | (152,876) | 94 | 4,550 |
Balance, shares (in shares) at Dec. 31, 2017 | 30,111,153 | ||||
Balance at Dec. 31, 2017 | $ 131,247 | 25,854 | (149,548) | 97 | 7,650 |
Balance, shares (in shares) at Dec. 31, 2018 | 30,205,915 | ||||
Balance at Dec. 31, 2018 | $ 131,247 | 26,714 | (156,326) | 100 | 1,735 |
Issuance of common shares (in shares) | 11,225 | ||||
Issuance of common shares net of issuance costs of $14 | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 225 | 225 | |||
Net loss | (2,360) | (2,360) | |||
Other comprehensive gain (loss) | (2) | (2) | |||
Balance, shares (in shares) at Mar. 31, 2019 | 30,217,140 | ||||
Balance at Mar. 31, 2019 | $ 131,247 | $ 26,939 | $ (158,686) | $ 98 | $ (402) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' (Deficit) Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Issuance of common shares, issuance costs | $ 14 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows used in operating activities | ||
Net loss | $ (2,360) | $ (3,329) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 225 | 231 |
Accretion of debt discount | 35 | 37 |
Amortization of promissory note issuance costs | 14 | 14 |
Depreciation and amortization | 31 | 1 |
Amortization of premium/discount on securities available-for-sale | (9) | (21) |
Change in fair value warrant liability | (553) | (1,356) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 215 | (10) |
Accounts payable | (1,002) | 299 |
Accrued expenses | 11 | 326 |
Operating lease liability | (31) | |
Net cash used in operating activities | (3,424) | (3,808) |
Cash flows provided by investing activities | ||
Purchases of property and equipment | (2) | |
Maturities of securities available-for-sale | 650 | 5,100 |
Purchases of securities available-for-sale | (444) | (1,091) |
Net cash provided by investing activities | 206 | 4,007 |
Cash flows used in financing activities | ||
Payment of offering costs | (14) | |
Net cash used in financing activities | (102) | |
Net (decrease) increase in cash and cash equivalents | (3,320) | 199 |
Cash and cash equivalents at beginning of period | 10,998 | 16,087 |
Cash and cash equivalents at end of period | $ 7,678 | $ 16,286 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 3 Months Ended |
Mar. 31, 2019 | |
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 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 and its wholly-owned subsidiaries, Sophiris Bio Corp. and Sophiris Bio Holding Corp., both of which are incorporated in the State of Delaware. Liquidity The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. At March 31, 2019, $9.0 September 2019 one The Company is currently evaluating options to further advance the clinical development of topsalysin. The Company will require significant additional funding to advance topsalysin in clinical development. The Company could use dilutive funding options such as an equity financing and/or non-dilutive funding options such as a partnering arrangement to fund future clinical development of topsalysin. The scope of any additional trial in localized prostate cancer, including whether it will be a Phase 3 2 not second 3 no If the Company is unable to raise additional capital to fund its development program efforts in sufficient amounts or on terms acceptable to it, the Company may On March 7, 2019, 30 $35 not 5550 2 5550 1 5550 3 5810 3 180 September 3, 2019, $35 10 180 not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 13, 2019. not not may During the three March 31, 2019, no 10 December 31, 2018, Leases The Company currently leases its corporate headquarters. When the Company enters into a lease, it determines whether the agreement is a lease or contains a lease and at commencement it evaluates each lease agreement to determine whether the lease is an operating or financing lease. The Company will evaluate the lease to determine if the lease contains renewal options, tenant improvement allowances, rent holidays and rent escalation clauses. The Company adopted the Financial Accounting Standards Board Accounting Standards Update, or ASU, "Leases," or ASU 2016 02, January 1, 2019 840 Pursuant to ASU 2016 02, 2016 02, not may 12 not Prior to the Company’s adoption of ASU 2016 02, |
Note 3 - Net Loss Per Common Sh
Note 3 - Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 March 31, 201 9 201 8 Options to purchase common shares 2,931 2,860 Common share purchase warrants 5,798 5,825 |
Note 4 - Securities Available-f
