Oxford Immunotec Global 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Document Information [Line Items]
Entity Registrant Name	Oxford Immunotec Global PLC
Entity Central Index Key	1,586,049
Trading Symbol	oxfd
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		23,076,022
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 36,713	$ 59,110
Accounts receivable, net	18,016	13,265
Inventory, net	9,480	7,437
Prepaid expenses and other assets	2,907	2,390
Total current assets	67,116	82,202
Restricted cash, non-current	200	200
Property and equipment, net	8,786	7,793
In-process research and development	16,170	16,170
Goodwill	3,967	3,822
Other intangible assets, net	10,410	11,017
Deferred tax asset	6,133	2,630
Other assets	145	178
Total assets	112,927	124,012
Liabilities and shareholders’ equity
Accounts payable	3,874	3,201
Accrued liabilities	15,734	14,282
Settlement liability	2,317
Contingent purchase price consideration	880	882
Deferred income	43	41
Current portion of loans payable	87	84
Total current liabilities	22,935	18,490
Long-term portion of loans payable	29,670	29,601
Settlement liability	7,472
Contingent purchase price consideration		2,593
Other liabilities	364	364
Total liabilities	60,441	51,048
Commitments and contingencies (Note 2)
Shareholders' equity:
Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at June 30, 2017 and December 31, 2016, and 23,014,032 and 22,635,431 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	247	243
Additional paid-in capital	251,989	249,128
Accumulated deficit	(193,494)	(168,656)
Accumulated other comprehensive loss	(6,256)	(7,751)
Total shareholders’ equity	52,486	72,964
Total liabilities and shareholders’ equity	$ 112,927	$ 124,012

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - £ / shares	Jun. 30, 2017	Dec. 31, 2016
Common stock, nominal value (in GBP per share)	£ 0.006705	£ 0.006705
Common stock, shares authorized (in shares)	36,183,293	36,183,293
Common stock, shares issued (in shares)	23,014,032	22,635,431
Common stock, shares outstanding (in shares)	23,014,032	22,635,431

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Product	$ 10,422	$ 9,293	$ 18,808	$ 17,431
Service	15,698	9,861	28,817	18,833
Total revenue	26,120	19,154	47,625	36,264
Cost of revenue:
Product	4,094	3,512	7,339	6,805
Service	8,398	5,094	15,650	9,966
Total cost of revenue	12,492	8,606	22,989	16,771
Gross profit	13,628	10,548	24,636	19,493
Operating expenses:
Research and development	3,948	3,284	7,753	6,305
Sales and marketing	10,041	9,391	19,681	17,871
General and administrative	7,990	5,151	14,866	9,734
Change in fair value of contingent purchase price consideration	(238)	57	(2,595)	112
Settlement expense	9,635		9,635
Total operating expenses	31,376	17,883	49,340	34,022
Loss from operations	(17,748)	(7,335)	(24,704)	(14,529)
Other income (expense):
Interest expense, net	(807)	(17)	(1,630)	(34)
Foreign exchange (losses) gains	(547)	874	(653)	1,237
Other (expense) income	(122)	29	(262)	(137)
Loss before income taxes	(19,224)	(6,449)	(27,249)	(13,463)
Income tax benefit (expense)	2,458	3	2,411	(32)
Net loss	$ (16,766)	$ (6,446)	$ (24,838)	$ (13,495)
Net loss per share attributable to ordinary shareholders—basic and diluted (in dollars per share)	$ (0.74)	$ (0.29)	$ (1.10)	$ (0.60)
Weighted-average shares used to compute net loss attributable to ordinary shareholders—basic and diluted (in shares)	22,805,379	22,351,645	22,670,206	22,318,019

