Sophiris Bio (SPHS) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 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
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 4,972,000	$ 10,998,000
Securities available-for-sale	1,045,000	1,541,000
Prepaid expenses and other current assets	305,000	656,000
Total current assets	6,322,000	13,195,000
Property and equipment, net	3,000	4,000
Operating lease right-of-use asset	116,000
Total assets	6,441,000	13,199,000
Current liabilities:
Accounts payable	566,000	1,862,000
Accrued expenses	1,153,000	1,192,000
Current portion of promissory note	2,649,000	1,920,000
Current portion of operating lease liability	116,000
Total current liabilities	4,484,000	4,974,000
Long-term promissory note	3,758,000	5,091,000
Warrant liability	575,000	1,399,000
Total liabilities	8,817,000	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 June 30, 2019 and December 31, 2018, respectively	131,247,000	131,247,000
Contributed surplus	27,128,000	26,714,000
Accumulated other comprehensive gain	99,000	100,000
Accumulated deficit	(160,850,000)	(156,326,000)
Total shareholders’ (deficit) equity	(2,376,000)	1,735,000
Total liabilities and shareholders’ (deficit) equity	$ 6,441,000	$ 13,199,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating expenses:
Research and development	$ 1,089	$ 3,591	$ 2,644	$ 6,920
General and administrative	1,218	1,096	2,470	2,340
Total operating expenses	2,307	4,687	5,114	9,260
Other income (expense):
Interest expense	(159)	(172)	(325)	(341)
Interest income	43	91	104	178
Gain (loss) on revaluation of warrant liability	270	(1,365)	824	(10)
Other income (expense), net	(11)	36	(13)	7
Total other income (expense)	143	(1,410)	590	(166)
Net loss	$ (2,164)	$ (6,097)	$ (4,524)	$ (9,426)
Basic and diluted loss per share (in dollars per share)	$ (0.07)	$ (0.20)	$ (0.15)	$ (0.31)
Weighted average number of outstanding shares – basic and diluted (in shares)	30,217	30,111	30,216	30,111
Other comprehensive loss:
Unrealized income (loss) on securities available-for-sale	$ 1	$ 2	$ (1)
Total other comprehensive loss	$ (2,163)	$ (6,095)	$ (4,525)	$ (9,426)

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		421			421
Net loss			(9,426)		(9,426)
Other		(1)			(1)
Balance, shares (in shares) at Jun. 30, 2018	30,111,153
Balance at Jun. 30, 2018	$ 131,247	26,274	(158,974)	97	(1,356)
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
Stock-based compensation expense		189			189
Net loss			(6,097)		(6,097)
Other comprehensive income				2	2
Other			(1)	1
Balance, shares (in shares) at Jun. 30, 2018	30,111,153
Balance at Jun. 30, 2018	$ 131,247	26,274	(158,974)	97	(1,356)
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
Stock-based compensation expense		414			414
Net loss			(4,524)		(4,524)
Other comprehensive income				(1)	(1)
Issuance of common shares (in shares)	11,225
Issuance of common shares net of issuance costs of $14	$ 0	0	0	0	0
Balance, shares (in shares) at Jun. 30, 2019	30,217,140
Balance at Jun. 30, 2019	$ 131,247	27,128	(160,850)	99	(2,376)
Balance, shares (in shares) at Mar. 31, 2019	30,217,140
Balance at Mar. 31, 2019	$ 131,247	26,939	(158,686)	98	(402)
Stock-based compensation expense		189			189
Net loss			(2,164)		(2,164)
Other comprehensive income				1	1
Balance, shares (in shares) at Jun. 30, 2019	30,217,140
Balance at Jun. 30, 2019	$ 131,247	$ 27,128	$ (160,850)	$ 99	$ (2,376)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' (Deficit) Equity (Unaudited) (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Issuance of common shares, issuance costs	$ 14

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows used in operating activities
Net loss	$ (4,524)	$ (9,426)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	414	421
Accretion of debt discount	70	75
Amortization of promissory note issuance costs	26	29
Depreciation and amortization	62	1
Amortization of premium/discount on securities available-for-sale	(16)	(35)
Change in fair value warrant liability	(824)	10
Foreign exchange transaction loss	3	2
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	352	(24)
Accounts payable	(1,241)	436
Accrued expenses	3	1,162
Operating lease liability	(61)
Net cash used in operating activities	(5,736)	(7,349)
Cash flows provided by investing activities
Purchases of property and equipment		(3)
Maturities of securities available-for-sale	1,550	7,287
Purchases of securities available-for-sale	(1,038)	(2,081)
Net cash provided by investing activities	512	5,203
Cash flows used in financing activities
Payment of offering costs	(102)
Principal payments on note payable	(700)
Net cash used in financing activities	(802)
Net decrease in cash and cash equivalents	(6,026)	(2,146)
Cash and cash equivalents at beginning of period	10,998	16,087
Cash and cash equivalents at end of period	$ 4,972	$ 13,941