Note 4 - Securities Available-for-Sale | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 ( March 31, 2019 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 1,342 $ — $ — $ 1,342 $ 1,342 $ — $ — $ 1,342 As of March 31, 2019, one Securities available-for-sale consisted of the following as of December 31, 2018 December 31, 201 8 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 892 $ — $ — $ 892 U.S. government sponsored enterprise securities 649 — — 649 $ 1,541 $ — $ — $ 1,541 As of December 31, 2018, one |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement and Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair value measurement and financial instruments As of March 31 2019, $8.1 one six one 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 9 Level 1 Level 2 Level 3 Assets: Money market funds $ 382 $ 382 $ — $ — Commercial paper 7,674 — 7,674 — Total assets $ 8,056 $ 382 $ 7,674 $ — Liabilities: Warrant liability $ 846 $ — $ — $ 846 Total liabilities $ 846 $ — $ — $ 846 December 31, 201 8 Level 1 Level 2 Level 3 Assets: Money market funds $ 20 $ 20 $ — $ — Commercial paper 9,729 — 9,729 — U.S. government sponsored enterprise securities 2,198 — 2,198 — Total assets $ 11,947 $ 20 $ 11,927 $ — Liabilities: Warrant liability $ 1,399 $ — $ — $ 1,399 Total liabilities $ 1,399 $ — $ — $ 1,399 Warrant liability In connection with the offering completed on May 11, 2016, 1,785,714 may May 11, 2016, March 31, 2019, 10,000 March 31, 2019. March 31, 201 9 December 31, 201 8 Stock price $ 0.99 $ 0.83 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 2.25 % 2.46 % Volatility 77.09 % 82.47 % Dividend yield 0.00 % 0.00 % Expected life in years 2.11 2.36 Calculated fair value per warrant $ 0.34 $ 0.29 In connection with the offering completed on August 26, 2016, 5,606,250 may August 26, 2016, March 31, 2019, March 31, 201 9 December 31, 201 8 Stock price $ 0.99 $ 0.83 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 2.23 % 2.45 % Volatility 79.89 % 104.52 % Dividend yield 0.00 % 0.00 % Expected life in years 2.41 2.65 Calculated fair value per warrant $ 0.15 $ 0.25 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3 Three Months Ended March 31, 201 9 Liabilities: Balance at beginning of period $ 1,399 Change in the fair value of warrant liability (553 ) Balance at end of period $ 846 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 and O
Note 6 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 6. Prepaid expenses and other current assets Prepaid expenses and other current assets as of March 31, 2019 December 31, 2018 March 31, 201 9 December 31, 201 8 Prepaid insurance $ 147 $ 245 Prepaid research and development expenses 125 256 Other prepaid expenses and other current assets 152 155 Prepaid expenses and other current assets $ 424 $ 656 As of March 31, 2019 December 31, 2018, $0.1 $0.2 third |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued expenses Accrued expenses as of March 31, 2019 December 31, 2018 March 31, 201 9 December 31, 201 8 Accrued personnel related costs $ 229 $ 209 Accrued interest 41 41 Accrued research and development expenses 584 586 Accrued audit and tax services 157 168 Other accrued expenses 149 188 Accrued expenses $ 1,160 $ 1,192 |
Note 8 - Promissory Notes
Note 8 - Promissory Notes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Promissory notes On September 8, 2017, $7.0 6.75% 1% 3% September 1, 2021, 5% $7.0 Under the terms of the agreement, the Company had the option to request an additional $3.0 not $3.0 December 31, 2018 In September 2018, March 31, 2019. April 1, 2019, September 1, 2021. Pursuant to the first 99,526 $2.11 September 8, 2024 $0.2 1.9%, 113.9%, 0% 7. $7.0 The third $0.1 In connection with the loan, the Company granted to SVB 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, 2019, may As of March 31, 2019, 2019 $ 2,100 2020 2,800 2021 2,450 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 9 201 8 Simple Interest $ 118 $ 118 Accretion of debt discount 35 37 Amortization of promissory note issuance costs 14 14 Total $ 167 $ 169 The Company calculated the fair value of the secured promissory notes as $6.8 3 March 31, 2019. 6.75%, |
Note 9 - Operating Lease
Note 9 - Operating Lease | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Operating Lease In February 2016, No. 2016 02, 2016 02 2016 02 January 1, 2019 842, 842. 842 842. As a result of the adoption of ASU 2016 02, January 1, 2019, $53,000, 6.75% $53,000. no January 1, 2019. Effectively January 31, 2019, 12 May 31, 2019 May 31, 2020. $124,000, 6.75% $124,000. March 31, 2019, $146,000. Total operating lease cost for the three March 31, 2019 $32,000, $11,000 $21,000 Maturity of the Company's lease liability is as follows (in thousands): March 31, 2019 2019 $ 98 2020 54 Total $ 152 Less interest (6 ) Present value of lease liability $ 146 The remaining life of the Company’s operating lease as of March 31, 2019 1.2 The discount rate of the Company's operating lease as of March 31, 2019 6.75%. Future minimum lease payments under non-cancelable operating lease at December 31, 2018 December 31, 2018 2019 $ 130 2020 54 Total $ 184 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Shareholders’ equity On December 7, 2018, SM may $20.0 3.0% In January 2019 11,225 $14,061. December 31, 2018, 94,762 $121,000. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation Plan | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 1 1 . Stock-based compensation plan The Company’s Amended and Restated 2011 As of March 31, 2019, 91,000 The Company recognized stock-based compensation expense as follows (in thousands): Three Months Ended March 31, 201 9 201 8 Research and development $ 66 $ 58 General and administrative 159 173 Total $ 225 $ 231 As of March 31, 2019, $0.7 1.3 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, 2019 2,950 $ 1.60 Options expired (19 ) 3.53 Outstanding at March 31, 2019 2,931 $ 1.59 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 13, 2019. not not may During the three March 31, 2019, no 10 December 31, 2018, |
Lessee, Leases [Policy Text Block] | Leases The Company currently leases its corporate headquarters. When the Company enters into a lease, it determines whether the agreement is a lease or contains a lease and at commencement it evaluates each lease agreement to determine whether the lease is an operating or financing lease. The Company will evaluate the lease to determine if the lease contains renewal options, tenant improvement allowances, rent holidays and rent escalation clauses. The Company adopted the Financial Accounting Standards Board Accounting Standards Update, or ASU, "Leases," or ASU 2016 02, January 1, 2019 840 Pursuant to ASU 2016 02, 2016 02, not may 12 not Prior to the Company’s adoption of ASU 2016 02, |
Note 3 - Net Loss Per Common _2
Note 3 - Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 201 9 201 8 Options to purchase common shares 2,931 2,860 Common share purchase warrants 5,798 5,825 |
Note 4 - Securities Available_2
Note 4 - Securities Available-for-Sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2019 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 1,342 $ — $ — $ 1,342 $ 1,342 $ — $ — $ 1,342 December 31, 201 8 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 892 $ — $ — $ 892 U.S. government sponsored enterprise securities 649 — — 649 $ 1,541 $ — $ — $ 1,541 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurement and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 201 9 Level 1 Level 2 Level 3 Assets: Money market funds $ 382 $ 382 $ — $ — Commercial paper 7,674 — 7,674 — Total assets $ 8,056 $ 382 $ 7,674 $ — Liabilities: Warrant liability $ 846 $ — $ — $ 846 Total liabilities $ 846 $ — $ — $ 846 December 31, 201 8 Level 1 Level 2 Level 3 Assets: Money market funds $ 20 $ 20 $ — $ — Commercial paper 9,729 — 9,729 — U.S. government sponsored enterprise securities 2,198 — 2,198 — Total assets $ 11,947 $ 20 $ 11,927 $ — Liabilities: Warrant liability $ 1,399 $ — $ — $ 1,399 Total liabilities $ 1,399 $ — $ — $ 1,399 |
Warrant Liability [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 201 9 December 31, 201 8 Stock price $ 0.99 $ 0.83 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 2.25 % 2.46 % Volatility 77.09 % 82.47 % Dividend yield 0.00 % 0.00 % Expected life in years 2.11 2.36 Calculated fair value per warrant $ 0.34 $ 0.29 March 31, 201 9 December 31, 201 8 Stock price $ 0.99 $ 0.83 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 2.23 % 2.45 % Volatility 79.89 % 104.52 % Dividend yield 0.00 % 0.00 % Expected life in years 2.41 2.65 Calculated fair value per warrant $ 0.15 $ 0.25 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 201 9 Liabilities: Balance at beginning of period $ 1,399 Change in the fair value of warrant liability (553 ) Balance at end of period $ 846 |
Note 6 - Prepaid Expenses and_2
Note 6 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Prepaid Expense and Other Current Assets [Table Text Block] | March 31, 201 9 December 31, 201 8 Prepaid insurance $ 147 $ 245 Prepaid research and development expenses 125 256 Other prepaid expenses and other current assets 152 155 Prepaid expenses and other current assets $ 424 $ 656 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 201 9 December 31, 201 8 Accrued personnel related costs $ 229 $ 209 Accrued interest 41 41 Accrued research and development expenses 584 586 Accrued audit and tax services 157 168 Other accrued expenses 149 188 Accrued expenses $ 1,160 $ 1,192 |
Note 8 - Promissory Notes (Tabl
Note 8 - Promissory Notes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 2,100 2020 2,800 2021 2,450 Total $ 7,350 |
Contractual Interest Expense and Amortization of Debt Issuance Costs and Debt Discount [Table Text Block] | Three Months Ended March 31, 201 9 201 8 Simple Interest $ 118 $ 118 Accretion of debt discount 35 37 Amortization of promissory note issuance costs 14 14 Total $ 167 $ 169 |
Note 9 - Operating Lease (Table