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net loss	$ (16,766)	$ (6,446)	$ (24,838)	$ (13,495)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of taxes	1,276	(947)	1,495	(1,273)
Other comprehensive income (loss), net of taxes	1,276	(947)	1,495	(1,273)
Total comprehensive loss	$ (15,490)	$ (7,393)	$ (23,343)	$ (14,768)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net loss	$ (24,838)	$ (13,495)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of intangible assets	1,993	1,205
Change in fair value of contingent purchase price consideration	(2,595)	112
Accretion and amortization of loan fees	289
Share-based compensation expense	2,760	2,459
Deferred income taxes	(2,471)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,480)	(3,097)
Inventory, net	(1,775)	(2,054)
Prepaid expenses and other assets	(392)	877
Accounts payable	1,064	(1,009)
Accrued liabilities	2,872	(920)
Other liabilities, net	7,234
Deferred income		(1,506)
Net cash used in operating activities	(20,339)	(17,428)
Cash flows from investing activities
Purchases of property and equipment	(2,928)	(1,613)
Purchases of intangible assets	13
Net cash used in investing activities	(2,915)	(1,613)
Cash flows from financing activities
Proceeds from exercise of share options	308	12
Payments of tax withheld on vesting of restricted share units	(203)
Payments on loan	196	(39)
Net cash provided by (used in) financing activities	301	(27)
Effect of exchange rate changes on cash and cash equivalents	556	(682)
Net decrease in cash and cash equivalents, excluding restricted cash	(22,397)	(19,750)
Cash and cash equivalents at beginning of period	59,110	83,715
Cash and cash equivalents at end of period	$ 36,713	$ 63,965

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Description of business Oxford Immunotec Global PLC, or the Company, is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for underserved immune-regulated conditions. The Company’s current product lines and development activities principally focus on four On July 1, 2016, On October 12, 2016, Unaudited i nterim f inancial s tatements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10 10 gulation S- X. not June 30, 2017, three six June 30, 2017 2016, six June 30, 2017 2016. not The consolidated balance sheet presented as of December 31, 201 6, 2016 10 February 28, 2017, 2016 10 Note 1 ted financial statements included in the Company’s 2016 10 no three six June 30, 2017. Recent a ccounting p ronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09, 2014 09, 2014 09 December 15, 2017. December 15, 2016. 2014 09 first 2018 2014 09 not may In July 2015, 2015 11, Simplifying the Measurement of Inventory 2015 11. 2015 11 2015 11 2015 11 January 1, 2017. 2015 11 not In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes 2015 17. 2015 17 that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company adopted ASU 2015 17 January 1, 2017. The adoption of ASU 2015 17 not In February 2016, 2016 02, Leases 2016 02. 2016 02 December 15, 2018. 2016 02 not may In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09. 2016 09 2016 09 January 1, 2017 2016 09 not In June 2016, 2016 13, Financial Instruments-Credit Losses 2016 13. 2016 13 2016 13, December 15, 2019. December 15, 2018. 2016 13 not may In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments 2016 15. 2016 15 December 15, 2017. 2016 15 not may In October 2016, 2016 16, Income Taxes 2016 16. December 15, 2017, 2016 16 2016 16 In November 2016, 2016 18, Restricted Cash 2016 18. 2016 18 December 15, 2017, not 2016 18 In January 2017, 2017 01, Business Combinations 2017 01. 2017 01 December 15, 2017, not 2017 01 In January 2017, 2017 04, Intangibles – Goodwill and Other 2017 04. 2017 04 2 2017 04 December 15, 2019. 2017 04, not Under the U.S. Jumpstart our Business Startups Act, or the JOBS Act, emerging growth companies th at become public can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company irrevocably elected not not