Note 1 - Nature of the Business

Note 1 - Nature of the Business	6 Months Ended
	Jun. 30, 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 June 30, 2019, $6.0 November 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. On June 19, 2019, 3 3 3 3 October 2019. 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 may may On March 7, 2019, 30 $35 not 5550 2 5550 1 5550 3 5810 3 180 September 3, 2019, $35 10 180 not On June 4, 2019, $1.00 30 not 5550 2 June 4 th 5810 3 180 December 2, 2019, $1.00 10 180 not

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 -Q. Accordingly, they do not include all of the information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 -K, or Annual Report, filed with the SEC on March 13, 2019. The accompanying year-end condensed balance sheet data was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. In the opinion of management, these condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year. During the six months ended June 30, 2019, there have been no changes to our significant accounting policies as described in our Annual Report on Form 10 -K for the fiscal year ended December 31, 2018, except as described below. 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, using the modified retrospective approach with an effective date as of January 1, 2019 for leases that existed on that date. Prior period results continue to be presented under ASC 840 based on the accounting standard originally in effect for such periods. Pursuant to ASU 2016 - 02, the Company’s office facility lease continued to be classified as operating leases. With the adoption of ASU 2016 - 02, the Company recorded an operating lease right-of-use asset and an operating lease liability on its balance sheet. Right-of-use lease assets represents its right to use the underlying asset for the lease term and the lease obligation represents its commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company used an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. The Company combines lease and non-lease components. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Prior to the Company’s adoption of ASU 2016 - 02, when the lease agreement contained renewal options and rent escalation clauses, the Company recorded a deferred rent asset or liability equal to the difference between the rent expense and the future minimum lease payments due. The lease expense related to operating leases was recognized on a straight-line basis in the statements of operations over the term of each lease.

Note 3 - Net Loss Per Common Sh

Note 3 - Net Loss Per Common Share	6 Months Ended
	Jun. 30, 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 June 30, 2019 2018 June 30 , 2019 2018 Options to purchase common shares 2,963 2,940 Common share purchase warrants 5,798 5,825

Note 4 - Securities Available-f

Note 4 - Securities Available-for-Sale	6 Months Ended
	Jun. 30, 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 June 30, 2019 ( June 30 , 2019 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 1,045 $ — $ — $ 1,045 $ 1,045 $ — $ — $ 1,045 As of June 30, 2019, one Securities available-for-sale consisted of the following as of December 31, 2018 December 31, 2018 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	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair value measurement and financial instruments As of June 30, 2019, $5.6 one three 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): June 30 , 2019 Level 1 Level 2 Level 3 Assets: Money market funds $ 582 $ 582 $ — $ — Commercial paper 5,015 — 5,015 — Total assets $ 5,597 $ 582 $ 5,015 $ — Liabilities: Warrant liability $ 575 $ — $ — $ 575 Total liabilities $ 575 $ — $ — $ 575 December 31, 2018 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, June 30, 2019, 10,000 June 30, 2019. June 30 , 2019 December 31, 2018 Stock price $ 0.85 $ 0.83 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 1.77 % 2.46 % Volatility 85.66 % 82.47 % Dividend yield 0.00 % 0.00 % Expected life in years 1.86 2.36 Calculated fair value per warrant $ 0.26 $ 0.29 In connection with the offering completed on August 26, 2016, 5,606,250 may August 26, 2016, June 30, 2019, June 30 , 2019 December 31, 2018 Stock price $ 0.85 $ 0.83 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.74 % 2.45 % Volatility 83.71 % 104.52 % Dividend yield 0.00 % 0.00 % Expected life in years 2.16 2.65 Calculated fair value per warrant $ 0.10 $ 0.25 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3 Warrant Liability Liabilities: Balance at January 1, 2019 $ 1,399 Change in the fair value of warrant liability (824 ) Balance at June 30, 2019 $ 575 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 December 31, 2018 June 30 , 2019 December 31, 2018 Prepaid insurance $ 48 $ 245 Prepaid research and development expenses 71 256 Other prepaid expenses and other current assets 186 155 Prepaid expenses and other current assets $ 305 $ 656 As of June 30, 2019 December 31, 2018, $38,000 $0.2 third