Note 9 - Operating Lease (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | March 31, 2019 2019 $ 98 2020 54 Total $ 152 Less interest (6 ) Present value of lease liability $ 146 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | December 31, 2018 2019 $ 130 2020 54 Total $ 184 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 201 9 201 8 Research and development $ 66 $ 58 General and administrative 159 173 Total $ 225 $ 231 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted Average Outstanding at January 1, 2019 2,950 $ 1.60 Options expired (19 ) 3.53 Outstanding at March 31, 2019 2,931 $ 1.59 |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business (Details Textual) $ in Millions | Mar. 31, 2019USD ($) |
Cash, Cash Equivalents and Available-for-sale Securities | $ 9 |
Note 3 - Net Loss Per Common _3
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, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 2,931 | 2,860 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 5,798 | 5,825 |
Note 4 - Securities Available_3
Note 4 - Securities Available-for-Sale - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 1,342 | $ 1,541 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 1,342 | 1,541 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 1,342 | 892 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | $ 1,342 | 892 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | 649 | |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | $ 649 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurement and Financial Instruments (Details Textual) - USD ($) $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Mar. 31, 2019 | Dec. 31, 2018 |
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 | |||
Fair Value, Recurring [Member] | ||||
Assets, Fair Value Disclosure | $ 8,056 | $ 11,947 |
Note 5 - Fair Value Measureme_4
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, 2019 | Dec. 31, 2018 |
Debt securities available-for-sale | $ 1,342 | $ 1,541 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | 649 | |
Fair Value, Recurring [Member] | ||
Commercial paper | 7,674 | 9,729 |
Total assets | 8,056 | 11,947 |
Total liabilities | 846 | 1,399 |
Fair Value, Recurring [Member] | Warrant Liability [Member] | ||
Warrant liability | 846 | 1,399 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | 2,198 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Commercial paper | ||
Total assets | 382 | 20 |
Total liabilities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Warrant liability | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Commercial paper | 7,674 | 9,729 |
Total assets | 7,674 | 11,927 |
Total liabilities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Warrant liability | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | 2,198 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Commercial paper | ||
Total assets | ||
Total liabilities | 846 | 1,399 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Warrant liability | 846 | 1,399 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities available-for-sale | ||
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds | 382 | 20 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 382 | 20 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds |
Note 5 - Fair Value Measureme_5
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Warrant Liability (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019yr$ / shares | Dec. 31, 2018yr$ / shares | |
Warrants, Issued on May 11, 2016 [Member] | ||
Calculated fair value per warrant (in dollars per share) | $ / shares | $ 0.34 | $ 0.29 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Share Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.99 | 0.83 |
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 | 0.0225 | 0.0246 |
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.7709 | 0.8247 |
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 | yr | 2.11 | 2.36 |
Warrants, Issued on August 26, 2016 [Member] | ||
Calculated fair value per warrant (in dollars per share) | $ / shares | $ 0.15 | $ 0.25 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Share Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.99 | 0.83 |
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 | 0.0223 | 0.0245 |
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.7989 | 1.0452 |
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 | yr | 2.41 | 2.65 |
Note 5 - Fair Value Measureme_6
Note 5 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Warrant Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Change in fair value warrant liability | $ (553) | $ (1,356) |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Balance at beginning of period | 1,399 | |
Change in fair value warrant liability | (553) | |
Balance at end of period | $ 846 |
Note 6 - Prepaid Expenses and_3
Note 6 - Prepaid Expenses and Other Current Assets (Details Textual) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Upfront Fees Included in Prepaid Researchs and Development Expenses | $ 0.1 | $ 0.2 |