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurement	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	2 . Fair value measurement As a basis for determining the fair value of certain of the Company ’s financial instruments, the Company utilizes a three Level 1—Observable Level 2—Observable 1 not Level 3—Unobservable no This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The carrying amount of certain of the Company ’s financial instruments, including cash, accounts receivable, prepaid expenses and other assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company ’s assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability. The following table s present information about the balances of liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. In general, fair values determined by Level 1 2 3 not Fair v alue m easurements at June 30 , 201 7 us ing (in thousands) June 30 , 2017 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant u nobservable i nputs Liabilities: Contingent purchase price consideration $ 880 $ — $ — $ 880 Total $ 880 $ — $ — $ 880 Fair v alue m easurements at December 31, 201 6 us ing (in thousands) December 31, 201 6 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant u nobservable i nputs Liabilities: Contingent purchase price consideration $ 3,475 $ — $ — $ 3,475 Total $ 3,475 $ — $ — $ 3,475 The following table provides a summary of changes in the fair value of the Company's Level 3 six June 30, 2017: (in thousands) Balance – December 31, 2016 $ 3,475 Change in fair value of c ontingent purchase price consideration (2,595 ) Balance – June 30, 2017 $ 880 On October 12, 2016, Immunetics, a Massachusetts based diagnostics company focused on developing specialized tests for infectious diseases, including tick-borne diseases, such as Lyme disease. The terms of the purchase agreement included contingent purchase price consideration consisting of up to an additional $6.0 three . The fair value of these milestone payments was estimated to be $3.4 4.4%, 3 March 2017, $2.4 As FDA approval did not second 2017, $238,000 The Company has a term loan outstanding under the MidCap agreement. The amount outstanding on its 2016 June 30, 2017, 2

Note 3 - Accounts Receivable, N

Note 3 - Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Financing Receivables [Text Block]	3 . Accounts receivable , net Accounts receivable, net, consist ed of the following as of: (in thousands) June 30 , 2017 December 31, 201 6 Accounts receivable $ 19,113 $ 14,050 Less allowance for uncollectible accounts receivable (1,097 ) (785 ) Accounts receivable, net $ 18,016 $ 13,265

Note 4 - Inventory, Net

Note 4 - Inventory, Net	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 . Inventory , net Inventory , net consisted of the following as of: (in thousands) June 30 , 2017 December 31, 201 6 Raw materials $ 5,246 $ 4,928 Finished goods 4,234 2,509 Inventory, net $ 9,480 $ 7,437

Note 5 - Goodwill and Acquired

Note 5 - Goodwill and Acquired Intangible Assets	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. The carrying amount of goodwill reflected in the Company’s condensed consolidated balance sheets was $4.0 $3.8 June 30, 2017 December 31, 2016, Acquired intangible assets consisted of the following as of June 30, 2017 December 31, 2016: As of June 30 , 2017 (in thousands) Amortization period (years) Gross carrying amount Accumulated Amortization Net carrying amount Imugen in-process research and development Indefinite $ 9,200 $ — $ 9,200 Imugen technology - clinical 15 5,100 340 4,760 Imugen customer relationships 10 2,700 270 2,430 Imugen t rademarks / trade names 16 1,900 118 1,782 Immunetics in-process research and development Indefinite 6,970 — 6,970 Immunetics technology - clinical 15 883 42 841 Immunetics customer relationships 5 - 11 350 40 310 Immunetics trade name 5 160 23 137 Immunetics grants 2 50 18 32 Other 5 - 10 682 564 118 Total $ 27,995 $ 1,415 $ 26,580 As of December 31, 201 6 (in thousands) Amortization period (years) Gross carrying amount Accumulated Amortization Net carrying amount Imugen in-process research and development Indefinite $ 9,200 $ — $ 9,200 Imugen technology - clinical 15 5,100 170 4,930 Imugen customer relationships 10 2,700 135 2,565 Imugen t rademarks / trade names 16 1,900 59 1,841 Immunetics in-process research and development Indefinite 6,970 — 6,970 Immunetics technology - clinical 15 860 9 851 Immunetics customer relationships 5 - 11 400 11 389 Immunetics trade name 5 290 9 281 Immunetics grants 2 50 4 46 Other 5 - 10 632 518 114 Total $ 28,102 $ 915 $ 27,187 The weighted average amortization period of our finite-lived intangible assets is 13 Amortization expense related to acquired intangible assets is estimated at $1.0 December 31, 2017 $ 0.9 December 31, 2018 December 31, 2021. The acquired IPR&D assets include $9.2 $7.0 IPR&D acquired in a business combination is capitalized at fair value and is subject to impairment testing at least annually until the underlying project is completed. Once the project is completed, the carrying value of IPR&D is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the acquired IPR&D are expensed as incurred. The acquisition of Immunetics was accounted for under the acquisition method of accounting and the purchase price allocation was provisionally prepared during the fourth 2016. In the second 2017, ● the fair value of the acquired inventory decreased by $45,000 $22,500 $22,500 ● the fair value of the acquired customer relationships decreased by $50,000 ● the fair value of the Immunetics trade name decreased by $130,000 The impact on the current-period condensed consolidated statement of operations was a $44,000 $26,000 $58,000