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued expenses Accrued expenses as of June 30, 2019 December 31, 2018 June 30 , 2019 December 31, 2018 Accrued personnel related costs $ 238 $ 209 Accrued interest 36 41 Accrued research and development expenses 355 586 Accrued audit and tax services 378 168 Other accrued expenses 146 188 Accrued expenses $ 1,153 $ 1,192

Note 8 - Promissory Notes

Note 8 - Promissory Notes	6 Months Ended
	Jun. 30, 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 June 30, 2019, may As of June 30, 2019, Remainder of 2019 $ 1,400 2020 2,800 2021 2,450 Total $ 6,650 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Simple interest $ 112 $ 119 $ 229 $ 237 Accretion of debt discount 34 38 70 75 Amortization of promissory note issuance costs 13 15 26 29 Total $ 159 $ 172 $ 325 $ 341 The Company calculated the fair value of the secured promissory notes as $6.1 3 June 30, 2019. 6.75%,

Note 9 - Operating Lease

Note 9 - Operating Lease	6 Months Ended
	Jun. 30, 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. June 30, 2019, $116,000 Total operating lease cost for the three six June 30, 2019 $33,000 $64,000, three six June 30, 2019, $11,000 $21,000 $22,000 $43,000 Maturity of the Company's lease liability is as follows (in thousands): June 30 , 2019 Remainder of 2019 $ 65 2020 54 Total 119 Less interest (3 ) Present value of lease liability $ 116 The remaining life of the Company’s operating lease as of June 30, 2019 eleven The discount rate of the Company's operating lease as of June 30, 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	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	10. Shareholders’ equity On December 7, 2018, SM may $20.0 3.0% No three June 30, 2019.

Note 11 - Stock-based Compensat

Note 11 - Stock-based Compensation Plan	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	11. Stock-based compensation plan The Company’s Amended and Restated 2011 As of June 30, 2019, 59,000 The Company recognized stock-based compensation expense as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 60 $ 47 $ 127 $ 105 General and administrative 129 143 287 316 Total $ 189 $ 190 $ 414 $ 421 As of June 30, 2019, $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, 2019 2,950 $ 1.60 Options granted 80 0.78 Options expired (67 ) 2.65 Outstanding at June 30, 2019 2,963 $ 1.56 The fair values of options granted during the six June 30, 2019 2018 Six Months Ended June 30, 2019 2018 Expected life of the option term (years) 5.1 4.7 Risk-free interest rate 1.76 % 2.67 % Dividend rate 0 % 0 % Volatility 133.9 % 126.2 %

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six June 30, 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)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	June 30 , 2019 2018 Options to purchase common shares 2,963 2,940 Common share purchase warrants 5,798 5,825

Note 4 - Securities Available_2

Note 4 - Securities Available-for-Sale (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Available-for-sale Securities [Table Text Block]	June 30 , 2019 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 1,045 $ — $ — $ 1,045 $ 1,045 $ — $ — $ 1,045 December 31, 2018 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)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	June 30 , 2019 Level 1 Level 2 Level 3 Assets: Money market funds $ 582 $ 582 $ — $ — Commercial paper 5,015 — 5,015 — Total assets $ 5,597 $ 582 $ 5,015 $ — Liabilities: Warrant liability $ 575 $ — $ — $ 575 Total liabilities $ 575 $ — $ — $ 575 December 31, 2018 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]	June 30 , 2019 December 31, 2018 Stock price $ 0.85 $ 0.83 Exercise price $ 1.40 $ 1.40 Risk-free interest rate 1.77 % 2.46 % Volatility 85.66 % 82.47 % Dividend yield 0.00 % 0.00 % Expected life in years 1.86 2.36 Calculated fair value per warrant $ 0.26 $ 0.29 June 30 , 2019 December 31, 2018 Stock price $ 0.85 $ 0.83 Exercise price $ 4.00 $ 4.00 Risk-free interest rate 1.74 % 2.45 % Volatility 83.71 % 104.52 % Dividend yield 0.00 % 0.00 % Expected life in years 2.16 2.65 Calculated fair value per warrant $ 0.10 $ 0.25
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Warrant Liability Liabilities: Balance at January 1, 2019 $ 1,399 Change in the fair value of warrant liability (824 ) Balance at June 30, 2019 $ 575