Note 6 - Prepaid Expenses and_4
Note 6 - Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid insurance | $ 147 | $ 245 |
Prepaid research and development expenses | 125 | 256 |
Other prepaid expenses and other current assets | 152 | 155 |
Prepaid expenses and other current assets | $ 424 | $ 656 |
Note 7 - Accrued Expenses - Com
Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued personnel related costs | $ 229 | $ 209 |
Accrued interest | 41 | 41 |
Accrued research and development expenses | 584 | 586 |
Other accrued expenses | 149 | 188 |
Accrued expenses | 1,160 | 1,192 |
Accrued Audit and Tax Services [Member] | ||
Accrued audit and tax services | $ 157 | $ 168 |
Note 8 - Promissory Notes (Deta
Note 8 - Promissory Notes (Details Textual) | Sep. 08, 2017USD ($)yr$ / sharesshares | Mar. 31, 2019USD ($) |
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 | shares | 99,526 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.11 | |
Warrants and Rights Outstanding | $ 200,000 | |
Warrants and Rights Outstanding, Maturity Date | Sep. 8, 2024 | |
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 | 0.019 | |
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 1.139 | |
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 | yr | 7 | |
Silicon Valley Bank Loan [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |
Payments of Debt Issuance Costs | $ 0.10 | |
Long-term Debt, Fair Value | $ 6,800,000 | |
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | ||
Debt Instrument, Face Amount | $ 7,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |
Additional Fee Percentage | 5.00% | |
Debt Instrument, Additional Principal | $ 3,000,000 | |
Debt Instrument Additional Principal Expiration Date | Dec. 31, 2018 | |
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% |
Note 8 - Promissory Notes - Fut
Note 8 - Promissory Notes - Future Contractual and Final Fee Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 | $ 2,100 |
2020 | 2,800 |
2021 | 2,450 |
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, 2019 | Mar. 31, 2018 | |
Simple Interest | $ 118 | $ 118 |
Accretion of debt discount | 35 | 37 |
Amortization of promissory note issuance costs | 14 | 14 |
Total | $ 167 | $ 169 |
Note 9 - Operating Lease (Detai
Note 9 - Operating Lease (Details Textual) - USD ($) | Jan. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Total | $ 146,000 | $ 53,000 | ||
Lessee, Operating Lease, Discount Rate | 6.75% | 146000.00% | 6.75% | |
Operating Lease, Right-of-Use Asset | $ 146,000 | $ 53,000 | ||
Reassessment on Operating Lease Liability | $ 124,000 | |||
Reassessment on Operating Lease Right to Use Asset | $ 124,000 | |||
Operating Lease, Expense | $ 32,000 | |||
Lessee, Operating Lease, Remaining Life | 1 year 73 days | |||
Research and Development Expense [Member] | ||||
Operating Lease, Expense | $ 11,000 | |||
General and Administrative Expense [Member] | ||||
Operating Lease, Expense | $ 21,000 |
Note 9 - Operating Lease - Matu
Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) - USD ($) | Mar. 31, 2019 | Jan. 01, 2019 |
2019 | $ 98,000 | |
2020 | 54,000 | |
Total | 152,000 | |
Less interest | (6,000) | |
Present value of lease liability | $ 146,000 | $ 53,000 |
Note 9 - Operating Lease - Futu
Note 9 - Operating Lease - Future Minimum Lease Payments Under ASC 842 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 130 |
2020 | 54 |
Total | $ 184 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual) - Controlled Equity Offering Sales Agreement [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2018 | Dec. 07, 2018 | |
Sale of Stock, Aggregate Offering Price | $ 20,000,000 | ||
Stock Issuance Costs, Percentage of Aggreagte Gross Proceeds | 3.00% | ||
Stock Issued During Period, Shares, New Issues | 11,225 | 94,762 | |
Proceeds from Issuance of Common Stock | $ 14,061 | $ 121,000 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation Plan (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0.7 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 109 days |
Amended and Restated 2011 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 91,000 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock-based compensation expense | $ 225 | $ 231 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 66 | 58 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 159 | $ 173 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Options outstanding (in shares) | shares | 2,950 |
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares | $ 1.60 |
Options expired (in shares) | shares | (19) |
Weighted average exercise price - options expired (in dollars per share) | $ / shares | $ 3.53 |
Options outstanding (in shares) | shares | 2,931 |
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares | $ 1.59 |