Note 6 - Accrued Liabilities

Note 6 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6 . Accrued liabilities Accrued liabilities consisted of the following as of: (in thousands) June 30 , 2017 December 31, 201 6 Employee related expenses $ 6,282 $ 6,592 Royalties 5,669 4,423 Professional services 1,069 387 Clinical trials 644 1,135 Other accrued liabilities 2,070 1,745 Total accrued liabilities $ 15,734 $ 14,282

Note 7 - Share Option and Equit

Note 7 - Share Option and Equity Incentive Plan	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7 . Share option and equity incentive plan The impact on the Company ’s results of operations from share-based compensation was as follows: Three months ended June 30, Six m onths e nded June 3 0 , (in thousands) 201 7 201 6 2017 201 6 Cost of revenue $ 43 $ 39 $ 86 $ (13 ) Research and development 171 107 331 232 Sales and marketing 445 469 870 895 General and administrative 775 740 1,473 1,345 Total share-based compensation $ 1,434 $ 1,355 $ 2,760 $ 2,459 In November 2013, ’s initial public offering, the Company adopted the 2013 2013 2013 2017 During the three June 30, 2017, 118,090 $14.46 $15.14 2013 2013 three June 30, 2017 $6.27 six June 30, 2017, 653,188 $13.50 $15.14 2013 2013 six June 30, 2017 $6.14 ten During the three June 30, 2017, 6,892 $14.51 2013 six June 30, 2017, 101,883 $13.57 2013 40% second 30% third 30% fourth For the three June 30, 2017, 919,000 $515,000, three June 30, 2016, $851,000 $504,000, For the six June 30, 2017, 1.7 $1.1 six June 30, 2016, $1.6 $842,000, As of June 30, 2017, $6.7 $3.5 2.6 2.2

Note 8 - Share Capital

Note 8 - Share Capital	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8 . Share capital During the first six 2017, 353,778 24,823 June 30, 2017, 36,183,293 23,014,032

Note 9 - Net Loss Per Share

Note 9 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	9 . Net loss per share The following numbers of outstanding ordinary share options and unvested restricted shares and unvested RSUs were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three months ended June 30, Six m onths e nded June 3 0 , 201 7 201 6 201 7 201 6 Options to purchase ordinary shares 993,778 1,072,431 956,684 1,075,216 Unvested restricted shares 63,438 153,981 63,438 153,981 Unvested restricted share units 266,164 212,901 266,164 212,901

Note 10 - Settlement Expense

Note 10 - Settlement Expense	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Settlement Expense [Text Block]	10. S ettlement expense On June 30 , 2017,

Note 11 - Lease Commitments

Note 11 - Lease Commitments	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	11. In April 2017, March 31, 2023. 39,000 $73,000 $83,000 two five During the transition, the Company will also be responsible for the lease payments on the existing space. In May 2017, consolidate its U.K. office and laboratory facilities into a new building that is currently under construction. The lease for the new building is due to commence on June 1, 2018 June 1, 2033. £30,000 December 2020, £59,000 June 1, 2021 third