Note 6 - Prepaid Expenses and_2

Note 6 - Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Prepaid Expense and Other Current Assets [Table Text Block]	June 30 , 2019 December 31, 2018 Prepaid insurance $ 48 $ 245 Prepaid research and development expenses 71 256 Other prepaid expenses and other current assets 186 155 Prepaid expenses and other current assets $ 305 $ 656

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	June 30 , 2019 December 31, 2018 Accrued personnel related costs $ 238 $ 209 Accrued interest 36 41 Accrued research and development expenses 355 586 Accrued audit and tax services 378 168 Other accrued expenses 146 188 Accrued expenses $ 1,153 $ 1,192

Note 8 - Promissory Notes (Tabl

Note 8 - Promissory Notes (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	Remainder of 2019 $ 1,400 2020 2,800 2021 2,450 Total $ 6,650
Contractual Interest Expense and Amortization of Debt Issuance Costs and Debt Discount [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Simple interest $ 112 $ 119 $ 229 $ 237 Accretion of debt discount 34 38 70 75 Amortization of promissory note issuance costs 13 15 26 29 Total $ 159 $ 172 $ 325 $ 341

Note 9 - Operating Lease (Table

Note 9 - Operating Lease (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	June 30 , 2019 Remainder of 2019 $ 65 2020 54 Total 119 Less interest (3 ) Present value of lease liability $ 116
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)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 60 $ 47 $ 127 $ 105 General and administrative 129 143 287 316 Total $ 189 $ 190 $ 414 $ 421
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Options Weighted Average Outstanding at January 1, 2019 2,950 $ 1.60 Options granted 80 0.78 Options expired (67 ) 2.65 Outstanding at June 30, 2019 2,963 $ 1.56
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2019 2018 Expected life of the option term (years) 5.1 4.7 Risk-free interest rate 1.76 % 2.67 % Dividend rate 0 % 0 % Volatility 133.9 % 126.2 %

Note 1 - Nature of the Busine_2

Note 1 - Nature of the Business (Details Textual) $ in Millions	Jun. 30, 2019USD ($)
Cash, Cash Equivalents and Available-for-sale Securities	$ 6

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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement, Option [Member]
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares)	2,963	2,940
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	Jun. 30, 2019	Dec. 31, 2018
Amortized Cost	$ 1,045	$ 1,541
Unrealized Gain
Unrealized Loss
Estimated Fair Value	1,045	1,541
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	1,045	892
Unrealized Gain
Unrealized Loss
Estimated Fair Value	$ 1,045	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	Jun. 30, 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			$ 5,597	$ 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	Jun. 30, 2019	Dec. 31, 2018
Debt securities available-for-sale	$ 1,045	$ 1,541
US Government-sponsored Enterprises Debt Securities [Member]
Debt securities available-for-sale		649
Fair Value, Recurring [Member]
Commercial paper	5,015	9,729
Total assets	5,597	11,947
Total liabilities	575	1,399
Fair Value, Recurring [Member] | Warrant Liability [Member]
Warrant liability	575	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	582	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	5,015	9,729
Total assets	5,015	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	575	1,399
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member]
Warrant liability	575	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	582	20
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Money market funds	582	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)	6 Months Ended	12 Months Ended
	Jun. 30, 2019yr$ / shares	Dec. 31, 2018yr$ / shares
Warrants, Issued on May 11, 2016 [Member]
Calculated fair value per warrant (in dollars per share) | $ / shares	$ 0.26	$ 0.29
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.85	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	0.0177	0.0246
Warrants, Issued on May 11, 2016 [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.8566	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	1.86	2.36
Warrants, Issued on August 26, 2016 [Member]
Calculated fair value per warrant (in dollars per share) | $ / shares	$ 0.10	$ 0.25
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.85	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	0.0174	0.0245
Warrants, Issued on August 26, 2016 [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.8371	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	2.16	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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Change in fair value warrant liability	$ (824)	$ 10
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Balance at beginning of period	1,399
Change in fair value warrant liability	(824)
Balance at end of period	$ 575

Note 6 - Prepaid Expenses and_3

Note 6 - Prepaid Expenses and Other Current Assets (Details Textual) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Upfront Fees Included in Prepaid Researchs and Development Expenses	$ 38,000	$ 200,000