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent a ccounting p ronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09, 2014 09, 2014 09 December 15, 2017. December 15, 2016. 2014 09 first 2018 2014 09 not may In July 2015, 2015 11, Simplifying the Measurement of Inventory 2015 11. 2015 11 2015 11 2015 11 January 1, 2017. 2015 11 not In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes 2015 17. 2015 17 that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company adopted ASU 2015 17 January 1, 2017. The adoption of ASU 2015 17 not In February 2016, 2016 02, Leases 2016 02. 2016 02 December 15, 2018. 2016 02 not may In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09. 2016 09 2016 09 January 1, 2017 2016 09 not In June 2016, 2016 13, Financial Instruments-Credit Losses 2016 13. 2016 13 2016 13, December 15, 2019. December 15, 2018. 2016 13 not may In August 2016, 2016 15, Classification of Certain Cash Receipts and Cash Payments 2016 15. 2016 15 December 15, 2017. 2016 15 not may In October 2016, 2016 16, Income Taxes 2016 16. December 15, 2017, 2016 16 2016 16 In November 2016, 2016 18, Restricted Cash 2016 18. 2016 18 December 15, 2017, not 2016 18 In January 2017, 2017 01, Business Combinations 2017 01. 2017 01 December 15, 2017, not 2017 01 In January 2017, 2017 04, Intangibles – Goodwill and Other 2017 04. 2017 04 2 2017 04 December 15, 2019. 2017 04, not Under the U.S. Jumpstart our Business Startups Act, or the JOBS Act, emerging growth companies th at become public can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company irrevocably elected not not

Note 2 - Fair Value Measureme19

Note 2 - Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	Fair v alue m easurements at June 30 , 201 7 us ing (in thousands) June 30 , 2017 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant u nobservable i nputs Liabilities: Contingent purchase price consideration $ 880 $ — $ — $ 880 Total $ 880 $ — $ — $ 880 Fair v alue m easurements at December 31, 201 6 us ing (in thousands) December 31, 201 6 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant u nobservable i nputs Liabilities: Contingent purchase price consideration $ 3,475 $ — $ — $ 3,475 Total $ 3,475 $ — $ — $ 3,475
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	(in thousands) Balance – December 31, 2016 $ 3,475 Change in fair value of c ontingent purchase price consideration (2,595 ) Balance – June 30, 2017 $ 880

Note 3 - Accounts Receivable,20

Note 3 - Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(in thousands) June 30 , 2017 December 31, 201 6 Accounts receivable $ 19,113 $ 14,050 Less allowance for uncollectible accounts receivable (1,097 ) (785 ) Accounts receivable, net $ 18,016 $ 13,265

Note 4 - Inventory, Net (Tables

Note 4 - Inventory, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(in thousands) June 30 , 2017 December 31, 201 6 Raw materials $ 5,246 $ 4,928 Finished goods 4,234 2,509 Inventory, net $ 9,480 $ 7,437

Note 5 - Goodwill and Acquire22

Note 5 - Goodwill and Acquired Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	As of June 30 , 2017 (in thousands) Amortization period (years) Gross carrying amount Accumulated Amortization Net carrying amount Imugen in-process research and development Indefinite $ 9,200 $ — $ 9,200 Imugen technology - clinical 15 5,100 340 4,760 Imugen customer relationships 10 2,700 270 2,430 Imugen t rademarks / trade names 16 1,900 118 1,782 Immunetics in-process research and development Indefinite 6,970 — 6,970 Immunetics technology - clinical 15 883 42 841 Immunetics customer relationships 5 - 11 350 40 310 Immunetics trade name 5 160 23 137 Immunetics grants 2 50 18 32 Other 5 - 10 682 564 118 Total $ 27,995 $ 1,415 $ 26,580 As of December 31, 201 6 (in thousands) Amortization period (years) Gross carrying amount Accumulated Amortization Net carrying amount Imugen in-process research and development Indefinite $ 9,200 $ — $ 9,200 Imugen technology - clinical 15 5,100 170 4,930 Imugen customer relationships 10 2,700 135 2,565 Imugen t rademarks / trade names 16 1,900 59 1,841 Immunetics in-process research and development Indefinite 6,970 — 6,970 Immunetics technology - clinical 15 860 9 851 Immunetics customer relationships 5 - 11 400 11 389 Immunetics trade name 5 290 9 281 Immunetics grants 2 50 4 46 Other 5 - 10 632 518 114 Total $ 28,102 $ 915 $ 27,187

Note 6 - Accrued Liabilities (T

Note 6 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(in thousands) June 30 , 2017 December 31, 201 6 Employee related expenses $ 6,282 $ 6,592 Royalties 5,669 4,423 Professional services 1,069 387 Clinical trials 644 1,135 Other accrued liabilities 2,070 1,745 Total accrued liabilities $ 15,734 $ 14,282

Note 7 - Share Option and Equ24

Note 7 - Share Option and Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three months ended June 30, Six m onths e nded June 3 0 , (in thousands) 201 7 201 6 2017 201 6 Cost of revenue $ 43 $ 39 $ 86 $ (13 ) Research and development 171 107 331 232 Sales and marketing 445 469 870 895 General and administrative 775 740 1,473 1,345 Total share-based compensation $ 1,434 $ 1,355 $ 2,760 $ 2,459

Note 9 - Net Loss Per Share (Ta

Note 9 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three months ended June 30, Six m onths e nded June 3 0 , 201 7 201 6 201 7 201 6 Options to purchase ordinary shares 993,778 1,072,431 956,684 1,075,216 Unvested restricted shares 63,438 153,981 63,438 153,981 Unvested restricted share units 266,164 212,901 266,164 212,901

Note 2 - Fair Value Measureme26

Note 2 - Fair Value Measurement (Details Textual) - USD ($)	Oct. 12, 2016	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ (238,000)	$ 57,000	$ (2,595,000)	$ 112,000
Immunetics [Member]
Business Combination, Contingent Consideration Arrangement, Term of Milestone Achievement	3 years
Business Combination, Contingent Consideration, Liability	$ 3,400,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (2,400,000)	(238,000)
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 6,000,000
Immunetics [Member] | Contingent Purchase Price Consideration [Member]
Fair Value Inputs, Discount Rate	4.40%
Fair Value, Measurements, Recurring [Member]
Business Combination, Contingent Consideration, Liability			880,000		880,000		$ 3,475,000
Assets, Fair Value Disclosure			$ 0		$ 0		$ 0

Note 2 - Fair Value Measureme27

Note 2 - Fair Value Measurement - Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Contingent purchase price consideration	$ 880	$ 3,475
Total	880	3,475
Fair Value, Inputs, Level 1 [Member]
Contingent purchase price consideration
Total
Fair Value, Inputs, Level 2 [Member]
Contingent purchase price consideration
Total
Fair Value, Inputs, Level 3 [Member]
Contingent purchase price consideration	880	3,475
Total	$ 880	$ 3,475

Note 2 - Fair Value Measureme28

Note 2 - Fair Value Measurement - Changes in the Fair Value of the Company's Level 3 Financial Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Balance – December 31, 2016	$ 3,475
Change in fair value of contingent purchase price consideration	(2,595)
Balance – June 30, 2017	$ 880

Note 3 - Accounts Receivable,29

Note 3 - Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts receivable	$ 19,113	$ 14,050
Less allowance for uncollectible accounts receivable	(1,097)	(785)
Accounts receivable, net	$ 18,016	$ 13,265

Note 4 - Inventory, Net - Summa

Note 4 - Inventory, Net - Summary of Inventory, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Raw materials	$ 5,246	$ 4,928
Finished goods	4,234	2,509
Inventory, net	$ 9,480	$ 7,437