Note 6 - Prepaid Expenses and_4

Note 6 - Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Prepaid insurance	$ 48	$ 245
Prepaid research and development expenses	71	256
Other prepaid expenses and other current assets	186	155
Prepaid expenses and other current assets	$ 305	$ 656

Note 7 - Accrued Expenses - Com

Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued personnel related costs	$ 238	$ 209
Accrued interest	36	41
Accrued research and development expenses	355	586
Other accrued expenses	146	188
Accrued expenses	1,153	1,192
Accrued Audit and Tax Services [Member]
Accrued audit and tax services	$ 378	$ 168

Note 8 - Promissory Notes (Deta

Note 8 - Promissory Notes (Details Textual) $ / shares in Units, $ in Millions	Sep. 08, 2017USD ($)yr$ / sharesshares	Jun. 30, 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	$ 0.2
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	$ 0.1
Long-term Debt, Fair Value		$ 6.1
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, Additional Principal	$ 3
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	Jun. 30, 2019USD ($)
Remainder of 2019	$ 1,400
2020	2,800
2021	2,450
Total	$ 6,650

Note 8 - Promissory Notes - Act

Note 8 - Promissory Notes - Actual Interest Expense and Amortization of Debt Discount (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Simple interest	$ 112	$ 119	$ 229	$ 237
Accretion of debt discount	34	38	70	75
Amortization of promissory note issuance costs	13	15	26	29
Total	$ 159	$ 172	$ 325	$ 341

Note 9 - Operating Lease (Detai

Note 9 - Operating Lease (Details Textual) - USD ($)	Jan. 31, 2019	Jun. 30, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Liability, Total		$ 116,000	$ 116,000	$ 53,000
Lessee, Operating Lease, Discount Rate	6.75%	6.75%	6.75%	6.75%
Operating Lease, Right-of-Use Asset		$ 116,000	$ 116,000	$ 53,000
Reassessment on Operating Lease Liability	$ 124,000
Reassessment on Operating Lease Right to Use Asset	$ 124,000
Operating Lease, Expense		$ 33,000	$ 64,000
Operating Lease, Weighted Average Remaining Lease Term		330 days	330 days
Research and Development Expense [Member]
Operating Lease, Expense		$ 11,000	$ 21,000
General and Administrative Expense [Member]
Operating Lease, Expense		$ 22,000	$ 43,000

Note 9 - Operating Lease - Matu

Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) - USD ($)	Jun. 30, 2019	Jan. 01, 2019
Remainder of 2019	$ 65,000
2020	54,000
Total	119,000
Less interest	(3,000)
Present value of lease liability	$ 116,000	$ 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 ($) shares in Thousands, $ in Millions	3 Months Ended
	Jun. 30, 2019	Dec. 07, 2018
Sale of Stock, Aggregate Offering Price		$ 20
Stock Issuance Costs, Percentage of Aggreagte Gross Proceeds		3.00%
Stock Issued During Period, Shares, New Issues	0

Note 11 - Stock-based Compens_3

Note 11 - Stock-based Compensation Plan (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)shares
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $	$ 0.6
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 73 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	59,000

Note 11 - Stock-based Compens_4

Note 11 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-based compensation expense	$ 189	$ 190	$ 414	$ 421
Research and Development Expense [Member]
Stock-based compensation expense	60	47	127	105
General and Administrative Expense [Member]
Stock-based compensation expense	$ 129	$ 143	$ 287	$ 316

Note 11 - Stock-based Compens_5

Note 11 - Stock-based Compensation Plan - Stock Option Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Options outstanding (in shares) | shares	2,950
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares	$ 1.60
Options granted (in shares) | shares	80
Weighted average exercise price - options granted (in dollars per share) | $ / shares	$ 0.78
Options expired (in shares) | shares	(67)
Weighted average exercise price - options expired (in dollars per share) | $ / shares	$ 2.65
Options outstanding (in shares) | shares	2,963
Weighted average exercise price - options outstanding (in dollars per share) | $ / shares	$ 1.56

Note 11 - Stock-based Compens_6

Note 11 - Stock-based Compensation Plan - Valuation Assumptions Used for Fair Value of Options Granted (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Expected life of the option term (years) (Year)	5 years 36 days	4 years 255 days
Risk-free interest rate	1.76%	2.67%
Dividend rate	0.00%	0.00%
Volatility	133.90%	126.20%