Note 5 - Goodwill and Acquire31

Note 5 - Goodwill and Acquired Intangible Assets (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Goodwill	$ 3,967,000	$ 3,967,000	$ 3,822,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		13 years
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	1,000,000	$ 1,000,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	900,000	900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	900,000	900,000
Indefinite-Lived Intangible Assets (Excluding Goodwill)	16,170,000	16,170,000	16,170,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	900,000	900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	900,000	900,000
Immunetics [Member]
Goodwill, Purchase Accounting Adjustments		22,500
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		(45,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Current Period, Cost of Product Revenue	(44,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Current Period, Sales and Marketing Expense	(26,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Current Period, Income Tax Expense	58,000
Immunetics [Member] | Technology-Based Intangible Assets [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		22,500
Immunetics [Member] | Customer Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		(50,000)
Immunetics [Member] | Trade Names [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		(130,000)
In Process Research and Development [Member] | Imugen [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	9,200,000	9,200,000	9,200,000
In Process Research and Development [Member] | Immunetics [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 6,970,000	$ 6,970,000	$ 6,970,000

Note 5 - Goodwill and Acquire32

Note 5 - Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Gross Carrying Amount, Total	$ 27,995,000	$ 28,102,000
Net Carrying Amount, Total	26,580,000	27,187,000
Gross Carrying Amount, Indefinite-Lived Intangible Assets	16,170,000	16,170,000
Indefinite-Lived Intangible Assets (Excluding Goodwill)	16,170,000	16,170,000
Accumulated Amortization, Finite-Lived Intangible Assets	1,415,000	915,000
Net Carrying Amount, Finite-Lived Intangible Assets	10,410,000	11,017,000
Other Intangible Assets [Member]
Gross Carrying Amount, Finite-Lived Intangible Assets	682,000	632,000
Accumulated Amortization, Finite-Lived Intangible Assets	564,000	518,000
Net Carrying Amount, Finite-Lived Intangible Assets	$ 118,000	$ 114,000
Other Intangible Assets [Member] | Minimum [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	5 years	5 years
Other Intangible Assets [Member] | Maximum [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	10 years	10 years
Imugen [Member] | Technology-Based Intangible Assets [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	15 years	15 years
Gross Carrying Amount, Finite-Lived Intangible Assets	$ 5,100,000	$ 5,100,000
Accumulated Amortization, Finite-Lived Intangible Assets	340,000	170,000
Net Carrying Amount, Finite-Lived Intangible Assets	$ 4,760,000	$ 4,930,000
Imugen [Member] | Customer Relationships [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	10 years	10 years
Gross Carrying Amount, Finite-Lived Intangible Assets	$ 2,700,000	$ 2,700,000
Accumulated Amortization, Finite-Lived Intangible Assets	270,000	135,000
Net Carrying Amount, Finite-Lived Intangible Assets	$ 2,430,000	$ 2,565,000
Imugen [Member] | Trademarks and Trade Names [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	16 years	16 years
Gross Carrying Amount, Finite-Lived Intangible Assets	$ 1,900,000	$ 1,900,000
Accumulated Amortization, Finite-Lived Intangible Assets	118,000	59,000
Net Carrying Amount, Finite-Lived Intangible Assets	$ 1,782,000	$ 1,841,000
Immunetics [Member] | Technology-Based Intangible Assets [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	15 years	15 years
Gross Carrying Amount, Finite-Lived Intangible Assets	$ 883,000	$ 860,000
Accumulated Amortization, Finite-Lived Intangible Assets	42,000	9,000
Net Carrying Amount, Finite-Lived Intangible Assets	841,000	851,000
Immunetics [Member] | Customer Relationships [Member]
Gross Carrying Amount, Finite-Lived Intangible Assets	350,000	400,000
Accumulated Amortization, Finite-Lived Intangible Assets	40,000	11,000
Net Carrying Amount, Finite-Lived Intangible Assets	$ 310,000	$ 389,000
Immunetics [Member] | Customer Relationships [Member] | Minimum [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	5 years	5 years
Immunetics [Member] | Customer Relationships [Member] | Maximum [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	11 years	11 years
Immunetics [Member] | Trade Names [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	5 years	5 years
Gross Carrying Amount, Finite-Lived Intangible Assets	$ 160,000	$ 290,000
Accumulated Amortization, Finite-Lived Intangible Assets	23,000	9,000
Net Carrying Amount, Finite-Lived Intangible Assets	$ 137,000	$ 281,000
Immunetics [Member] | Grants [Member]
Amortization Period, Finite-Lived Intangible Assets (Year)	2 years	2 years
Gross Carrying Amount, Finite-Lived Intangible Assets	$ 50,000	$ 50,000
Accumulated Amortization, Finite-Lived Intangible Assets	18,000	4,000
Net Carrying Amount, Finite-Lived Intangible Assets	32,000	46,000
In Process Research and Development [Member] | Imugen [Member]
Gross Carrying Amount, Indefinite-Lived Intangible Assets	9,200,000	9,200,000
Indefinite-Lived Intangible Assets (Excluding Goodwill)	9,200,000	9,200,000
In Process Research and Development [Member] | Immunetics [Member]
Gross Carrying Amount, Indefinite-Lived Intangible Assets	6,970,000	6,970,000
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 6,970,000	$ 6,970,000

Note 6 - Accrued Liabilities -

Note 6 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Employee related expenses	$ 6,282	$ 6,592
Royalties	5,669	4,423
Professional services	1,069	387
Clinical trials	644	1,135
Other accrued liabilities	2,070	1,745
Total accrued liabilities	$ 15,734	$ 14,282

Note 7 - Share Option and Equ34

Note 7 - Share Option and Equity Incentive Plan (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 6,700,000		$ 6,700,000
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	919,000	$ 851,000	$ 1,700,000	$ 1,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 219 days
Restricted Stock and Restricted Stock Units (RSU's) [Member]
Allocated Share-based Compensation Expense	515,000	$ 504,000	$ 1,100,000	$ 842,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 3,500,000		$ 3,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 73 days
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	118,090		653,188
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 14.46		$ 13.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	15.14		15.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6.27		$ 6.14
2013 Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
2013 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	6,892		101,883
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.51		$ 13.57
2013 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Second Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			40.00%
2013 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Third Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			30.00%
2013 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Fourth Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			30.00%

Note 7 - Share Option and Equ35

Note 7 - Share Option and Equity Incentive Plan - Expense Recognized During the Year Related to Share-based Compensation Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based compensation	$ 1,434	$ 1,355	$ 2,760	$ 2,459
Cost of Revenue [Member]
Share-based compensation	43	39	86	(13)
Research and Development Expense [Member]
Share-based compensation	171	107	331	232
Selling and Marketing Expense [Member]
Share-based compensation	445	469	870	895
General and Administrative Expense [Member]
Share-based compensation	$ 775	$ 740	$ 1,473	$ 1,345

Note 8 - Share Capital (Details

Note 8 - Share Capital (Details Textual) - shares	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	353,778
Stock Issued During Period, Shares, Restricted Stock Award, Gross	24,823
Common Stock, Shares Authorized	36,183,293	36,183,293
Common Stock, Shares, Issued	23,014,032	22,635,431
Common Stock, Shares, Outstanding	23,014,032	22,635,431

Note 9 - Net Loss Per Share - A

Note 9 - Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Stock Option [Member]
Antidilutive securities (in shares)	993,778	1,072,431	956,684	1,075,216
Restricted Stock [Member]
Antidilutive securities (in shares)	63,438	153,981	63,438	153,981
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	266,164	212,901	266,164	212,901

Note 11 - Lease Commitments (De

Note 11 - Lease Commitments (Details Textual)	Dec. 31, 2020GBP (£)	May 31, 2017GBP (£)	Apr. 30, 2017USD ($)ft²
Norwood Lease [Member]
Lessee, Operating Lease, Renewal Term			5 years
Area of Real Estate Property | ft²			39,000
Norwood Lease [Member] | Minimum [Member]
Operating Leases, Monthly Rent Expense | $			$ 73,000
Norwood Lease [Member] | Maximum [Member]
Operating Leases, Monthly Rent Expense | $			$ 83,000
U.K. Office and Laboratory Facilities [Member]
Operating Leases, Monthly Rent Expense | £		£ 30,000
U.K. Office and Laboratory Facilities [Member] | Scenario, Forecast [Member]
Operating Leases, Monthly Rent Expense | £	£ 59,000